TORONTO — Canopy Growth Corp.’s interim chief executive says, the mood at the cannabis producer has “never been better”. A comment that comes two months right after its charismatic co-founder was abruptly ousted from the major job. And as stress mounts for the organization to attain profitability.
Mark Zekulin says, Canopy is shifting from:
- Constructing mode
- Hefty investments in infrastructure
- Expansion to “operating” mode
He notes that this move is separate from the transition of leadership underway from the preceding CEO Bruce Linton. This is the “natural progression” for the organization and its plans.
His comments come a single week right after Canopy’s biggest investor, Constellation Brands, stated:
“It expects to record a US$54.eight-million loss in its present quarter from its $five-billion investment into the Smiths Falls, Ont.-primarily based company”.
The New York-primarily based alcohol giant had stated in June it was “not pleased” with Canopy’s earnings. And Linton’s surprise termination from the major job followed in July.
Zekulin, formerly co-CEO alongside Linton stated final month:
That he would leave the organization when a appropriate CEO is located. The recruitment procedure is underway.
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The Canadian Press
Featured Image: THE CANADIAN PRESS/ Tijana Martin