Global beverage alcohol company Constellation Brands has signed an agreement to acquire a 9.9% stake in Canada-based medicinal cannabis products supplier Canopy Growth for C$245m ($190m).

Constellation will also have the option to acquire an additional stake in the future.

The company’s investment is reported to be in line with its strategy to identify, meet, and stay ahead of evolving consumer trends, while maintaining focus on its core total beverage alcohol business.

Constellation has no plans to sell cannabis products in the US or any other market until it is legally permissible at all government levels.

Constellation Brands president and CEO Rob Sands said: “Canopy Growth has a seasoned leadership team that understands the legal, regulatory, and economic landscape for an emerging market that is predicted to become a significant consumer category in the future.

“Constellation has no plans to sell cannabis products in the US or any other market until it is legally permissible at all government levels.”

“Our company’s success is the result of our focus on identifying early-stage consumer trends, and this is another step in that direction.”

Established in 2014, Canopy Growth owns a collection of diverse brands serving customers in Canada and international markets where medicinal cannabis products are legal.

As part of this deal, both companies have agreed to exchange knowledge and expertise.

Canopy Growth chairman and CEO Bruce Linton said: “We are thrilled to have the backing of such a well-established and respected organisation such as Constellation Brands.

“We look forward to working with the Constellation Brands team to access their deep knowledge and experience in growing brands as we continue to expand our business.”