corporations
Constellation Brands stops investing in the cannabis-infused beverage market
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Constellation Brands will stop investing in the cannabis sector, at least for now. After several years of investing in Canopy Growth, at a loss, the brewer decided not to continue investing in the Canadian producer, however, maintaining a stake of more than 20% in the company. This news appears six years after Constellation announced an investment of 245 million Canadian dollars (approximately 165 million euros) in Canopy Growth, which would allow it, at the time, to “develop beverages enriched with cannabis”. However, plans did not go as expected.
Constellation Brands has made a significant decision to drastically reduce its exposure to the cannabis-infused beverage market, even signaling the possibility of a complete withdrawal from the sector. The information comes after the company's option not to execute the guarantees for the acquisition to acquire 139 million common shares in Canopy Growth, a Canadian company in which Constellation acquired an initial stake of 190 million Canadian dollars in 2017.
However, Constellation Brands' stake in Canopy remains assured at around 20,7% and may increase this stake by next year. However, Constellation stated that it has no current plans or future intentions related to Canopy Growth. According to the company, Constellation may, in the future, sell common shares or other Canopy securities or carry out other transactions, whether on the open market or in private transactions, depending on various factors, including general market and economic conditions. , available investment opportunities, regulatory developments and other factors determined by Constellation.
Since 2017, Constellation Brands has invested more than 2 billion Canadian dollars in Canopy Growth, but the huge devaluation on the stock market has distanced the two companies.
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[Disclaimer: Please note that this text was originally written in Portuguese and is translated into English and other languages using an automatic translator. Some words may differ from the original and typos or errors may occur in other languages.]____________________________________________________________________________________________________
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I am one of the directors of CannaReporter, which I founded together with Laura Ramos. I am from the unique Island of Madeira, where I currently reside. While I was in Lisbon at FCUL studying Physical Engineering, I became involved in the national hemp and cannabis scene and participated in several associations, some of which I am still a member of. I follow the global industry and especially legislative advances regarding the different uses of cannabis.
I can be contacted by email at joao.costa@cannareporter.eu
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