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.”
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