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Beermaker Constellation Brands invests $3.8 billion in cannabis grower Canopy Growth

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Beermaker Constellation Brands invests $3.8 billion in cannabis grower Canopy Growth

The business behind Corona and Ballast aim beers has made a decision to up its stake into the cannabis industry. Constellation companies, which was making alcohol, wine, and whiskey for seven years, will soon be investing $3.8 billion in Canadian cannabis grower Canopy development Corp.

The Victor, brand brand New Constellation that is york-based brands be boosting its stake in Canopy development ahead of complete cannabis legalization in Canada. Canada is set to legalize leisure cooking pot on October 17.

More specifically, the drink business will purchase 104.5 million stocks of Canopy development at C$48.6 per share. This may carry its stake into the cannabis grower to 38 %. The offer will include warrants that also will allow Constellation to boost its stake by a further $3.4 billion. Read More