Shares of Constellation Brands Inc. (STZ) eased 0.1% in morning trading Friday, after the owner of Corona and Modela beer and Svedka vodka brands disclosed that it's share of Canopy Growth Corp.'s (WEED.T) fiscal fourth-quarter losses comes to $106 million, or $78.2 million after including tax benefits. The company, which owns a 35.8% stake ( ) in Canada-based cannabis company Canopy, said it recognizes equity in earnings from its equity-method investment in Canopy on a 2-month lag. Canopy reported late Thursday a fourth-quarter net loss of C$323.4 million ( ) ($244.8 million). Constellation said it expects to record those losses in its fiscal first-quarter, which ended in May. Constellation's stock has gained 9.6% over the past three months, while the U.S.-listed shares of Canopy have shed 10.0% and the S&P 500 has gained 3.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 21, 2019 12:42 ET (16:42 GMT)
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