Weed could be a significant global growth opportunity for the future.
Constellation Brands is investing $4 billion in Canadian cannabis company, Canopy Growth.
Constellation bought a 10% stake in the cannabis producer in October for $190 million. Canopy Growth CEO said that cannabis beverages could be in the works. Neither company will sell cannabis products in the U.S. until they are legalized nationwide.
For Constellation Brands CEO Rob Sands, “this could potentially be one of the most significant global growth opportunities for the next decade,”
With this latest investment, Constellation says its stake will become 38% of Canopy, also receiving an opportunity over the next three years to buy up to 139.7 million in new shares, which represents up to $5 billion in additional funding.
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