Constellation exec named Canopy CEO as takeover odds grow

Dec 11, 2019

(NBBJ) - Canopy Growth Corp., the world’s most valuable cannabis company, has appointed Constellation Brands Inc.’s finance head as its chief executive officer, raising the odds that the alcohol giant will buy Canopy outright.

David Klein, currently chief financial officer of Constellation and chair of Canopy’s board of directors, will become the pot company’s CEO effective Jan. 14, Canopy announced Monday. Constellation owns approximately 35% of Canopy.

Klein will replace Mark Zekulin, who has been leading the company as its sole CEO since Bruce Linton was forced out of his co-CEO role in July amid increasing pressure to turn a profit. Canopy shares rose as much as 13% in Toronto, while Constellation dipped 1.3% in New York.

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