Corona beer owner spends £3bn to raise stake in cannabis firm Canopy

Corona beer owner spends £3bn to raise stake in cannabis firm Canopy

"With our unparalleled success in Canada and Europe, Spectrum Cannabis' expanding global operational footprint now covering 11 countries, our active regulatory and global market development efforts, as well as approvals to proceed with the first of many planned clinical trials of cannabis-based medical therapies for both humans and animals, our leadership position in worldwide medical cannabis markets continues to strengthen", said chairman and co-CEO Bruce Linton in a statement.

Just a couple of weeks back, one of the world's best-known breweries, Molson Coors, announced that its Canadian arm was partnering with Canadian cannabis producer, The Hydropothecary Corp to develop non-alcoholic, cannabis-laced drinks for the Canadian market.

"The most strategic aspect is that Constellation will be exclusively working with Canopy for the global cannabis opportunity that we believe is opening up much more rapidly than appreciated", Constellation chief executive officer Rob Sands said.

"We view the Canopy/Constellation news as further proof that a global market opportunity awaits, with Canadian-listed companies well positioned to participate given their head start and superior access to capital", he said. In October, it paid C$245 million for an initial 9.9 per cent stake in Canopy plus warrants giving it an option to buy further shares in the future.

Canopy is Canada's biggest cannabis firm, with a market capitalization of C$8.9 billion ($6.76 billion).

Canopy, based in Smiths Falls, Ontario, doesn't now have any operations south of the border, where marijuana is banned federally.

Canopy shares closed at $32.15 on the Toronto Stock Exchange on Tuesday. Today is all about this morning's transformative announcement, which sends shock waves throughout the sector.

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"Canopy Growth remains committed to not entering the USA market in any manner that would contravene US federal laws", the company said in a statement.

Herzog added "there is an expectation that marijuana will eventually be legalized in the U.S".

Canopy Growth was founded in 2013 and has a presence in 11 countries.

Constellation Brands will own 38 per cent of Canopy under the deal, in which it will acquire 104.5 million Canopy shares at a price of $48.60 per share. The acquisition price is right a few cents below Canopy Growth's all-time high, even though the common shares are (were) trading at a ↓32.68% discount, as of yesterday's close. Both companies said they have no plans to sell cannabis products anywhere unless it is permitted at all government levels.

Canopy, Canada's largest marijuana company by market capitalization, is also granting Constellation warrants, which, if fully exercised, will lift its interest above 50 per cent and inject another $4.5-billion into the Smiths Falls, Ont. -based producer.

Through this investment, we are selecting Canopy Growth as our exclusive global cannabis partner... Canopy will continue to be led by its existing management.

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