An accomplished senior leader with more than
25 years of CPG experience, Mr. Mongeau has been actively engaged
with the Company's board for nearly two years
This appointment follows a comprehensive
search to succeed Mr. David Klein
due to a planned retirement announced in August 2024
Company's board reaffirms confidence in
Canopy Growth's strategic direction
SMITHS
FALLS, ON, Nov. 26, 2024 /PRNewswire/ - Canopy Growth
Corporation ("Canopy Growth" or the "Company") (TSX: WEED),
(NASDAQ: CGC), a world-leading cannabis company dedicated to
unleashing the power of cannabis to improve lives, announced today
that the Company's board of directors (the "Board") has named
current Board member and CPG-veteran, Mr. Luc Mongeau, as the next Chief Executive Officer
("CEO") of Canopy Growth effective January
6, 2025.
A seasoned executive with broad CPG experience, Mr. Mongeau has
most recently served as the CEO of North
America's leading e-commerce provider for residential and
commercial furniture. He has previously held the role of President
for Weston Foods, one of North
America's premier bakeries, as well as President of
Mars Petcare North America, the core business unit of the
world's largest pet care company.
Since joining the Board as an observer in early 2023 and as a
Board member in February 2024, Mr.
Mongeau has played a key role in shaping the Company's strategy.
This has included a focus on driving asset-light expansion across
Canopy Growth's core markets, as well as actions to achieve near
term profitability as the Company meets the vast opportunities
presented by the global cannabis market.
"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," said David Lazzarato, Chairman of the Board, Canopy
Growth. "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," said
Mr. Luc Mongeau, member of the
Board, and incoming CEO, Canopy Growth. "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,"
said David Klein, current CEO of
Canopy Growth. "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."
Mr. Mongeau will remain a member of the Board in his new role as
CEO, and to support an efficient transition, Mr. Klein will
continue in his role as CEO and a director on the Board until the
effective date of Mr. Mongeau's appointment as CEO on January 6, 2025. On January 6, 2025, Mr. Klein will step down as a
member of the Board and will shift into a special advisor role
until August 31, 2025. The Company is
actively working to identify and nominate a new Board member to
fill the vacancy created by Mr. Klein's departure. Mr. Willy Kruh has replaced Luc Mongeau as an independent member of the
Company's Corporate Governance, Compensation and Nominating
committee until a new director is appointed to the Board.
About Luc Mongeau
With a proven track record of leading and elevating
organizations, Mr. Mongeau joins Canopy Growth with over 25 years'
experience as a senior executive. He has demonstrated expertise in
marketing, sales, supply chain operations, and M&A.
Most recently as the CEO of ESolutions Furniture, formerly
Bestar-Bush, Mr. Mongeau led the transformation of the business to
deepen its share of the highly competitive digital commerce
furniture industry. This included implementing a new approach to
design and sourcing, reconfiguring the North American manufacturing
network, and enhancing the company's global supply chain.
Prior to this, during Mr. Mongeau's five-year tenure as
President of Weston Foods, he spearheaded the strategic realignment
and end-to-end operational leadership of the $2 billion North American bakery, overseeing a
team of over 6,000 employees across 40 facilities. He directed the
development of commercial strategies across branded and private
label categories for major North American retailers and managed the
sale of Weston Foods. Additionally, in his role as President of
Mars Petcare North America, Mr.
Mongeau provided strategic and operational leadership to a
$3 billion North American
organization with more than 3,000 employees, 27 manufacturing
sites, and three distinct operating units within both branded and
private label categories.
Mr. Mongeau holds a Bachelor of Science from the Université de
Sherbrooke and an MBA from the
Ivey School of Business at Western
University. He has also completed executive education at
Harvard Business School.
About Canopy Growth
Canopy Growth is a world leading cannabis company dedicated to
unleashing the power of cannabis to improve lives.
Through an unwavering commitment to our consumers, Canopy Growth
delivers innovative products with a focus on premium and mainstream
cannabis brands including Doja, 7ACRES, Tweed, and Deep Space, in
addition to category defining vaporizer technology made
in Germany by Storz & Bickel.
Canopy Growth has also established a comprehensive ecosystem to
realize the opportunities presented by the U.S. THC market through
an unconsolidated, non-controlling interest in Canopy USA, LLC ("Canopy USA"). Canopy USA has closed the acquisitions of
approximately 77% of the shares of Lemurian, Inc. ("Jetty") and
100% of the Wana entities that make up Wana
Brands, being Wana Wellness, LLC, The CIMA Group, LLC and Mountain High Products,
LLC. Jetty owns and operates Jetty Extracts, a California-based producer of high- quality
cannabis extracts and pioneer of clean vape technology, and
Wana Brands is a leading North
American edibles brand. The option to acquire Acreage Holdings,
Inc., a vertically integrated multi-state cannabis operator with
principal operations in densely populated states across the
Northeast and Midwest, has also been exercised.
Beyond its world-class products, Canopy Growth is leading the
industry forward through a commitment to social equity, responsible
use, and community reinvestment – pioneering a future where
cannabis is understood and welcomed for its potential to help
achieve greater well-being and life enhancement.
For more information visit www.canopygrowth.com.
References to information included on, or accessible through,
our website do not constitute incorporation by reference of the
information contained at or available through our website, and you
should not consider such information to be part of this press
release.
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SOURCE Canopy Growth Corporation
