The latest update is out from Constellation Brands (STZ).
Constellation Brands has transformed its investment approach in Canopy Growth Corporation by converting all common shares into non-voting exchangeable shares and trading in part of a promissory note for additional exchangeable shares. This strategic financial maneuver simplifies Constellation’s stake and its board nominees have resigned from Canopy’s board. Consequently, Constellation’s investment will now be valued at fair value on its balance sheet, altering how it reports future impairments from this investment.
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