Despite falling short on quarterly earnings expectations, Canadian-based Canopy Growth, the world’s highest valued marijuana stock, skyrocketed on Wednesday after the maker of Corona beer invested $5 billion Canadian, which is nearly $4 billion U.S.
The giant injection of cash from Constellation Brands is the largest strategic investment in the cannabis market to date, and comes at a time when alcohol companies are making large ventures into the industry.
“We’re going to spend that money to be around the globe,” Canopy Growth CEO Bruce Linton told CityNews on Thursday.
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