Bruce Linton, now former CEO of Canopy Growth (CGC) is one of the mot recognizable faces in the industry as he has lead Canopy to be the most well known cannabis company on earth. Today’s news of Bruce’s exit is surprising, but many speculate it has to do with Canopy’s recent earnings report, and that the decision was most likely headed by Canopy’s largest shareholder – Constellations Brands (STZ).
Last week Constellation Brands said publicly that while they were happy with their investment in the cannabis space, they were disappointed with Canopy’s earnings.
According to Yahoo Finance Linton says he was in fact terminated by the company.
“A condition of that closing was the board had to be reconfigured. About eight months and two days later, I think the board decided they wanted a different chair and a different co-CEO. I’m out effective immediately,” he said. “I was terminated.”
According to the company: “Mark Zekulin has agreed to become the sole CEO of the company and will work with the Board to begin a search to identify a new leader to guide the company in its next phase of growth, which will include both internal and external candidate.”