Canopy Growth is in the best position to win in the emerging marijuana space and a new chief will be able to guide it through the next stage of the business.
That’s what Constellation Brands CEO Bill Newlands told CNBC’s Jim Crameron Monday, days after the company abruptly ousted founder Bruce Linton from the seat. The former co-CEO told CNBC last Wednesday he was fired. Shares fell 5% on the news.
“Our board was uniform. We were unanimous that we needed a different leader to take us to the next phase of growth,” he said in a “Mad Money” interview. His company has invested $4 billion into Canopy for a 38% stake.
Constellation Brands, the alcohol giant that owns Corona, Modelo, Pacifico and a host of other brands, is not giving up on Canopy. Newlands bets the business is in the best position to win in what he projects could amount to a $200 billion market.
Newlands shot down allegations that Linton did a poor job of bookkeeping or spending Constellation’s investment.
“No, there were no problems with the financials,” he said.
Read more at cnbc.com