星座在冠层生长时向被动作用的星座过渡

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Dive Brief:

• Marijuana grower Canopy Growth said it isconsolidating all its U.S. cannabis assets into a single entity, called Canopy USA, that will better enable the company to “capitalize on U.S. cannabis market opportunities.”
• 该公司还宣布，拥有大约35.7％Canopy的星座品牌打算将其现有普通股交易成新的可交换股份。作为交易的一部分，Corona Brewer将保留其现有股份，但不再被允许提名代表参加Canopy的董事会或批准某些交易。它也将不再获得Canopy财务结果进行审查。
• Despite spending roughly $4 billion in Canopy, Constellation is still waiting to benefit from the investment. Earlier this month, itrecorded a $1.1 billion writedownin the value of its investment in Canopy.

潜水见解：

Proponents of marijuana have remained upbeat for years that the drug would finally be legalized in U.S. While nothing is imminent, there is at least some evidence that America is moving toward that goal.

President Joe Bidenannounced earlier this month he had pardoned all federal marijuana simple possession offenses，并要求卫生与公共服务部“迅速审查”如何根据联邦法律进行分类。如果大麻在美国在全国范围内合法化，它将允许像树冠和星座这样的空间中的早期投资者受益于他们在开发新产品和增加种植者方面所做的投资。

“As the growth of the U.S. cannabis market continues rapidly at the state level, this strategy enables us to take control of our own destiny and capitalize on the once-in-a-generation opportunity,” David Klein, Canopy’s CEO,在一份声明中说. “This strategy and positioning are true differentiators, which we expect to enable our investors and brands to realize value in the near term while positioning Canopy for profitable growth and a fast start upon U.S. federal permissibility.”

In an interview with Bloomberg克莱因说，他的公司将创建一个新的实体，即美国Canopy USA，以加快对三家公司的购买（Apreage Holdings，Jetty Defacters和Wana Brands）的购买。最初，一旦美国使大麻合法化，它计划控制他们。他告诉新闻社，此举将使冠层盈利，并允许其创建美国的“品牌之家”。

For Constellation, the transaction will turn the company into a more passive investor in Canopy. The New York-based maker of beer, wine and spirits will retain its investment and realize any potential upside while minimizing risk and volatility toits business, CEO Bill Newlands said in a statement.

“This transaction and the surrender of our warrants are expected to eliminate the impact to our equity in earnings, mitigate risk to our organization, and further reinforce our intent to not deploy additional investment in Canopy aligned with Constellation’s previously stated capital allocation priorities,”纽兰兹周二说。

Just a few weeks ago, he noted that even though the $1.1 billion writedown his company took was “clearly disappointing”, Constellation continues to stay optimistic about the prospect of legislation.