Corona Brewer Invests $4 Billion in Cannabis
- 6 years ago
Corona Brewer Invests
$4 Billion in Cannabis Constellation Brands, the maker of Corona, thinks that the marijuana industry is a pretty good bet. Last year, Constellation first invested
in the cannabis company Canopy Growth,
buying in at a 10% stake. Constellation recently decided that
they wanted a bigger piece of the pie,
so they invested another $4 billion in Canopy Growth, bringing their holdings to 38%. Shares of Canopy (CGC) trade on both the New York Stock Exchange and Toronto Stock Exchange. OCG shares soared after
the news of Constellation's investment,
but Constellation's stock fell
almost 6% after the move. Rob Sands, Constellation CEO, via CNN Money Though recreational marijuana isn't legal federally in the U.S, "there is an expectation that marijuana will eventually be legalized in the U.S.," according to Wells Fargo analyst, Bonnie Herzog. Many beverage companies are already
planning on making cannabis-infused drinks. Perhaps Constellation will be next. Bruce Linton, Canopy Growth CEO, via CNN Money
$4 Billion in Cannabis Constellation Brands, the maker of Corona, thinks that the marijuana industry is a pretty good bet. Last year, Constellation first invested
in the cannabis company Canopy Growth,
buying in at a 10% stake. Constellation recently decided that
they wanted a bigger piece of the pie,
so they invested another $4 billion in Canopy Growth, bringing their holdings to 38%. Shares of Canopy (CGC) trade on both the New York Stock Exchange and Toronto Stock Exchange. OCG shares soared after
the news of Constellation's investment,
but Constellation's stock fell
almost 6% after the move. Rob Sands, Constellation CEO, via CNN Money Though recreational marijuana isn't legal federally in the U.S, "there is an expectation that marijuana will eventually be legalized in the U.S.," according to Wells Fargo analyst, Bonnie Herzog. Many beverage companies are already
planning on making cannabis-infused drinks. Perhaps Constellation will be next. Bruce Linton, Canopy Growth CEO, via CNN Money