On Wednesday, Canopy announced in a press release that founding co-CEO Bruce Linton was “stepping down.” Within hours, Linton clarified to CNBC that he was fired as co-CEO and member of the company’s board. He said in a statement, “The board decided today, and I agreed, my turn is over.”
Financial Post, CNBC

A Canaccord Genuity analyst suggested Constellation wants a CEO from a blue-chip company to replace Linton, while Toronto financial CEO Neil Selfe said, “The skillset that’s required to get a company off the ground is different than running a company in the long term.”

Linton said he knew the Constellation deal might be the beginning of the end for him, “But we would have been fools not to bring in a $5-billion cash infusion just so we could keep our jobs.”

Quick Hits

  1. Globe columnist Barrie McKenna argued cannabis may never be a major profit-making industry in Canada, where the cannabis market is “small, highly regulated (as it must be) and vastly oversupplied.”
    Globe and Mail

  2. Industry people want the government to invest in educating the public about the coming slate of soon-to-be-legal cannabis products.
    Global News

  3. The C-45 Quality Association called for cultivators and regulatory people to join their quality/compliance organization, which is working to develop best practices and standards for the Canadian cannabis sector.
    C45 Association