Canopy Sells BioSteel, Graza Heads to Walmart 🫒

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CPG WIRE
November 21, 2023

Welcome back to This Week in CPG, folks. Sadly we have no fundraising news this morning but we have A LOT of distribution news to compensate with. Here’s a preview:

  • Miyoko’s Creamery seeks buyer 🧈

  • Byredo expands into jewelry 💎

  • Sephora unveils black-owned beauty grant 💄

  • Shiner launches non-alc beer 🍻

  • Vacadillos launches at Albertsons 🥩

Deals 💰

Mergers & Acquisitions 

  • Canopy Growth, the Canadian cannabis and consumer goods firm, has found a new home for BioSteel, the hydration brand it acquired in 2019. Before filing for bankruptcy protection in September, BioSteel was costing Canopy Growth a whopping $15M per month. The new owner of BioSteel’s intellectual property and operations is Canada’s DC Holdings, while New Jersey-based Gregory Packaging is purchasing their manufacturing facilities. BevNET

  • Vegan butter and cheese brand Miyoko’s Creamery is reportedly seeking to raise $12M in order to stabilize operations and find a buyer. They have serious retail distribution — Albertsons, Kroger, Target, Sprouts, and others — and apparently their products are great. It’s hard to believe that Miyoko’s Creamery raised $52M in mid 2021. Bloomberg

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What’s New 🤩

Apparel, Cosmetics, and Wellness

  • Byredo, the contemporary fragrance brand that Puig acquired for €1B in 2022, is expanding into fine jewelry with its first-ever permanent collection. Their debut collection is called Virasaat which is Hindi for “inheritance.” WWD

  • Lifestyle brand Sporty & Rich introduced their first-ever ski collection which is available online and at their NYC flagship store. Love the puffer jacket. Instagram

  • Sephora announced a new black-owned beauty grant which will award $100K to one black business owner within the beauty industry. The Sephora grant is a partnership with Fifteen Percent Pledge. More info here. Business of Fashion

  • Centric Brands announced a new licensing agreement with Authentic Brands Group (ABG) to produce kids apparel under the Billabong, Quicksilver, and ROXY brands. Business Wire

Food, Beverage, and Alcohol

  • The new candy-coated frozen fruit line from Hershey and Golden West Food Group officially launched and is available nationwide at Walmart. The four SKUs will reportedly retail anywhere from $7 to $8 for an 8 oz. bag. Business Wire

  • Friday Beers, a very popular media company that launched four years ago, finally introduced their own branded beer. Great-looking product. Given how popular Friday Beers is — they have over 2M followers on Instagram — I could see this performing well 🔽 Friday Beers

  • Popular Texas brewer Shiner launched their first non-alcoholic beer — Shiner Rode0 — which will make its debut just in time for Dry January. I’m excited to see how it performs. Non-alc beer sales were up 17% in Texas year-over-year. Brewbound

  • Graza unveiled a mini cookbook that teaches customers how to make various sweet treats with their olive oil. Cute cover and a fun way to engage/enlighten customers. The Dieline

  • There’s a new alternative milk brand from Australia called Madame Tiger which is made from tiger nuts. Kinda love the packaging even though it’s a little cluttered 🔽 Smart Company AU

Data 🖥️

Distribution News 🚚

  • Graza launched nationwide at Walmart.

  • Yerbaé is now available at 250 Sprouts Farmers Market locations.

  • Vacadillos launched nationwide at Albertsons.

  • DAVIDsTEA, a well-known Canadian tea brand, is now available at 150+ Stop and Shop stores.

  • Smart home gym maker Tonal announced distribution at Best Buy.

  • Plant-based cheese dip brand House Party expanded its presence at Whole Foods Market.