Constellation Brands Lifts Its Stake in Canopy Growth to Nearly 40%

Alcoholic beverage maker Constellation Brands (NYSE: STZ) has boosted its equity holding in Canopy Growth (NYSE: CGC), both companies announced in a joint press release issued on Friday.

This was effected through a set of warrants Constellation received in late 2017, when it first began investing in Canopy Growth. At the time, it purchased a roughly 9.9% stake in the marijuana company, a level that has steadily grown since then. With its latest move, Constellation owns 38.6% of Canopy Growth's issued and outstanding common shares.

Image source: Getty Images.

Source Fool.com