Constellation acquires stake in medical marijuana company

Local News
CONSTELLATION.BRANDS_1503085266556.png

Constellation Brands now has a stake in a medical marijuana company.

The Victor-based alcoholic beverage company has acquired a minority stake in Canopy Growth Corporation, an Ontario, Canada-based provider of medical marijuana products.

In a statement issued Monday, Constellation says it “has no plans to sell any cannabis products in the U.S. or any other market unless or until it is legally permissible to do so at all government levels.”

“Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction,” said Constellation Brands President and Chief Executive Officer, Rob Sands.

Founded in 2014, Canopy Growth is one of the earliest companies to become involved in Canada’s legal marijuana market.

The investment is approximately $191 million for a 9.9 percent ownership interest in Canopy Growth. Constellation also has the option to purchase an additional stake in the future.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Dont Miss

More Don't Miss