The Victor-based company has signed an agreement to acquire Canopy Growth Corporation.
Victor-based Constellation Brands has signed an agreement to acquire minority stake in a Canadian company that supplies medicinal cannabis products.
Constellation has no plans to sell any cannabis products in the U.S. or any other market unless or until it is legally permitted to do so at all government levels, the company said Monday in a news release announcing the news.
The investment in the Ontario, Canada-based Canopy Growth Corporation will represent 9.9 percent ownership in the company, with the option to purchase more ownership interest in the future.
The investment “is consistent with Constellation Brands’ long-term strategy to identify, meet and stay ahead of evolving consumer trends and market dynamics, while maintaining focus on its core total beverage alcohol business,” according to the news release.
“Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future,” said Constellation Brands President and Chief Executive Officer, Rob Sands. “Our company’s success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction.”