Marijuana plant. Photo: Matthew J. Lee/The Boston Globe via Getty Images

Shares of Constellation Brands, which took a major stake in marijuana producer Canopy Growth last year, fell to a two-year low after the company cut its 2019 profit forecast.

Why it matters: Constellation put the blame on weakness in its booze business, but also cited higher interest payments for its now $4 billion stake in Canopy Growth. Canopy lost $164 million in value during the fourth quarter, Reuters reports.

What they're saying: Bill Newlands, incoming CEO of Constellation Brands, stressed that he was committed to cannabis on the company's earnings call Wednesday.

"We believe the emerging cannabis space represents one of the most significant global growth opportunities of the next decade, and frankly, our life time."

What they're not saying: The vultures are circling cannabis companies and spending big for the airspace. Bearish investors are paying as much as 900% to take short positions against cannabis company Tilray, data from financial analytics firm S3 Partners show.

  • That means to rent out one share of Tilray, which closed at $79.70 on Tuesday, shorts are paying more than $700.
  • Our desk can’t remember any rates higher than these,” Ihor Dusaniwsky, S3 Partners’ managing director of predictive analytics, told Bloomberg.

Go deeper

Twitter launches warnings on election misinformation and delays

Photo courtesy of Twitter.

Twitter will start pinning notices to the top of all U.S. Twitter users’ timelines warning them that results in next week’s election may be delayed and that they may encounter misinformation on mail-in voting.

Why it matters: Delayed election results are expected across many states that are handling unprecedented amounts of absentee and mailed ballots, which President Trump has baselessly called "very dangerous" and "corrupt."

Miriam Kramer, author of Space
18 mins ago - Science

NASA confirms water exists on sunny parts of the Moon

Photo: NASA/JPL/USGS

Water on the Moon might be more easily accessible than previously thought, opening up new possible avenues for future human exploration, according to a new study.

Why it matters: NASA is aiming to send people back to the Moon as part of its Artemis program by 2024, with plans to eventually create a sustainable presence on the lunar surface. That sustainability relies on mining the moon for its resources, like water.

Updated 46 mins ago - Politics & Policy

Pence no longer expected at Amy Coney Barrett's final confirmation vote

Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty Images

Vice President Mike Pence no longer plans to attend the Senate's final confirmation vote for Judge Amy Coney Barrett on Monday, following Senate Democrats' claims that his presence after possible exposure to the coronavirus would be a "violation of common decency," a Pence aide confirmed to CNN and Politico on Monday.

Driving the news: Five of Pence's aides were recently diagnosed with COVID-19, including his chief of staff, who is currently quarantining. Pence has continued his campaign travel despite his possible exposure, which goes against CDC guidelines.