Big Alcohol hype lifts marijuana stocks higher –

Constellation, of upstate New York, has poured nearly $6 billion into Canopy Growth Corp., a Canadian cannabis company. Constellation holds a nearly 40 percent stake in the Ontario-based marijuana grower. The American company has expressed interest in producing THC-infused drinks and sleep aides. But U.S. distribution of any product containing THC, the psychoactive ingredient found in cannabis, remains unlikely in the near term. Marijuana and its derivatives are forbidden by the federal government despite its recent approval of the anti-seizure medicine Epidiolex. The FDA stubbornly considers marijuana a Schedule 1 substance, equivalent to heroin or LSD, and without any legitimate medical use.

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