Beer and wine sales at Constellation Brands led their industry in the fiscal year ending February. But when the company reported earnings this morning, the cash it made from booze was dwarfed by gains on its investment in the cannabis business Canopy Growth.

While Constellation earned half a billion bucks on its alcohol operations in the quarter ending February, the stock market’s enthusiasm for marijuana’s added a $1.2 billion gain in the value of Canopy securities that Constellation owns.

Constellation stock (ticker: STZ) was up 5.7% in Thursday afternoon trading, to about $190 per share, on the news that the Victor, NY, company earned $6.37 a share for that quarter, including investment gains on Canopy (CGC) of $4.53. As its Corona beer looks to overtake Coors as America’s best-selling brand, Constellation had net sales of $1.8 billion for the quarter. The alcohol outfit also announced last night that it will sell its cheaper brands of wine to E. & J. Gallo Winery for $1.7 billion.

The quarter’s operating profits were slightly dented by Constellation’s 37% share in the operating losses at Canopy. On today’s conference call, Constellation’s finance chief David Klein acknowledged that building the Canadian pot business would entail further losses this year—but Canopy’s unfinished budgeting process and the weed business’s fast evolution left him unable to give guidance on the impact of the marijuana business on Constellation’s current year outlook.

“We are seeing changes as we speak,” Klein told his listeners. Sales of recreational cannabis in Canada’s populous province of Ontario have only just begun at brick-and-mortar retail outlets. And while the U.S. decriminalized the nonintoxicating variety of cannabis known as industrial hemp in December, Klein noted that regulation of the soothing hemp extract CBD remained uncertain in the food and nutritional products overseen by the Food and Drug Administration.

But like the investors who’ve boosted the value of Canopy stock, Constellation remains excited by pot’s prospects.

“Through 2019, we expect Canopy to benefit from favorable changes in the Canadian recreational market,” said Constellation’s chief executive Bill Newlands on today’s call. Sales will rise in important markets like Ontario. And in the fall, Canadian regulations will allow cannabis companies to start selling the drug in new forms—including vaporizer cartridges, edibles, and beverages.

Canopy has also 35 issued patents and applications for 195 more, said Newlands, including proprietary technologies for the cannabis beverages it plans to launch in Canada this year.

“When will Canopy stop being a drag on earnings?” asked Wells Fargo analyst Bonnie Herzog. CFO Klein replied that Constellation expects Canopy to hit run-rate sales of $1 billion by the end of the coming fiscal year. Profits will show up in the fiscal year ending February 2021, he said.