Canopy Growth axed their CEO.
Former Canopy CEO discussed his firing with the financial press.
With investment after investment, Linton certainly was making good use of the war chest provided by Constellation, including inking the agreement to acquire U.S. multi-state marijuana operator Acreage Holdings, and racking up unprofitable quarter after unprofitable quarter. For a tech company in growth mode answering to a venture capital firm with a stomach for quarterly losses, that might not be such a large problem. For a Canopy Growth answering to Constellation Brands CEO Bill Newlands — who sits on Canopy’s board — it cost Linton his job.
Looks like we had the boards of two different companies getting in a tussle over forward facing strategy. It's going to be a long time before Wall Street can accurately game the business model. As the cannabis business goes corporate, we will see more and more of this. Hopefully Canopy can get it turned around under new management. At the end of the day we cannabis business needs to make money and Linton learned this the hard way.