Last week, I promised that I would have a full report about Bruce Linton leaving Canopy Growth Corp. (NYSE: CGC). Now that we know his co-CEO, Mark Zekulin, is also scheduled to depart, I want to share some thoughts with you.
I admire Bruce, so I want to be clear about that.
However, this change in management will ultimately be good for investors. That's because Canopy is still operating as a new company, and it needs to get to the next level.
For a startup, a shakeup in management is pretty common when the company goes public. What's less common is when that "startup" has been operating for six years, with the largest market share in its primary market and a multi-billion-dollar market cap.
And that's exactly what happened here.
Canopy's stock price has traded down slightly since the news of Bruce leaving first broke, but I'm not worried.
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.