Constellation Brands to Acquire Minority Stake in Canopy Growth Corporation
The investment and relationship will lend insights on the emerging cannabis market and evolving consumer trends
VICTOR, N.Y., Oct. 30, 2017 (GLOBE NEWSWIRE) -- Constellation Brands (NYSE:STZ) (NYSE:STZ.B), a leading beverage alcohol company, today announced that it has signed an agreement to acquire a minority stake in Ontario, Canada-based Canopy Growth Corporation, a well-respected public company and leading provider of medicinal cannabis products.
This investment and relationship is consistent with Constellation Brands' long-term strategy to identify, meet and stay ahead of evolving consumer trends and market dynamics, while maintaining focus on its core total beverage alcohol business. Constellation has no plans to sell any cannabis products in the U.S. or any other market unless or until it is legally permissible to do so at all government levels.
"Canopy Growth has a seasoned leadership team that understands the legal, regulatory and economic landscape for an emerging market that is predicted to become a significant consumer category in the future," said Constellation Brands President and Chief Executive Officer, Rob Sands. "Our company's success is the result of our focus on identifying early stage consumer trends, and this is another step in that direction."
Founded in 2014, Canopy Growth Corporation is one of the earliest commercial players in Canada's legal cannabis market. The company is currently traded on the Toronto Stock Exchange (TSX) under the symbol "WEED" and has a market cap of more than C$2 billion. The company owns a collection of diverse brands serving customers in Canada and international markets where medicinal cannabis products are legal. In conjunction with this investment, both companies intend to enter into an agreement to exchange knowledge and expertise.
"We are thrilled to have the backing of such a well-established and respected organization such as Constellation Brands," said Bruce Linton, Chairman and Chief Executive Officer, Canopy Growth Corporation. "We look forward to working with the Constellation Brands team to access their deep knowledge and experience in growing brands as we continue to expand our business."
The investment is expected to approximate C$245 million representing an ownership interest of 9.9% of Canopy Growth Corporation, plus warrants which give Constellation Brands the option to purchase an additional ownership interest in the future. The transaction is expected to close during the Company's third quarter of fiscal 2018.
About Constellation Brands
Constellation Brands (NYSE:STZ) (NYSE:STZ.B), a Fortune 500® company, is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. Based in Victor, N.Y., the company believes that industry leadership involves a commitment to brand building, our trade partners, the environment, our investors and to consumers around the world who choose our products when celebrating big moments or enjoying quiet ones. Founded in 1945, Constellation has grown to become a significant player in the beverage alcohol industry with more than 100 brands in its portfolio; about 40 wineries, breweries and distilleries; and approximately 9,000 talented employees. We express our company vision: to elevate life with every glass raised.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company, offering distinct brands and curated cannabis varieties in dried, oil and capsule forms. Through its wholly-owned subsidiaries, Canopy Growth operates numerous state-of-the-art production facilities with over half a million square feet of GMP-certified indoor and greenhouse production capacity, all to an unparalleled level of quality assurance procedures and testing. Canopy Growth has established partnerships with leading sector names in Canada and abroad, with interests and operations spanning four continents. The Company is proudly dedicated to educating healthcare practitioners, providing consistent access to high quality cannabis products, conducting robust clinical research, and furthering the public's understanding of cannabis. For more information visit www.canopygrowth.com.
This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words "expect," "intend" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, prospects, plans and objectives of management, as well as information concerning expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements.
The forward-looking statements are based on management's current expectations and should not be construed in any manner as a guarantee that such results will in fact occur or will occur on the timetable contemplated hereby. The transaction between Constellation Brands and Canopy Growth Corporation is subject to the satisfaction of certain closing conditions, including receipt of any necessary regulatory approvals. There can be no assurance that any transaction between Constellation Brands and Canopy Growth Corporation will occur or will occur on the timetable contemplated hereby. All forward-looking statements speak only as of the date of this news release and Constellation Brands undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to other risks and uncertainties, including completion of the announced transaction; the accuracy of all projections; and other factors and uncertainties disclosed from time-to-time in Constellation Brands, Inc.'s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 28, 2017, which could cause actual future performance to differ from current expectations.
Mike McGrew: 773-251-4934
Amy Martin: 585-678-7141
Patty Yahn-Urlaub: 585-678-7483
Bob Czudak: 585-678-7170
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Constellation Brands, Inc via Globenewswire
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
SEMAFO Mourns Passing of Board Chairman Jean Lamarre23.11.2017 22:01 | Pressmeddelande
MONTREAL, Nov. 23, 2017 (GLOBE NEWSWIRE) -- SEMAFO (TSX:SMF) (OMX:SMF) announces with sadness the passing of Mr. Jean Lamarre, Chairman of the Board of Directors of the Corporation, on November 22, 2017 following a short illness. Mr. Lamarre joined the Corporation's Board of Directors in 1997 and was appointed Chairman of the Board in 2000, a position he held until his demise. "Jean made an indelible mark on SEMAFO, both in terms of his corporate governance expertise and his 45 years of experience in Africa," said President and CEO Benoit Desormeaux. "Over his 20-year tenure with SEMAFO, he brought unique insight, business acumen and leadership to the Corporation as it transitioned from an exploration company to a junior gold producer. He did this, always without compromising his values: the integrity of the Corporation, his deep love for Africa and its people, and his priority to SEMAFO's long-term sustainability. On behalf of SEMAFO's Board of Directors, management and employe
Premier to join industry leaders at BDA London forum23.11.2017 21:39 | Pressmeddelande
HAMILTON, Bermuda, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Premier David Burt will join more than two-dozen Bermuda executives in a multi-industry forum being held in London next week to showcase the breadth of expertise and advantages offered by the island's global business market. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/78c5ac53-07f7-4dd8-83e0-753ea5b4c80b Organised by the Bermuda Business Development Agency (BDA), the one-day event Tuesday, November 28 at ME London has attracted over 200 registrants. It will feature top regulatory and industry leaders in moderated discussion panels covering re/insurance, captive insurance, insurance-linked securities, asset management, family offices, and trust and private-client business. A networking reception will wrap the event in the evening. "The government supports the Bermuda Business Development Agency in this awareness-raising event that offers such gre
Crown Bioscience and Data Sciences International (DSI) Partner to Advance Metabolic Disease Research Using an Implanted Telemetry Device for Long-Term Blood Glucose Monitoring23.11.2017 14:00 | Pressmeddelande
SANTA CLARA, Calif., Nov. 23, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE: ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation cardiovascular and metabolic disease research, announces the successful development of an enhanced method for preclinical obesity and type 2 diabetes studies in partnership with Data Sciences International (DSI). Crown Bioscience's clinically relevant models and DSI's HD-XG implantable glucose device combine to create a superior approach to preclinical metabolic disease research. Recently published work in the Journal of Endocrinological Investigation and Nature's Scientific Reports demonstrates the advantages of a new method using DSI's HD-XG implantable glucose device and Crown Bioscience's models of spontaneous and diet-induced diabetes. The HD-XG device allows for continuous, long-term measurement
LeoVegas AB: Nomination committed appointed for LeoVegas ahead of 2018 Annual General Meeting23.11.2017 11:50 | Pressmeddelande
In accordance with the principles for appointment of a nomination committee of LeoVegas AB (publ) ("the Company" or "LeoVegas") that were adopted by the Annual General Meeting on 17 May 2017, the Nomination Committee shall consist of four members appointed by the three largest shareholders as at 30 September 2017, together with the Chairman of the Board. Based on the above, the Nomination Committee ahead of the 2018 Annual General Meeting has been determined to consist of the following persons, who represent approximately 23% of the number of shares and votes in the Company as per 30 September 2017: Anders Fast, Nomination Committee chair, representing Gustaf Hagman Joachim Spetz, representing Swedbank Robur Fonder Dan-Alp Lindberg, representing Robin Ramm-Ericson Mårten Forste, Chairman of the Board The No
LeoVegas AB: Valberedning utsedd i LeoVegas inför årsstämma 201823.11.2017 11:50 | Pressmeddelande
Enligt de principer för valberedning i LeoVegas AB (publ) ("Bolaget" eller "LeoVegas") som antogs på årsstämman den 17 maj 2017 ska valberedningen bestå av fyra ledamöter utsedda av de tre största aktieägarna per den 30 september 2017, jämte styrelsens ordförande. Baserat på ovanstående har valberedningen inför årsstämman 2018 fastställts till att bestå av följande personer som tillsammans representerar cirka 23 procent av antalet aktier och röster i Bolaget per den 30 september 2017: Anders Fast, valberedningens ordförande och utsedd av Gustaf Hagman Joachim Spetz, utsedd av Swedbank Robur Fonder Dan-Alp Lindberg utsedd Robin Ramm-Ericson Mårten Forste, styrelseordförande Valberedningens förslag kommer att presenteras i kallelsen till årsstämman 2018 samt på bolagets hemsida, www.leovegasgroup.com.
Hemcheck Sweden AB: Viktigt patent beviljat av PRV23.11.2017 09:00 | Pressmeddelande
PRESSMEDDELANDE Viktigt patent beviljas av PRV PRV, det svenska patent och registreringsverket, meddelar att HemChecks patentansökan gällande bolagets blodseparationsteknik kommer att beviljas för Sverige den 19 december 2017. Patentets publiceringsnummer kommer att bli 539853. -För HemCheck är patentet strategiskt mycket viktigt, eftersom det innefattar vår teknik för blodseparation. Det skyddar den teknik som gör att en ej definierad blodvolym kan användas i vårt engångstest och det är just det som gör vårt hemolystest så unikt, enkelt och användarvänligt - och dessutom mycket snabbt. I kombination med övriga patent har vi nu ett mycket bra skydd för den metod som HemChecks affärsidé i grunden bygger på, säger vd Annelie Brolinson i en kommentar. En internationell patentansökan har lämnats in för att söka skydd på övriga viktiga marknader. För ytterligare information, kontakta: Hemcheck Sweden AB
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum