The U.S. distributor of Corona beer is chasing a new type of buzz.
Constellation Brands Inc. has agreed to take a 9.9% stake in Canopy Growth Corp. , a Canadian marijuana company, and plans to work with the grower to develop and market cannabis-infused beverages.
Canopy Growth is the world’s largest publicly traded cannabis company, with a market valuation of 2.2 billion Canadian dollars on the Toronto Stock Exchange. The C$245 million (US$191 million) deal gives Constellation a toehold in an industry that the brewer expects to be legalized nationwide in the U.S. in the coming years.
— Kendall Harmon (@KendallHarmon6) November 16, 2017