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.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 21,020,216 — Total deaths: 761,393— Total recoveries: 13,048,303Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,289,323 — Total deaths: 167,948 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health.
  4. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.

Facebook goes after Apple

Illustration: Lazaro Gamio/Axios

Facebook is seeking to force a face-off with Apple over its 30% in-app purchase commission fee, which Facebook suggests hurts small businesses struggling to get by during the pandemic.

The big picture: Facebook has never publicly gone after Apple, a key strategic partner, this aggressively. Both companies face antitrust scrutiny, which in Apple's case has centered on the very fee structure Facebook is now attacking.