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Constellation Brands to acquire 9.9 per cent stake in Canopy Growth for $245M

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.

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