CV Sciences Inc (CVSI)

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Between 2011 and 2013 Mike Lee spent two years at Crystal Creamery. During that time the company was re-branded from the Foster Farms name from its origination in the Late 1930’s. Mike had spent 15 years with Gallo wines. While working with Constellation Brands in Victor, New York, he was involved with the acquisition of Canadaigua wines to Gallo and now is the CFO of Canopy Growth Corp.

https://www.newyorkupstate.com/news/2019/04/constellation-brands-cuts-ties-with-its-upstate-ny-legacy-canandaigua-wine.html

VICTOR, NY -- One of the world’s largest alcoholic beverage companies grew out of a small winery established on Canandaigua Lake in 1945.

Canandaigua Wine Co. became Constellation Brands in 2000, and has since become a global giant in wine, spirits and beer, with more than 100 brands in its portfolio and more than $8 billion in annual sales.

In a deal announced last week, the publicly held, Victor, N.Y.-based Constellation has agreed to sell 30 of its “low end” wine and spirits brands to the big California wine company, E&J Gallo. The price tag is $1.7 billion.

From 2013 to 2018, Constellation’s stock (STZ) grew by more than 255 percent. (It had become a publicly traded company in 1973.) In January, however, it reported slower sales, primarily in the lower priced end of its wine portfolio. It also reported some weakness due to the expense of the Canopy Growth cannabis investment.

Constellation plans to concentrate on its higher end brands, like Robert Mondavi and Ruffino wines, Svedka vodka and High West whiskey, and Ballast Point and Funky Buddha beer, as well as Mexican beer imports Corona and Modelo.

It was easy to miss this part of the news: One of the wineries Constellation intends to sell is Canandaigua Wine, at 116 Buffalo St in the city of Canandaigua.

That, essentially, means Constellation is selling the piece of the company that gave it its start.

Gallo will acquire Canandaigua-based wine production facilities that employ about 200 workers. The sale includes established Canandaigua-produced brands like Richards Wild Irish Rose, Arbor Mist, J. Roget and Manischewitz. (Constellation will retain the high-end Finger Lakes brand 240 Days.)

Although it means Constellation is moving on from its legacy brands, it fits the company’s long-term strategy, said Jim Trezise, the former head of the New York Wine & Grape Foundation and now the director of the Washington D.C.-based trade group, Wine America.

In its statement, Gallo, which is family-owned, said it plans to promote its brands across the price spectrum.

“We believe the additional brands as part of this acquisition will build upon our already diverse portfolio of wines and spirits and provides us with increased production capacity to fuel future growth,” Gallo said. “While we continue to invest in our premium and luxury business, we see a tremendous opportunity with this acquisition, to bring new consumers into the wine category. We will continue to provide our customers and consumers with quality products at every price point.”

https://www.newyorkupstate.com/news/2019/04/constellation-brands-cuts-ties-with-its-upstate-ny-legacy-canandaigua-wine.html

Crystal Creamery (formerly Foster Farms Dairy) was founded in 1941 by Max and Verda Foster in Modesto, California, a venture following their 1939 founding of Foster Farms. The company claims to be the "largest privately owned dairy in California."[1]

In 2007, Foster Farms acquired Crystal Cream and Butter Company, based in Sacramento, from HP Hood. In 2009, Foster Farms Dairy acquired Humboldt Creamery, based in Fernbridge, California (near Eureka). During 2012-2013, the company re-branded itself as Crystal Creamery.[2]

https://en.wikipedia.org/wiki/Crystal_Creamery