Canopy Growth Corporation CEO David Klein is set to retire March 31, 2025 – at the end of the company's current fiscal year.
Until this date or until a successor is named, Klein will continue in his role as CEO and as a member of the company's Board of Directors. The board is in the process of securing a search firm to initiate a CEO selection process.
Since Klein joined Canopy Growth as CEO in January 2020, the company has established a foundation for multi-market cannabis leadership through its transformation to an asset-light model in Canada and across a range of international markets, including Germany. In addition, Klein oversaw the launch and advancement of Canopy USA to offer the company's shareholders exposure to the opportunity presented by the U.S. cannabis market ahead of federal permissibility.
"Over the past four years, we have transformed Canopy Growth into a focused, asset-light and financially disciplined organization that is well-positioned for sustainable growth,” Klein said. “It has been an honor to lead Canopy Growth through this critical chapter in our evolution, and I am deeply thankful to all our team members for their dedication, and to our shareholders for their support. As we look to the next six months and beyond, I remain focused on driving Canopy Growth to profitability while supporting the smooth onboarding of a new CEO to lead the company forward in its next phase of growth. My experience at Canopy Growth has only deepened my belief in the power of cannabis to improve lives, and I am confident in the ability of our company and team to continue bringing that vision to life."
This announcement follows the company's first quarter fiscal year 2025 results, which were issued on Aug. 9. This includes a 67% increase in gross profit year-over-year, delivering a consolidated gross margin of 35%, and driving a broad-based improvement across key financial metrics.
"On behalf of the board, I want to express our gratitude to David for his exceptional leadership and commitment to Canopy Growth,” says David Lazzarato, chairman of the board, Canopy Growth. “David has been instrumental in navigating the company through a major transformation, establishing Canopy USA, and positioning us as a stronger, more focused organization poised for leadership across the most exciting global cannabis markets. The board remains confident in the company's strategic direction as well as its leadership team, and we are committed to appointing a new CEO who will continue to drive our ambitious vision forward, ensuring that the company remains at the forefront of cannabis innovation and growth."
