Following shareholder and Canadian government approval Constellation Brands has closed a big dollar deal with Canopy Growth, which was first announced on October 15th…
Constellation Brands’ CEO Rob Sands was clearly excited about his company sealing the deal…
“We’re excited to expand our strategic partnership with Canopy Growth and to begin helping them build the global scale needed to win long-term.
“The global cannabis market presents a significant growth opportunity and Canopy Growth is well-positioned to establish a strong leadership position in this fast-evolving category,”
“With this investment, Constellation Brands increases its ownership interest in Canopy Growth to approximately 37% of outstanding common shares of Canopy Growth and has appointed two members of its executive team, as well as two independent directors, to the board of directors of Canopy Growth,”
But Bruce Linton, chairman and co-chief executive officer of Canopy Growth was equally pumped about the deal that has “opened up a world of opportunities” for his company….
“We have never been in a better position to create shareholder value. This investment was a landmark moment for the entire sector when it was announced.
“Now that the capital is Canopy’s to deploy, we’re going to get to work increasing our lead by adding strategic assets around the world.”
Canopy Growth is a world-leading cannabis and hemp company offering distinct brands and curated cannabis varieties in dried, oil and capsule forms. The firm has operations in 12 countries across five continents.
Constellation Brand is the third largest brewer in the US behind AB InBev and MillerCoors. Its brand portfolio includes Corona Extra, Corona Light, Modelo Especial, Modelo Negra, Pacifico, Ballast Point, Funky Buddha, as well as a full roster of wine and spirit offerings.
And with yesterday’s announcement they’ve also become the most heavily invested of any drinks major in the growing cannabis industry…