Following last year’s $200 million investment into Canopy, Canada’s top cannabis producer, Corona’s owner, Constellation Brands, is set to inject a whopping $4 billion in a deal that marks the largest investment in the industry to date, BBC reports. Since the announcement, Canopy stock has risen 30 percent, while Constellation’s is down 6 percent on Wall Street.
Both Canopy and Constellation insist that the investment will allow Canopy to expand its business reach “in the nearly 30 countries pursuing a federally permissible medical cannabis program.” Canopy is currently recognized as one of the largest legal cannabis producers in the world, offering cannabis-based oils, soft gel caps, and many other products. Constellation’s $4 billion injection will allow the company to produce edible bars, inhalers, and pre-rolled items.
In addition, Canopy is aiming to develop cannabinoid-based medicines that combat pain, anxiety, sleeplessness, and psoriasis.
With its latest investment, Constellation now owns 39 percent of Canopy.
It’s also worthy of note that in June, Canada passed a bill to legalize the recreational use of cannabis.
For more on Constellation’s $4 billion investment into Canopy, follow on over to BBC.
Next, watch our ‘High End’ documentary on luxury weed.
- Source: BBC