Weed-infused drinks could soon be a thing as Constellation Brands takes 10% stake in Canopy Growth Corp
Cannabis-infused beer could be coming to a bar near you after Corona owner Constellation Brands Inc (NYSE:STZ) agreed to take an almost 10% stake in Canopy Growth Corporation (CVE:WEED).
The beer distributor is paying C$245mln (US$191mln) for the 9.9% stake in Canopy – the world’s largest publicly traded cannabis company.
Constellation is reportedly planning to work with the grower to develop, market and sell marijuana-infused drinks.
It is seen by many as anticipation of a nationwide legalisation of cannabis in the US, with Constellation’s chief executive Rob Sands recently saying he thinks that “highly likely”.
The New York-listed group said it had no plans to sell any marijuana products in the States until it was legal in all 50 states.
Instead it will start by selling in countries where recreational cannabis use is already legal and Canada could also be an option if, as planned, legalisation there is relaxed in 2018.
“Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future,” said Constellation boss Sands in a statement.
“Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction.”
Constellation shares were up 0.5% to US$212.97 in early deals on Monday, while Canopy Growth soared 15.2% to C$14.66.
Wine conglomerate Constellation Brands buying 10% stake in pot company Canopy Growth https://t.co/cz9HZxmhlc #BusinessNews #CanadaNews
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Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/186436/weed-infused-drinks-could-soon-be-a-thing-as-constellation-brands-takes-10-stake-in-canopy-growth-corp-186436.html
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