+ 0.33
+ 0.19%

Canopy Growth Appoints Constellation CFO As The Cannabis Company's New CEO

December 9, 2019 8:06 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Canopy Growth Appoints Constellation CFO As The Cannabis Company's New CEO

Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) announced Monday that David Klein has been hired as the company’s new CEO, effective Jan. 14, 2020.

As previously announced, interim CEO Mark Zekulin will resign from the position and also from his seat on the company’s board of directors, effective Dec. 20.

“It has truly been an honour to be part of building a unique, Canadian success story like Canopy, and I look forward to seeing the Company continue to evolve and grow under David’s leadership,” Zekulin said in a statement.

Klein has sharpened his leadership skills for the last 14 years at Constellation Brands (NYSE:STZ), covering CPG and beverage alcohol industries. Currently, he's an executive vice president and CFO at Constellation Brands. The company said Klein will resign from those positions, only remaining a member of the Canopy Board of Directors.

Over the last two years, Constellation Brands has invested over $4 billion in Canopy Growth.

“I look forward to working with the team to build on the foundation that has been laid, to develop brands that strongly resonate with consumers, and to capture the market opportunity before us. Together we will drive sustainable, industry-leading growth that benefits employees, shareholders and the communities in which we operate, “ Klein said in a statement.

Canopy Growth’s stock traded 3.4% higher to $19.28 per share at time of publication.

Related Links:

Canopy Growth's Cannabis 2.0 Products Will Hit Shelves In Canada Next Month

Canopy Growth Is Prepared For 'Cannabis 2.0' In Canada, Analysts Say

Related Articles

A Complete List Of NYSE And NASDAQ-Listed Cannabis Companies

As the cannabis industry keeps pushing forward, more companies are moving to list their stock on a major U.S. exchange like the NYSE or NASDAQ. The club, however, remains relatively small. read more

The Week In Cannabis: 4/20, SAFE Banking Act, The NFL, Verano And Much More

In the week of 4/20, the unofficial day of cannabis and top sales day for the industry, major stocks posted mixed performances. read more

If You Invested $1,000 In Canopy Growth Stock One Year Ago, Here's How Much You'd Have Now

Investors who have owned stocks in the last year have generally experienced some big gains. In fact, the SPDR S&P 500 (NYSE: SPY) total return over the last 12 months is 52.1%. But there is no question some big-name stocks performed better than others along the way. read more

The Bull And Bear Case For Canopy Growth's Stock

Canopy Growth Corporation's (NASDAQ: CGC) stock is down 45% from its 30-month high of $56.50 made on Feb. 10. Before Feb. 10 the stock had not traded above $53 since October of 2018 when Canada made the move to legalize and regulate the consumption and sale of recreational cannabis. read more