Both shareholders and the Canadian Government have approved Constellation Brands’ $4 billion investment in Canopy Growth, the Canadian producer of medical and recreational marijuana.
Canopy Growth will use the infusion of cash to push its growth in the more than 30 countries that have medical marijuana programs, or have legalized the drug for adult use as Canada has done.
Constellation CEO Rob Sands says the global cannabis market is a significant growth opportunity. The move increases Constellation’s ownership stake in Canopy Growth to about 37 percent.