Canopy Growth CEO David Klein To Retire In March

David Klein, the former Constellation Brands executive who became CEO of Canadian cannabis group Canopy Growth, has announced plans to retire from that role at the end of Canopy’s fiscal year next March. According to the company, “Until this date or such time that a successor is named, Mr. Klein will continue in his role as CEO and as a member of the company’s board of directors to advance Canopy Growth’s strategic objectives including profitability and ensure an effective transition.” Canopy says its search for a new CEO is underway.

The news comes days after Canopy posted a 13% decrease in net revenue to C$66 million ($48m) for its fiscal first quarter through June, year-on-year, weighed down by a softer Canadian market, with adjusted EBITDA showing a decline of C$5.3 million ($3.9m), an improvement compared with a loss of more than C$22 million ($16m) a year earlier.

Klein, who became CEO of Canopy in 2020, following Constellation’s $4 billion investment in the cannabis group, said, “The fundamentals of our business continue to strengthen, and our focus on profitable revenue generation is yielding clear results as we set the stage for growth in the second half of fiscal 2025.” He noted that Canopy’s development of a footprint in the U.S. market is continuing, with planned acquisitions of companies like Wana and Acreage on track.

Before joining Canopy, Klein was CFO at Constellation, which after years of losses in the cannabis sector, late last year let its warrants to acquire more shares of Canopy expire, saying it has “no other present plans or future intentions that relate to Canopy.” At the time its share of the company stood at about 21%.—Daniel Marsteller

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