A team of analysts gave Constellation Brands stock (ticker: STZ) a lift after meetings with a Canadian cannabis company left them feeling bullish on the industry’s prospects.

Constellation’s core business remains in the manufacture and sale of beer, wine, and spirits, but the company owns a stake in Canada’s largest cannabis producer, Canopy Growth (CGC; WEED.Canada)— giving it a leading position in the nascent market. Shares rose 1.6% on Wednesday morning, versus an 0.5% gain for the S&P 500.

Where...