Canopy Growth Corporation (TSX:WEED) (NYSE:CGC), the world’s largest cannabis company by market capitalization, announced Wednesday that its co-CEO Bruce Linton has stepped down and has also left the board.
Linton’s immediate departure comes after the Smith Falls, Ontario-based cannabis grower posted a wider-than-expected fiscal fourth-quarter loss last month, which unnerved both investors and the industry.
“Creating Canopy Growth began with an abandoned chocolate factory and a vision," said Linton in a statement from Canopy Wednesday. "The board decided today, and I agreed, my turn is over.“
In a statement, Canopy said Mark Zekulin has agreed to become the sole CEO and will work with the board to begin a search for a new leader to guide the company in its next phase of growth. The search will include both internal and external candidates.
Rade Kovacevic, a long-serving member of the team currently leading all Canadian operations and recreational strategy, will assume the role of 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. Bell has served on the board as lead director for five years.
Linton had been with Canopy since its founding in 2013, where today the company has a market cap of nearly $14 billion, some $4 billion of which is an investment from Corona beer distributor Constellation Brands Inc.
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