Bruce Linton, the founder and co-Chief Executive Officer of cannabis producer Canopy Growth (TSX:WEED), has stepped down, the company announced.
In a news release, the company said that Mark Zekulin, the other co-CEO, has also stepped down and Canopy Growth’s Board of Directors is now looking for a new person to lead the Sith Falls, Ontario-based organization.
"The board decided today, and I agreed, my turn is over," said Linton in the news release.
The changes are effective immediately, announced Canopy Growth, which is currently one of Canada’s biggest cannabis companies. It was founded in a former Hershey chocolate factory in the eastern Ontario town back in 2013.
It got a $5-billion investment in August 2018 from the parent company of Corona beer and Kim Crawford wines, and has partnered with celebrities such as Snoop Dogg and Seth Rogen.
The company reported an uptick in fourth-quarter net revenues, but a wider-than-expected fourth-quarter loss in its most recent quarterly report on June 21. Its stock price on the Toronto Stock Exchange was at $52.49 a share at the end of the day Tuesday, up from $39.28 a share at the beginning of 2019, but down from its 2019 peak of $69.90.
