In the latest marijuana stocks news, Canopy Growth (NYSE:CGC) founder Bruce Linton was fired this week–a development that most of us did not anticipate.
The Smiths Falls, Ontario-based company reportedly sacked its co-CEO following an underwhelming quarterly earnings report, prompting Linton to announced that he will be stepping down as boss. He will also leave the company board.
“It’s hurtful to be ejected from the thing you created,” Linton told MarketWatch over the phone today, adding that his departure is not voluntary. “The part that’s disappointing to me is to be out of the company but this is not the first time I’ve been fired as a founder. It’s an evolution I didn’t welcome.”
Canopy Growth is the largest cannabis company in the world based on market capitalization, due in large part to a $4 billion investment from the Corona beer parent company. The business said that Mark Zekulin has agreed to assume the role of sole CEO–he will work with the company board to find a new leader, taking into consideration both internal and external candidates.
“There’s no one who is competent on the planet that isn’t going to apply for the job,” Linton said, adding that Canopy Growth’s main challenge will be making a decision from the large number of candidates he predicts will apply for the position.
CGC stock was gaining 2.5% during regular trading hours Wednesday, but shares then retraced about 0.7% after hours.