Bruce Linton says he was fired as co-CEO of Canadian pot company Canopy Growth - CNBC

Bruce Linton, Founder and Co-CEO of Canopy Growth, speaks to CNBC on the floor of the New York Stock Exchange (NYSE) in New York, March 7, 2019.

Brendan McDermid | Reuters

Canadian cannabis producer Canopy Growth said on Wednesday Bruce Linton was removed as co-chief executive office and a member of the board, effective immediately.

Linton called into CNBC and said he was fired.

"I think stepping down might not be the right phrase," he said, referring to the language in the company press release. "I was terminated."

Back in November, Canopy closed spirits giant Constellation Brands' $4 billion investment. Linton said a condition of that cash infusion was the board had to be reconfigured.

"About eight months and two days later, I think the board had decided they wanted a different chair and a different co-CEO," he said.

Canopy, the world's largest publicly traded cannabis company by market value, said Mark Zekulin, who had been co-CEO with Linton, becomes the sole CEO. Zekulin will also help the board search for a new leader, considering both internal and external candidates.

Shares of Canopy Growth were down more than 5% in premarket trading following the report.

—Reuters contributed to this report.

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https://www.cnbc.com/2019/07/03/canopy-growth-co-ceo-to-step-down.html

2019-07-03 11:51:17Z
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