Canopy can generate $ 1 billion this fiscal year
Canopy Growth can generate more than $ 1 billion in revenue by the end of the fiscal year, said Constellation Brands CEO Bill Newlands to CNBC Thursday.
Constellation, which makes Corona and Modelo beer, has a 38% stake in the cannabis company, the largest medical marijuana manufacturer in Canada. 19659003] "If you look at Canada alone, Canada has a running rate of $ 5 [billion] to $ 6 billion in sales, and Canopy is the leading player in that market," Newlands told "Mad Money's" Jim Cramer . " Then you add new form factors later this year in things like drinks and other edibles, we believe the sky border. This will be a great company, and Canopy will be the leader. "While marijuana remains federally illegal, the substance has been legitimized in some form in 33 states across the country and the District of Columbia. [1[ads1]9659003] Constellation beat expectations in its latest earnings report using beer sales, which were about 9 "But, as Constellation plans to chase growth opportunities in its higher wine brands, Canopy is holding on to the plan," said Newlands. 19659003] "Canopy is focused on what to do to build the right form factors and right markets to win the world as needed, and [marijuana] becomes legal," he said. We have a very strong layer of beer, and we have a very strong layer of wine. We believe we are pretty good positions to win on all three of these fronts. "
Constellation shares rose more than 6% Thursday.
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