Constellation Brands Takes Another Loss on Marijuana Producer Canopy Growth
Constellation Brands (NYSE: STZ) beat analysts' revenue and earnings expectations despite the continued drag of its investment in Canadian marijuana producer Canopy Growth (NYSE: CGC). While losses in the venture narrowed to $31.7 million on a comparable basis from the $54.4 million it reported last year and even the $41.5 million Constellation reported in the fourth quarter, the beer and wine distributor continues to watch its marijuana business go up in smoke. Marijuana producers have been a big disappointment for the major corporations that began investing in them.
