Linton Out at Canopy Growth
CBJ — Canopy Growth’s co-chief executive Bruce Linton has been fired.
It was Linton who grew the Canadian cannabis company into the largest in the world, but its decline in recent times led to his ouster.
Co-chief executive Mark Zekulin will become the sole CEO, effective immediately, and will work with the board to begin a search to find a new leader to guide the company in its next phase.
“Creating Canopy Growth began with an abandoned chocolate factory and a vision,” Linton said in a statement. “The board decided today, and I agreed, my turn is over.”
Canopy was founded in 2013 and recently received a $5 billion investment from Constellation Brands.
The company’s surprise announcement of Linton’s dismissal came after Canopy last month 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.