Constellation Brands (STZ) on Thursday reported better-than-expected second-quarter results as it raised its full-year earnings guidance despite warning it would like a $484 million loss over its investment in Canadian cannabis company Canopy Growth (CGC).

The Victor, NY-based wine and spirits company said it expects to post $9 to $9.20 per share in earnings for the year ending Feb. 29, up from its June guidance for $8.65 to $8.95. The consensus compiled by Capital IQ is for $8.54. Excluding Capital Growth, EPS was $2.91.

Constellation says it now expects wine and spirit sales to slide between 15% and 20% and operating income to fall 25%, up from its previous guidance for a 20% to 25% sales fall and a 25% to 30% drop in operating income. It maintained its outlook for 7% to 9% growth for beer net sales.

For the quarter ended Aug. 31, per-share earnings were $2.72, down from $2.87 from the prior-year period but ahead of the Street’s view for $2.62. Net sales rose to $2.34 billion from $2.3 billion, matching the Street’s consensus. Excluding Canopy Growth, EPS was $2.91.

“The winning streak for our beer business continues with Model Especial generating the most growth in the entire US beer category, while Corona remains the No. 1 high-end beer brand family,” said Chief Executive Bill Newlands, adding that Constellation’s “wine and spirits innovation pipeline is primed to launch impactful product introductions as we head into the key selling season this fall.”

Constellation reported a net loss of $54.7 million in the August quarter on its 2017 investment in Canopy Growth.

Net sales of beer rose 7% to $1.64 billion while wine sales fell 9% to $611.1 from the prior-year quarter.

Constellation said shipments of branded product, 24-pack and 12-ounce cases rose 5.3% to 91.9 million. Wine and spirits shipments in branded product and nine-liter cases fell 10% to 14.4 million.