Corona beer
Corona owner Constellation Brand will reportedly invest an additional $4 billion into a Canadian cannabis producer. Bottles of Corona beer are pictured on June 7, 2013 in Chicago. Scott Olson/Getty Images

Corona beer owner Constellation Brands said it plans to give more of its money to a cannabis producing brand, marking the second investment the beer maker has poured into the legal marijuana industry.

The New York-based Constellation Brands announced on Wednesday that it looks to make an investment $4 billion into Canopy Growth. The agreement includes the option for the company to make future investments.

According to Reuters, Constellation is paying a 38 percent premium to Canopy’s five-day average price, which brings its stake in the company to 38 percent.

"Over the past year, we've come to better understand the cannabis market, the tremendous growth opportunity it presents, and Canopy's market-leading capabilities in this space," Constellation Brands CEO Rob Sands said in a statement.

The Toronto-based marijuana brand will use the investment funds to expand its product selection to include pre-rolled items, edible bars, and inhalers.

The news comes as more beer companies have been looking to get into the budding marijuana industry. Heineken-owned Lagunitas Brewing announced June 26 its cannabis-infused sparkling beverage would retail in select California areas.

In October, Constellation Brand invested nearly $200 million into Canopy in a deal to produce a non-alcoholic cannabis-based drink. The agreement included a 9.9 percent stake in the cannabis company, according to CNBC.

Founded in 1945 in Victor, New York, Constellation Brand makes and markets beer, wine, and spirits. Besides Corona, it produces also brands such as Ballast Point, Robert Mondavi, Kim Crawford, Ruffino, The Prisoner and SVEDKA Vodka, among others.

Canopy, the largest legal cannabis producer in Canada, has a market capitalization of C$8.9 billion ($6.76 billion), and Canopy CEO Bruce Linton told CNBC in June that he expects cannabis-based products to flourish within the next few years.

"By 2020 or 2021, there will be too much cannabis produced If I'm still selling primarily an ingredient, I have completely dropped the ball. You want to transform it," he said.