Corona parent Constellation Brands has seen $700 million in gains from cannabis investment

0
60

Published: June 29, 2018 3:23 p.m. ET Wines priced at more than $11 are also experiencing growth ahead of market trends Constellation Brands Inc., whose portfolio includes Corona beer, Ruffino prosecco and Svedka vodka, said it has recognized gains of more than $700 million in reported results since it invested in Canopy Growth Corp. last year. “In Q1 we recognized an additional $258 million pre-tax unrealized gain from the change in fair value of the Canopy Growth investment and warrants, bringing the total pre-tax gain on this investment to over $700 million,” said David Eric Klein, chief financial officer of Constellation Brands, on the Friday earnings call, according to a FactSet transcript. Corona parent Constellation Brands has seen $700 million in gains from cannabis investment

thumbnail courtesy of marketwatch.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here