Bruce Linton stepping down as co-CEO of Canopy Growth

Bruce Linton

Bruce Linton stepping down as co-CEO of Canopy Growth

"The Board decided today, and I agreed, my turn is over".

In an interview with CNBC Wednesday morning, Linton said he was "terminated" from the company.

Rade Kovacevic, current head of Canadian operations and recreational strategy, will fill the role as president. Global News spoke with Linton about what's next for him and about the company, in Toronto.

The company also named John Bell, Canopy's lead director of five years, as chairman, a decision that it said would be reviewed at the board's annual meeting in September. "While change is never easy, I have full confidence in the team at Canopy - from Mark and Rade's leadership to the full suite of leadership - as we progress through this transition and into the future".

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Last month, Canopy reported a net loss of about C$323 million for the fourth quarter, attributing it to increased investments in expanding the business.

A week later, Constellation Brands, which owns almost 56% stake in Canopy and has four of its six board seats, said it was not happy with the Canadian company's year-end results.

The New York-based company said equity losses in connection with Canopy, which it records on a two-month lag, amounted to 20 cents United States per share.

Linton, a co-founder of Canopy, had been a leader at the company since its inception in 2013, when it was first known as Tweed Marijuana.

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Earlier this year, Canopy also replaced long-term Chief Financial Officer Tim Saunders with a former Constellation executive.

The cannabis company said Mark Zekulin will become the sole CEO and will work with the board to begin a search to find a new leader to guide the company in its next phase. "We believe there may have been a disconnect between the near-term execution sought by Constellation at this point and Mr. Linton's focus on investing for the longer term, often at the expense of short-term performance", Miehm wrote.

Mark Zekulin, now president and co-chief executive officer, will remain on as CEO of Canopy, the world's largest publicly traded cannabis company by market capitalization.

"I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward", he said in a statement.

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