David Klein,
CEO to retire at the end of the Company's fiscal year
Board of Directors expresses continued
confidence in the Company's strategic direction and leadership
team
A comprehensive CEO selection process has been
initiated to identify a successor
This news release constitutes a "designated
news release" for the purposes of Canopy Growth's prospectus
supplement dated June 6, 2024 to its
short form base shelf prospectus dated June
5, 2024.
SMITHS
FALLS, ON, Aug. 16, 2024 /PRNewswire/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ:
CGC), a world-leading cannabis company dedicated to unleashing the
power of cannabis to improve lives, announced today that Mr.
David Klein, CEO, Canopy Growth,
will be retiring at the conclusion of the Company's current fiscal
year ending March 31, 2025. Until
this date or such time that a successor is named, Mr. Klein will
continue in his role as CEO and as a member of the Company's Board
of Directors (the "Board") to advance Canopy Growth's strategic
objectives including profitability and ensure an effective
transition.
The Board is in the process of securing a globally recognized
search firm to initiate a comprehensive CEO selection process
focused on identifying a candidate with the right mix of skills,
experience, and expertise to lead the Company in its next chapter
of growth.
Since joining Canopy Growth as CEO in January of 2020, Mr. Klein
successfully led the transformation and development of Canopy
Growth to meet the vast opportunities presented by the global
cannabis market. Under his leadership, the Company established a
foundation for multi-market cannabis leadership through its
transformation to an asset light model in Canada and across a range of international
markets, including Germany. In
addition, Mr. Klein oversaw the launch and advancement of Canopy
USA as a first of its kind
structure to offer the Company's shareholders unique exposure to
the rapid growth and opportunity presented by the U.S. cannabis
market ahead of federal permissibility.
This announcement follows the Company's first quarter fiscal
year 2025 results, which were issued on August 9 and highlight the progress that has been
made in enhancing Canopy Growth's financial foundation. This
includes realizing a 67% increase in gross profit year-over-year,
delivering a consolidated gross margin of 35%, and driving a
broad-based improvement across key financial metrics.
"Over the past four years, we have transformed Canopy Growth
into a focused, asset-light, and financially disciplined
organization that is well-positioned for sustainable growth. It has
been an honor to lead Canopy Growth through this critical chapter
in our evolution, and I am deeply thankful to all our team members
for their dedication, and to our shareholders for their support,"
said David Klein, CEO, Canopy
Growth. "As we look to the next six months and beyond, I remain
focused on driving Canopy Growth to profitability while supporting
the smooth onboarding of a new CEO to lead the Company forward in
its next phase of growth. My experience at Canopy Growth has only
deepened my belief in the power of cannabis to improve lives, and I
am confident in the ability of our Company and team to continue
bringing that vision to life."
"On behalf of the Board, I want to express our gratitude to
David for his exceptional leadership and commitment to Canopy
Growth. David has been instrumental in navigating the Company
through a major transformation, establishing Canopy USA, and positioning us as a stronger, more
focused organization poised for leadership across the most exciting
global cannabis markets,'' said David Lazzarato, Chairman of
the Board, Canopy Growth. "The Board remains confident in the
Company's strategic direction as well as its leadership team, and
we are committed to appointing a new CEO who will continue to drive
our ambitious vision forward, ensuring that the Company remains at
the forefront of cannabis innovation and growth."
About Canopy Growth
Canopy Growth is a world leading cannabis company dedicated to
unleashing the power of cannabis to improve lives.
Through an unwavering commitment to our consumers, Canopy Growth
delivers innovative products with a focus on premium and mainstream
cannabis brands including Doja, 7ACRES, Tweed, and Deep Space, in
addition to category defining vaporizer technology made in
Germany by Storz & Bickel.
Canopy Growth has also established a comprehensive ecosystem to
realize the opportunities presented by the U.S. THC market through
an unconsolidated, non-controlling interest in Canopy USA, LLC ("Canopy USA"). Canopy USA has closed the acquisitions of
approximately 75% of the shares of Lemurian, Inc. ("Jetty") and two
of three Wana entities that make up Wana
Brands, being Wana Wellness, LLC and The CIMA Group, LLC, with the full acquisition of
Wana expected by end of summer, subject to regulatory approval,
once the acquisition of Mountain High Products, LLC is complete.
Jetty owns and operates Jetty Extracts, a California-based producer of high- quality
cannabis extracts and pioneer of clean vape technology, and
Wana Brands is a leading North
American edibles brand. Canopy USA
has also exercised an option to acquire Acreage Holdings, Inc., a
vertically integrated multi-state cannabis operator with principal
operations in densely populated states across the Northeast and
Midwest.
Beyond its world-class products, Canopy Growth is leading the
industry forward through a commitment to social equity, responsible
use, and community reinvestment – pioneering a future where
cannabis is understood and welcomed for its potential to help
achieve greater well-being and life enhancement.
For more information visit www.canopygrowth.com.
References to information included on, or accessible through,
our website do not constitute incorporation by reference of the
information contained at or available through our website, and you
should not consider such information to be part of this press
release.
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SOURCE Canopy Growth Corporation
