Bruce Linton, co-CEO of Cover Progress, stated he was fired from the Canadian pot firm he based in 2013 in an interview with CNBC on Wednesday.
Cover, the world’s largest publicly traded cannabis firm by market worth, earlier Wednesday introduced in a press launch that Linton was eliminated as co-chief govt officer and a member of the board, efficient instantly. Mark Zekulin, who had been co-CEO with Linton, turns into the only real CEO whereas the corporate searches for a alternative.
Linton referred to as into CNBC and stated he was fired.
“I believe stepping down may not be the fitting phrase,” he stated, referring to the language within the firm press launch. “I used to be terminated.”
Linton constructed Cover right into a cannabis powerhouse, signing partnerships with celebrities similar to Snoop Dogg and Martha Stewart whereas pursuing offers together with an funding from spirits large Constellation Manufacturers and an acquisition of U.S.-based Acreage Holdings. Information of his departure shook buyers, initially sending shares down about 5%.
Cover shares recovered their losses, gaining 2.5% on Wednesday, as analysts referred to as the management shake-up the fitting transfer to assist the corporate mature and ultimately change into worthwhile. [Read more at CNBC]