The daily business briefing: August 16, 2018

Corona beer maker invests big in Canadian cannabis producer, regulators subpoena Tesla after Musk tweet, and more

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1. Corona beer maker invests big in Canada's top cannabis producer

Corona beer maker Constellation Brands announced Wednesday that it would infuse another $4 billion into Canada's top cannabis producer, Canopy Growth. The move marks the biggest investment in the pot industry, which is seeing booming demand. Constellation invested nearly $200 million in Canopy last year in a partnership to make a non-alcoholic cannabis-based beverage, making it one of the first alcohol makers to dive into the pot business. Toronto-listed Canopy's shares rose by as much as 35 percent on the news, but Constellation shares fell by 8 percent in New York. Canopy said it would use the proceeds from the deal to expand and raise its profile in the nearly 30 countries likely to approve medical marijuana. "This (deal) marks the end of the warm-up in our sector," Canopy CEO Bruce Linton said. "It's fully go-time."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.