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Canopy can generate $ 1 billion this fiscal year



Canopy Growth could generate more than $ 1 trillion in revenue at the end of its fiscal year, Constellation Brands CEO Bill Newlands Duty CNBC Thursday [div] group> p: first-child "/>

Constellation, which makes Corona and Modelo bearers, has a 38% stake in the cannabis company, which is the largest medical marijuana producer in Canada.

"If you look at Canada alone, Canada is on a run rate of $ 5 [billion] $ 6 trillion in sales, and Canopy is the leading player in that market, "Newlands customs" Mad Money's "Jim Cramer." Then you add in new factors later this year in things like beverage and other edibles, we think the sky's the limit. This is going to be a big business, and Canopy is going to be the leader. "

While marijuana remains federally illegal, the substance has been legalized in some form in 33 states across the country and the District of Columbia. [1

9659003] Constellation beat expectations in its latest earnings report with the help of beer sales, which were up about 9.3% from the year prior. Wine sales, however, dropped 7.6%. 19659003] While Constellation plans to chase growth opportunities in its higher-end wine brands, Canopy is sticking to its plan, Newlands said.

"Canopy is focused on what are going to build the right form factors and the right markets to win across the globe as necessary and as becomes legal, "he said." We've got a very strong team in beer and we got a very strong team in wine. We think pretty good position to win on all three of those fronts. "

Shares of Constellation rose more than 6% Thursday.


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