Connect with us

Business

Canopy Growth’s CEO David Klein announces retirement

Published

on


Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced today that the company’s CEO David Klein would be retiring after the company’s current fiscal year ending March 31, 2025. Klein stepped into the role in 2020

Until a successor is named, Canopy said that Klein would continue in his role as CEO and as a member of the company’s Board of Directors to advance Canopy Growth’s strategic objectives including profitability and ensure an effective transition.

“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.”

The Board said in a statement that it is hiring a search firm to begin the search for a new CEO.

CEO David Klein

The announcement follows the company’s first quarter fiscal year 2025 results, which were issued on August 9. Canopy tried to focus on the positive saying that the company had a 67% increase in gross profit year-over-year, delivered a consolidated gross margin of 35%, and drove a broad-based improvement across key financial metrics.

In reality, total revenue fell by 13% to C$75 million versus last year’s C$88 million for the same time. In addition to the falling revenue, Canopy Growth also reported another eye-popping net loss for the quarter of C$127 million versus last year’s net loss of C$38 million for the same period. The net loss from continuing operations in the first quarter of fiscal 2025 was C$129.2 million versus a net loss of C$10.6 million in the first quarter of fiscal 2024.

In addition, the company’s long-term debt grew to C$558 million over last year’s C$493 million.

Bruce Linton’s replacement

Klein took over after Canopy Growth’s co-founder Bruce Linton was ousted over disappointing results. Linton oversaw that massive acquisition plan with Constellation Brands (NYSE: STZ)  which spent $4 billion to buy a 38% stake in the cannabis company. The poor performance by Canopy Growth angered Constellation brand shareholders and the company’s executives.

Mark Zukelin became the next CEO until Constellation replaced him with one of its executives, who was the company’s rising star David Klein. However, Klein also struggled to reduce the company’s debt and losses.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Appeals court ruling deals blow to Cannabis Commission – Cannabis Business Executive

Published

on






Appeals court ruling deals blow to Cannabis Commission – Cannabis Business Executive – Cannabis and Marijuana industry news





























skip to Main Content



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Business

Virginia lawmakers renew push for legal cannabis marketplace – Cannabis Business Executive

Published

on






Virginia lawmakers renew push for legal cannabis marketplace – Cannabis Business Executive – Cannabis and Marijuana industry news




























skip to Main Content



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Business

Massachusetts regulators order single-lab testing to combat cannabis lab shopping

Published

on



Massachusetts regulators will require cannabis businesses to use a single laboratory for all compliance testing in an effort to prevent companies from shopping around for favorable test results.

The state’s Cannabis Control Commission voted 3-0 to require licensed businesses submit testing samples to one independent laboratory starting April 1, 2025, according to an administrative order advanced Thursday. The new rule is meant to close loopholes that some say have allowed companies to shop around for labs to juice their numbers for market share.

“This administrative order continues our mission of being a strong regulator,” Acting Executive Director Debbie Hilton-Creek said in a statement.

Under current rules, companies can split testing among multiple labs. The practice has led some facilities to report suspiciously high THC levels or overlook contamination to attract business.

The commission’s enforcement team said the changes would reduce risks of noncompliant products reaching consumers and improve audit capabilities. The move follows a November listening session in which testing concerns were raised, according to the announcement.

If an original testing lab needs to subcontract work, they must first obtain commission approval and demonstrate they are “incapable of performing certain required tests due to a hardship.” Labs also can only subcontract with one other facility at a time.

“The commission shall only approve subcontracting agreements when the Originating Independent Testing Laboratory is incapable of performing certain required tests due to a hardship relative to its facilities, instrumentation, personnel, or required consumable materials or in the event of an actual or potential conflict of interest,” according to the order.

Results must be uploaded to the state’s tracking system within 72 hours, with all certificates of analysis containing the complete testing results, including any subcontracted work, it said.

The commission will also begin publishing THC test results on its public data platform and establishing regular meetings with licensed laboratories to improve oversight.

The commission thus far has struggled to implement effective testing oversight. Earlier this year, the agency contracted with a private lab for a “secret shopper” program to verify retail products’ test results, Green Market Report previously reported. Unlike other major cannabis markets such as California and Colorado, Massachusetts lacks a state reference lab to independently verify commercial lab results.

Analysis of testing data by MCR Labs found that across multiple states, laboratories reporting higher THC concentrations tend to increase their market share while those reporting average failure rates lose business, according to Chemical & Engineering News.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Business11 mins ago

Appeals court ruling deals blow to Cannabis Commission – Cannabis Business Executive

Business1 hour ago

Virginia lawmakers renew push for legal cannabis marketplace – Cannabis Business Executive

Business3 days ago

Massachusetts regulators order single-lab testing to combat cannabis lab shopping

Business3 days ago

Cansortium completes merger with RIV Capital, plans to scale up in New York

Business3 days ago

The Daily Hit: December 19, 2024

Business3 days ago

Legal cannabis brands find their footing in New York

Business4 days ago

Oregon Cannabis: State of the State (2024) – Cannabis Business Executive

Business4 days ago

Marijuana activist leaders optimistic for progress in 2025

Business4 days ago

cbdMD posts lower annual sales, mixed fourth quarter

Business4 days ago

Vireo nabs $75M through 120M new shares, goes on acquisition spree

Business4 days ago

The Daily Hit: December 18, 2024

Beena Goldenberg4 days ago

Organigram eyes global cannabis growth after Motif deal

Business4 days ago

Farm Bill extension leaves hemp industry intact for now, including intoxicating products

cannabis cafes4 days ago

Cannabis predictions for 2025: Low prices, high taxes, and hash

Business4 days ago

Bat Feces Used to Fertilize Cannabis Is Linked to 2 Deaths – Cannabis Business Executive

Business4 days ago

Cannabis Potency Testing Needs to Be Done the Right Way for Consumer Protection – Cannabis Business Executive

Business4 days ago

Charlie Fox opens largest northeast dispensary in Times Square

Business4 days ago

Massachusetts regulators advance social cannabis consumption rules

Business5 days ago

MediPharm Labs sells Ontario facility for C$5.5M as part of streamlining plan

Strains & products5 days ago

2024’s weed award winners and where to buy them

Alabama5 days ago

The Daily Hit: December 17, 2024

Business5 days ago

Ohio marijuana market continues maturing with new rules

Business5 days ago

Weedmaps co-founders bid to take company private

Business5 days ago

Organigram tops estimates, expands international reach ahead of major deal

Mississippi Cannabis News8 months ago

Mississippi city official pleads guilty to selling fake CBD products

Bay Smokes6 months ago

Free delta-9 gummies from Bay Smokes

California8 months ago

May 2024 Leafly HighLight: Pink Runtz strain

Breaking News7 months ago

Connecticut Appoints The US’s First Cannabis Ombudsperson – Yes there is a pun in there and I’m Sure Erin Kirk Is Going To Hear It More Than Once!

Mississippi Cannabis News8 months ago

People In This State Googled ‘Medical Marijuana’ The Most, Study Shows

best list5 months ago

5 best CBD creams of 2024 by Leafly

cbd7 months ago

New Study Analyzes the Effects of THCV, CBD on Weight Loss

California Cannabis Updates8 months ago

Alert: Department of Cannabis Control updates data dashboards with full data for 2023 

Breaking News7 months ago

Curaleaf Start Process Of Getting Their Claws Into The UK’s National Health System – With Former MP (Resigned Today 30/5/24) As The Front Man

Mississippi Cannabis News7 months ago

Horn Lake denies cannabis dispensary request to allow sale of drug paraphernalia and Sunday sales | News

Asia Pacific & Australia7 months ago

Thailand: Pro-cannabis advocates rally ahead of the government’s plan to recriminalize the plant

California Cannabis Updates8 months ago

Press Release: May 9, STIIIZY and Healing Urban Barrios hosted an Expungement Clinic & Second Chance Resource Fair

Dispensaries6 months ago

Ohio legal cannabis buyer’s guide to 2024

One-Hit Wonders8 months ago

Marijuana Rescheduling: Why Opponents Have No Idea What They Are Talking About

DEA7 months ago

President Biden Announces Federal Government Will Reschedule Cannabis in ‘Monumental’ Announcement

adult-use cannabis7 months ago

Monitoring Weed’s Business Landscape

Mississippi Cannabis News6 months ago

Medical Cannabis changes to take effect July 1

adult-use cannabis7 months ago

Majority of Texans Now Support Legalizing Pot for Adult Use

Pot Luck7 months ago

Benefits of Kratom: Uses, Effects And More 

Asia Pacific & Australia8 months ago

Australia: Legalise Cannabis MP Sophia Moermond quits party over offshore wind farm opposition

Mississippi Cannabis News8 months ago

Cannabis lab files appeal with Mississippi State Department of Health

Business8 months ago

Planet 13 reports $6M loss in first quarter, preps for Florida expansion

adult-use cannabis7 months ago

DeSantis Likely To Veto Hemp Bill that Would Limit THC, Sources Say

California8 months ago

Senator Cory Booker Visits Sacramento Cannabis Giant Amid Decriminalization Push

Trending