Constellation Brands Inc., which for seven decades has made its money off beer, wine and whiskey, sees its future in a marijuana leaf.
In the biggest (legal) marijuana deal, the Victor, N.Y., beverage company will spend about $3.8 billion to boost its stake in Canadian grower Canopy Growth Corp., betting legalization will gain traction around the world and especially in the United States.
“This is rocket fuel,” Canopy Chief Executive Bruce Linton said on the company’s earnings call Wednesday. “We’re going to be way more global.”
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Kristine Owram, Jen Skerrit and Craig Giammona ~ Bloomberg via LATimes.com ~
