Corona brewer Constellation Brands Inc. is investing about $4 billion into Canadian marijuana grower Canopy Growth Corp. , one of the biggest corporate wagers on the potential global market for cannabis-infused drinks and other products.

Constellation, which also produces Robert Mondavi wines and Svedka vodka, has benefited from strong U.S. sales of its Mexican beer imports, Corona and Modelo. But overall beer consumption in the U.S. is in decline, as consumers abandon American lagers for wine, spirits and nonalcoholic drinks.

Cannabis is “the logical fourth leg” for the beer, wine and spirits company, giving Constellation a “total mood-modulation portfolio,” said CEO Rob Sands, whose family controls the company through its ownership of supervoting shares.

Over the past year, three big beer companies—Constellation, Heineken NV and Molson Coors Brewing Co. —have announced development plans forcannabis-infused beverages in Canada or the U.S. Heineken’s Lagunitas brand launched a cannabis-laced, hop-flavored sparkling water in California in July.

Constellation said Wednesday it would spend 5.08 billion Canadian dollars (US$3.88 billion) to increase its ownership stake in Canopy to 38%. The deal gives Constellation the right to invest another US$3.4 billion to acquire a controlling stake. Canopy generated less than US$60 million in revenue in its most-recent fiscal year.