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Corona brewer still bullish on Canadian cannabis after Canopy investment weighs on profits again

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Constellation Brands CEO Bill Newlands said that the company is bullish on the Canadian cannabis market despite its Canopy Growth investment weighing on profits again.

Constellation on Wednesday reported fiscal third-quarter net income of $366.5 million, dragged down by $71.1 million loss on its investment in Canada-based Canopy Growth. The alcoholic beverage company has reported a loss on its stake in Canopy in all three quarters of its fiscal 2020.

Shares of Constellation, which has a market value of $36.2 billion, were still trading up 4% in midday trading WednesdayConstellation invested $4 billion in Canopy in October 2017, but last year, Newlands said that he was not pleased with Canopy's results.

 

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