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Bruce Linton Tells CNBC He Was 'Terminated' From Canopy Growth

July 3, 2019 9:36 am
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Bruce Linton Tells CNBC He Was 'Terminated' From Canopy Growth

Canopy Growth Corp (NYSE:CGC) said Wednesday it's parting ways with co-CEO Bruce Linton and he told CNBC stepping down "might not be the right phrase."

What He Said

Linton said during an interview on CNBC that he was "terminated." As part of Constellation Brands, Inc. (NYSE:STZ)'s multi-billion dollar investment, the alcohol company requested a reconfiguration of Canopy's board.

"When you bring a big check and you change the board, unless you're living in La La Land, there's always some perceived risk," Linton said, "but it would have been worse for the company if we didn't do that."

Canopy Growth is blessed with a deep roster of talented employees who can "work through the transition" although it will be "odd," according to Linton. After all, no one in the company was expecting a major management shakeup at the highest levels.

Need more cannabis news? Check out all of our coverage here.

What's Next

Canopy Growth's presence in 16 countries backed by 4,000 employees and a market capitalization that hit $20 billion marks a "productive" six-year chapter in Linton's life, he said. Canopy will remain a "dominant" cannabis company, a view that remains unchanged despite being terminated.

Linton said he hasn't made a decision on what his next career move will be. His next career move won't be in the Canadian cannabis industry as there is a "pretty big world out there."

Linton also said he likes OrganiGram (NASDAQ:OGI) and Canopy Rivers.

Canopy Growth shares traded lower by 3.4% to $38.72 at time of publication.

Related Links:

Canopy Growth Acquires KeyLeaf Life Sciences

'We're Trying To Be Smart About It': New Canopy Growth CFO Says Cannabis Company Eyeing Financing Options

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