Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced on Friday that CEO David Klein will retire at the end of the company's fiscal year - March 31, 2025. Klein, who has led the company since January 2020, will remain in his role until a successor is named. The Board of Directors has begun a comprehensive search for a new CEO.

Leadership Transition Amid Growth

Under Klein's leadership, Canopy Growth transitioned to an asset-light model and expanded its presence in international markets, including Germany and the United States. Klein will continue to advance Canopy's strategic objectives and ensure a smooth transition. "I remain focused on driving Canopy Growth to profitability while supporting the smooth onboarding of a new CEO," Klein said.

Board's Confidence in Strategic Direction

The Board expressed confidence in Canopy's strategy and leadership. "David has been instrumental in navigating the Company through a major transformation," said David Lazzarato, chairman of the board. The board is committed to appointing a new CEO who will continue driving Canopy's ambitious vision forward.

Canopy Growth is positioning itself for continued leadership in global cannabis markets with a focus on profitability and innovation. The company is well-known for its premium and mainstream cannabis brands, including Doja and 7ACRES, and its investments in the U.S. market through Canopy USA.

The retirement announcement follows Canopy's positive first-quarter results, highlighting a 67% increase in gross profit year-over-year.

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