UPDATE 1-Canopy Growth names shareholder Constellation's CFO as chairman




(Adds background)

Oct 10 (Reuters) - Cannabis producer Canopy Growth Corp said on Thursday it appointed top shareholder Constellation Brands Inc's chief financial officer, David Klein, as chairman of its board.

Klein will take over, effective immediately, from interim chairman John Bell, who will continue as a director on the board.

In July, Canopy fired its co-founder, co-Chief Executive Officer and Chairman Bruce Linton after Constellation expressed disappointment over the company's financial performance.

Bell was appointed as the interim chairman after Linton's ouster.

Klein has served as a director on Canopy Growth's board since 2018.

Constellation Brands has invested over $4 billion in Canopy, making it one of the first major alcohol producers looking to cash in on the proposed legalization of recreational weed in several countries.

However, the pot producer had warned in August that it would need another three to five years to turn profitable. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber)

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.