Constellation Talks Consolidation, CBD, and Corona Line Extensions

Dear Client:The most eyebrow-raising portions of Constellation's earnings call yesterday? Chief Rob Sands' commentary about recent distributor consolidation in Southern California, and speculation about CBD products going through regular U.S. channels and beer distributors. There was also more color on national rollouts, and margin. Read on.DISTRIBUTOR MOVES ABOUT "EFFICIENCIES." Rob noted how their distributor consolidations have paid off: They moved their wine and spirits portfolio in the Pac Northwest from Young's Market to Columbia Distributing, their existing beer wholesaler. Rob