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Let's take the case of Constellation Brands.

Here's one of the few consumer product stocks that held up through the late spring assault on the group. We had a decent basis after buying it down, but we had no desire to unload it. However, when it ticked above $230 we grew queasy because analysts were buzzing about a potential disappointment in wine and, because of a wet spring, a potential shortfall in beer.

Now, I had begun to be concerned about the latter because we held a teach-in earlier this year where Deborah Borschardt, a cannabis expert, and my old colleague at thestreet, presented evidence that where pot had become legal beer sales lagged. Given how many states are going for legalization, we concluded that perhaps beer, even a company as great as Constellation with Modelo and Corona, the fastest growing beers, the ones that are responsible for the only growth in the category, the ones that we can barely keep in stock at Bar San Miguel, could disappoint.

It was a good call. Constellation reported weaker beer and wine figures. Subsequently the pot drumbeat has grown louder and I believe in the fall, when Canada implements its total legalization, there will be a rush to the border to get pot beer, which will cause one more bloom off the rose of what had been America's most popular drink; great taste, less filling? We will have to see.

The selling Lesson here? When you hear rumblings from too many places about the stock of a company you really love, you can't be emotional, you have to cut the position before a report simply because you don't know enough to keep you in but you do know enough to have you go.

With news of Constellation Brands' (STZ - Get Report) latest $4 billion investment in Canopy Growth (CGC - Get Report) , we're revisiting Jim Cramer's latest comments on the canopy space. 

In the August Action Alerts PLUS members' call, Jim Cramer discusses former portfolio holding Constellation.

"Here's one of the few consumer product stocks that held up through the late spring assault on the group. We had a decent basis after buying it down, but we had no desire to unload it," he said.

Worries about soft wine sales, and pot stealing sales from beer all came into play.

"Constellation reported weaker beer and wine figures. Subsequently the pot drumbeat has grown louder," he said.


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