- Constellation Brands paid about C$245 million ($191.06 million) for a 9.9% stake in Caopy Growth.
- Constellation has no plans to sell canabis producs in the US or any other market unless it's legally permitted.
(Reuters) - Constellation Brands Inc said on Monday it took a 9.9 percent stake in cannabis maker Canopy Growth Corp for about C$245 million ($191.06 million), becoming the first major beer and spirits company to invest in legal cannabis.
Constellation said it had no plans to sell any cannabis products in the United States or in any other market unless it is legally permitted.
Ontario, Canada-based Canopy said it gave Constellation Brands the option to purchase an additional ownership interest in the future. ($1 = 1.2823 Canadian dollars) (Reporting by Gayathree Ganesan in Bengaluru)
Join the conversation about this story »
NOW WATCH: This is what separates the Excel masters from the wannabes