The CEO of Constellation Brands having absorbed alcohol in weed leaves

Constellation Brands Inc. CEO Rob Sands will be stepping down in March after more than a decade of service, leaving the reins to his senior assistant, the company said in a statement.

The transition seems to be orderly. New CEO Bill Newlands, a veteran of the alcoholic beverage industry, joined the company in 2015 and has climbed the ladder. He took the position of chief of operations in early 2017 and added the title of president earlier this year, placing it online to take over from Sands.

Sands – who will become executive chairman of the board – orchestrated the company's highly publicized investment in the Canadian cannabis industry, Canopy Growth Corp. In addition to promoting cannabis, Sands oversaw the acquisition of US rights to Modelo and Corona beers.

Constellation's actions (stz-b) briefly slipped at the end of the session. The stock is little changed this year. The company did not immediately respond to a request for comment.