I'm guessing that whatever non compete he had form the VItamin Water sale has expired allowing him to go back into the beverage business.
Mike's nature playing the horses seems to have emboldened him considering the size of investments he has subsequently made in Pirate's Booty and now Body Armor. I was actually confusing the brand with UnderArmor which may have been a subtle attempt to legally latch onto the name recognition of a successful product line.