A major alcohol conglomerate has agreed to buy almost 10 per cent of Canada`s biggest marijuana company for $245 million Cdn.
New York-based Constellation Brands will buy up to 18.9 million shares in Canopy Growth Corporation, the Smiths Falls, Ont.-based company that has grown to quickly become Canada’s largest marijuana company.
The move sent shares of Canopy Growth on Monday as high as $15.72 in Toronto before they at finished the day up 19 per cent at a record high close of $15.22.
As part of the deal, Constellation will provide marketing and brand development support to Canopy. The two companies will work together to produce marijuana-based drinks — a market that some estimates have pegged at $10 billion a year, should the products become legal in the United States.
CBC News – Oct 30, 2017.
Want More Investigative Content?
