What goes better with weed than a little alcohol? A Canadian based company, Constellation Brands, has recently made moves to acquire stakes in a Canadian medical marijuana firm. While the deal should be completed by 2018, Constellation has no plans to sell any marijuana products in the U.S. until it is completely legal to do so at all government levels. Would you be interested in trying alcoholic weed when and if it becomes available? Let us know about it in the comments below.
Victor-based Constellation Brands has signed an agreement to acquire minority stake in a Canadian company that supplies medicinal cannabis products.
Constellation has no plans to sell any cannabis products in the U.S. or any other market unless or until it is legally permitted to do so at all government levels, the company said Monday in a news release announcing the news.
The investment in the Ontario, Canada-based Canopy Growth Corporation will represent 9.9 percent ownership in the company, with the option to purchase more ownership interest in the future.
The investment “is consistent with Constellation Brands’ long-term strategy to identify, meet and stay ahead of evolving consumer trends and market dynamics, while maintaining focus on its core total beverage alcohol business,” according to the news release.
“Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future,” said Constellation Brands President and Chief Executive Officer, Rob Sands. “Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction.”
Founded in 2014, Canopy Growth Corporation is one of the earliest commercial players in Canada’s legal cannabis market.
The transaction is expected to be completed in 2018.