Canopy chairperson and chief executive Bruce Linton said the partnership marks the first major wine, beer and spirits producer to invest in legal cannabis. SMITH FALLS, ONT.—The maker of Corona beer is branching out into marijuana with a minority stake in Canopy Growth Corp., a “game-changer” deal that sent the Canadian cannabis producer’s stock on track to close at a new high. Under the deal, Constellation will buy a 9.9 per cent stake or nearly 18.9 million shares in Canopy for $12.9783 per share. Shares of Canopy Growth rose as high as $15.72 in Toronto in morning trading on Monday, up 22.9 per cent from $12.79 at close on Friday. In the meantime, Canopy has a licence with an exemption that will allow it to create and develop cannabis products for a future market, he added.

Source: thestar October 30, 2017 17:03 UTC