Risk Takers 2019: Sometimes a risk works. Sometimes it fails. Sometimes it takes years before you know. See who else made the list.
While marijuana legalization was moving slowly in the United States, it would soon be legal in Canada — a sizable market. Sands saw clearly that it was time to make a move.
“That was really the genesis of what got us thinking about it,” Sands, 60, told CNN Business.
In October 2017, Constellation Brands, which makes Corona and Modelo beer, Svedka vodka, Casa Noble tequila and more, paid $245 million (Canadian), about $183 million (US), for a small stake in a Canadian cannabis company called Canopy Growth.
Bill Newlands, Constellation’s president and CEO, was nervous on the morning of the announcement. We “all sat around the table and just said, we have no idea how the market is going to react,” Newlands told CNN Business. “There’s a certain level of risk…