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Aug 15, 2018

'I got this suit at Winners': No flash for Canopy Growth’s paper millionaire co-CEO

Canopy Growth's Linton betting on Constellation Brands buyout

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Canopy Growth co-Chief Executive Officer Bruce Linton won’t be buying a bespoke suit any time soon. In an interview on BNN Bloomberg, Linton, whose 1.9 per cent stake in the world’s largest cannabis company was worth $118 million Wednesday morning, said he’s still just fine with the discount rack.

“I don’t think I need anything,” he said. “I got this suit at Winners. It looks good on TV.”

And there are no flashy cars dotting the parking lot at the company’s headquarters in Smiths Falls, Ontario. Linton still drives a used Ford Flex SUV and his co-CEO Mark Zekulin is still behind the wheel of a Volkswagen, a policy Zekulin told BNN Bloomberg is deliberate.

“There’s a bit of an unofficial rule. We try not to have fancy cars in the parking lot – it sends the wrong message,” he said in a July 19 interview.

The meteoric rise in Canopy Growth’s stock price has created dozens of paper millionaires at the company, with shares topping $42 apiece in trading Wednesday. The company hit public markets at $3.20 per share in May 2014.

Though Canopy Growth is far and away the world’s largest cannabis company with a market cap exceeding $9-billion in the wake of Constellation Brands’ $5-billion investment in the company, Linton said he won’t forget the company’s scrappy roots.

“I keep saying million, I have got to learn that billion word,” he said about the proceeds from Canopy’s deal with Constellation. “You know, it’s one of those things, it’s an easy mistake. It was about four years ago I was panhandling for investors.”