加拿大的大麻公司Canopy Growth Corp.在上周三表示，該公司的創始人布魯斯·林頓將不再擔任聯席CEO一職。

Canopy公司成立于2013年，在林頓的領導下，該公司已經憑借140億美元的市值成為公開市場上規模最大的大麻公司。Canopy公司在新聞通稿中稱，林頓將辭去聯席CEO和董事會成員的職務，但并未給出原因。記者無法聯系上Canopy公司以請其進一步置評。不過林頓卻表示，該公司給出的說法并非事實。

林頓對CNBC表示：“我認為‘辭職’一詞并非正確的表述，我是被趕走的。”

他的職務將由現任總裁兼聯席CEO馬克·澤庫林頂替，同時該公司也將尋找新的領導人。

林頓在一份聲明中稱：“經董事會今天決定，并經我的同意，我的任期結束了。”他承認這種轉變并不容易，不過他對“Canopy的團隊有充分的信心。”

林頓被迫離職，或許是因為受到了Canopy的最大股東、烈酒生產商星座公司（Constellation Brands）的壓力。2018年，星座公司向Canopy投資了40億美元（占38%的股權）。

Cowen公司的分析師薇薇恩·阿澤爾在上周三的一封致投資者的文章中指出：“星座公司曾經公開表示對Canopy公司的近期收益感到失望，而且他們還在Canopy公司安插了一個自己人當財務總監，所以出現這種變化，我們是不奇怪的。”阿澤爾還表示，林頓的工作是“值得稱贊”的，但“新領導層將是一個令人歡迎的變化”。

林頓對CNBC表示，作為投資協議的一部分，星座公司提名四人進入了Canopy的董事會，然后只過了“大約8個月零2天”，他就被董事會趕走了。星座公司在一份聲明中對彭博社表示，該公司完全支持“Canopy公司有關林頓的決定”。

星座公司對Canopy的不滿已經醞釀了一陣子了。Canopy上月發布了第四季度財報，結果令人失望，作為大股東的星座公司虧損了將近3900萬美元。星座公司也表示對Canopy的虧損感到“不滿”。目前Canopy的虧損累計已達3.234億加元。

晨星公司的分析師克里斯托弗·英頓則表示，此次Canopy的領導層變動令人感到驚訝。

英頓對《財富》雜志表示：“我并不同意華爾街大多數人對Canopy公司四季度財報的反應。對于這樣一家增長中的公司，又是這樣一個增長中的行業，如此苛求它的短期效益，特別是盈利能力，實在有些出人意料。這就好像一家公司創業才一年，你就質問它：‘你為什么還沒有盈利？’”

英頓表示，大麻行業還有很大的增長空間，在當前階段，“高質量增長可能比盈利重要得多。”

星座公司的財務總監大衛·克萊恩在電話中對分析師表示，他對投資Canopy公司感到“非常高興”，并表示，星座公司對Canopy收購美國大麻運營商Acreage Holdings公司持積極態度。

華爾街的態度貌似也很樂觀。

英頓表示：“這是一筆很有創新性的交易。”因為如果美國在聯邦層面立了法，或者放松了限制，那么股東們在美國也有了賺錢的機會。到時Canopy公司的競爭對手們“將不得不爭相購買資產……所以它的這一步很超前。”

Canopy公司表示，澤庫林將幫助公司尋找新的聯席CEO。澤庫林則在一份聲明中稱：“我個人將繼續致力于在接下來的一年里實現成功過渡，在這個過程中，我們將確立新的領導層，以推動我們的共同愿景向前發展。”

在晨星公司的分析師英頓看來，對于Canopy公司來說，當務之急很可能是要找一個“執行力更強的人，而不是一個領導重大戰略變革的人”。 Cowen公司的分析師阿澤爾也認為，此次轉型應該不會是“破壞性的”。

不過受林頓離職的消息影響，上周三，Canopy的股票早盤下跌了5%，之后略有回升，當日回升2%以上。英頓認為，林頓的離職短期內并不會給Canopy的股價造成太大沖擊。他表示，Canopy應該會將重點放在加拿大市場，并向國際醫藥領域擴張，還有可能與星座公司一起開發酒水飲料。

在林頓的領導下，Canopy也實現過不少創新，它簽下了不少合作伙伴，甚至與瑪莎·斯圖爾特和史諾普·道格等名人都有合作。

現在林頓雖然下崗了，但在華爾街看來，沒有了他，Canopy以后的路卻只會更寬。（財富中文網）

譯者：樸成奎

Bruce Linton, who founded Canadian cannabis company Canopy Growth Corp., stepped down as co-CEO, the company said last Wednesday.

Founded in 2013, Canopy has grown into the largest cannabis company on the public market (with a value of $14 billion) under Linton’s leadership. Canopy said in a press release that Linton stepped down from his roles as co-CEO and board member, without giving a reason. Canopy couldn’t be reached for further comment. However, Linton said the statement is inaccurate.

“I think stepping down might not be the right phrase,” Linton told CNBC. “I was terminated.”

He’ll be replaced by current president and co-CEO Mark Zekulin while the company searches for a new leader.

“The board decided today, and I agreed, my turn is over,” Linton said in a statement. While he acknowledged the change wasn’t easy, he said he has “full confidence in the team at Canopy.”

Linton’s seemingly involuntary departure may be due in part to pressure from Canopy’s largest shareholder, spirits maker Constellation Brands. Constellation made a $4 billion investment (a 38% stake) in the company in 2018.

“With [Constellation Brands] ... having vocally expressed their ‘disappointment’ with [Canopy’s] most recently reported earnings, and having already installed [a Constellation] alum as CFO, we are not surprised by this move,” Cowen analyst Vivien Azer wrote in a note to investors last Wednesday. Azer wrote that Linton should be “commend[ed]” for his work at the company, but “new leadership will be a welcome change.”

Constellation nominated four directors to Canopy’s board as part of the investment deal, and “about eight months and two days later,” Linton told CNBC, the board moved to remove him. The beverage company “fully support[s]” Canopy’s decision regarding Linton, Constellation told Bloomberg in a statement.

Constellation’s qualms with the cannabis giant have been budding for a while—Canopy reported disappointing losses last month in the fourth quarter, setting Constellation back almost $39 million. Constellation said it was “not pleased” with the losses, which amounted to some CA$323.4 million, according to Canopy’s earnings.

Morningstar analyst Kristoffer Inton said the leadership change was surprising.

“I didn’t necessarily agree with the reaction that most of the Street had on the fourth quarter,” Inton told Fortune. “This is a growth company in a growth industry. To measure the near-term results, especially in profitability, that harshly is a bit surprising. It’s like looking at a startup in its first year and asking, why is it not profitable?”

Inton said the cannabis industry has more room to grow, and that, at this stage, “top-line growth is probably way more important right now than profitability.”

Constellation’s Chief Financial Officer David Klein told analysts on a call that he was “very happy” with the company’s investments, and that the beverage maker was positive on Canopy's deal to acquire U.S.-based cannabis operator Acreage Holdings.

Wall Street seems equally optimistic.

“This is a pretty innovative deal,” Inton said, because shareholders have U.S. exposure “if and when U.S. federal legalization happens or is relaxed,” Inton said. Canopy’s peers “are going to have to scramble and start trying to buy assets … so it’s a pretty forward move by Canopy,” he said.

Zekulin will help with the search for a new co-CEO, the company said. Zekulin said in a statement that “I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward.”

For Morningstar’s Inton, the leadership change will likely be more about finding someone who will “execute better rather than someone who has big strategic change,” he says. Cowen’s Azer wrote that the transition won’t prove “disruptive.”

Still, Canopy’s stock was pushed down some 5% early at the news, but has since recovered, up over 2% in intraday trading on last Wednesday. The news shouldn’t rattle Canopy’s stock too much in the near-term, Inton believes. He said the company will likely focus on the Canadian market, expanding in the international medicinal sector and developing beverages alongside Constellation.

Linton helped the company innovate with partnerships and even celebrities like Martha Stewart and Snoop Dogg.

Now, Linton’s time is up. But for Wall Street, Canopy can only get higher.