Alcohol Industry Targets Pot With Constellation-Canopy Deal - Cannabis News

Seller of Corona beer to buy 9.9% stake in marijuana business; Company says it has no plans to sell cannabis in the U.S. yet.

Alcohol giant Constellation Brands Inc. is making a foray into marijuana, a precedent-setting move for an industry that has mostly stayed on the sidelines during the cannabis boom.

Constellation will pay about C$245 million ($191 million) for a 9.9 percent stake in Canopy Growth Corp., a Canadian seller of medicinal-marijuana products.

The deal kicked off the biggest rally in nearly a year for Canopy, which trades on the Toronto Stock Exchange under the ticker WEED.

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Kristine Owram ~ Bloomberg.com ~