Canadian marijuana producer Canopy Growth Corp. (TSX:WEED) has named Chairman David Klein as it its new Chief Executive Officer.
Klein, who is also Chief Financial Officer at Constellation Brands Inc. (NYSE:STZ) – which is a major shareholder of Canopy Growth – was also appointed Canopy’s Chairman in October after the Corona beer maker racked up a big loss on its investment in the marijuana company.
Constellation Brands has invested over $4 billion in Canopy Growth, making it one of the first major alcohol producers looking to cash in on the proposed legalization of recreational marijuana in several countries.
But Canada’s new marijuana producers have all struggled to deliver in the first year of legalization and share prices in most companies have fallen throughout the last 12 months.
Canopy Growth’s founder and previous CEO Bruce Linton was fired this past July after the Smiths Falls, Ontario-based company continued to underperform.
Separately, Constellation Brands announced that its Senior Vice President Garth Hankinson will take over Klein’s previous CFO role at the beverage company.
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