In an unexpected twist, the brand behind the renowned BioSteel sports drinks is diving deep into tumultuous financial waters. The company is gearing up to roll out a Chapter 15 bankruptcy, following the path laid out by its Canadian insolvency declaration this past Thursday.
BioSteel Sports Drinks Bankruptcy : Parent Company Pulls The Plug
Drowning in a sea of challenges, Canopy Growth Corp., a trailblazer in the cannabis business landscape of Canada, confirmed that it has dropped the anchor on any further investments into BioSteel Sports Nutrition Inc. The recent move came as BioSteel began to wade through the muddied waters of the Companies’ Creditors Arrangement Act in an Ontario courtroom.
BioSteel Sports Drinks Bankruptcy : Earnings Hit An Iceberg
It’s like watching a ship take on water. Canopy revealed that the BioSteel division had created a gaping hole, accounting for a staggering 60% of its earnings losses in the last financial quarter. This has cast a dark shadow on the parent company’s financial skyline.