Changes are designed to drive execution
against the Company's strategic priorities
SMITHS FALLS, ON, Nov. 19, 2021 /CNW/ - Canopy Growth Corporation
("Canopy Growth" or "the Company") (TSX: WEED)
(NASDAQ: CGC), a world-leading diversified cannabis, hemp, and
cannabis device company, today announced strategic changes to its
Executive Management Committee. Effective immediately, Mike Lee, Executive Vice President and Chief
Financial Officer, and Rade Kovacevic, President and Chief Product
Officer will be stepping down from their respective roles on the
Executive Management Committee and will depart from the company on
December 31, 2021. In the interim,
they will serve in an advisory capacity to support transition.
"These decisions reflect Management and the Board's vision for
building a best-in-class organization that is well-positioned to
deliver long-term growth and shareholder value," said
David Klein, CEO, Canopy Growth. "We appreciate Mike and
Rade's contributions to advancing Canopy Growth to our position as
a cannabis industry leader."
The Company has initiated an external search for both roles and
to support a seamless transition has named Judy Hong as interim Chief Financial Officer and
Tara Rozalowsky as interim Chief
Product Officer. In addition to serving as members of the company's
Executive Management Committee, both will report directly to CEO
David Klein effective
immediately.
"Judy and Tara are established leaders who have played pivotal
roles during their tenure at Canopy Growth. I am confident in their
ability to execute against our strategic priorities as we
accelerate our path to profitability," added David Klein, CEO.
About Judy Hong – Interim
Chief Financial Officer:
Since joining Canopy Growth in 2019
as the Vice President, Investor Relations & Competitive
Intelligence, Judy has strengthened Canopy's capital market
presence by leveraging her extensive experience from Goldman Sachs
& Co., where she spent more than 20 years focused on the
consumer-packaged goods sector, and notably held the role of
Managing Director of the Global Investment Research Division. In
addition to leading Canopy's Investor Relations team, Judy also
serves as Chief of Staff to the CEO and is a member of the
Executive Management Committee.
About Tara Rozalowsky –
Interim Chief Product Officer:
A seasoned marketing and
sales executive, Tara has held leadership positions with iconic
global CPG companies including S.C. Johnson, and most recently,
ConAgra. At Canopy, she has held the role of Vice President,
Beverage and Edibles and has successfully launched a portfolio of
award-winning products and brands, including Martha Stewart CBD,
and Quatreau, Canopy Growth's first CBD-infused beverage line.
About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified
cannabis and cannabinoid-based consumer product company, driven by
a passion to improve lives, end prohibition, and strengthen
communities by unleashing the full potential of cannabis.
Leveraging consumer insights and innovation, we offer product
varieties in high-quality dried flower, oil, softgel capsule,
infused beverage, edible, and topical formats, as well as vaporizer
devices by Canopy Growth and industry-leader Storz & Bickel.
Our global medical brand, Spectrum Therapeutics, sells a range of
full-spectrum products using its colour-coded classification system
and is a market leader in both Canada and Germany. Through our award-winning Tweed and
Tokyo Smoke banners, we reach our adult-use consumers and have
built a loyal following by focusing on top quality products and
meaningful customer relationships. Canopy Growth has entered into
the health and wellness consumer space in key markets including
Canada, the United States, and Europe through BioSteel sports nutrition, and
This Works skin and sleep solutions; and has introduced additional
hemp-derived CBD products to the United
States through our First & Free and Martha Stewart CBD
brands. Canopy Growth has an established partnership with Fortune
500 alcohol leader Constellation Brands. For more information visit
www.canopygrowth.com.
Notice Regarding Forward-Looking Information
This press release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable U.S.
and Canadian securities laws (collectively, "forward-looking
statements"), which involve certain known and unknown risks and
uncertainties. Forward-looking statements predict or describe our
future operations, business plans, business and investment
strategies and the performance of our investments. These
forward-looking statements are generally identified by their use of
such terms and phrases as "intend," "goal," "strategy," "estimate,"
"expect," "project," "projections," "forecasts," "plans," "seeks,"
"anticipates," "potential," "proposed," "will," "should," "could,"
"would," "may," "likely," "designed to," "foreseeable future,"
"believe," "scheduled" and other similar expressions. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statement was made.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive risks, financial results, results,
performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are
not guarantees of future performance. Accordingly, there are or
will be important factors that could cause actual outcomes or
results to differ materially from those indicated in these
statements. A discussion of some of the material factors applicable
to Canopy Growth Corporation ("Canopy") can be found under the
section entitled "Risk Factors" in Canopy's Annual Report on Form
10-K for the year ended March 31,
2021, filed with the Securities and Exchange Commission and
with applicable Canadian securities regulators, as such factors may
be further updated from time to time in its periodic filings with
the Securities and Exchange Commission and with applicable Canadian
securities regulators, which can be accessed at
www.sec.gov/edgar and
www.sedar.com, respectively. These factors should
not be construed as exhaustive and should be read in conjunction
with the other cautionary statements that are included in this
press release and in the filings. Any forward-looking statement
included in this press release is made as of the date of this press
release and, except as required by law, Canopy disclaims any
obligation to update or revise any forward- looking statement.
Readers are cautioned not to put undue reliance on any
forward-looking statement. Forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement.
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SOURCE Canopy Growth Corporation