Canopy Growth Names Acting CFO

Canopy Growth Names Acting CFO
Credit: Canopy Growth

Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) has named Mike Lee as acting chief financial officer (CFO), effective June 1.

Lee’s permanent role as CFO is subject to Health Canada security clearance required for all officers and directors of the company. Most recently, he has served as executive vice president, finance at Canopy.

Lee replaces Tim Saunders who will continue to serve as a strategic advisor to the company in areas of mergers and acquisitions, corporate financing, and business transformation.

Lee has experience in the consumer goods and beverages industry, having worked for companies such as E. & J. Gallo Winery, PepsiCo, and recently Constellation Brands, where he served as senior vice president and CFO for the company’s Wine & Spirits division.

“When I welcomed Tim four years ago, Canopy Growth had a market cap of $93 million, two partially licensed production sites in Ontario and a single acquisition under our belt. After more than 26 acquisitions, 8 financings worth over $6.2 billion, the sector’s first TSX and NYSE listings, and reaching a market cap of $21 billion, Tim exemplifies what it means to be a leader at Canopy Growth,” Bruce Linton, chairman and co-CEO of Canopy, stated.

“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. I look forward to working more closely with Mike, benefitting from his vision and expertise as the Company continues growing, both at home and abroad,” Linton added.