CORRECTED-Constellation expects $54.8 mln in quarterly losses from Canopy investment (Aug.26) [Reuters]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: Reuters
CORRECTED-Constellation expects $54.8 mln in quarterly losses from Canopy investment (Aug.26) (Corrects paragraph 1 to add prefix “multi”) Aug 26 (Reuters) - Constellation Brands Inc expects to record a loss of about $54.8 million in its current quarter from its multi-billion dollar investment in weed producer Canopy Growth, the Corona brewer disclosed in a regulatory filing on Monday. The brewer has invested more than $4 billion in Canopy for a nearly 56% stake in the marijuana producer, banking on the proposed legalization of recreational weed in several countries. ( bit.ly/30z9beN Constellation, in its recent post-earnings call, told analysts it was not pleased with Canopy’s loss-making streak. Canopy has been investing heavily to diversify and expand its operations, including the launch of new products. Canopy also fired founder and co-Chief Executive Officer Bruce Linton in July, a move that is believed to be orchestrated by Constellation. The brewer reported a loss of $1.30 per
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