Constellation Brands is upping its bet on the cannabis industry, announcing an additional $5 billion stake in Canopy Growth on Wednesday. The US maker of Corona and Modelo beers took a 9.9 percent stake in the Canadian cannabis company in October. The deal included the option for future investments, giving Constellation a first toehold in an industry the brewer said it expects to soon be legalized across the United States. Shares of Canopy Growth surged as much as 50 percent in Wednesday’s premarket from Tuesday’s close of $24.62 per share. Constellation’s stock was down more than 3.5 percent.
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