The former Canopy Growth co-CEO has a non-compete clause that prohibits him from working for Canadian-based cannabis companies
Two months after his high-profile departure from Canopy Growth Corp., Bruce Linton is back in business.
The company’s former co-CEO and founder revealed on Tuesday that he isn’t done with the cannabis industry yet by taking on advisory roles for three U.S. companies—Gage Cannabis USA, Better Choice Company and Mind Medicine Inc.
“Summer was a very costly vacation period for virtually everyone who owns/owned stocks associated with the cannabinoid sector,” Linton said. “I share your pain and may have indirectly contributed to it. For that, I apologize. Let’s get back to a focus on creating value, thinking beyond the quarter and driving hard to bring science driven outcomes to the world.”
Linton’s termination agreement with Canopy includes a non-compete clause that prohibits him from working for a Canadian-based cannabis company, but allows for involvement with U.S. or international firms.
Linton also announced he investing close to $3 million directly in two companies he developed relationships with during his time at Canopy—Slang Worldwide Inc. and DNA Genetics. “I’ve known them for a long time, but I can’t work with them because of the non-compete,” he said.
“Still, I think they’re both undervalued and carry a lot of clout in the industry,” he added.
Linton rose to prominence in the cannabis industry after the company he founded, Tweed Inc., received one of the country’s first licences to produce medical marijuana in 2014. Tweed would later change its name to Canopy Growth and proceed to become one of the biggest cannabis companies in the world—in no small part because of Linton’s ability to generate investment capital.
He was handsomely rewarded for his efforts, earning $9.33-million in the fiscal year that ended Mar. 31.
But it was his biggest partnership—a $5 billion deal with Constellation Brands—that ultimately proved to be his undoing. The beer maker acquired a 38 percent share in Canopy Growth and control of the company’s board of directors, which it would use to terminate Linton in July after a series of quarterly losses.
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Written by Angela Stelmakowich