Canopy Growth Corp (TSX: WEED) (NYSE: CGC) has performed a slight shake up to its Board of Directors, this morning appointing Judy Schmeling as the Chair of the Board, while Jim Sabia has also been named as a new director at the firm. The shake up follows the appointment of former Chairman David Klein to the role of Chief Executive Officer, which took effect January 14.
The appointment of Schmeling to the role of Chair comes with little surprise, given Constellation Brands’ tightening grasp on the cannabis giant. Schmeling currently also serves on Constellation’s board of directors, as well as the board of Casey’s General Stores, both of which are Fortune 500 firms. Schmeling previous served as the COO of HSN Inc, which was formerly known as the Home Shopping Network. Schmeling has served as a director for Canopy since November 2018.
Likewise, Jim Sabia also hails from Constellation Brands, where he currently serves as Executive Vice President and Chief Marketing Officer. Prior to this, he served as Vice President of Marketing and Media at Molson Coors. Sabia will currently serve as an observer on Canopy’s board, until such time that Health Canada grants approval for the appointment.
The appointment of both Schmeling and Sabia to their new roles at Canopy results in minimal change to the composition of the board following recent management shake ups at the firm. With the appointment of Sabia, and the recent departure of David Klein, now CEO of the firm, Constellation still maintains a total of three directors on Canopy’s board. The firm however also now has two former executives in the CEO and CFO roles at Canopy as the firm matures from an early stage growth story to that of a season veteran in the space.
Canopy Growth Corp last traded at $31.62 on the TSX.
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.
