Skip to content
Home » News » Business » Constellation Brands posts $525M net loss related to investment in marijuana company

Constellation Brands posts $525M net loss related to investment in marijuana company

Victor-based Constellation Brands Inc. (STZ.B) reported a fiscal second-quarter loss of $525.2 million, after reporting a profit in the same period a year earlier.

The company booked charges related to a $4 billion investment in a Canadian cannabis company, Canopy Growth — one of the largest marijuana companies in the world.

Constellation said it had a loss of $2.77 per share. Earnings, adjusted for non-recurring costs, came to $2.72 per share. The wine, liquor, and beer company posted revenue of $2.57 billion in the period. Its adjusted revenue was $2.34 billion.

Constellation Brands expects full-year earnings in the range of $9 to $9.20 per share.

Continue reading from WHEC-TV