Constellation Brands CEO Bill Newlands Celebrates Cinco de Mayo With TheStreet

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Constellation Brands (STZ) - Get Report has had an impressive run this year, jumping 32% year to date to more than $211 per share and trading significantly higher than the $150.37 intraday low it touched in early January.

Cinco de Mayo is this weekend and Constellation's Corona brand of Mexican beer has become synonymous with the Mexican holiday. Constellation CEO Bill Newlands believes that Corona can keep connection between the beer and the holiday going into the future.

"Corona is synonymous with great beer and Cinco de Mayo," Newlands told TheStreet in an exclusive interview from the New York Stock Exchange floor. "The history it has -- its Mexican heritage -- has been terrific, and we fully expect that that's going to be one of the real icons of Cinco de Mayo for a long time to come."

A significant part of the stock's recent ascent has also been its $4 billion investment in Canadian cannabis company Canopy Growth (CGC) - Get Report . Newlands believes that Constellation's big move into Canopy Growth is an "offensive" play that will pay off sooner rather than later. 

"We saw it more as an offense rather than a defensive move," he said. "When you look at the potential for Canopy and cannabis, cannabis-based products in the United States and around the world just could be a $200 billion business in the next 10 to 15 years.

"And we said: 'This is an emerging trend,'" Newlands said. "You look at the U.S. consumer, more than 50% of any demographic that you talk about thinks there should be legalized [marijuana]. We said: 'This is a business we need to be in.'"