Yes, that's right -- the Saskatchewan Roughriders of the CFL signed Sweed earlier this week, and have placed him on their practice squad.
As Kaboly notes, the Steelers' decision to draft Sweed probably isn't Kevin Colbert's proudest moment. Sweed only caught seven passes in the NFL and is probably known more for his drops than for anything else. Luckily, the Steelers didn't stop drafting wide receivers when they picked Sweed -- they got Mike Wallace in the third round in 2009 and snagged Antonio Brown (and Emmanuel Sanders) in 2010, and those picks have turned out far better.
After a Pittsburgh career plagued with injuries and "personal issues," the Steelers waived Sweed in 2011. SInce then, he's tried to get back to the NFL with the Giants and Bengals, but it hasn't worked out. That's not surprising given how badly his tenure with the Steelers went.