Last year, minority Canopy investor Constellation Brands (NYSE: STZ ) exercised $173 million in warrants. Those warrants brought Constellation's ownership stake in Canopy up to 38.6%. Constellation has also installed its former CFO as Canopy's CEO. I've long suspected this move may have been part of a long-term strategy for Constellation to clean up Canopy's balance sheet and business efficiency in preparation for a full buyout. Canopy has spent recent years pulling back from international expansion and focusing on bringing new products to market, such as edibles and drinks.