weed market

Corona Brewer Gambles $4 Billion on Cannabis

The brewer of Corona Beer, or Constellation Brands, is gambling $4 billion dollars on its belief that consumers want more than booze and beer. The company is spending this money to increase its stake in Canopy Growth, a marijuana business. Constellation owns a large wine business too, as well as Casa Noble tequila and SVEDKA vodka. Last year, Constellation bought a 10 percent stake in Canopy Growth as its first investment. On Wednesday, it increased its holding to 38 percent, and it leaves the option open to buy a controlling majority share of more than 50 percent. On the news of Constellation’s new $4 billion investment, Canopy shares, which trade on both the Toronto Stock Exchange and the New York Stock Exchange, surged over 25 percent. In response, other cannabis businesses that trade publically, including MedMen Enterprises and Cronos, rallied in Canada and the United States. However, after announcing the …

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