2 Non-Pot Stocks That Invested More in the Cannabis Industry This Year
The global marijuana market is projected to grow at a rate of 18.1% until 2027 to reach a size of $73.6 billion, according to estimates from earlier this year (before the coronavirus pandemic). Those are some high growth numbers, indicative of the exciting opportunities ahead for the industry. Even companies from outside the marijuana industry are taking notice.
Although many big companies are still staying on the sidelines, there are a couple of notable names that aren't shying away from cannabis and are willing to take a chance on the industry and its attractive growth prospects. Below are two companies that not only have investments in the cannabis industry, but have increased their stakes this year.
Constellation Brands (NYSE: STZ) first dipped its toes into the cannabis industry in 2017 when it announced a strategic relationship with Canopy Growth (NYSE: CGC). The Canadian-based pot producer was then the clear industry leader, and the partnership gave Constellation a 9.9% stake in the company for 245 million Canadian dollars. In 2018, it increased its stake in the company with a CA$5 billion investment.
Source Fool.com
