Anyone thinking that Constellation Brands (NYSE: STZ) was starting to regret its multibillion-dollar investment in Canopy Growth (NYSE: CGC) just found out how far off base they were. Constellation announced on May 1 that it had exercised nearly 18.9 million warrants to buy another 5.1% of Canopy Growth's outstanding shares for $245 million Canadian, which translates to close to US$174 million. Canopy Growth has been a major drag on Constellation's financial performance every quarter since the big adult beverage company invested $4 billion in the Canadian cannabis producer in 2018. Read More...
3 Reasons Constellation Brands Just Upped Its Stake in Canopy Growth
Anyone thinking that Constellation Brands (NYSE: STZ) was starting to regret its multibillion-dollar investment in Canopy Growth (NYSE: CGC) just found out how far off base they were. Constellation announced on May 1 that it had exercised nearly 18.9 million warrants to buy another 5.1% of Canopy Growth’s outstanding shares for $245 million Canadian, which translates to close to US$174 million. Canopy Growth has been a major drag on Constellation’s financial performance every quarter since the big adult beverage company invested $4 billion in the Canadian cannabis producer in 2018.
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