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Canopy Growth CEO David Klein to retire in March

Reuters
·1 min read
Cacao beans seen during a tour at a Canopy Growth facility

(Reuters) -Cannabis firm Canopy Growth said on Friday its CEO, David Klein, will retire at the end of the company's current fiscal year on March 31.

Klein was appointed as Canopy Growth's chairman when the then co-CEO and founder Bruce Linton was fired in 2019.

The announcement comes just days after the company reported a smaller-than-expected core loss and pointed to easing doubts around its ability to continue as a going concern.

The company had raised doubts about its ability to continue as a going concern last year as it struggled to turn profitable. It later sold its sports nutrition products unit, Biosteel, after seeking bankruptcy protection for it.

Canopy Growth said it is in the process of securing a search firm to initiate a comprehensive CEO selection process.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Maju Samuel)