Canopy Growth co-CEO Bruce Linton confirmed on Wednesday that he was fired and removed from the company’s board, almost six years after co-founding what’s become the world’s biggest cannabis company. (The Logic)

Canopy, which has a market cap of over $18 billion, reported its second-largest losses in the fourth quarter of 2019. 

“Not pleased.”

– Constellation Brands CEO William Newlands to analysts after Canopy’s latest earnings report on June 20.  

Constellation, a U.S. alcohol company, invested $5 billion in Canopy in November 2018 and holds four of the six board seats at the firm.

“I think stepping down might not be the right phrase; I was terminated.” 

– Linton in an interview with CNBC this morning. 

The news sent shares up 2.45 per cent and 1.35 per cent on the New York and Toronto stock exchanges, respectively.

Linton’s departure leaves Mark Zekulin as the company’s sole CEO until a replacement is found.  

In a statement to CNBC, a Constellation spokesperson said the company supports Zekulin’s appointment as sole CEO.

 

Correction: A previous version of the piece incorrectly stated that Canopy Growth reported its largest-ever losses in its fourth quarter of 2019. The firm reported its second-largest losses in that period. The piece has been updated.