BioSteel's Fall and Rise Under New Leadership
BioSteel's financial troubles came to a head in September 2023 when its parent company, Canopy Growth, ceased funding the brand and put it into creditor protection. Despite growing sales at the time, BioSteel's unsustainable spending, particularly on expensive athlete and league sponsorships, was burning through millions of dollars per month. This ultimately led to the company filing for bankruptcy protection in both the U.S. and Canada.
However, this was not the end for the popular sports hydration brand. In November 2023, Windsor-based entrepreneur Dan Crosby acquired the intellectual property and operational assets of BioSteel via his company, Coachwood Group of Companies. In a message to customers, Crosby acknowledged the past mismanagement but confirmed that the brand itself was sound and would continue under a more profitable, streamlined approach. Since then, BioSteel has resumed operations and is available again to consumers through its official website and other retailers.
The Vacuum Left by BioSteel
During BioSteel's period of market uncertainty, several competitors stepped in to capture its market share and prominent partnerships. The National Hockey League, for instance, ended its sponsorship with BioSteel in late 2023 and announced a new multiyear agreement with Bodyarmor in April 2024. Notable athletes, including NHL star Connor McDavid, also moved to new partnerships. Beyond major sponsorships, consumers began exploring a wide range of alternatives to meet their hydration needs.
Top Replacements and Alternatives
- Bodyarmor: This is arguably the most direct and high-profile replacement for BioSteel in the professional sports market. The brand secured the official sports drink partnership with the NHL after BioSteel's bankruptcy. Bodyarmor is known for its electrolyte drinks with coconut water and is a major player in the category.
- Cwench Hydration: Founded by the original BioSteel team after leaving the company, Cwench was created to replicate the original BioSteel formula and branding. Many long-time BioSteel users who were disappointed by the bankruptcy turned to Cwench as a nearly identical replacement.
- Liquid I.V.: A popular hydration multiplier that uses a specific ratio of glucose, sodium, and potassium to accelerate hydration. Its convenient stick packs have made it a favorite for those seeking quick and effective rehydration, and it offers both sugar-free and standard options.
- LMNT Electrolyte Drink Mix: A high-sodium, keto-friendly electrolyte mix that stands out for its straightforward formula with zero sugar. It's especially popular among athletes and individuals with higher sodium requirements.
- Nuun Hydration: Known for its electrolyte tablets that dissolve in water, Nuun offers a low-sugar and convenient alternative to bottled sports drinks. They are particularly popular with endurance athletes and come in various formulations.
- Ultima Replenisher: Recognized for its balanced electrolyte blend and clean ingredients, Ultima Replenisher is a stevia-sweetened, zero-carb, and sugar-free powder that appeals to health-conscious consumers looking for a BioSteel alternative.
How to Choose the Right Hydration Alternative
With so many options on the market, selecting the right sports drink or hydration mix can be overwhelming. Consider your specific needs, such as your activity level, dietary restrictions (keto-friendly, sugar-free), and flavor preferences. Many consumers now prioritize products with clean ingredients and minimal sugar, a trend that BioSteel helped pioneer. Comparing the nutritional profiles of different brands, particularly their electrolyte and sugar content, is crucial.
Comparison of Hydration Drink Alternatives
| Feature | Bodyarmor | Cwench Hydration | Liquid I.V. | LMNT | Nuun Hydration |
|---|---|---|---|---|---|
| Key Selling Point | Contains coconut water; official NHL partner | Created by original BioSteel founders; similar formula | Cellular Transport Technology for faster hydration | High-sodium, zero-sugar for keto/low-carb | Convenient effervescent tablets; low-sugar |
| Sugar Content | Varies by product; lower sugar than Gatorade | Zero sugar, like BioSteel's original formula | Varies by product; offers sugar-free options | Zero sugar, sweetened with stevia | Very low sugar, sweetened with stevia |
| Electrolyte Focus | Potassium, Sodium | Balanced electrolyte blend | Sodium, Potassium, Glucose | High Sodium, Potassium | Sodium, Potassium, Chloride |
| Format | Ready-to-drink bottles | Powder mix, bottles | Powder stick packs | Powder mix | Effervescent tablets |
| Best For | Casual athletes, general hydration | Former BioSteel enthusiasts | Accelerated hydration after intense workouts | Heavy sweaters, keto athletes | General hydration, on-the-go users |
The New BioSteel: Is It the Same?
For former BioSteel loyalists, a key question is whether the revitalized brand is the same product they once knew. According to the new owner, Dan Crosby, the product formulation itself has not changed. The focus of the restructuring was on eliminating the past financial mismanagement and unsustainable marketing expenditures. With a leaner operation and a focus on core profitability, the brand is attempting to regain its market position, though it still has ground to make up after its absence from shelves. Consumers can expect to find the same core products and flavors, though distribution may have shifted.
Conclusion
The saga of what replaced BioSteel is a story of a brand's spectacular bankruptcy followed by a swift and determined revival. While the company was forced to cede ground in the market and key partnerships to competitors like Bodyarmor, the BioSteel brand itself has re-emerged under new, more stable ownership. For consumers, this means BioSteel products are once again available, while a competitive market has opened up numerous new and reliable hydration alternatives. Whether you return to the original formula or explore newer options like Cwench or Liquid I.V., the choice ultimately depends on your specific hydration needs and preferences.
Optional Outbound Link
Learn more about the business and legal proceedings surrounding the BioSteel bankruptcy from KSV Advisory, the court-appointed monitor for the case.
KSV Restructuring Inc. on BioSteel Bankruptcy
Authoritative Citations
NHL announces Bodyarmor as its new sports drink, replacing BioSteel. Yahoo Finance (April 16, 2024). Biosteel Alternative? : r/hockeyplayers. Reddit (July 31, 2024). Cwench Hydration. Facebook (June 13, 2024). BioSteel files for bankruptcy protection, parent company .... The Globe and Mail (September 14, 2023). Biosteel has found a new owner and it's Windsor entrepreneur .... CBC (November 17, 2023). BioSteel Bankruptcy. Biosteel.ca. This Windsor entrepreneur bought the bankrupt BioSteel brand last year. CBC (November 04, 2024). Biosteel has found a new owner and it's Windsor entrepreneur .... CBC News (November 17, 2023). BodyArmor replacing BioSteel as NHL's sports drink partner. Sports Business Journal (April 16, 2024). Electrolyte Replacement Review: Which Brand is Best?. Stephanie Hnatiuk (July 24, 2025). NHL announces Bodyarmor as its new sports drink, replacing BioSteel. Yahoo Finance (April 16, 2024). Biosteel Alternative? : r/hockeyplayers. Reddit (July 31, 2024). Cwench Hydration. Facebook (June 13, 2024). BioSteel files for bankruptcy protection, parent company .... The Globe and Mail (September 14, 2023). Biosteel has found a new owner and it's Windsor entrepreneur .... CBC (November 17, 2023). BioSteel Bankruptcy. Biosteel.ca. This Windsor entrepreneur bought the bankrupt BioSteel brand last year. CBC (November 04, 2024). Biosteel has found a new owner and it's Windsor entrepreneur .... CBC News (November 17, 2023). BodyArmor replacing BioSteel as NHL's sports drink partner. Sports Business Journal (April 16, 2024). Electrolyte Replacement Review: Which Brand is Best?. Stephanie Hnatiuk (July 24, 2025).
