Canopy Growth Corporation announced today that their co-CEO will be stepping down from his position with the board.
According to this morning’s press release, co-CEO Bruce Linton will no longer be with Canopy Growth. “Creating Canopy Growth began with an abandoned chocolate factory and a vision,” said Linton. “The Board decided today, and I agreed, my turn is over. Mark has been my partner since this Company began and has played an integral role in Canopy’s success. While change is never easy, I have full confidence in the team at Canopy – from Mark and Rade’s leadership to the full suite of leadership – as we progress through this transition and into the future.”
“The magnitude of losses for [Canopy] has expanded far more than we had expected, and while we commend Linton for his vision in establishing the world’s leading cannabis company, we believe new leadership will be a welcome change,” stated Cowen analyst Vivien Azer.
Linton’s departure leaves Mark Zekulin as the sole Chief Executive Officer of the Canadian-based company. Zekulin agreed to work with the board members to eventually hire someone to replace Linton, and they are willing to accept applicants from within the company or not. Rade Kovacevic, a long-serving board member, will be promoted to President of the company. All changes are effective immediately.
The board also nominated John Bell to serve as Canopy Growth’s Board Chair. Bell has been the company’s lead director on the board for 5 years now. This decision will receive a vote in September when all of the new board members are elected.
Canopy Growth is listed on the Toronto Stock Exchange and the New York Stock Exchange and the company owns millions of square feet of production facility, spread out across 12 GMP certified facilities. In addition to their deal with Constellation, lifestyle guru Martha Stewart recently signed a contract with Canopy Growth to create a line of CBD-infused pet supplements.