One of the world’s largest alcohol producers, Constellation Brands, plans to shed a few of its U.S.-based wine portfolio as a part of a strategic shift to beer and marijuana merchandise, in accordance to an unique report by Reuters.
Constellation elevated its possession in Canadian licensed hashish producer Canopy Growth in August with an industry-record funding of 5 billion Canadian dollars ($three.eight billion).
Any deal to sell its American wine brands could possibly be value greater than $three billion ($CA3.9 billion) for Constellation, which is the No. three beer maker within the United States, in accordance to Reuters.
Goldman Sachs, which suggested Constellation on the Canopy transaction, has been employed to discover the New York-based firm’s sale of its wine brands.
Last week, Rob Sands stated he would step down as CEO of Constellation in March.
Sands will transition to an government chairman position, the place he’ll oversee the agency’s funding in Canopy Growth, in accordance to the Wall Street Journal.
Constellation President Bill Newlands will turn out to be CEO.