Constellation Brands may not be too excited about the loss it will be taking from its investment in weed producer Canopy Growth.

The company expects $54. 8 million in quarterly losses.

Recently Canopy’s Chief Executive Officer Mark Zekulin told investors that the company needs another three to five years to turn in a profit.

Constellation, which has an almost 56% stake in Canopy, disclosed the loss it expects to have in a regulatory filing on Monday.

In late June, the Coronoa maker’s executives had told analysts they were not pleased with Canopy losing money. Shortly after Canopy fired its co-CEO Bruce Linton.

Constellation reported a loss of $1.30 per share in the first quarter compared with a profit of $3.77 a year ago, mainly due to a 20 cents per share loss related to Canopy Growth.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

The Marijuana Tax in New Jersey Could Be This High
20 February 2019
New Study Says Terpenoids In Marijuana Help Reduce Inflammation,
04 January 2019
Those with Anxiety in Pennsylvania May Soon Be Able to Get Medical Marijuana
02 February 2019