Constellation Brands slips after a $484 million loss in cannabis company Canopy Growth hits earnings (STZ)

Blair Gable/Reuters

• Constellation Brands, the company behind Corona and Modelo beer, posted second quarter earnings that largely beat expectations but revealed a $484 million loss on an investment in Canopy Growth, a cannabis company.
• Shares fell as much as 8% on the news. 
• Investors have been watching the relationship between the companies since June, when Constellation CEO Bill Newlands publicly expressed disappointment in Canopy's earnings, leading to the ousting of former CEO Bruce Linton.
• Watch Constellation Brands trade live on Markets Insider.

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A bet on cannabis isn't paying off yet for Constellation Brands.

Shares of the beverage conglomerate slid as much as 8% Thursday after the company reported second-quarter earnings which mostly beat analyst expectations — but included a roughly $500 million loss on an investment in cannabis producer Canopy Growth. See the rest of the story at Business Insider

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