Jul 3, 2019
Constellation Brands says it ‘fully supports’ Canopy’s decision on Linton
Bruce Linton says leaving Canopy Growth wasn't his choice
Constellation Brands Inc. (STZ.N) says it “fully supports” the decision made by Canopy Growth Corp.’s (WEED.TO) board of directors to make Mark Zekulin the company’s sole chief executive officer after the cannabis producer announced its other CEO, Bruce Linton, was stepping down from the company he co-founded.
“Mark has played an integral role in the company’s success since its inception, including managing all aspects of the company’s day-to-day operations,” a spokesperson for New York-based Constellation said in an emailed statement to BNN Bloomberg. “He is committed to helping ensure a successful transition, as Canopy begins a process to identify a leader to drive the company’s vision going forward.”
Constellation, the maker of Corona beer, made a $5-billion investment in the cannabis producer last August, but the alcohol giant’s CEO recently expressed his displeasure with Smiths Falls, Ont.-based Canopy’s latest financial results.
"While we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy's recent reported year-end results," Bill Newlands said on a conference call discussing Constellation's quarterly earnings on June 28.
"However, we continue to aggressively support Canopy on a more focused, long-term strategy to win markets and form factors that matter while paving a clear path to profitability."