I began noticing billion dollar companies coming into the space and they have created a raging #Cannabis #MJ rage and the legalization has not even hit yet, which means the consumer has not engaged yet either so this is a multi year market coming that has not even started.
Constellation went from $200M to $4 Billion in investments in 1 year. These guys have blown up the entire space wide open.
Constellation, among the first big alcohol makers to invest in the marijuana industry, pumped almost $200 million in Canopy last year in a deal to produce a non-alcoholic cannabis-based beverage.
With the new investment it will support Canopy’s full suite of products and assist as it develops new offerings, Constellation Chief Executive Rob Sands said on a conference call.
Toronto-listed Canopy shares rose as much as 35 percent and were up 28 percent at C$41.17 at 10:18 am ET (1418 GMT), the highest level since June, and lifted shares of its peers. Constellation shares slid 8 percent to $203.73 in New York.
Canopy said it will use the proceeds to expand and gain exposure to the nearly 30 countries likely to approve medical marijuana. It is targeting C$1 billion in overseas acquisitions over the next six to 12 months, Canopy Chief Executive Bruce Linton said on the call.
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