Corona Beer Owner Set to Buy Near 10 Percent Stake in Canopy Growth Corp.

Corona Beer Owner Set to Buy Near 10 Percent Stake in Canopy Growth Corp.

Constellation's plan is to produce and sell cannabis-infused drinks.

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October 30, 2017

U.S. drinks company Constellation Brands has agreed to buy a near 10 percent stake in Canopy Growth Corporation, the world's largest publicly traded cannabis company.

Constellation, a beer distributor that owns Corona, is reportedly planning to work with the grower to develop, market and sell cannabis-infused beverages.

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The agreement, confirmed in a press release Monday, is $245 million Canadian dollars ($191 million) in exchange for a 9.9 percent stake in the Canopy Growth Corporation.

It is seen by Constellation Brands President and CEO, Rob Sands, as an anticipation of a nationwide legalization of marijuana in the United States.

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