Constellation expects $54.8 mln in quarterly losses from Canopy investment [Reuters]
Last constellation brands, inc earnings: 10/3 07:30 am
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US:NYSE Investor Relations: cbrands.com/investors
Constellation expects $54.8 million in quarterly losses from Canopy investment (Reuters) - Constellation Brands Inc ( STZ.N WEED.TO 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 share in the first quarter compared with a profit of $3.77 a year ago, mainly due to a 20 cents per share loss related to Canopy. Reporting by Nivedita Balu in Bengaluru; Editing by Saumyadeb Chakrabarty Our Standards: The Thomson Reuters Trust Principles.
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