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Constellation Brands devalues major investment in marijuana company

Did one of Rochester’s biggest businesses bet too much on a marijuana company?

That’s the question after Victor-based Constellation Brands released its most recent financials this week. In late 2018, Constellation Brands closed on a $4 billion investment into Canopy Growth, one of the largest marijuana companies in the world, but on Wednesday it devalued that investment.

Marijuana is becoming legal in more and more counties and states.

With weed products likely to compete directly with alcohol products, it makes sense that Constellation Brands would enter that marketplace. News10NBC Investigative Reporter Jennifer Lewke took a trip to Ontario, Canada back in November to tour Canopy Growth and speak with its CEO about what his plans were for the Constellation investment.

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