Corona owners Constellation buys interest in Canadian medicinal-marijuana company

Alcohol hulk Constellation Brands is creation a incursion into marijuana, a precedent-setting pierce for an attention that has mostly stayed on a sidelines during a cannabis boom.

Constellation will compensate about $191 million (C$245 million) for a 9.9 percent interest in Canopy Growth Corp., a Canadian seller of medicinal-marijuana products. The understanding kicked off a biggest convene in scarcely a year for Canopy, that trades on a Toronto Stock Exchange underneath a ticker WEED.

The legalization of pot in Canada and a flourishing series of U.S. states is opening adult a outrageous intensity marketplace — usually as direct for ethanol is slowing. Still, pot stays taboo during a U.S. sovereign level, definition American companies have to step carefully.

Constellation, formed in Victor, N.Y., pronounced it has no skeleton to sell cannabis in a U.S. or other markets until it’s authorised “at all supervision levels.” For now, it’s some-more a matter of identifying markets with expansion potential, pronounced Chief Executive Officer Rob Sands, whose association sells Corona beer, Svedka vodka and other brands.

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