Sports Illustrated, Canopy latest chasing sports market
Industrial Hemp NewsMarijuana Laws, Regulations, & Politics February 7, 2020 MJ Shareholders 0
Sports Illustrated and Canadian cannabis behemoth Canopy Growth are the latest players looking for a piece of the sports nutrition and recovery market.
Authentic Brands Group, owner of the Sports Illustrated brand, says it will roll out a line of CBD-infused topicals by the end of 2020.
And Canopy Growth, majority owner of drink and supplement maker BioSteel Sports Nutrition, has won the endorsement of the NBA’s Brooklyn Nets. It is the company’s first major partnership with a professional U.S. sports team.
The moves come as many CBD manufacturers look to grab attention in the sports nutrition market, worth an estimated $81.5 billion globally by 2023, according to Statista.
The Sports Illustrated topicals will be produced by Sentia Wellness of Portland, Oregon. The products include a recovery cream infused with 500 milligrams of CBD. The company plans a future launch under the Sports Illustrated Swim brand.
BioSteel makes products both with and without CBD. Canopy did not immediately respond to Hemp Industry Daily questions about whether the drinks endorsed by the Nets contain CBD.
Canopy has made several moves into the U.S. market through hemp-derived CBD.
Canopy trades on the New York Stock Exchange as CGC and the Toronto Stock Exchange as WEED. Authentic Brands Group is privately held.
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