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Home / Business / Americans still love Mexican beer Corona and Modelo

Americans still love Mexican beer Corona and Modelo



Constellation shares rose 7% in early trading Friday after the company reported earnings and sales that peaked forecasts and also gave a solid perspective for the rest of this fiscal year.

Constellation, which imports the Corona and Modelo brands from Mexico, had an increase of over 7% in beer sales and an increase in operating profit from the beer unit of nearly 12% compared to a year ago.

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"Our iconic beer portfolio continues to be a cornerstone of the growth of the US beer industry, says Constellation, CEO Bill Newlands, in a statement.

The solid beer performance helped offset a decline in revenue and revenue from its wine and firewood business, which owns Kim Crawford wine and Svedka vodka brands. Constellation reached an agreement earlier in April to sell some struggling vineyards.

Constellation shares are now up to 25% this year, the hold was short in May due to concerns that President Donald Trump would impose higher tariffs on products from Mexico, unless the country took a more difficult stance on illegal immigration to the United States

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But Trump dropped the threat earlier this month after the two countries agreed on border function.
Constellation is also ready to take advantage of the boom in legal marijuana sales in Canada and some US states as well as increased demand for products derived from CBD – the non-psychoactive component of cannabis – following the review of Farm Bill. That's because Constellation owns a 37% stake in Canadian cannabis firm Canopy Growth ( CGC ) .

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