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• Case | HBS Case Collection | November 2019 (Revised February 2020)

  Constellation Brands' Investment in Canopy Growth: Aiming High

  Stuart C. Gilson and Sarah L. Abbott

  In 2017, Constellation Brands, the U.S.-based beverage company, acquired a 9.9% equity interest in the Canadian marijuana company, Canopy Growth. In 2018, Constellation announced a subsequent investment in Canopy—taking its ownership interest to 37%. However, Canopy’s performance had been volatile and net losses had increased since the investment. In an effort to get into the cannabis market early, had Constellation Brands been too early?

  Keywords: Equity Investment; marijuana; growth investing; new market development; beverage industry; Equity; Investment; Strategy; Consulting Industry; Food and Beverage Industry; Canada; United States;

  Citation:

  Gilson, Stuart C., and Sarah L. Abbott. "Constellation Brands' Investment in Canopy Growth: Aiming High." Harvard Business School Case 220-044, November 2019. (Revised February 2020.)  View Details

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• Case | HBS Case Collection | April 2017 (Revised February 2020)

  Restructuring Ukraine

  Kristin Mugford, Seema Amble and Tian Feng

  In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political uprisings in early 2014 and an ongoing military conflict with Russia including Russia’s recent annexation of Crimea. The International Monetary Fund (IMF)has agreed to provide funding to Ukraine, provided the country implement additional financial and economic reforms and restructure some of its $71 billion of sovereign debt. Newly appointed Minister of Finance, Natalie Jaresko, has proposed a 40% “haircut” to Ukraine’s $18 billion of Eurobonds, but creditors insist that any haircut is unnecessary. Can Ukraine get to a deal that will appease creditors and give it access to the IMF funding it so desperately needs?

  Keywords: Exchange rates; politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine;

  Citation:

  Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)  View Details

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• Case | HBS Case Collection | February 2019 (Revised February 2020)

  Scandal at Steinhoff

  Kristin Mugford and Phil Caruso

  Keywords: Volatility; Borrowing and Debt; Insolvency and Bankruptcy; Financial Liquidity; Bonds; Corporate Accountability; Failure; International Finance; Restructuring; Business Conglomerates; Crime and Corruption; Retail Industry; South Africa; Austria; Netherlands;

  Citation:

  Mugford, Kristin, and Phil Caruso. "Scandal at Steinhoff." Harvard Business School Case 219-098, February 2019. (Revised February 2020.)  View Details

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