Canadian cannabis giant Canopy Growth (CGC) announced this morning the appointment of Mike Lee as Chief Financial Officer (CFO).
Mike’s permanent role as CFO will commence upon receiving Health Canada security clearance required for all Officers and Directors of the Company.
Mike brings a wealth of experience from the consumer goods & beverages industry, having worked for companies such as E. & J. Gallo Winery, PepsiCo, and recently Constellation Brands, where he served as Senior Vice President & CFO for their US$3B Wine & Spirits Division. He worked closely with Constellation Brands’ executive leadership to transform their premium Wine & Spirits business, applying financial rigor along the way with a true sense of urgency that translated strategy into action. Mike also led the business transformation agenda at Constellation Brands, focused on digital enablement and operating model design. Most recently, Mike has served in the role of Executive Vice President, Finance at Canopy Growth Corporation.
Mike’s experience across these mature, category-leading CPG companies along with his experience in business transformation will be an asset as Canopy Growth continues to scale at an exponential rate. Taking advantage of his established strengths in developing high-performance teams, delivering financial results, and his ability to translate strategy into execution will help the Company’s leadership chart a course for the future.
Tim Saunders, whose invaluable contributions to the Company’s direction, finance leadership, and culture will continue to serve the executive team and Board of Directors of Canopy Growth as a strategic advisor in areas of mergers and acquisitions, corporate financing, and business transformation.
“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,” said Bruce Linton, Chairman and Co-CEO, Canopy Growth. “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.”
The Board of Directors, co-CEOs Bruce Linton and Mark Zekulin, along with the whole Canopy Growth family, thank Tim Saunders for his dedication and leadership. Having championed the financial health of the Company through an aggressive phase of M&A growth, multiple financing rounds, and historic listings on the TSX and NYSE, both firsts for cannabis companies, Tim’s impact on Canopy Growth is permanent and sincerely appreciated.
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