Canadian marijuana manufacturer and related products provider Canopy Growth (CGC – Get Report) on Tuesday said it has appointed former Constellation Brands’ (STZ – Get Report) senior executive Mike Lee as the company’s acting chief financial officer.
Smiths Falls, Ontario-based Canopy Growth said Lee will take on the role of acting finance chief effective June 1. He will become permanent chief financial officer upon receiving Health Canada security clearance required for all officers and directors, the company said.
Lee was previously senior vice president and CFO of Constellation Brands’ wine and spirits division. Most recently, Lee served in the role of executive vice president, finance at Canopy Growth.
Current CFO Tim Saunders will continue to serve as a strategic adviser in areas of mergers and acquisitions, corporate financing, and business transformation, the company said.
Shares of Canopy Growth were up 2.22% at $44.23 in early trading in New York. Constellation Brands shares were up 0.6% at $204.27.
Canopy Growth is a diversified cannabis, hemp and cannabis device maker and distributor, offering brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the company’s subsidiary, Storz & Bickel GMbH & Co. KG.
It operates retail stores across Canada under the Tweed and Tokyo Smoke banners. Canopy Growth also trades on the Toronto Stock Exchange under the symbol “WEED.”
Canopy Growth Corp. shares were trading at $44.79 per share on Tuesday afternoon, up $1.52 (+3.51%). Year-to-date, Canopy Growth Corporation (CGC - Get Rating) has gained 66.69%, versus a 15.10% rise in the benchmark S&P 500 index during the same period.
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