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An alcohol conglomerate pouring $4 billion into a marijuana startup shouldn’t surprise, but it might be cause for concern. This week, Constellation Brands invested in Canopy. The former’s products include Corona beer, Woodbridge wine, and Svedka vodka, while the latter is among the largest legal marijuana businesses emerging in Canada, the first major economy to legalize cannabis on a national scale. Canopy’s CEO called the investment “rocket fuel.” Another Canadian company, Tilray, went public on the NASDAQ exchange in New York last month and is now valued at $2.8 billion. In the US, the size of cannabis companies is limited by federal prohibition and the varying legal regimes in different states and localities. But as more states approve recreational cannabis use—including California, a larger economy than Canada—Big Marijuana will soon be as real as, or even become, Big Alcohol. Marijuana is going corporate, and the government isn’t ready

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