Constellation Brands ups stake in Canopy Growth, invests an additional US$4bn
Constellation Brands Inc (NYSE:STZ), the maker of Corona beer, is upping its investment in cannabis with a multi-billion dollar investment. The beer producer is investing US$4bn in Canadian cannabis company Canopy Growth Corp (NYSE:CGC, TSX:WEED).
Constellation’s latest investment brings its stake in the company to 38%. The company held a 9.9% stake in October 2017 with the option for future investments.
Shares of Canopy Growth jumped nearly 50% to US$36.48 in early trading on the news, reversing Tuesday’s downward trend after posting less-than-stellar quarterly results.
READ: Canopy Growth reports quarterly earnings in-line with analyst expectations
“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 in a press release.
Constellation Brands shares fell more than 2% to US$216.50 in pre-market trading.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202962/constellation-brands-ups-stake-in-canopy-growth-invests-an-additional-us4bn-202962.html
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