CANNABIS CULTURE – Canadian cannabis company Canopy Growth Corp. has a new minority stakeholder.
On October 30, Constellation Brands – the U.S. corporation behind liquor megabrands such as Corona and Robert Mondavi Winery – announced its purchase of a 9.9 percent stake in the Ontario-headquartered company for $245 million.
While Constellation has no plans to market cannabis itself, the company sees the emerging cannabis market as key to its future growth.
“Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future,” said Constellation Brands President and Chief Executive Officer, Rob Sands in a press release. “Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction.”
Valued at $2.5 billion, Canopy Growth is the world’s largest producer of legal marijuana.
Earlier this month, Canopy Growth announced a joint venture to convert almost three million square feet of greenhouse space in B.C. into cannabis growing facilities.
Canada is set to legalize recreational cannabis in July 2018, which could be worth $22.6 billion to the country’s economy.
Recent polls show that 64 percent of adult Americans support the federal legalization of marijuana.