Constellation Brands still taking hit from weed investment | WHEC.com

Constellation Brands still taking hit from weed investment

Constellation Brands still taking hit from weed investment Photo: Constellation Brands.

WHECTV
Updated: January 08, 2020 12:15 PM
Created: January 08, 2020 12:00 PM

VICTOR, N.Y. (WHEC) — A local company's bet on marijuana still isn't paying off. 

Victor-based Constellation Brands released its third-quarter earnings Wednesday.

They reported a $534 million decline in the value of its investment in Canopy Growth Corporation, a Canadian-based weed company.

However, that's down from an $839 million decrease in the second quarter, and Constellation's beer and wine business is doing so well, the hit from Canopy Growth is not impacting them as much.

Constellation invested about $4 billion in Canopy Growth back in 2018.


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