Constellation Brands, which owns well-known beers like Corona, is making Canopy Growth its “exclusive cannabis global cannabis partner,” according to the company’s CEO. (Chris Wattie/Reuters). Originally Posted: Aug 15, 2018 8:51 AM ET | Last Updated: August 15
Already world’s largest publicly traded cannabis company, Canopy Growth hoping to expand
Constellation Brands, a massive alcohol beverage company, is investing $5 billion into Smiths Falls, Ont.-based cannabis company Canopy Growth.
According to a press release, Constellation Brands is increasing its ownership of Canopy Growth, the world’s largest publicly traded cannabis company, to 38 per cent by acquiring 104.5 million shares.
“Through this investment, we are selecting Canopy Growth as our exclusive global cannabis partner,” said Rob Sands, CEO of Constellation Brands, in the press release. “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.”