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.
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the industry. Hear directly from top executives, investors, advocates, and policymakers. Get your tickets now before prices go up by following this link.
Photo: AI-generated image.
