#chuck rifici

[cannachiefsmedia-blog]

#1 Chuck Rifici, Chairman & CEO at Auxly

Corporate Bio

Chuck Rifici is a pioneer of the North American cannabis industry having created and managed opportunities that have positively impacted the Canadian landscape.  Chuck has founded and been involved in the creation of some of Canada’s largest and most successful cannabis efforts.  He is best known for having co-founded Canopy Growth Corporation (formerly Tweed Marijuana Inc.).

Today, Chuck is Chairman and CEO of Auxly Cannabis Group, a platform spanning the entire cannabis value-chain, minimizing risk while simultaneously maximizing exposure to multiple, geographically-diverse cannabis companies through a single source, and Founder and CEO of Nesta Holding Co., a private equity firm that creates wide ranging partnerships and brands within the cannabis industry. He is also the former Chairman of National Access Cannabis/Meta Cannabis Supply Co., a global leader in medical and recreational cannabis retail.

Chuck is a chartered professional accountant (CPA). He obtained his MBA from Queen’s University and holds a BASc in Computer Engineering from the University of Ottawa.

Social Media Links:     TWITTER      LINKED IN      INSTAGRAM

Exclusive Interview

How did you get involved with the Cannabis Industry?

My relationship with cannabis dates back a number of years and looking back I can pinpoint a pivotal moments that sealed the deal for me. I knew there would be a future for cannabis in the business world back in 2010, when California voters considered legalizing recreational cannabis, the ballot failed by 2%, but I realized I almost missed the boat and I vowed that I wouldn’t miss that opportunity again.  That’s what got me scanning for new regulatory changes in Canada, and ultimately, that gave me a head start on others. When the Harper government released the draft regulations (creating the MMPR, now ACMPR) on a Sunday, I spent the whole night reading and stopped everything I had going, so I could put all my focus into this.  I don’t think I slept a full night again for 6 months.  

What is your biggest accomplishment to date in the Cannabis Industry?

Yeah it's a tough one, I mean there's been lots of interesting things, certainly being a Founder of Canopy, it's hard to escape that and its been positive for me and obviously they've grown to be pretty big but I think the second time is always sweeter and creating Auxly and pulling  the team I pulled together there and as we ramp up for the next wave of products with infused products, vape pens, edibles I am really excited with what we put together and the team we built and so that is what I am most proud of right now.

What are your future goals?

In the next five years looking forward  to the normalization of cannabis in Canada and the acceleration of global expansion and I guess what I mean about that is looking forward globally to the trade of cannabis where we start seeing countries being able to export large quantities of cannabis and cannabis molecules for both medical and recreational use  and really see the industry grow as we see additional countries legalize. On the path towards that I am really looking forward to the next country to legalize federally whether that is Mexico or a European country or maybe the United States, if we get an early surprise. I think once we have 3, 4, 5 countries, you know very quickly we are going to have 10 to 20, and then 40 -50. I think it's inevitable and that's the most exciting part.

Do you think that inevitable globalization of  federal legalization will put more emphasis on the Cannabis Industry partner ecosystem?

Yeah I think as the industry grows and matures the nice part is you don't have to do everything, and as a company if you try to do everything, you're not going to be good at everything,  you really can specialize to some degree and so its nice now, we see it today with oil processing licences, we have people specializing in extraction, we have people who are pure play retailers, and as the industry keeps growing it allows  businesses and entrepreneurs possibly be specialized and really go after a very specific market or market opportunity. I think it's exciting as it makes the business more accessible because you don't have to be a massive public company to get involved in the business. You can choose the piece you want to work on and there will people you can sell to and people you can buy services from to enable that business, so  I think there will be more and more opportunity that is going to get created as the industry gets bigger.

Who/What inspires you?

It's funny I have never really been asked that before, or at least not for a long time. Let's see, for me, I am a big fan of people like Elon Musk and entrepreneurs taking huge risks. I find inspiration from people who tackle really big ideas and try to change the world. I think the Cannabis Industry is certainly not the most important thing  in the world but doing our small part, and I think as Cannabis is Legalized in Canada and the industry grows, it allows for the dismantling of the drug war and all the negatives that can from that and so I really like that positive effect of everything we work on in the business.

Do you use Cannabis products? If yes, what are your favorite Cannabis products/brands?

I do. I like vape pens I think  it's a great product. I think it will be the largest segment in the recreational space. Although I tend not to smoke too much flower, I am really excited for what we have coming with our Robinsons product in Auxly which we know tests very well against other products from their medical product and we are really excited to unveil that to the rest of Canadians when we hopefully get our sales license for that facility later this year.

[thcscout]

Delays for legal pot in Canada

Delays for legal pot in Canada

Delays for legalized pot in Canada were announced this week, while provinces sort out how cannabis will be distributed in each jurisdiction. One cannabis entrepreneur says the delays won’t be too big a hurdle for the burgeoning industry.

»»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS

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[fatleafnews]

// Talking the 'Bis - Cannabis Stocks Too High? ... In this episode, Chuck sits down with Michael Lickver - EVP of Cannabis Wheaton, Anthony George - a cannabis stock market trader, and Tamara Hirsh - founder of Pacifico Dispensaries. Today they're discussing the value of cannabis stocks in Canada. Are they too high? --- With marijuana on the cusp of becoming legal, it’s one of the hottest topics for Canadians. Talking the ‘Bis pairs cheese, charcuterie and cannabis with enlightening conversation on this ground-breaking series. Our host, Canada’s ‘King of Pot’ Chuck Rifici, removes any stuffy politically correctness from the subject. He invites real people over for real talk about cannabis. From the legal implications to the social impact to health benefits and concerns, important and controversial topics are tackled head-on. Diverse perspectives from our guest panel of politicians, health professionals, business people and other opinionated cannabis advocates bring colour and commentary to this monumental change for Canada.

[specialchan]

Auxly Cannabis Founder Chuck Rifici Resigns As Chairman via /r/weedstocks

Auxly Cannabis Founder Chuck Rifici Resigns As Chairman https://ift.tt/36qgQ58 Submitted October 01, 2020 at 01:06PM by NiamorJafar via reddit https://ift.tt/3l8KFLF

[melsnaps]

Bridging Community & Capital: It's not easy being green

Monday March 9, 6:30pm

Private Location

Discuss the growth and current state of the cannabis industry with major stakeholders and entrepreneurs. This discussion will feature Melissa Rolston, CEO at JADA Topicals; Chuck Rifici, CEO at private equity firm Nesta Holdings; Richard Carlton, CEO at the Canadian Securities Exchange; and Clint Sharples, CEO at Heritage Holdings Corp. a vertically integrated cannabis producer. 

For the opportunity to attend please sign up here: https://mailchi.mp/47e1e7d20d07/bridgingcommunityandcapital

[presssorg]

British Tobacco Imperial takes 20% stake in Cannabis Auxly investment of $123 million

Auxly Cannabis stock soars 20% as British tobacco giant Imperial takes 20% stake British tobacco company Imperial Brands is getting into the cannabis business with a $123 million investment in Auxly Cannabis, the Canadian company run by former Tweed founder Chuck Rifici. The British firm — which has no ties to Imperial Tobacco Canada — will take a 19.9 per cent ownership in Auxly through a debenture convertible, at a conversion price of $0.81 per share, which is a 11 per cent premium to Auxly’s closing share price as of July 24, 2019. Imperial will also get one out of five board seats at the Vancouver-based licensed producer, which will give it some oversight of corporate governance at the company. Auxly, for its part, will obtain the rights to Imperial’s vaping technology and vapor innovation business Nerudia, which the company says already has a team dedicated to cannabis research. “If you take a look at Imperial, the smoking part of their business is actually smaller than their peers, which allows them to be more aggressive with other kinds of products,” Rifici told the Financial Post. While Auxly’s core business is cannabis cultivation — it owns Robinsons, a craft cannabis brand based out of Nova Scotia, and Dosecann, a producer of CBD oil out in Prince Edward Island — the company intends to focus primarily on developing vape pens and other product forms besides dried flower that will be part of Canada’s second wave of legalization come October 2019. “The deal size is a great investment given the nature of current market conditions. This $123 million will really position us strongly on the balance sheet and removes the question of what Auxly is doing,” Rifici said.

“The deal size is a great investment given the nature of current market conditions. This $123 million will really position us strongly on the balance sheet and removes the question of what Auxly is doing,” Rifici said. He added that talks on an investment began as early as February, upon which Imperial conducted intensive due diligence before deciding to invest in Auxly. “We have never experienced a company go into so much detail on everything. It was a long process in a good way, and coming out from it we felt very validated,” said Rifici. Imperial is the second major tobacco company to make an investment in the Canadian cannabis space — in March, Altria finalized a $1.8 billion investment in licensed producer Cronos Group, which gave it a 45 per cent stake in the company, with the ability to increase that stake to 55 per cent through exercising warrants. Some investors in the space have expressed concern about the control large multinationals like Altria and Constellation Brands (with its investment in Canopy Growth Corp.) have over domestic cannabis companies — it was widely believed that the decision to terminate former Canopy CEO Bruce Linton came from Constellation. Rifici, however, sees Imperial’s stake in his company as a massive advantage. “They have capabilities all over the world that we don’t, and that just empowers, emboldens and supercharges everything for us, especially when it comes to government and investor relations.” The deal is expected to close in the third quarter of 2019 subject to approval by the TSX Venture Exchange, according to a company statement. BMO Capital Markets acted as Auxly’s financial advisor in connection with the deal. • Email: vsubramaniam@nationalpost.com | Twitter: VanmalaS Published at Thu, 25 Jul 2019 13:58:24 +0000 Read the full article

[matthewsheridanbusiness-blog]

Supply and Demand

The supply and demand issues currently being seen in the cannabis industry were beyond most individuals’ expectations, including me. Some firms have been participating in aggressive marketing and expansion plans to boost their revenue. One such firm, Aurora Cannabis, also known as ACB, has acquired additional production area and aims at producing at least 270,000 kgs of cannabis annually. It comes as no shock that their recent financial results revealed $54.2 million in revenue for Q2 2019, which is 83% higher than the previous quarter.

 Firms have a massive potential for growth in this industry since the demand far surpasses the supply; this emphasises the need for new firms to start, or current ones need to expand. According to the CEO of Auxly, Chuck Rifici, with just the current product set, it could take up to 18 months to hit equilibrium, but given the fact that firms are diversifying into new product lines, it could take up to 3 years to hit the mark. The total sales for dry cannabis increase by 4% at the end of December 2018, while the inventory held fell by 4% when compared to November 2018. 

The internal issues that hinder a firm's ability to deal with the demand were exhibited when 12 cannabis shops were closed for 3 days by the Government for being unable to meet the demand. However, there are also external issues that can interfere with a firm’s performance. Although the Online Ontario Cannabis Store, which is the only current way to purchase legal cannabis in this province, received 150,000 orders the week after legalization, deliveries could not be made due to the postal strike.

[ericfruits]

The main high from Canada’s cannabis legalisation is financial

A BLACK dragon with white claws, its wings etched with Escher-like designs, has a vitrine of its own at the centre of the Boroheads glass gallery in Toronto. The “dab rig” (for smoking cannabis oil) sells for C$8,000 ($6,170). Such items are in high demand, according to the gallery’s co-owner, who calls himself James Bongd. He says “there’s a lot of speculative buying” of cannabis-related paraphernalia, especially of pieces by famous artists like Cap’n Crunk, the dragon’s creator.

Such speculation is the main sign that Canada is about to become the first large country to legalise cannabis for recreational use nationwide, on October 17th. It will then become legal to consume fresh or dried cannabis and cannabis oil, and to grow at home up to four plants. (Uruguay passed a law to legalise cannabis in 2013.) Investors are bidding up the share prices of cannabis-connected companies. In the past two months shares in Tilray, which grows medical marijuana, have risen in value from C$25 to nearly C$130, bringing its stockmarket capitalisation to C$12bn.

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Cannabis-themed businesses are sprouting. The Toronto Hemp Company, an emporium around the corner from Boroheads, offers equipment for home growers in the basement; one level up are rolling papers, humidors and candles with just the right scent for banishing the smell of pot; on the top floor are glass bongs in nightmarish shapes with padded carrying cases. Banks, though, are being cautious. They fear falling foul of the United States’ Patriot Act, under which banks that participate in the drug trade can be punished.

For most Canadians the big bong this month will feel like an anticlimax. It “will pass relatively unnoticed”, says Patricia Erickson, author of “Cannabis Criminals”, a book about how punishment affects drug users. Canada has been heading towards legalisation since 1972, when the Le Dain Commission, appointed by the government, recommended that possession of cannabis be decriminalised. That never happened. But in 2000 the Supreme Court ordered the legalisation of medical marijuana. Nearly 331,000 registered patients buy pot produced by 120 licensed facilities; some patients may be dealers as well.

People who just want to get high have not had a hard time doing so. Young Canadians are the most avid users in the rich world: 28% of children from 11 to 15 years old have consumed cannabis, according to a report by UNICEF in 2013. That finding helped persuade the Liberal government of Justin Trudeau, which was elected in 2015, to legalise the stuff. It hopes to push organised crime out of the business of selling cannabis and to keep children away from it. It set 18 as the minimum legal age for smoking weed and plans education campaigns to discourage younger teens from indulging. Some provinces have put the smoking age higher.

Criminals will not disappear right away, in part because neither federal nor provincial governments are prepared to cope with demand for legal cannabis. The federal government, which regulates production and health matters, has issued only enough permits to supply 30-60% of demand in the first year, according to a report by the C.D. Howe institute, a business think-tank.

Most provinces, which are responsible for regulating the sale of cannabis, will have few legal retail outlets on October 17th. In Ontario, the most populous province, there will be none. Its Progressive Conservative government, which took over from a Liberal one in June, dropped plans to sell cannabis through government-owned shops. Private retailers will take over. But the first one will open next year. In the meantime, Ontarians can buy cannabis online from the government.

“Every legal gramme produced will be sold,” says Chuck Rifici, chairman of Auxly, a firm that helps others produce and market cannabis. When that is smoked up, consumers will turn to the illicit market. Mr Rifici notes that after prohibition of alcohol ended in the United States in 1933, legal distillers could not meet demand for 15 years. He expects legal suppliers of cannabis to catch up more quickly in Canada. But consumers will be stuffing black-market weed into their bongs for years to come.

This article appeared in the The Americas section of the print edition under the headline "Big bongs, little bang"

[garudabluffs]

Thousands of people gather at 4/20 celebrations on April 20, 2016 at Sunset Beach in Vancouver.

06/02/2017       It's Time To End Vancouver's Wasteful War On Weed For Good                                        7 Comments

Michael H Stenz · Tool & Die Technician at Chrysler of Canada** Chuck Rifici **, is currently the CFO of the Liberal Party of Canada. •founder and former CEO of Tweed ** Mark Zekulin **, CEO of Tweed •former senior adviser to former Ontario finance minister Dwight Duncan ** Norman Inkster **, Independent Director at Mettrum •former head of the RCMP ** Dr. Joshua Tepper **, Independent Director at Mettrum •formerly Assistant Deputy Minister at the Ministry of Health , Senior Medical Officer for Health Canada, ** Tom Shipley **, Director of Quality Assurance, Tweed •formerly worked on toxicology research, while at Health Canada, ** Mike Harcourt **, Chairman of True Leaf Medicine Inc •former B.C. Premier ** Kash Heed **, strategic consultant with National Green BioMed •Former B.C. Solicitor General and former West Vancouver police chief ** Herb Dhaliwal **, Chairman, National Green BioMed •former Vancouver MP and federal cabinet minister. ** John Turner **, medicinal marijuana applicant in Ontario (With Kash Heed) •Former Prime Minister of Canada

Mr. Belot, Board of Directors for Aurora •was a public servant in several ministries within the Ontario government ** Brian Wagner **, Company founder and CEO NHP Consulting (consults for prospective LP's) •Brian was invited to play a strong role in Health Canada’s Program Advisory Committee ** Tim Humberstone **, ABcann Director / Senior Person in Charge •former twenty year member of the RCMP included roles in Municipal/Federal Drug Enforcement and with the Joint Forces Organized Crime Agency. Tim has also received extensive training by the RCMP in providing expert court opinion in the fields of cannabis trafficking and production techniques . ** Ivan Vrana **, founder of Aslan Ross Consulting / speaker mmpr summit •Previously Mr. Vrána worked for the Federal Government for over 15 years. He worked at the Patented Medicine Prices Review Board, Finance Canada and in various senior policy positions at Health Canada. At Health Canada he was in charge of the team that developed the policy rationale which led to the implementation of the Marihuana for Medical Purposes Regulations.Mr. Vrána is also a regular Lecturer at both Carleton and Concordia universities and teaches a course that examines the internal communication tools governments use to development and implement public policy. ** Sandy Pratt **, Chief Financial Officer, Emerald Health •Worked at Deloitte ( auditing firm involved in the senate scandal), Vice President of Business Development and Executive Financial Officer of the Royal British Columbia Museum, a Crown corporation.

** Shane Morris **, VP, Scientific Affairs and Stakeholder Relations Hydropothecary CEO (now Canadian Cannabis Corp.) •Since 2000, Shane has been in a range of leadership roles within the Federal Government, from Treasury Board of Canada’s senior advisor (Cabinet Operations) on regulatory affairs to director of policy leadership and Reporting for Resources Canada’s major projects management office. ** George Smitherman **, THC BioMed former Ontario Liberal deputy premier •more than 30 years to public policy fields at the Municipal, Provincial and Federal Level, where roles as Senior Advisor, Minister of Energy and Infrastructure and Ontario’s Minister of Health were held ** Jake Ryan **, Director of Security: Tilray * former RCMP Intelligence Officer and federal criminal investigator overseeing all aspects of Tilray's security protocols and operations. ** Ernie Eves **, Chairman, Timeless Herbal Care — a Jamaican medical marijuana company. •former Progressive Conservative premier of Ontario ** Kim Derry **, a promoter of marijuana facility THC Meds Ontario Inc. •deputy chief of the Toronto Police Service under Mr. Blair, ** John Reynolds **, advisor to Vodis Innovative Pharmaceuticals Inc •former MP with the Progressive Conservative, Reform and Canadian Alliance parties

** Senator Larry Campbell **, advisor to Vodis Innovative Pharmaceuticals Inc. •former Royal Canadian Mounted Police officer and Vancouver mayor. And sitting Senator... ** Barry Daniel **, Wildflower’s head of security •Former Abbotsford police chief. On record saying he opposes cannabis legalization and self described as law enforcement "traditionalist" ** Cam Battley **, Aurora Senior Vice President, Communications and Medical Affairs •Former Legislative Assistant to the Canadian Minister of Consumer and Corporate Affairs, where he was responsible for developing legislation and steering it through the House of Commons, as well as negotiating with Opposition parties and stakeholder groups 

READ MORE http://www.huffingtonpost.ca/dana-larsen/vancouver-marijuana-policing_b_16875524.html

[investinweed1]

Auxly Announces CEO Succession

Hugo Alves to become Chief Executive Officer (CEO) and Chuck Rifici to serve as Chairman of the Board of Directors.

The post Auxly Announces CEO Succession appeared first on Invest In Weed.

from Invest In Weed https://www.investinweed.com/auxly-announces-ceo-succession/

[mikemortgage]

British tobacco company Imperial Brands enters the cannabis space with $123 million investment in Auxly Cannabis

British tobacco company Imperial Brands is getting into the cannabis business with a $123 million investment in Auxly Cannabis, the Canadian company run by former Tweed founder Chuck Rifici. Read More from Financial Post https://ift.tt/2ZavDuc via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[dankr-cannabis]

Canada's Chronic Shortage of Legal Cannabis Expected to Drag Out for Years

Canada’s Chronic Shortage of Legal Cannabis Expected to Drag Out for Years

Article by Peter Armstrong, CBC News

Canada’s persistent shortage of legal cannabis could drag on for years. The impending legalization of edible pot will only divert more product away from empty store shelves across the country. One industry insider said he now expects that shortage to endure until 2022.

“If it was just the current product set, I’d say a year to 18 months,” said Chuck Rifici,…

[fatleafnews]

// Talking the 'Bis - Legal Cannabis in Canada - Good Idea? ... In this episode, Chuck sits down with Bob Yaciuk - leader of the Ontario Trillium Party, Tracy Curley - patient advocate, and Derek Ogden - former RCMP drug enforcement officer and President of National Access Cannabis. --- With marijuana on the cusp of becoming legal, it’s one of the hottest topics for Canadians. Talking the ‘bis pairs cheese, charcuterie and cannabis with enlightening conversation on this groundbreaking series. Our host, Canada’s ‘King of Pot’ Chuck Rifici, removes any stuffy politically correctness from the subject. He invites real people over for real talk about cannabis. From the legal implications to the social impact to health benefits and concerns, important and controversial topics are tackled head-on. Diverse perspectives from our guest panel of politicians, health professionals, business people and other opinionated cannabis advocates bring colour and commentary to this monumental change for Canada.

[mtariqniaz]

Canada's chronic shortage of legal cannabis expected to drag out for years

Canada’s chronic shortage of legal cannabis expected to drag out for years

Canada’s persistent shortage of legal cannabis could drag on for years. The impending legalization of edible pot will only divert more product away from empty store shelves across the country. One industry insider said he now expects that shortage to endure until 2022.

“If it was just the current product set, I’d say a year to 18 months,” said Chuck Rifici, CEO of the Toronto-based cannabis…

[blockheadbrands]

Canadian Cannabis Industry Execs Warn Weed Shortage Could Last Three Years

A.J. Herrington of High Times Reports:

Will Canada see a way out of their cannabis shortage?

Canadian cannabis industry executives are warning that product shortages in the country could take as long as three years to alleviate. Some insiders believe that cannabis production estimates are too optimistic, according to a report from Bloomberg.

Since the sale and use of recreational marijuana were legalized in October, product shortages have led some cannabis retailers to reduce hours or limit purchases. In Alberta, regulators originally estimated that up to 250 cannabis stores could be operating in the province by the end of this year. But product shortages caused the province to place a moratorium on issuing licenses in November. As a result, Alberta has only 65 cannabis retailers, with 20 of those located in the city of Calgary.

Chuck Rifici, chief executive officer of Auxly Cannabis Group Inc. in Toronto, said that the challenges of expanding cannabis production have made it difficult to meet the demands of the newly legal recreational cannabis market.

“There’s a lot of execution risk, people are expanding by 10, 20 times,” Rifici said. “Personally, I think we’re at least three years out from hitting real equilibrium.”

“Ultimately any manufacturing facility growing 20 times is likely to face delays,” he added.

Greg Engel, CEO of Organigram Holdings believes that it will take “a couple years” for supply to catch up with demand. And Everett Knight, the executive vice president for strategy and investments at Valens Groworks, said it could be two to three years. He said that some cultivators do not accurately predict production losses due to issues such as mold.

“It’s harder to grow cannabis than most people think,” Knight said.

However, Raj Grover, the CEO of cannabis retailer High Tide, said that supply problems are improving“on a monthly and weekly basis.”

“Our stores in Alberta are fully stocked. They’re generating great revenue,” Grover said. “I think Ontario’s decision to just open 25 stores is too much of an overstatement, they’re overthinking this a little bit.”

Government Predicts ‘Sufficient Supply’

Tammy Jarbeau, a spokeswoman for Health Canada said in a statement in November that some product shortages could be expected.

“As with any new industry where there is considerable consumer demand, we expect there may be periods where inventories of some products run low or, in some cases, run out,” said Jarbeau. “Health Canada remains confident that there is sufficient supply of cannabis overall to meet market demand now and into the future.”

But she added that shortages were not expected to be prolonged or widespread.

“As the overall supply chain gains experience in the Canadian marketplace, it is expected that such localized and product-specific shortages will become far fewer in number,” Jarbeau said.

TO READ MORE OF THIS ARTICLE ON HIGH TIMES, CLICK HERE.

https://hightimes.com/news/canadian-cannabis-industry-execs-warn-weed-shortage-could-last-three-years/

[presssorg]

High-profile Canopy Growth co-CEO Bruce Linton steps down

‘My turn is over’: High-profile Canopy Growth co-CEO Bruce Linton steps down Bruce Linton, the high-profile face of Canada’s marijuana giant Canopy Growth Corporation, announced Wednesday that he is stepping down as co-CEO and board member, effective immediately. “Creating Canopy Growth began with an abandoned chocolate factory and a vision,” Linton said in a statement Wednesday. “The Board decided today, and I agreed, my turn is over.” Canopy, the world’s largest publicly traded cannabis company by market value, said Mark Zekulin will become the sole CEO of the company and will work with the board to begin a search to identify a new leader. Rade Kovacevic, who currently leads the company’s Canadian operations and recreational strategy, will take over the role of president from Zekulin. Canopy Growth’s U.S.-listed shares were down 1.4% premarket. With files from Reuters   Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario. Tweed was founded by Bruce Linton and Chuck Rifici in 2013, and renamed Canopy Growth Corporation in 2015. Wikipedia Stock price: WEED (TSE) $50.39 -2.10 (-4.00%) Jul. 3, 9:44 a.m. EDT - Disclaimer CEO: Bruce Linton (2014–) Headquarters: Smiths Falls Revenue: 40 million CAD (2017) Subsidiaries: Tokyo Smoke, This Works Products Limited, MORE  

Canopy Growth Announces Leadership Transition 

Logo: Canopy Growth Corporation (CNW Group/Canopy Growth Corporation) Bruce Linton to step down as co-CEO and Canopy Board member Mark Zekulin remains CEO Company Launches Search to Identify Leader to Guide Next Phase of Growth TORONTO and SMITHS FALLS, ON, July 3, 2019 /CNW/ - Today, Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NYSE: CGC) and Bruce Linton announced that Bruce will step down as co-CEO and Canopy Board member. Mark Zekulin has agreed to become the sole CEO of the company and will work with the Board to begin a search to identify a new leader to guide the company in its next phase of growth, which will include both internal and external candidates. Rade Kovacevic, a long-serving member of the team currently leading all Canadian operations and recreational strategy will assume the role of President. These changes are effective immediately. "Creating Canopy Growth began with an abandoned chocolate factory and a vision," said Linton. "The Board decided today, and I agreed, my turn is over. Mark has been my partner since this Company began and has played an integral role in Canopy's success. While change is never easy, I have full confidence in the team at Canopy – from Mark and Rade's leadership to the full suite of leadership – as we progress through this transition and into the future." "We thank Bruce and Mark for establishing the foundation for a company that is very well-positioned to lead in the emerging global cannabis market," said Canopy Growth board director, David Klein. "We are also excited to embark upon our next phase of growth as global leader in the cannabis industry." Canopy Growth has experienced rapid growth since being founded in 2013, establishing leading positions in Canada'smedical and recreational cannabis markets and building an emerging presence in a number of additional markets around the world. The company recently received a $5 billion (CAD) investment from Constellation Brands, a leading beverage alcohol company, which provides a significant benefit as Canopy continues to establish a first-mover advantage in the quickly evolving global cannabis market. "While Canopy will never be the same without Bruce, the team and I look forward to continuing to do what we have done for the past 6 years: investing in world class people, infrastructure and brands, and always seeking to lead through credibility and vision," said Zekulin. "I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward. I know the company will continue to thrive as the Canopy story continues on for years to come." The Board has also appointed John Bell as its Board Chair, to be reviewed at the Board's annual meeting in September when new board members are elected. Bell has served on the board as lead director for 5 years. About Canopy Growth CorporationCanopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through Canopy Growth's subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. Canopy Growth has operations in over a dozen countries across five continents. Canopy Growth's medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics. Canopy Growth operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships. From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth owns 12 licensed cannabis production sites with millions of square feet of production capacity, including more than one million square feet of GMP certified production space. For more information visit www.canopygrowth.com Notice Regarding Forward Looking StatementsThis news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include statements with respect to national and international operations and expansion. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including the Company's executive transitions and departures, and such risks contained in the Company's annual information form dated June 24, 2019 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws. SOURCE Canopy Growth Corporation Published at Wed, 03 Jul 2019 11:29:19 +0000 Read the full article