#Canada #Canopy Growth #Luc Mongeau #David Klein #Smiths Falls

Canopy Growth Corporation Welcomes New CEO, Luc Mongeau

In a significant move announced on November 26, 2024, Canopy Growth Corporation, a renowned leader in the cannabis industry, revealed the appointment of Luc Mongeau as its next Chief Executive Officer (CEO), effective January 6, 2025. This transition comes as Mr. David Klein, the current CEO, prepares for retirement following his notable contributions, which have been instrumental in shaping the company during a transformative period in the cannabis market.

A Leader with Extensive Experience

Luc Mongeau arrives at Canopy Growth with an impressive track record of over 25 years in the Consumer Packaged Goods (CPG) sector. His role as the CEO of a top e-commerce furniture provider and previous positions such as President of Weston Foods and Mars Petcare North America showcase his broad experience across various industries. Mongeau has been part of Canopy's Board since early 2023, contributing significantly to shaping the company's strategy during his tenure.

“Luc's unique blend of cannabis and extensive CPG experience makes him the ideal leader to navigate Canopy Growth through its next phase,” remarked David Lazzarato, Chairman of the Board. His strategic vision is expected to drive asset-light expansion and help position the company for profitability amidst the burgeoning global cannabis market.

Strategic Vision for Growth

Under Mongeau's leadership, Canopy Growth aims to leverage its significant positions in both the medical cannabis market and premium consumer brands, including well-known labels like Doja, 7ACRES, and Tweed. Mongeau expressed his excitement about leading Canopy Growth into this new chapter, highlighting the company's commitment to innovation and consumer-centric strategies. He stated, “With some of the best-known brands in the industry and a strong global presence, Canopy Growth is well-positioned for growth.”

The company has made substantial strides in expanding its footprint in the United States, recognizing the immense potential of the U.S. cannabis market. Recently, Canopy Growth established an unconsolidated interest in Canopy USA, enabling it to capture growth opportunities.

Transitioning Leadership

David Klein, who has led Canopy Growth through a pivotal phase, will support Mongeau during the transition, maintaining a special advisor role until August 31, 2025. This collaboration is expected to ensure a smooth handover of leadership and continuity in strategic initiatives.

Mongeau will continue as a Board member as he takes on the CEO role, a move that promises to strengthen leadership alignment at Canopy Growth. A new board member will be nominated to fill the vacancy left by Klein's departure, ensuring the continued strength of the governance structure.

Looking Ahead

As the cannabis industry evolves, Canopy Growth's strategic direction under Luc Mongeau's leadership aims to enhance growth prospects, focusing on financial discipline and market expansion. With a commitment to social equity and community reinvestment, the company is making strides toward fostering a responsible cannabis culture that can contribute positively to public perception and consumer engagement.

As Canopy Growth approaches this new era, it is poised not only to navigate the complexities of the cannabis market but also to define its role as a leader committed to improving lives through cannabis. Mr. Mongeau's diverse experience and strategic insight promise to guide Canopy Growth into a future filled with growth and innovation.

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For more information about Canopy Growth Corporation and its diverse product offerings, visit www.canopygrowth.com.