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Constellation expects $54.8 million in quarterly losses from investment in weed producer Canopy

Constellation expects $54.8 million in quarterly losses from investment in weed producer Canopy

26 Aug 2019

Constellation Brands expects to record a loss of about $54.8 million in its current quarter from its billion-dollar investment in weed producer Canopy Growth, the Corona brewer disclosed in a regulatory filing on Monday.

The brewer’s estimate comes after Canopy’s Chief Executive Officer Mark Zekulin earlier this month told investors it needs another three to five years to turn in a profit.

Constellation invested more than $4 billion in the loss-making Canopy for a nearly 56% stake in the marijuana producer, banking on the proposed legalization of recreational weed in several countries.

Constellation expects $54.8 million in quarterly losses from investment in weed producer Canopy






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