Canopy Growth co-CEO Bruce Linton says he was fired: CNBC

[July 03, 2019]  (Reuters) - Canopy Growth Corp's co-chief executive officer, Bruce Linton, said he was fired from the Canadian cannabis company, which he founded in 2013, sending its shares down 6%.

"I was terminated," Linton said in an interview to CNBC https://www.cnbc.
com/2019/07/03/canopy-growth-co-ceo-to-step-down.html?__source=twitter%7Cmain following Canopy's announcement of his exit on Wednesday.

Linton's surprise exit leaves Mark Zekulin in charge of the company and comes just weeks after it reported another quarterly loss as it pumps in money to fuel growth, betting on broader legalization in the United States.

Linton played a major role in taking the company public in 2014 and helped expand its operations to 12 production facilities across Canada and 14 countries around the world .

Under his watch, the company raised billions of dollars, including an over $4 billion investment by Corona beer maker Constellation Brands <STZ.N> following Canada's legalization of recreational marijuana use in October last year.

Toronto-listed shares of Canopy have grown 11-fold since its market listing, adding more than C$16 billion in market value during the period.

Rade Kovacevic, who currently leads the company's Canadian operations and recreational strategy, will take over the role of president from Zekulin.

The company named John Bell, Canopy's lead director of 5 years, as chairman, a decision that it said would be reviewed at the board's annual meeting in September.

Earlier this year, Canopy also replaced long-term Chief Financial Officer Tim Saunders.

(Reporting by Debroop Roy in Bengaluru; Editing by Anil D'Silva)

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