- Constellation Brands, which makes Corona and other famous beverages, is the company's biggest investor.
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The world's biggest marijuana stock soars to an all-time high (CGC)
The fresh high comes after Constellation Brands, the company behind Corona beer and Svedka vodka, said it would up its stake in the Canadian cannabis company by $4 billion.
Canopy Growth Corporation, the world's largest publicly traded marijuana company, rose more than 2% on Tuesday to hit a new record high of $40.26, continuing a surge that began last week and saw the stock rise more than 11% on Monday.
The fresh high comes after Constellation Brands, the company behind Corona beer and Svedka vodka, said last week it would up its stake in the Canadian cannabis company by $4 billion. Constellation is Canopy's biggest investor.
Canopy Growth has been grinding higher ever since it began trading on the New York Stock Exchange in May, though its price is quite sensitive to regulatory issues. Shares took a hit last week when the Canadian province of Ontario said it would delay the launch of retail marijuana stores.
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In its most recent earnings report, which coincided with the announcement of Constellation's investment, Canopy said it lost $0.11 per share on revenue of $25.9 million — both of which were worse than Wall Street had expected.
Shares of Canopy Growth gained 33% since their May initial public offering.
Business Insider interviewed Canopy's CEO, Bruce Linton, last month about his plans to operate anywhere the drug is legal, and about the new THC-infused products you can expect to see in the future.
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