Cannabis juggernaut Canopy Growth Corporation WEED CGC disclosed on Friday that CEO David Klein will retire at the conclusion of the company’s current fiscal year ending March 31, 2025.
Klein has agreed to remain in his position as CEO and as a member of the company’s board of directors until this date or until a successor is appointed.
The Canadian cannabis giant indicated that its board is in the process of securing a search firm to kickstart a CEO selection process with a focus on identifying the most suitable candidate.
Joining the company in January 2020, Klein steered the Ontario-based firm through transformation and expansion to capitalize on opportunities in the global cannabis market.
“Under his stewardship, the company laid a solid groundwork for multi-market cannabis dominance by transitioning to an asset-light model in Canada and various international markets, notably Germany,” Canopy stated in a press release. “Furthermore, Mr. Klein supervised the rollout and progression of Canopy USA as a pioneering structure offering the Company’s shareholders distinct exposure to the burgeoning growth and possibilities presented by the U.S. cannabis market, even prior to federal permissibility.”
Additional Focus: Canopy Growth Reinforces Its USA Strategy, Engages Acreage Options
Canopy recently announced a milestone quarter for Canadian medical cannabis, with new revenue soaring by 20% year-over-year, marking the 6th continuous quarter of growth. The achieved gross profit stood at CA$23 million, reflecting a 67% surge compared to the first quarter ended June 30, 2023, despite a decrease in consolidated net revenue.
“The fundamentals of our business are continuously improving, and our emphasis on generating profitable revenue is yielding tangible results as we pave the way for growth in the latter half of fiscal 2025,” Klein stated earlier this month. “With our core enterprises showing adjusted EBITDA profitability and poised for expansion, alongside Canopy USA’s positioning to capitalize on immediate market opportunities in the U.S., Canopy Growth is progressing rapidly and is strongly positioned for multi-market cannabis leadership.”
CGC Stock Movements
During the pre-market session on Friday morning, Canopy’s shares dipped by 0.14% to $6.97 per share.
Stay updated as Canopy advances towards the selection of a new CEO.
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