Economy

Canopy Growth Founder And Co-CEO Bruce Linton Stepping Down

Canopy Growth Founder And Co-CEO Bruce Linton Stepping Down”

Rade Kovacevic, who was leading all Canadian operations and recreational strategy, is now the company's president.

The board has also appointed John Bell as chairman, to be reviewed at the board's annual meeting in September when new board members are elected. Canopy Rivers' stock on the TSX Venture exchange was down roughly three per cent to $3.00 at market close. Linton merely said in the release that both he and the board had agreed "my turn is over".

Not only is Constellation Brands the maker of Corona beer, but it also invested $5 billion in Canopy Growth (TSX:WEED) (NYSE:CGC) last August; this means the NY company has reason to follow along with what's happening inside the walls of Canopy Growth.

Mark Zekulin, who formerly shared the role, will become sole chief executive and help to find a replacement for Linton, Canopy said. "On the other hand, the people here know that the company is bigger than one person, bigger than two people".

Canopy reported a wider-than-expected fourth-quarter net loss attributable to shareholders of $335.6 million or 98 cents per share, despite a jump in net revenue to $94.1 million that beat market estimates.

"Creating Canopy Growth began with an abandoned chocolate factory and a vision", said Linton in a statement from Canopy Wednesday.

- Constellation Brands CEO William Newlands to analysts after Canopy's latest earnings report on June 20.

"I think what we must listen to as a country is: Masks Enhance and (Canadian licensed producer) Cronos Group possess been taken over by American companies".

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"With Constellation employees occupying four of Canopy's seven board seats, it appears there became a growing frustration with Canopy's growing investments which saw Constellation's investment diminishing and losses widening", he said in a note to clients. "We are also excited to embark upon our next phase of growth as global leader in the cannabis industry". "For this, Linton's work must be applauded".

Need more cannabis news? .

The co-founder and co-CEO of Canopy Voice, a Smiths Falls, Ont. -based totally cannabis company, says he has been pushed out.

Constellation said it fully supports the board's decision to appoint Zekulin as chief executive. "Mark has played an integral role in the company's success since its inception, including managing all aspects of the company's day-to-day operations", the company explained.

"The future of Canopy Growth remains very bright".

"We expect Canopy shares to come under pressure on the rather abrupt news that founder and co-CEO Bruce Linton is leaving the company".

"My focus is on making sure we have the continuity, driving things forward, making sure we have the right person in".

"It seems that the Dual carriageway believes that this used to be a concerted chance from Constellation, who would perhaps well must set up a blue chip CEO in Linton's scream", Canaccord Genuity cannabis analyst Matt Bottomley told the Financial Post.



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