- Canopy Growth (TSX:WEED) is naming board member Luc Mongeau as its next chief executive officer (CEO) effective January 6, 2025
- He previously served as CEO of ESolutions Furniture and president of Weston Foods and Mars Petcare North America
- Canopy Growth is the global cannabis company behind the brands Doja, Wana, Jetty Extracts, 7ACRES, Ace Valley, Tweed, Hi Way, Deep Space and Storz & Bickel, among others
- Canopy Growth stock has given back 22.3 per cent year-over-year and 97.65 per cent since 2019
Canopy Growth (TSX:WEED) is naming board member Luc Mongeau as its next chief executive officer (CEO) effective January 6, 2025.
Mongeau, a graduate of Harvard Business School, has built a strong track record in consumer packaged goods (CPG), gaining expertise in marketing, sales, supply chain operations and M&A. Highlight tenures includes:
- CEO of ESolutions Furniture, North America’s leading e-commerce provider for residential and commercial furniture, where he instituted a new design and sourcing strategy, reconfigured the company’s North American manufacturing network and enhanced its global supply chain.
- President of Weston Foods, one of North America’s leading bakeries, where he led a strategic realignment.
- President of Mars Petcare North America, the flagship business behind the world’s largest pet care company.
According to Tuesday’s news release, since taking his board seat at Canopy as an observer in early 2023 and officially in February 2024, Mongeau has been pivotal in steering the cannabis company towards asset-light expansion in core markets with eyes on near-term profitability.
Leadership insights
“Having worked with our board for nearly two years, Luc’s unique blend of cannabis experience, combined with decades of CPG expertise, makes him the ideal leader to guide Canopy Growth through its next phase of growth,” David Lazzarato, Canopy’s chairman, said in a statement. “The board is confident in Luc’s ability to drive our vision forward while maintaining the company’s momentum. We would also like to extend our gratitude to David Klein for his leadership and dedication throughout this transformative period in Canopy Growth’s history.”
“With some of the best-known brands in the industry, a strong global medical cannabis business, category leading vaporizers from Storz & Bickel and unique exposure to the high-potential U.S. cannabis market, Canopy Growth is well-positioned for growth,” Mongeau commented. “I am honored to lead Canopy Growth into this exciting next chapter, and I am confident that our vision, dedication to our consumers and the commitment of our team members will continue to position us for long-term success and value creation.”
“It’s been an honor over the past four years to lead Canopy Growth, which we’ve collectively shaped into a focused and financially disciplined organization primed for lasting success,” added David Klein, Canopy’s current CEO, who will shift to a special advisor role until August 31, 2025. “As the company enters this new phase, I am committed to working closely with Luc to support an efficient transition and I’m confident in his ability to lead Canopy Growth forward to new successes.”
About Canopy Growth
Canopy Growth is the global cannabis company behind the brands Doja, Wana, Jetty Extracts, 7ACRES, Ace Valley, Tweed, Hi Way, Deep Space and Storz & Bickel, among others.
Canopy Growth stock (TSX:WEED) is down by 1.03 per cent trading at C$5.75 per share as of 9:31 am ET. The stock has given back 22.3 per cent year-over-year and 97.65 per cent since 2019.
Join the discussion: Find out what everybody’s saying about the cannabis stock’s new CEO on the Canopy Growth Corp. Bullboard and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of Canopy Growth’s incoming CEO, Luc Mongeau: Canopy Growth)