The Globe and Mail reports in its Friday, Sept. 15, edition that BioSteel Sports Nutrition has filed for bankruptcy protection in Canada and the U.S., citing rapidly deteriorating liquidity despite receiving hundreds of millions in dollars from parent company Canopy Growth. The Globe's Irene Galea writes that in Thursday's filing Canopy said it is no longer willing to sink cash into BioSteel and that it has fired or given working notice to the sport-drink company's 181 employees, as part of its larger effort to cut expenses. Canopy said it intends to find a new buyer for BioSteel through the Companies' Creditors Arrangement Act process. Canopy chief executive officer David Klein said Thursday that BioSteel "does not align with Canopy Growth's cannabis focused asset-light strategy." Canopy first acquired a 72-per-cent interest in BioSteel in 2019 for about $50-million with the hope of developing CBD-infused sports drinks, and has since raised its interest to 90 per cent. Since the initial purchase, Canopy has invested $366-million in the sports-drink company through a secured loan and credit facility. BioSteel accounted for 60 per cent of Canopy's consolidated losses in the first quarter of 2023.