Constellation expects $54.8 million in quarterly losses from Canopy investment [Reuters]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: Reuters
Constellation expects $54.8 million in quarterly losses from Canopy investment - Reuters 2 Min Read (Reuters) - Constellation Brands Inc ( STZ.N ) expects to record a loss of about $54.8 million in its current quarter from its billion-dollar investment in weed producer Canopy Growth ( WEED.TO ), the Corona brewer disclosed in a regulatory filing on Monday. The brewer’s estimate comes after Canopy’s Chief Executive Officer Mark Zekulin earlier this month told investors it needs another three to five years to turn in a profit. Constellation invested more than $4 billion in the loss-making Canopy for a nearly 56% stake in the marijuana producer, banking on the proposed legalization of recreational weed in several countries. ( bit.ly/30z9beN ) In late June, Constellation executives told analysts they were not pleased with Canopy losing money and that they were working with the weed producer to win markets and become profitable. The very next month, Canopy fired founder and co-Chief Exe
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STZ
Earnings
- 4/11/24 - Beat
STZ
Sec Filings
- 4/23/24 - Form 4
- 4/23/24 - Form 10-K
- 4/19/24 - Form 144
- STZ's page on the SEC website