Bruce Linton was terminated today, so what does this mean for the cannabis community?
Shares of Canopy Growth slid more than 6% Wednesday after the company announced that Bruce Linton was stepping down as co-CEO and a board member, effective immediately.
For the full story click here.
Bruce was a cowboy who didn’t like ties, outspoken at times, but always seemed congenial enough. Always wearing the Canopy Growth t-shirt and blazer, I think he represented the company to the best of his abilities. It was amazing to see what he did to Tweed, revitalizing the little old former Hershey factory and branding it well. He was a visionary back in the day and a very capable CEO, so I would give him the respect he deserves.
He’s a smart guy and somehow I don’t think this is the last we will see of him. I don’t think he’s done with cannabis yet. Entrepreneurs like him won’t be satisfied until he has built his empire. I am pretty sure he will be back, introducing the latest addition to cannabis, whatever that maybe?
At the same time, I think the firing of Bruce is reflective of the ongoing changes in the cannabis industry, as it is becoming more corporate. Now, it will be interesting to the long term effects of this fall out as Tilray, Hexo, Cronos and Aurora Cannabis are all aggressively expanding. Will this hiccup drop Canopy Growth from the top spot that they arguably share with Aurora?
And I hate to admit this but I do watch BNN Bloomberg, just because they talk a lot about cannabis stocks. and I noticed the host actually said: “I have to ask you this and it’s something we ask all our guests but do you use cannabis?” I was stunned but I guess it just shows you how common it is nowadays that CEO’s don’t use their own products. Which I personally find a little disappointing, after all the old saying goes “don’t trust skinny chefs”.
I never did manage to interview Bruce Linton, but I think I will put him on my “Interview List”.
See ya soon Bruce!
CRAMER ON BRUCE LINTON