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BioSteel owes millions to the NHL

Canopy Growth’s (TSX: WEED) BioSteel Sports Nutrition Inc. finds itself in a significant financial bind, owing substantial sums to several prominent sports teams and leagues.

Having recently sought creditor protection, BioSteel has disclosed a preliminary list of its outstanding debts, totaling more than a staggering $439 million. These liabilities extend to a wide array of entities, encompassing manufacturers, distributors, and retailers.

Among the sports organizations identified, the top creditor is NHL Enterprises, the merchandising and licensing arm of the National Hockey League, with a hefty sum of $8.7 million awaiting settlement. The Los Angeles Lakers, a prominent basketball franchise, are next in line, being owed more than $2.5 million.

You can read more on the matter here.

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What’s the latest?

• India Strikes Back: India has advised its citizens to be cautious when traveling to Canada due to "growing anti-India activities and politically condoned hate-crimes." This advisory comes in response to recent allegations made by the Canadian Prime Minister, Justin Trudeau, suggesting that India may have been involved in the killing of a Sikh separatist leader in Canada.

• Musk Under Investigation: Federal prosecutors in the Southern District of New York are reportedly examining personal benefits that Tesla CEO Elon Musk has received since 2017 as part of a criminal investigation. This investigation is looking into various issues, including a proposed house for Musk known as "Project 42." The U.S. Attorney's Office has also sought information regarding transactions between Tesla and other entities connected to Musk.

• Unifor Settles With Ford: Unifor, the union representing Canadian Ford workers, has reached a tentative contract agreement with Ford Motor Co. The deal covers more than 5,600 workers at various Ford facilities in Canada. Key priorities for the union in the negotiations included higher wages, pension improvements, and addressing issues related to job security and the transition to electric vehicles.

• Canada Lends $3 Billion: Canada has signed a $3 billion deal with Romania to help finance two new nuclear reactors. Canadian Energy Minister Jonathan Wilkinson and Romanian Energy Minister Sebastian Burduja signed the agreement, which will help Romania reduce its dependence on coal for electricity generation and diversify its energy sources.

• AirBnB Implements AI: Airbnb is tackling fake listings on its platform with the help of artificial intelligence. The company recently removed 59,000 fake listings and prevented 157,000 others from joining the platform this year. To further combat fraud, Airbnb plans to verify all listings in its top five markets by having hosts enter the property with the Airbnb app.

Who is Mark Leonard?

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In the juniors

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• BioSteel Owes Millions To NHL, Professional Sports Teams: Bankruptcy Filing (theDeepDive)

FULL DISCLOSURE: DiagnaMed Holdings is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of DiagnaMed Holdings. The author has been compensated to cover DiagnaMed Holdings on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.