Canopy Growth Corp. (NYSE:CGC) didn’t get the kind words I hoped to see from strategic investor Constellation Brands Inc. (NYSE:STZ) this week, but corporate synergies are clearly on management’s mind.
After all, Constellation initially spent $4 billion for a stake in Canopy to make its claim in the theoretically huge cannabis-infused beverage market. That’s the home run opportunity here.
Constellation didn’t say anything. Canopy did all the talking. The early numbers are fairly constructive.
It turns out that Canopy had shipped 530,000 bottles of its beverages since launching three months ago. It is looking at brisk sales this summer.
Canopy Growth CEO David Klein thinks he can capture 5% of the Canadian drink market. He should know. After all, he came over from Constellation Brands to make these products happen.
The status of the big banks led me to think about the famous opening phrase of the Charles Dickens novel, A Tale of Two Cities, “It was the best of times, it was the worst of times,” as we face the risks of a pandemic economy.
This week, Wall Street focused on big banks, which largely passed their annual financial stress tests. That’s normally good news, because it means that the U.S.
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