Following the public ouster of former CEO Bruce Linton this summer, Canopy Growth Corporation (TSX: WEED; NYSE: CGC) is now undergoing other management changes at the direction of major investor Constellation Brands.
John Bell has stepped down from his role as interim Chair of the Canopy board this morning, although he will remain on as a board Director going forward.
Constellation Brands Executive VP and CFO David Klein will now move into the role of board Chair in Bell’s place. Klein commented on the move today:
Canopy has undergone a series of top-level changes following mixed to disappointing earnings reports after the Constellation investment.
The company is currently awaiting federal legalization of cannabis in the United States — or at the least the removal of marijuana as a Schedule I drug — before moving forward with a landmark international acquisition of Acreage Holdings.
Seeking to further diversify, the company additionally acquired a 72% stake in BioSteel Sports Nutrition last week, with plans already in the works for launching a series of CBD-infused sports beverages. BioSteel currently sells the #DrinkThePink hydration mix aimed at amateur and pro sports athletes.
In other news, Canopy is now celebrating the one-year anniversary both of nationwide Canadian legalization as well as the launch of the Tweed | TerraCycle recycling program.
Since beginning last year with a small handful of Tokyo Smoke and Tweed sites, the program has expanded to nearly 300 retail locations that have collected a combined 22,000 pounds of cannabis packaging.
Participating locations accept a variety of bottles, plastic bags, tins, and other forms of excess cannabis product packages that would normally end up in the garbage.
Aside from standard in-store drop off options, the Tweed | TerraCycle program also offers prepaid shipping labels that can be printed at home, allowing customers to ship their packaging in for recycling if they aren’t near a participating location.