Canopy Growth’s (TSX: WEED) David Klein is finally throwing in the towel. The chief executive this morning revealed he intends to retire at the end of the firms current fiscal year on March 31, 2025.

The company has indicated that it has not yet identified a replacement, and that Klein will continue to serve in his role as CEO and director until the specified time. A global search is expected to be undertaken to identify his successor.

“As we look to the next six months and beyond, I remain focused on driving Canopy Growth to profitability while supporting the smooth onboarding of a new CEO to lead the Company forward in its next phase of growth. My experience at Canopy Growth has only deepened my belief in the power of cannabis to improve lives, and I am confident in the ability of our Company and team to continue bringing that vision to life,” commented Klein on his retirement.

Klein joined the company in an executive role in January 2020, prior to which he served as the company’s chairman and as the chief financial officer to Constellation Brands (NYSE: STZ), a major investor. Klein stepped into the role following the departure of Bruce Linton in mid-2019, tasked with the job of transforming the cannabis giant into a profitable operation.

“Over the past four years, we have transformed Canopy Growth into a focused, asset-light, and financially disciplined organization that is well-positioned for sustainable growth,” continued Klein.

Canopy Growth last traded at $9.60 on the TSX.

Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.