What Constellation Brands' Massive Investment In Canopy Growth Corp. Means For Both Companies [Forbes]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: Forbes
The parent company of Corona beer and other alcoholic drinks is expanding its partnership with a Canadian pot producer. Constellation Brands Inc. said Wednesday, Aug. 15, 2018, that it's buying 104.5 million shares worth $4 billion in Canopy Growth Corp. (AP Photo/Carolyn Kaster, File) Shares in Canopy Growth Corporation (TSX: WEED, NYSE: CGC) jumped over 30% after a $4 billion (~CAD 5 billion) investment by alcoholic beverage giant Constellation Brands (NYSE: STZ) was announced. This heavy investment takes the share of the latter to 38%, while also providing further warrants that could take the stake to over 50%, from 9.9% previously, and makes it the biggest deal in the marijuana space till date. This news was not met favorably with investors of the liquor maker, on the other hand, whose shares tanked on the news of the over 50% premium paid to acquire the stake. With other beer makers entering the space, such as Molson Coors Brewing Co and
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STZ
Earnings
- 4/11/24 - Beat
STZ
Sec Filings
- 5/3/24 - Form 144
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- STZ's page on the SEC website