Corona beer owner to buy into world’s largest cannabis grower
Corona plans to produce and sell cannabis-infused drinks, with CEO expecting the US to legalise marijuana nationally
By David Reid
U.S. drinks company Constellation Brands has agreed to buy a near 10 per cent stake in Canopy Growth Corporation , the world’s largest publicly traded cannabis company.
Constellation, a beer distributor that owns Corona, is reportedly planning to work with the grower to develop, market and sell cannabis-infused beverages.
The agreement, confirmed in a press release Monday, is US$245 million Canadian dollars (US$191 million) in exchange for a 9.9 per cent stake in the Canopy Growth Corporation.
It is seen by Constellation Brands President and CEO, Rob Sands, as an anticipation of a nationwide legalisation of marijuana in the United States.
“We think that it’s highly likely, given what’s happened at the state level,” said Sands in an interview with the Wall Street Journal.