Constellation Brands to Book $54 Million Loss From Canopy Growth Investment
In a stark reminder that the nascent marijuana industry is still thin on profits, Constellation Brands (NYSE: STZ) said Monday it will book a considerable loss on its investment in Canopy Growth (NYSE: CGC).
The alcoholic beverages producer said it stands to lose just over $54 million on a GAAP basis from Canopy Growth in its current second quarter of fiscal 2020, which will end on Aug. 31. The booked loss will derive from Canopy Growth's quarter that stretched from April 1 to June 30.
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Source Fool.com