News Formal

Canopy Growth investment to cost Constellation a record $54-million loss this quarter

  • 📰 nationalpost
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 80%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Constellation invested more than US$4 billion in Canopy, but the cannabis firm has not turned a profit nor expects to for another three to five years

Constellation Brands Inc expects to record a loss of about US$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.

Constellation invested more than US$4 billion in the loss-making Canopy for a nearly 56 per cent stake in the marijuana producer, banking on the proposed legalization of recreational weed in several countries. The very next month, Canopy fired founder and co-Chief Executive Officer Bruce Linton, a move that analysts believe was orchestrated by Constellation.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Premarket: Stocks edge higher as Trump acts to ease China trade tensionsMarkets bounce after bruising Friday, Asian session; Yuan hits record low, then recovers somewhat
Source: globeandmail - 🏆 5. / 92 Read more »

UBS, Deutsche reportedly held talks on investment banking allianceA deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks
Source: globeandmail - 🏆 5. / 92 Read more »