Constellation Brands, a company better known as the maker of Corona and Modelo beers, announced an additional $4 billion investment in Canadian cannabis company, Canopy Growth, on August 16 (CNBC).
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The investment increases Constellation’s stake in Canopy from 9.9 percent, acquired in October 2017, to 38 percent, with the possibility of additional investments over the coming years. The New York Stock Exchange-listed share price of Canopy Growth increased by 30 percent while Constellation’s stock fell by 6 percent.
“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,” Constellation Brands CEO Rob Sands said in a statement.
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Canopy Growth is Canada’s largest medical cannabis producer. The country’s parliament legalized recreational cannabis in late June 2018, making it the second nation in the world and the first G7 economy where recreational cannabis is fully legalized.
Other significant cannabis-related investments. Add more here:
- Heineken-owned California-based Lagunitas Brewing announced in late June the launch of a cannabis-infused fizzy water. The beverage will be sold in select locations in California.
Countries where medicinal cannabis is fully legal:
- Czech Republic
Countries where recreational cannabis is fully legal: