CA: Canopy Growth CEO says expecting smooth legalization was 'naive'

When newly-appointed Canopy Growth Corp. chief executive officer David Klein introduced himself to his staff in a town hall conference call last month, he quickly emphasized how all the company’s decisions going forward would need to be made with the consumer in mind.

It’s a mantra Klein is likely going to keep repeating for some time, or at least until the Smiths Falls, Ont.-based company turns a profit.

“I want to focus the business on the consumer,” Klein said when asked by BNN Bloomberg what he needs to do for Canopy to become profitable.

“If you think about the cannabis space over the past five years, it’s cool that we can now grow and sell cannabis in a legal fashion, but we haven’t built that connection with the consumer. Once we understand that, we’ll understand where to invest and where we should cut.”

Klein wouldn’t elaborate on whether Canopy would shutter facilities, other business units or layoff staff – something that has become the norm for the industry of late – but he noted that the first decision he did when he became CEO was to conduct a sweeping review of the entire company.


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