BioSteel: Back from the brink and ready to compete
It has been a wild ride for BioSteel, from boom to bust and bankruptcy, and now resurrection. Leading the way forward is CEO and owner Dan Crosby, who acquired the sports drink company from Canopy Growth in late 2023.
It's now been two years since Windsor, Ont.-based entrepreneur Crosby, who operates the Coachwood Group of Companies, of which BioSteel is now part of the portfolio, stepped in.
Convenience Store News Canada recently caught up with Crosby to hear more about his vision and plans to grow the BioSteel brand.
CSNC: What’s 2026 looking like and what are your hopes for the future?
Dan Crosby: The new year marks a new era for BioSteel. In 2025, we rebuilt the company from the ground up—restructuring operations, refocusing the brand and bringing manufacturing in-house. That was a massive milestone for us because it gives us complete control over quality, efficiency and consistency. On top of that, our facility recently achieved NSF certification, which is monumental. It reinforces our commitment to producing the cleanest, safest and most trusted products in the industry.
I think 2026 will be one of the most exciting years yet for BioSteel. We’re launching Protein Ready-to-Drink (RTD) beverages, expanding deeper into sports nutrition and recovery. This past summer, we launched our BioSteel Freezies (freeze pops), which were a massive hit—a fun and nostalgic way for families and youth athletes to enjoy clean hydration. We’re also introducing Electrolytes MAX, a higher-performance hydration formula. Alongside that, we’re relaunching our protein line with improved taste and formulation, and expanding our supplement offerings to support athletes beyond hydration, from training to recovery.
Looking ahead, our focus is on sustainable growth. We’re expanding our product lineup, scaling distribution and strengthening our connection with athletes and families through the BioSteel Teams app and our docuseries, Built From Steel. Both are designed to bring people closer to the brand through storytelling and technology—showing who we are, what we stand for and why clean performance matters.
Background
Founded in 2009 by entrepreneur John Celenza and then-NHLer Mike Cammalleri, BioSteel built a reputation as a clean-ingredient beverage company selling drinks and powders made for athletes.
In 2019, the cannabis company Canopy Growth bought BioSteel to diversify its business portfolio.
The high-profile brand was backed by major athletes when crashing down in September 2023 with the announcement that Canopy Growth had filed for creditor protection in the U.S. and Canada, owing $12 million for sponsorship agreements, and was trying to find a buyer for the business.
In November 2023, a deal for two buyers to take over the brand and its assets was approved.
New Jersey-based Gregory Packaging Inc. picked up the BioSteel Manufacturing business, while DC Holdings took over the intellectual property in Canada, the U.S. and around the globe.
DC Holdings, which does business as Coachwood Group of Companies, is owned by Crosby, who operates several related businesses, including sports nutrition company Canadian Protein.
In January 2025, BioSteel announced it was expanding operations in Canada by establishing a new manufacturing facility in Windsor, Ont., allowing the company to take full control of its production process.
CSNC: How are you differentiating BioSteel from its competitors?
DC: BioSteel was never a marketing concept. It was created out of necessity by a professional coach for his athletes. That’s our DNA. Every BioSteel product is NSF Certified for Sport, contains no sugar and has no artificial flavours or dyes.
What truly sets us apart now is how we’ve connected every part of our ecosystem, from in-house manufacturing to digital engagement. We’re one of the only brands that not only controls its production and quality from end to end but also leverages technology and media to tell our story directly to consumers. That combination of authenticity, innovation and control is our biggest competitive edge.
CSNC: What challenges does the company face?
DC: The biggest challenge is cutting through the noise in a crowded category. There’s a lot of hype-driven marketing, but very few brands with the substance to back it up. We’re focused on earning loyalty, not buying attention.
Another challenge has been addressing rumours that our products have changed, which is completely untrue. The formulas are exactly the same. We’ve just brought production in-house to ensure even tighter control and consistency. We didn’t change what made BioSteel great. We reinforced it.
CSNC: What role do convenience stores play for BioSteel?
DC: Convenience stores are a huge part of our growth strategy. They’re where most hydration decisions happen—on the go, on the way to a game, or right after practice. Having BioSteel available cold and ready in those moments is critical.
We’re working closely with our retail partners to drive awareness through sampling programs, cold placement, and team activations. What’s exciting now is that through the BioSteel Teams App, we can geolocate nearby retailers carrying our new products, like Electrolytes MAX or Protein RTDs, and drive teams and athletes directly into those stores.
Convenience stores are more than just a distribution channel for us. They’re part of the BioSteel community network, where our mission to redefine hydration meets the real world.
