Aug 15, 2019

Ex-Canopy boss Bruce Linton buys more shares in 'August sale'

Canopy shares tumble on lower net cannabis sales


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Bruce Linton may have been pushed out from the cannabis firm he helped co-found, but that’s not stopping him from increasing his investment in Canopy Growth Corp. (WEED.TO)

Linton, who was unexpectedly ousted in July as Canopy’s co-chief executive officer and board chairman, told BNN Bloomberg he scooped up more shares in the Smiths Falls, Ont.-based firm after its stock slid Thursday morning.

“Yes I have bought on this August sale,” Linton said in an email, after earlier indicating he was “watching the dips” Thursday.  

Linton declined to specify how much Canopy stock he bought. According to a June 28 filing, the 52-year-old held nearly 2.5 million Canopy shares.

Canopy shares tumbled Thursday after the company posted a sequential decline in recreational cannabis revenue, while its adjusted loss widened to $92 million in the fiscal first quarter.

Linton, however, still appears confident in Canopy’s future.

“[Canopy] continues to execute on the emerging opportunity for increasingly sophisticated global and national recreational and medical products. This is a vision and dedication exercise that is designed to reward shareholders over a huge and rapidly emerging market,” he said.

“August has always been a buying opportunity.”

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.

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