The forward-thinking and, at times controversial Co-CEO of Canopy Growth (CGC) (WEED), Bruce Linton has officially announced that he’s stepping down. This is effective immediately. The move has triggered volatility for marijuana stocks on July 3.
This move comes just days after the company reported a disappointing fourth-quarter earnings report. The financials showed mounting losses and lower cannabis sales. “While we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy’s recent reported year-end results,” William Newlands, President of Constellation Brands, Inc. said on its earnings call.
“Creating Canopy Growth began with an abandoned chocolate factory and a vision…The Board decided today, and I agreed, my turn is over.”
– Bruce Linton
Former CEO, Canopy Growth
Mark Zekulin will remain as sole CEO and reports also show that Rade Kovacevic will assume the role of President. The company has also named John Bell as chair.
Canopy shook up the cannabis industry on numerous occasions. This was especially the case when it first garnered interest from one of the world’s largest alcohol companies, Constellation Brands. And earlier this month the company gained shareholder approval for the acquisition of Acreage Holdings Inc. This move is thought to give the pot company a stronger foothold in the U.S. market once legalization comes from a federal level. This is a developing story. Stay tuned for more updates.