Jim Cramer catches up with Constellation CEO Bill Newlands after the company's latest earnings report and gets insight on the future of cannabis.
Canopy Growth could generate more than $1 billion in revenue by the end of its fiscal year, Constellation Brands CEO Bill Newlands told CNBC Thursday.
"If you look at Canada alone, Canada is on a run rate of $5 [billion] to $6 billion in sales, and Canopy is the leading player in that market," Newlands told "Mad Money's" Jim Cramer."Then you add in new form factors later this year in things like beverage and other edibles, we think the sky's the limit. This is going to be a big business, and Canopy is going to be the leader.
Constellation beat expectations in its latest earnings report with the help of beer sales, which were up about 9.3% from the year prior. Wine sales, however, dropped 7.6%. The company is making adjustments to line up with changing consumer tastes.
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