Canopy Growth Co-CEO Bruce Linton Says He Was Fired

(RTTNews) - Canadian marijuana company Canopy Growth (CGC) founder and co-CEO Bruce Linton says he was fired from his post.

Canopy, the world's largest publicly traded cannabis company by market value, in a statement announced that Linton stepped down as co-chief executive officer and a member of the board, effective immediately. Mark Zekulin, who had been co-CEO with Linton, took charge as sole CEO while the company searches for a replacement.

However, Linton said to CNBC, "I think stepping down might not be the right phrase. I was terminated."

Linton was the brains behind Canopy's growth into a cannabis powerhouse. He signed partnerships with celebrities such as Snoop Dogg and Martha Stewart and also inked deals with spirits giant Constellation Brands and acquired U.S.-based Acreage Holdings.

"Creating Canopy Growth began with an abandoned chocolate factory and a vision," Linton said in a prepared statement. "The Board decided today, and I agreed, my turn is over."

Constellation Brands had invested $4 billion in Canopy in November, giving the spirits giant a 38% stake of the company. As part of the deal, Constellation nominated four directors to Canopy's seven-member board.