Canopy's
Canopy Growth CEO Mark Zekulin, is photographed during an interview in Toronto on Thursday, September 5, 2019. THE CANADIAN PRESS/ Tijana Martin

Canopy’s ‘never been better,’ says interim CEO as the biggest investor is set to record a related loss

TORONTO — Canopy Growth Corp.’s interim chief executive says, the mood at the cannabis producer has “never been better”. A comment that comes two months after its charismatic co-founder was abruptly ousted from the top job.  And as pressure mounts for the company to reach profitability.

Mark Zekulin says, Canopy is shifting from:

  • Building mode
  • Hefty investments in infrastructure 
  • Expansion to “operating” mode

He notes that this move is separate from the transition of leadership underway from the previous CEO Bruce Linton. This is the “natural progression” for the company and its plans.

His comments come one week after Canopy’s largest investor, Constellation Brands, said:

“It expects to record a US$54.8-million loss in its current quarter from its $5-billion investment into the Smiths Falls, Ont.-based company”.

The New York-based alcohol giant had said in June it was “not pleased” with Canopy’s earnings. And Linton’s surprise termination from the top job followed in July.

Zekulin, formerly co-CEO alongside Linton said last month: 

That he would leave the company once a suitable CEO is found. The recruitment process is underway.

Companies in this story: (TSX:WEED)

The Canadian Press

Featured Image: THE CANADIAN PRESS/ Tijana Martin

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