Constellation Brands Inc., which for seven decades has made its money off beer, wine and whiskey, sees its future in a marijuana leaf.
In the biggest (legal) cannabis deal, the Victor, N.Y.-based beverage company will spend about $3.8 billion to boost its stake in Canadian grower Canopy Growth Corp., betting legalization will gain traction around the world and especially in the U.S.
“This is rocket fuel,” Canopy Chief Executive Officer Bruce Linton said on the company’s earnings call Aug. 15. “We’re going to be way more global.”
Constellation, among whose brands are Corona and Ballast Point beers and Robert Mondavi...