Mark Zekulin to Step Down
Within Current Year as Planned
SMITHS FALLS, ON, Dec. 9, 2019 /PRNewswire/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE:
CGC) is pleased to announce that effective January 14, 2020, David
Klein has been appointed as the Company's Chief Executive
Officer.
David brings a wealth of expertise to this role, having served
in a number of senior leadership capacities over the past 14 years
at Constellation Brands. His capabilities include extensive CPG and
beverage alcohol industry experience, strong financial orientation,
and experience operating in highly regulated markets in the U.S.,
Canada, Mexico and Europe. David is an experienced strategist
with a deep understanding of how to build enduring consumer brands
while leveraging operational scale across a dispersed production
footprint. He is a strong leader with a proven track record of
developing diverse and high performing teams.
In his current role as executive vice president and chief
financial officer at Constellation Brands, David oversees all
aspects of the company's finance operations, all mergers and
acquisitions, as well as the company's information technology
function. He is widely respected among members of the U.S.
investment community, earning recognition as a top CFO by
Institutional Investor magazine the past three years. David serves
as a member of Constellation Brands' executive management
committee. He has served on the Canopy Growth Board of Directors
for over a year and is presently Canopy Growth's Board Chair. This
familiarity with the Company's current leadership team and strategy
will allow David to integrate quickly, a major benefit in the
fast-moving cannabis sector.
"Canopy Growth sits at the forefront of one of the most exciting
new market opportunities in our lifetime," said Klein. "Thanks to
the efforts of Mark and the entire team at Canopy Growth, no
company is better positioned to win in the emerging cannabis
market. I look forward to working with the team to build on the
foundation that has been laid, to develop brands that strongly
resonate with consumers, and to capture the market opportunity
before us. Together we will drive sustainable, industry-leading
growth that benefits employees, shareholders and the communities in
which we operate."
The appointment of David Klein
follows a thorough recruitment process overseen by a special Hiring
Committee of the Board using global recruitment company Heidrick
& Struggles, which saw a wide variety of exceptional candidates
vetted and interviewed. David will step down from all other
positions he currently holds, remaining a member of the Canopy
Board of Directors. The Company intends to appoint a new
Chairperson upon David's effective date as CEO.
Consistent with the previously announced transition plan, with a
new CEO identified Mark Zekulin will
be stepping down from his role as CEO and resigning his seat on the
Board of Directors of Canopy effective December 20, 2019. As a founding employee
of Canopy Growth (then Tweed Marijuana Inc.), Mark was instrumental
in building Canopy into what it is today first in the role of
President, then President and Co-CEO, and finally as CEO.
"It has been an incredible six years at Canopy Growth, and I
have witnessed the team and Company grow from five people in an
abandoned chocolate factory, to thousands of people across five
continents," said Zekulin. "Canopy today is positioned to win with
the resources, infrastructure, team, and award-winning culture
needed to succeed. It has truly been an honour to be part of
building a unique, Canadian success story like Canopy, and I look
forward to seeing the Company continue to evolve and grow under
David's leadership."
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth
(TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp
and cannabis device company, offering distinct brands and curated
cannabis varieties in dried, oil and Softgel capsule forms, as well
as medical devices through Canopy Growth's subsidiary, Storz &
Bickel GMbH & Co. KG. From product and process innovation to
market execution, Canopy Growth is driven by a passion for
leadership and a commitment to building a world-class cannabis
company one product, site and country at a time. Canopy Growth has
operations in over a dozen countries across five continents.
Canopy Growth's medical division, Spectrum Therapeutics is
proudly dedicated to educating healthcare practitioners, conducting
robust clinical research, and furthering the public's understanding
of cannabis, and has devoted millions of dollars toward cutting
edge, commercializable research and IP development. Spectrum
Therapeutics sells a range of full-spectrum products using its
colour-coded classification Spectrum system as well as single
cannabinoid Dronabinol under the brand Bionorica Ethics.
Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo
Smoke banners. Tweed is a globally recognized cannabis brand which
has built a large and loyal following by focusing on quality
products and meaningful customer relationships.
From our historic public listing on the Toronto Stock Exchange
and New York Stock Exchange to our continued international
expansion, pride in advancing shareholder value through leadership
is engrained in all we do at Canopy Growth. Canopy Growth has
established partnerships with leading sector names including
cannabis icons Snoop Dogg and Seth
Rogen, breeding legends DNA Genetics and Green House Seeds,
and Fortune 500 alcohol leader Constellation Brands, to name but a
few. Canopy Growth operates eleven licensed cannabis production
sites with over 10.5 million square feet of production capacity,
including over one million square feet of GMP certified production
space. For more information visit www.canopygrowth.com
Notice Regarding Forward Looking Statements
This news
release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Often, but not always,
forward-looking statements and information can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include statements with
respect to leadership changes and transitions. Risks, uncertainties
and other factors involved with forward-looking information could
cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking information. Examples of such risks are
contained in the Company's annual information form dated
June 27, 2018 and filed with Canadian
securities regulators available on the Company's issuer profile on
SEDAR at www.sedar.com. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information or forward-looking statements in this news release are
reasonable, undue reliance should not be placed on such information
and no assurance can be given that such events will occur in the
disclosed time frames or at all. The forward-looking information
and forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities laws.
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SOURCE Canopy Growth Corporation