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Canopy Growth names Constellation Brands veteran as acting CFO

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Image by Rex Medlen from Pixabay

Shares of Canopy Growth Corporation (NYSE: CGC) gained over 2% on Tuesday after the cannabis giant announced the appointed of Mike Lee as its acting CFO, effective June 1, 2019. The appointment would be made permanent once a security clearance is received from Health Canada.

Lee has been serving as the Executive Vice President, Finance at Canopy Growth.

He comes to Canopy from Constellation Brands (NYSE: STZ), where he served as the CFO for its Wine & Spirits Division.  He has also previously worked at E. & J. Gallo Winery and PepsiCo (NASDAQ: PEP).

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Current CFO Tim Saunders will continue to serve the executive team and Board of Directors of Canopy Growth as a strategic advisor in areas of mergers and acquisitions, corporate financing, and business transformation.

Canopy Growth Chairman Bruce Linton said, “As Tim transitions roles, I am also pleased to elevate Mike into the acting CFO role. His philosophy, accomplishments and all-around track record give me confidence that the Company’s financial health and governance are in good hands.”

The Smiths Falls, Canada-based firm is next scheduled to report quarterly earnings next week.

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