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.


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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Top image: © Dias | Dreamstime.com

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