Canopy Growth Announces CEO Succession Plan
Canopy Growth Announces CEO David Klein’s Retirement After Transformative Tenure, Search for New Leadership Begins as Company Focuses on Continued Growth and Profitability.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced today that CEO David Klein will be retiring at the end of the company’s fiscal year on March 31, 2025. Until a successor is named, Klein will continue in his role, focusing on advancing Canopy Growth’s strategic objectives, including profitability, and ensuring a smooth transition for the incoming CEO. The Board has initiated a comprehensive search process to identify a candidate with the skills and experience needed to lead the company into its next phase of growth.
Klein, who joined Canopy Growth in January 2020, has been pivotal in transforming the company into a leaner, more focused organization. Under his leadership, Canopy Growth adopted an asset-light model in Canada and international markets, including Germany, and launched Canopy USA, giving shareholders unique exposure to the U.S. cannabis market ahead of federal legalization. His tenure is marked by the recent first-quarter results for fiscal year 2025, which showed a 67% increase in gross profit year-over-year and a consolidated gross margin of 35%, reflecting the company’s improved financial position.
Klein expressed his gratitude to the Canopy Growth team and shareholders, emphasizing his commitment to driving the company toward profitability in his remaining months. He stated that his experience at Canopy Growth has reinforced his belief in the power of cannabis to improve lives and that he is confident in the company’s future.
David Lazzarato, Chairman of the Board, praised Klein’s leadership, noting his instrumental role in the company’s transformation and the establishment of Canopy USA. The Board remains committed to appointing a new CEO who will continue to drive Canopy Growth’s ambitious vision, ensuring that the company remains a leader in the global cannabis market.
This leadership transition comes at a crucial time for Canopy Growth as it continues to strengthen its position in the competitive cannabis industry.
