Constellation branches out, buys stake in marijuana company
VICTOR, N.Y. (AP) — The spirits maker Constellation Brands is branching off and buying a minority stake in a Canadian medicinal marijuana producer.
Constellation will pay $245 million Canadian dollars ($190.5 million) for a 9.9 percent interest in Canopy Growth.
Constellation Brands Inc., based in Victor, New York, near Rochester, said Monday that it has no plans to sell marijuana in the U.S. or any other market until it’s legal at all government levels.
Shares of Canopy Growth Corp., with the ticker symbol “WEED,” jumped almost 14 percent in Toronto.