Several changes have been made to the Golden Leaf Holdings executive team: John Varghese, who served as interim chief executive officer after the resignation of Gary Zipfel, has transitioned to the role of executive chairman; Jeffrey Yapp has assumed the role of CEO and joined the board of directors; Ekaterina (“Kate”) Koustareva is serving as […]
DETROIT, Sept. 17, 2019 /CNW/ – Wolverine Partners Corp. (d.b.a. Gage Cannabis Co.) (the “Company” or “Gage”), one of Michigan’s leading craft cannabis and brand platforms, today announced the proposed change of its corporate name to Gage Growth Corp. and addition of Bruce Linton, who will be appointed to the role of Executive Chairman. The changes are expected to be made effective in connection with the closing of Gage’s proposed acquisition of Rivers Innovations Inc. (“Innovations”).
Canopy Growth Corp.’s co-founder and recently ousted co-chief executive has his eye on a new frontier for medicine beyond cannabis: psychedelics. Bruce Linton said he will be a director at Mind Medicine, a Toronto-based company that is seeking to establish safe psychedelic-assisted treatments for mental illness, such as medicinal psilocybin and medicinal MDMA. He sees the […]
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Ousted Canopy Growth co-CEO Bruce Linton is getting back into the marijuana business in a big way, resurfacing as a senior executive, investor and adviser in three separate companies in the U.S. and Canada. Linton is joining Michigan-based Gage Cannabis Co. as executive chairman, parent company Wolverine Partners said Tuesday. Gage said in a release […]
Canopy’s ‘never been better,’ says interim CEO as the biggest investor is set to record a related loss
TORONTO — Canopy Growth Corp.’s interim chief executive says, the mood at the cannabis producer has “never been better”. A comment that comes two months after its charismatic co-founder was abruptly ousted from the top job. And as pressure mounts for the company to reach profitability. Mark Zekulin says, Canopy is shifting from: Building mode Hefty […]
The woes of Canopy Growth continue with a write-down of $1.18 billion on its Constellation deal, following the loss of Bruce Linton and now the impending departure of his successor Mark Zekulin.
While reporting a sales rise of almost 300 per cent to Canadian $103 million, and a record harvest, shares in the world’s largest cannabis company have fallen by 25% to around $35 since the release of its first quarter results, earlier this month.
The Constellation write down led the company to an overall loss of C$1.28 billion in the quarter, up to June 30, saying it is concerned with ‘warrants related to the deal’, reported Canopy in its market announcement. Canopy fired Co-Chief Executive Bruce Linton in June, this year, not long after its previous earnings report, and new CEO Mark Zekulin told a first quarter conference call he expects to ‘exit once a new leader is found’.
During the call Mr Zekulin outlined Canopy’s two main objectives, amid speculation the company is under increasing pressure to improve its bottom line from drinks giant Constellation, which has a 38% stake in the business.
The first of these is to continue to lay the foundation for ‘dominance in the global market place’, and secondly, to move from ‘builders to operators’ – effectively, to start making money in its domestic market. Canopy’s overseas ambitions have been demonstrated with a number of European deals this year.
In February, Canopy bought Germany-based C3, Europe’s largest cannabinoid-based pharmaceuticals company. Two months later it purchased Spanish licensed cannabis producer Cáñamo y Fibras Naturales; one of the three Spanish companies authorised to cultivate, distribute and export medical cannabis. In May, it followed this up with the purchase of U.K firm the This Works – natural skincare and sleep solutions provider.
The acquisitions of C3 and This Works cost the business $430.9 million the company said in its latest result’s announcement, adding ‘that it will solidify its status as a truly global leader in cannabinoid research’. Its overseas ambitions were demonstrated further earlier this month with the purchase medical cannabis researcher Beckley Canopy Therapeutics, and its U.K. offshoot Spectrum Biomedical UK,
Mr Zekulin, said this deal ‘will allow Spectrum to continue expanding its medical cannabis leadership around the world, strengthening its foothold in the UK and more broadly across Europe’.
The post Canopy Expands Global Reach Despite Recent Setbacks appeared first on CBD Testers.
Bruce Linton, the former co-CEO of Canopy Growth who was fired by the Canadian company last month, on Tuesday told CNBC’s “Squawk Box” he has since acquired more shares in the cannabis giant. “It was a right time for them to make the change, and it was the right time to buy the stock,” Linton said […]
DENVER — More than 32 global CBD experts will gather to present timely updates on the state of cannabinoidiol business, tech and policy at the 6th annual CBOutLook conference, set for August 14-15 at the University of Denver. Newsmakers Brian Furnish, Bruce Linton and Mark Bolton will participate on key presentations. Kentucky hemp pioneer Brian […]
VANCOUVER, July 30, 2019 /PRNewswire/ – With the Next Wave of Legalization looming around the corner and the Canadian Cannabis Industry seemingly flipped upside down with the recent news of Co-CEO Bruce Linton being sacked by Canopy Growth and other Co-CEO Mark Zekulin only temporarily being allowed at the helm until a suitable replacement can be found. Also, Peter Aceto, being fired as CEO with cause and Chairman Eric Paul forcefully resigned from CannTrust Holdings last week. Their company is being accused of cultivating cannabis in unlicensed greenhouses. Now Health Canada is holding nearly 12.7 tonnes of dried cannabis grown at CannTrust’s Pelham facility. There is already a huge nationwide shortage of legal cannabis and consumers have been complaining about quality control and price issues. Now the public is demanding accountability and we have seen in recent weeks that nobody is immune from negligence in compliance and regulatory probes. Things are looking rather bleak in the Canadian legal cannabis landscape now.
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Former Canopy Growth co-CEO Bruce Linton, presenting the keynote address at the National Cannabis Industry Association’s Cannabis Business Summit, made light of his recent firing by the board of directors at Canopy Growth.