Constellation Brands Inc. Chief Executive William Newlands said early Friday in the company’s earnings conference call that he was not pleased with the...
Constellation Brands Inc. Chief Executive William Newlands said early Friday in the company’s earnings conference call that the company was not pleased with the recent fourth-quarter earnings of cannabis producer Canopy Growth Corp.
Constellation has made a massive bet on the world’s largest pot company by market capitalization, investing more than $4 billion in a minority stake in the business. But, Canopy Growth’s fourth quarter results disappointed investors — and evidently Constellation’s CEO — as the company’s losses mounted and the company sold less cannabis sequentially in the second quarter of recreational cannabis legalization in Canada.
While we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy’s recent reported year-end results,” Newlands said in the call. “However, we continue to aggressively support Canopy on a more focused long-term strategy to win markets and form factors that matter, while paving a clear path to profitability.”
On Friday, Constellation announced earnings before the market opened that beat consensus estimates for sales and revenue.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Boeing CEO says company is having 'ongoing conversations' with airlines on 737 Max costsBoeing CEO Dennis Muilenburg said on Wednesday that the aerospace company is having 'ongoing conversations' with its customers about helping them with secondary costs arising from the grounding of the 737 Max, including financial impact and delivery schedule changes.
Leer más »
Maximo Ibarra Named CEO of Sky ItaliaHe will take over the reigns of the Comcast-owned European pay TV giant's Italian unit in the fall.
Leer más »
EXCLUSIVE: Marco Di Rado Named CEO of Jet SetUnder Di Rado’s direction and with the help of creative director Michael Michalsky, the Swiss sportswear brand is repositioning itself as more contemporary label.
Leer más »
Trade war would have a 'devastating' impact on the world economy, Morgan Stanley CEO James Gorman saysMorgan Stanley is the sixth biggest U.S. bank by assets, but it has leading businesses in Wall Street arenas like equities trading and mergers advice.
Leer más »
Domino’s CEO Doesn’t Want a Robot Making Your PizzaRitch Allison discusses the pizza chain’s experiments with driverless delivery, the limits of automated food prep and the reason a digital assistant might take your next order
Leer más »
Exclusive: Tonia O'Connor Appointed CEO Of Deepak Chopra's Next Generation Well-Being CompanyChopra Global takes on a new CEO and board, focusing on expansion.
Leer más »