SMITH FALLS, Ont. — Constellation Brands has signed a deal to acquire a nearly 10 per cent stake in Canadian marijuana company Canopy Growth Corp. (TSX:WEED) for $245 million.
The companies say the agreement will see Constellation provide marketing and brand development support to Canopy.
They will also collaborate in the development of cannabis-based drinks.
Under the deal, Constellation will buy a 9.9 per cent stake or nearly a 18.9 million shares in Canopy for $12.9783 per share.
It will also acquire an equal number of common share purchase warrants for Canopy.
Constellation Brands has about 40 wineries, breweries and distilleries in its portfolio.