Cannabis company Canopy Growth saw its stock climb another 10 percent on Monday following its announcement last week that beer company Constellation Brands is upping its investment in the Canadian company to nearly 40 percent.
The stock was trading at just over $37 a share on the New York Stock Exchange on Monday afternoon, up more than $3.25 since its open on Monday morning.
NYSE shares of Canopy Growth stock initially shot up almost 30 percent last week after the mid-week announcement that Constellation was increasing its stake from 10 percent to 38 percent with a $4 billion investment. Constellation also has warrants that could lead to an even larger buy-in down the road. Constellation owns brands including Corona Beer, Robert Mondavi wines and Svedka vodka.
Canopy Growth only started trading on the NYSE in May, and when it did it became the first plant-touching cannabis company to be traded on the exchange.
The Smith Falls, Ontario-based company grows, markets and researches cannabis products. It had revenue of $77.9 million Canadian in the fiscal year ending March 31, up from $39.9 million Canadian in the previous year.
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