Earlier today, Canopy Growth Corp.’s (TSE:WEED) founder and co-CEO Bruce Linton resigned from his role as well as the company’s board in a move that shocked many given that he had not indicated a desire to leave.
Most analysts have attributed Linton’s resignation to pressure from Constellation Brands Inc. (NYSE:STZ), which is a major shareholder in the cannabis company, given that Willian Newlands Constellation Brand’s CEO had complained about losses at Canopy Growth.
Many analysts are saying that Linton’s exit could have been orchestrated by Constellation Brands given that it is a mature company used to making profits, while Canopy is a much younger company that is in a rapid expansion and loss-making phase.
Canopy has already started searching for Linton’s successor given that Mark Zekulin who has assumed the sole CEO role prefers to stay out of the limelight while running the company’s operations, which means that Linton has left a significant gap.
Most analysts believe that it is too early to estimate the exact impact of Linton’s departure as the markets are still shocked by the move, which is driving Canopy’s stock price much lower.
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