Indopedia All Things Marijuana
The beer baron behind popular brands like Corona and Modelo are now investing millions into legal pot.
Constellation Brands — America’s third-largest alcohol company — announced on Monday a $191 million stake in the Canadian marijuana holding company Canopy Growth, reports Business Insider.
The Victor, N.Y. based beverage company will own a 9.9 percent stake in Canopy, which is publicly traded on the Toronto Stock Exchange under the ticker WEED.
“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 Brands CEO Rob Sands said in a statement.
Canopy Growth is a major name in the nascent legal cannabis industry, and is currently known as the largest marijuana producer in the world.
The agreement will include a collaboration between the two companies on cannabis-infused beverages that will only be sold where pot products are legal on a federal level, according to Bloomberg.
“There’s no need to include alcohol, nor is there an intent to include alcohol in how we follow through with things,” Canopy CEO Bruce Linton…
