Cannabis company Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced on Friday that CEO David Klein will retire after the company's current fiscal year ending March 31, 2025.

Klein agreed to continue to serve in his role as CEO and as a member of the company's board of directors until this date or such time that a successor is named.

The Canadian cannabis giant said its board is working on securing a search firm to initiate a CEO selection process focused on identifying the right candidate.

Klein, who joined the company in January 2020, led the Ontario-based company through transformation and development to meet opportunities within the global cannabis market.

"Under his leadership, the company established a foundation for multi-market cannabis leadership through its transformation to an asset-light model in Canada and across a range of international markets, including Germany," Canopy said in a press release. "In addition, Mr. Klein oversaw the launch and advancement of Canopy USA as a first-of-its-kind structure to offer the Company's shareholders unique exposure to the rapid growth and opportunity presented by the U.S. cannabis market ahead of federal permissibility."

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Canopy recently reported a record quarter for Canadian medical marijuana, with new revenue surging 20% year-over-year and representing the 6th consecutive quarter of growth. Achieved gross profit was CA$23 million representing a 67% increase over the first quarter ended June 30, 2023, despite a decline in consolidated net revenue.

"The fundamentals of our business continue to strengthen, and our focus on profitable revenue generation is yielding clear results as we set the stage for growth in the second half of fiscal 2025," Klein said earlier this month. "With our core businesses delivering adjusted EBITDA profitability and primed for growth, paired with Canopy USA's positioning to benefit from near-term market opportunities in the U.S., Canopy Growth is advancing rapidly and is well established for multi-market cannabis leadership."

CGC Price Action

Canopy's shares traded 0.14%lower at $6.97 per share during the pre-market session on Friday morning.

Stay tuned here as Canopy moves toward choosing a new CEO.

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