Cramer says it's time to buy Canadian pot stock, Canopy Growth, giving up his recent warning

Jim Cramer of CNBC said Friday that the growth of the Canadian pot stock is now a buy.

The presenter of "Mad Money" also said that Constellation Brands had increased its bet on Canopy, announcing in August an additional $ 4 billion stake with options for future investments.

With this latest investment and the execution of certain warrants, Constellation announced that its stake in Canopy would reach 38%. Manufacturers Corona and Modelo also had the opportunity over the next three years to purchase up to 139.7 million new Canopy shares, which represents additional financing of up to $ 5 billion. If Constellation uses these mandates, it could increase its total ownership interest in Canopy to more than 50%.

"One day, Constellation could represent 50% of its market capitalization," Cramer said Friday.

The Cramer Charitable Trust does not own any Canopy shares. She sold Constellation Brands before the August announcement regarding Canopy.