Canopy Growth Parts With Two ExecsNovember 23, 2021
Canadian cannabis giant Canopy Growth announced that CFO Mike Lee and chief product officer Rade Kovacevic are stepping down from their positions, effective immediately. No reason was provided, but the move comes weeks after a disappointing earnings report that saw revenues slip 3% year-over-year to $105 million in revenue for the three months through September. The company’s market share in Canada has also eroded, falling below 10%, according to data from digital retail platform Hifyre.
“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 CEO David Klein. “We appreciate Mike and Rade’s contributions to advancing Canopy Growth to our position as a cannabis industry leader.”
The company will pursue outside candidates to replace Lee and Kovacevic. In the meantime, Judy Hong will serve as interim CFO and Tara Rozalowsky will become interim chief product officer. Hong has been with the company since 2019 as vice president, investor relations & competitive intelligence. Rozalowsky was vice president, beverage and edibles and spearheaded the launch of Martha Stewart CBD and CBD drink line Quatreau.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.