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In 2018, California is set to legalize the cultivation and selling of recreational marijuana, but Sands said his company didn't plan to sell the product in the U.S. until marijuana was legal nationwide.
He added that Constellation would look to starting selling in countries where recreational marijuana is legal and Canada could be an option if, as scheduled, legislation there is relaxed next year.
Constellation Brands is a listed on the S&P 500 and posted record net sales of $7.3 billion for its fiscal 2017 results.
Canopy Growth is the world's largest publicly traded cannabis company, with a market valuation of 2.2 billion Canadian dollars. It is listed on the Toronto Stock Exchange.
Constellation said the transaction is expected to close during the Company's third quarter of fiscal 2018.