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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

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.

NRA declares bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for Chapter 11 bankruptcy and will seek to reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment."

The big picture: The move comes just months after New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

4 hours ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.