Source: chicago.suntimes.com
Constellation Brands invested $4 billion into Canopy Growth Wednesday, upping its stake in the cannabis production business. | Canopy Growth
Beer and liquor giant Constellation Brands invested roughly $4 billion into Canopy Growth Wednesday, upping its stake in the cannabis business.
Constellation, the maker of Corona and Modelo beers and Svedka vodka, initially invested in Canopy Growth in October, taking a nearly 10 percent stake in the company, which is the largest medical marijuana producer in Canada. After Wednesday’s investment, that stake has grown to 38 percent.
“Over the past year, we’ve come to better understand the cannabis market, the tremendous growth opportunity it presents, and Canopy’s market-leading capabilities in this space,” said Constellation Brands CEO Rob Sands. “We look forward to supporting Canopy as they extend their recognized global leadership position in the medical and recreational cannabis space.”
Constellation isn’t the only alcohol company experimenting with pot. Lagunitas Brewing, based in California, previously announced the launch of cannabis-infused sparkling water. CNBC reports that Molson Coors also said it was in talks with multiple cannabis companies.
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