Wednesday, October 8, 2025

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Canopy Growth: Klein’s Annual Compensation Includes Base Salary of US$975k

This week, Canopy Growth Corp (TSX: WEED) (NYSE: CGC) filed for the first time a 10-K with that of the Securities and Exchange Commission in the United States. Within, was previously undisclosed information related to new CEO David Klein’s compensation for taking on the role recently – and the numbers might surprise you. The details of which were discovered by Twitter user @Porters6thForce, a long time columnist here at The Deep Dive.

Within the latest filing, it was revealed that Klein, whom replaced ousted founder and CEO Bruce Linton last year, has an annual base salary of US$975,000 per year – one of the largest salaries within the cannabis space. But the payments don’t stop there.

Also included is a short term annual incentive performance bonus, to be paid in US dollars, of 125% of Klein’s salary, which is labeled as being the “target award”, with a payout range of 0-2x the target award. This does not include the stock option plan, for which Klein is eligible to receive an annual long term award of 300% of his base salary. Nor does it include an annual perquisite allowance of C$125,000.

Evidently, this compensation still was not quite enough for Klein however, with Canopy Growth contributing C$40,000 per year to his retirement plan as well. This is also followed by replacement compensation, which effectively covers Klein’s forfeited equity as a result of departing from Constellation Brands. To be issued in the form of restricted share units (RSUs), the amount paid is estimated to be approximately US$7 million. On top of that, the replacement compensation is also to include a lump sum payment in an amount equal to the US$ amount of his forfeited annual bonus from when he departed Constellation, an estimate of which was not provided.

Finally, Klein is also privy to an inducement grant of options equal in value to C$20 million. This however has some stipulations, with the first C$6.7 million vesting only if during any 90-day period during a six year term beginning December 6, 2019, the share price of Canopy has appreciated by a minimum of 50%. The second tranche of C$6.7 million in options is to be issued upon Canopy recognizing $2.5 billion in annual revenues, while the third and final tranche is vested upon a “Comparable Adjusted EBITDA” of C$100 million or more for a fiscal year end.

Klein was announced as the CEO of Canopy Growth on December 9, 2019, and assumed the title on January 14, 2020.


Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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