This morning word broke from Canopy that Bruce Linton would be stepping down as co-CEO of Canopy Growth Corporation. The other co-CEO Mark Zekulin will take over as the sole boss as Canopy searches for new a new leader to guide the company in its next phase of growth.
“The Board decided today, and I agreed, my turn is over….. While change is never easy, I have full confidence in the team at Canopy.”Bruce Linton, Source: Globe and Mail
Canopy Growth grew rapidly since being founded in 2013 from an abandoned chocolate factory. They established a leading position in the global legal cannabis market and quickly became the pole leader in cannabis stocks by market cap.
In August 2018, it was announced the company would receive a $5 billion (CAD) investment from Constellation Brands, a leading beverage alcohol company. The company made a further splash buying an option to buy one of the largest cannabis companies in the US, Acreage Holdings.
Linton’s departure is certainly the beginning of the “let’s see who can operate era” for cannabis in Canada. Bruce confirmed to CNBC he knew his job was in danger when an emergency board meeting was called last week.
Some of the comments going off from FinTwit’s biggest cannabis pundits are a mixed bag:
SmallCapSteve started blogging in the Winter of 2009. During that time, he was able to spot many take over candidates and pick a variety of stocks that generated returns in excess of 200%. In the time since, he has taken a heavy focus in the cannabis space with a particular affinity for multi state operators, for which he has become a known thought leader.