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Cannabis represents one of the biggest opportunities of our lifetime, according to the incoming CEO of Constellation Brands

Bill Newlands is due to replace Constellation CEO Rob Sands this year

Bill Newlands is due to replace Constellation CEO Rob Sands this year

Bill Newlands said yesterday the emerging cannabis space is "one of the most significant global growth opportunities of the next decade and frankly, our lifetime". He also said the space is opening up "much more rapidly" than originally anticipated.

Speaking to analysts following year-to-date fiscal 2019 results, Newlands said Canopy Growth, in which Constellation owns a 38% stake, can "achieve their CAD1bn (US$750m) revenue run rate target within the next 18 months". Newlands said the company has used the proceeds of the Constellation investment to form strategic partnerships and make acquisitions.

Deals include Ebbu, a hemp research and innovation company, and vape manufacturer Storz & Bickel. Canopy is also working with Battelle, a non-profit R&D organisation.

"In addition Canopy continues to focus on intellectual property development across medical and recreational opportunities, while also preparing and creating brands and products for new legal recreational cannabis markets across various product formats that will be sold through new and existing channels," Newlands added.

Newlands highlighted the passing of the US Farm Bill, with one of the key components of the legislation legalising production of industrial hemp, including CBD, the non-psychoactive cannabis compound.

Newlands is set to take over the CEO position from Rob Sands this year. 

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