Pot Plays – Constellation Buys Into The Cannabis Biz

Constellation employees celebrate their new buisness opportunity

High times! Constellation Brands, home to Corona, Modelo, Ballast Point and Florida’s Innovative Funky Buddha Brewery, is getting into the marijuana business.

According to CNBC the US drinks giant “has agreed to buy a near 10 percent stake in Canopy Growth Corporation, the world’s largest publicly traded cannabis company.”

This from a Constellation Brands press release

“This investment and relationship is consistent with Constellation Brands’ long-term strategy to identify, meet and stay ahead of evolving consumer trends and market dynamics, while maintaining focus on its core total beverage alcohol business. Constellation 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.”

Constellation, which posted a 13% increase in beer sales in its latest quarter purchased a 9.9 stake in Canopy Growth, the world’s largest publicly traded cannabis company (with a market value 2.2 billion Canadian dollars) for $191 million USD.

Pot Beer Image Credit: Mitchell Maglio