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

Bruce Linton, co-CEO of Canopy Growth, said he was fired from the Canadian pot company he founded in 2013 in an interview with CNBC on Wednesday. 

Canopy, the world's largest publicly traded cannabis company by market value, earlier Wednesday announced in a press release that Linton was removed as co-chief executive office and a member of the board, effective immediately. Mark Zekulin, who had been co-CEO with Linton, becomes the sole CEO while the company searches for a replacement. 

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."

Canopy took a $4 billion investment from spirits giant Constellation Brands in November, giving Constellation a roughly 35% stake in the Candian cannabis company. 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.

Linton said he had a feeling his ouster was in the works when the board of directors called a meeting and Linton, then chairman of the board, was not the one calling the meeting. He said Canopy gave him an exit package, though he did not say what that included. 

"I really think at the end of the day, sometimes entrepreneurs are entrepreneurs because they're not super employable," he said. "And I would say I probably don't have a resume because I like creating businesses and driving them. You don't always  mesh well with everyone in the play pen. I think probably what they're doing will probably be a better decision, it's just not a great day for Bruce."

Canopy, the world's largest publicly traded cannabis company by market value, said Zekulin will also help the board search for a new leader, considering both internal and external candidates. Zekulin said in the company's press release, "I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward."

Shares of Canopy Growth were down about 1% in premarket trading following the news.

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

2019-07-03 12:37:58Z
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