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Cannabis Summary for Dec. 9, 2019

2019-12-09 20:18 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 4.03 points to 389.71 Monday. Canopy Growth Corp. (WEED) gained $3.45 to $28.17 on 9.73 million shares after appointing David Klein as chief executive officer, effective Jan. 14, 2020. Canopy had been searching for a new CEO ever since the company ousted co-founder and then co-CEO Bruce Linton in early July. Mr. Linton was evidently given a push by Canopy's 38-per-cent-owner, Constellation Brands Inc. In the five months since, Canopy co-founder and co-CEO Mark Zekulin served as interim CEO. He will resign as CEO and a director, effective Dec. 20.

Mr. Klein has been with Constellation Brands, which is a drinks conglomerate, for 14 years. Following his appointment as Canopy CEO, he will resign from his current role with Constellation as executive vice-president and chief financial officer. He has been on Canopy's board of directors for over a year and is currently chairman. Since he has been at Canopy for over a year, he is certain to be familiar with Canopy's hefty losses.

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