Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC -0.77% /zigman2/quotes/202205609/delayed CA:WEED -1.03% said Monday it has named David Klein, chief financial officer at its biggest shareholder, Constellation Brands Inc. /zigman2/quotes/207737284/composite STZ +1.38% , as its chief executive officer, effective Jan. 14. Klein will replace current CEO Mark Zekulin, who will be stepping down and resigning his board seat within a year. Canopy is the cannabis sector market leader, thanks to a $4 billion investment from Corona beer brewer Constellation last year. The company ousted Zekulin's co-CEO and Founder Bruce Linton in July, and initiated a CEO search. Canopy's U.S.-listed shares rose 1.9% premarket, but are down 31% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.92% has fallen 32% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.47% has gained 25%.
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Cannabis market leader Canopy Growth names Constellation Brands’ CFO as its new CEO