Bruce Linton, historic founder of Canopy Growth, pushed towards the exit

Bruce Linton, the historic founder of Canopy Growth, announced on Wednesday July 3 his departure from the Canadian company, leader in the production and distribution of medical cannabis. He was pushed out following an emergency board meeting held without him last week. While the press release issued by the company states that he has been « removed from office« Linton told the press that he had simply been «fired». «The board has decided, and I agree: my turn is over,» he added.

His departure came after the company lost momentum, as noted by the report for the last quarter of 2018 which reported a loss of 39 million Canadian dollars. This was not to the liking of Bill Newlands, head of Constellation Brands and owner of 39% of shares of Canopy Growth, which invested C$4 billion last November. In an interview with CNBC, he stated that he was « not satisfied »He is still convinced of the long-term potential of his investment. The announcement of Bruce Linton's departure was reflected in a 5% drop in Canopy Growth's share price on the Toronto Stock Exchange, although the stock regained 2.5% of its value in the afternoon.

Until yesterday, Linton was co-CEO of Canopy Growth, together with Mark Zekulin, who will assume the position alone for a time. He will assist the company in the search for a replacement. Both internal and external candidates will be considered, in line with Canopy's desire for renewal.

In an interview with Bloomberg, Linton says the company will be fine without him, and says without animosity that «if he'd been 27 he'd probably have been upset, but at 52 it's not the first time he's been fired from a company after starting it up and making it competitive». However, he adds with a touch of irony that his departure is a »sad day for Bruce», given that he didn't get to this position by working only «Monday to Thursday». He admitted in an interview with CNBC that «sometimes entrepreneurs aren't really employable», because they like to «create businesses and lead them to success».

In a statement to the press, Cam Battley, Vice President of Aurora Cannabis and former colleague of Bruce Linton, made it clear that «his contributions to the creation of a cannabis sector that is first Canadian and now global will not be forgotten». In addition to recognition for his work, Linton won't be leaving Canopy empty-handed either, although the financial terms of his departure have not yet been released to the press.