Less than a year after Corona’s parent company Constellation Brands announced it was investing in Canadian cannabis producer Canopy Growth Corp, the company’s CEO has announced that it has made more than $700 million on the deal, according to Bloomberg.
Last fall, Constellation announced that it would be moving into the cannabis industry with a nearly $200 million purchase of a 10 percent stake in Canopy, which is one of Canada’s largest legal producers of medical cannabis.
Constellation, which is best known for the beer Corona, said that it would be creating a cannabis-infused beverage as part of the deal, which it intends to sell once Canada legalizes recreational cannabis nationwide.
Last month, the Canadian government officially passed its bill to legalize recreational cannabis with Prime Minister Justin Trudeau announcing that the date for the launch of the country’s new regulated market would be October 17th. (Edibles and cannabis beverages