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Constellation Brands chief financial officer David Klein becomes new chair of Canopy Growth Corp.

Kirk Smol by Kirk Smol
November 11, 2024
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Constellation Brands chief financial officer David Klein will become new CEO of Canopy Growth Corp.

After reporting a US$484-million loss on its investment in Canopy Growth Corporation, a Fortune 500 liquor company has installed its chief financial officer as the Canadian cannabis company’s chairman.

David Klein, who’s also executive vice president of New York state–based Constellation Brands, moves into the position two months after the Canopy board fired founder and former co-CEO Bruce Linton.

“I’m excited to serve as Canopy Growth’s new chair of the board of directors,” Klein said in a news release. “There is no company better positioned to win in the emerging global cannabis market. I look forward to continuing to work with Canopy Growth’s very talented leadership team to position the company for long-term, industry-leading profitable growth.”

The former interim chair, John Bell, will remain on Canopy’s board of directors.

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This board shuffle comes a week before Canada is scheduled to legalize cannabis edibles, extracts, and topical products.

Last week, Canopy bought control of the sports-beverage company BioSteel Sports Nutrition.

Constellation Brands became Canopy’s largest shareholder after making a $5-billion investment in the company last year.

This summer, Canopy reported a $1.28-million net loss in the first quarter of this fiscal year.

This was despite the Smith Falls, Ontario–based company selling 13 percent more cannabis in that quarter over the previous quarter in the Canadian recreational market.

As of this writing, Canopy shares are down 2.73 percent to $29.62. Its 52-week high was $76.68.

Canopy’s market capitalization is $10.3 billion.

Kirk Smol

Kirk Smol

Kirk's journey through the digital realm began with lines of code and algorithms dancing in his dreams. Armed with a keyboard and an insatiable curiosity, he embarked on the path of software engineering. However, fate had a smoky twist in store for him. As the ones and zeros swirled around him, Kirk had an epiphany – he realized that he was more interested in the highs and lows of the cannabis industry than debugging lines of code. With a leap of faith that would make a bungee jumper blush, he bid farewell to the world of semicolons and database queries and embraced the intoxicating allure of cannabis journalism. Now, Kirk finds himself navigating a different kind of network, one that's all about buds, trichomes, and terpenes. Armed with a pen that's mightier than a vaporizer and a keen eye for detail, he's on a mission to unravel the mysteries of the green world.

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