Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC +0.36% /zigman2/quotes/202205609/delayed CA:WEED +0.18% said Thursday it named David Klein as its chairman of the board, effective immediately, succeeding Interim Chairman John Bell. Klein is currently chief financial officer of Constellation Brands Inc. /zigman2/quotes/200603886/composite CGC +0.36% , which is the Canada-based cannabis company's largest shareholder with about 36% of the shares outstanding, according to FactSet. Klein's specialty is corporate strategy, finance and accounting, mergers and acquisitions, technology and investor relations. "David's leadership has been extremely valuable to our board at this pivotal moment in Canopy Growth's history, and I am confident that he will continue to add value in his new capacity as board chair in the years ahead," said Chief Executive Mark Zekulin. Canopy's U.S.-listed shares, which slumped 1.5% in premarket trading, have shed 15% year to date through Wednesday, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -0.43% has dropped 20% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.34% has gained 16%.
Read the full story:
Hexo revenue warning slams cannabis sector as stock tumbles 19%