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Constellation Brands (STZ - Get Report)  said in a filing with the Securities and Exchange Commission Monday that it will recognize a non-GAAP loss of $38.5 million from its  investment in Canopy Growth (CGC - Get Report) in the quarter ending Aug. 31.

For the two quarters ending Aug. 31, the loss will be $77.3 million. Constellation Brands invested $4 billion for a 37% stake in Canopy Growth in November 2018.

Constellation is scheduled to release its next full quarterly report on Oct. 3.

Constellation shares rose 0.37% to $199.24 in trading Monday.

Separately, Canopy Growth was rising after analysts at Seaport Global upgraded the stock to buy from neutral while raising its price target to $31 a share. 

That represents a 24.5% upside from the stock's closing price Friday of $24.89. 

"Although regulatory development has been both disappointing and frustrating, there is no question that cannabis offers an attractive growth profile," analyst Brett Hundley wrote. "In addition, the Canadian space is about to gain a fair amount of pricing power, in our view, as the 2.0 market opens up late this year."

Canopy shares were up 1.41% to $25.24.

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