Constellation Brands

Constellation Brands in its $5.1 billion strategic investment in and partnership with Canopy Growth Corporation


Constellation Brands


$5.1 billion


Mergers and Acquisitions

Date Closed

Lead Office



On August 15, 2018, Constellation Brands announced an agreement to significantly expand its strategic investment in and partnership with Canopy Growth Corporation. Constellation Brands has agreed to purchase 104.5 million common shares and warrants to purchase an aggregate of 139.7 million common shares from Canopy Growth. When combined with Constellation’s existing indirect holdings, the common shares will result in Constellation holding a 38% ownership interest (taking into account its existing warrants). If exercised, the warrants to be issued would result in Constellation holding a 55% interest in Canopy Growth on a fully diluted basis.

This investment of $5.1 billion will provide funds for Canopy Growth to deploy to strategically build and/or acquire key assets needed to establish global scale in the nearly 30 countries pursuing a federally permissible medical cannabis program, while also rapidly laying the global foundation needed for new recreational cannabis markets.

Constellation Brands is a Fortune 500 company and a leading, international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada.

Canopy Growth is a leading diversified cannabis company based in Smiths Falls, Ontario, Canada.

Osler, Hoskin & Harcourt LLP represented Constellation Brands with a team led by Manny Pressman and including James Brown, Andrea Whyte, Brett Anderson, Douglass Dawson and Justin Sherman (Corporate); Shuli Rodal and Michelle Lally (Competition); Martha Martindale (Financial Services).