'I have no idea why people are selling it,' says CNBC's Jim Cramer, arguing the new CEO, who has yet to be named, will help lead the company in a new direction.
earlier Wednesday that he was "terminated" from the Canadian pot company that he founded six years ago. Shares of Canopy — up about 50% year-to-date — were dropping about 4% in early trading.
"I have no idea why people are selling it," Cramer said of the world's largest publicly traded cannabis company by market value. "That's crazy." Linton's ousting comes after November's $4 billion investment from spirits giant Constellation Brands, which gave Constellation about a 35% stake in the cannabis company. A condition of the deal was a board reconfiguration, Linton said.Canopy last month
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bruce Linton says he was fired as co-CEO of Canadian pot company Canopy GrowthCanadian cannabis producer Canopy Growth said on Wednesday Bruce Linton will step down as co-chief executive officer, effective immediately.
Read more »
Cannabis giant Canopy Growth tanks after its co-CEO says he was 'terminated''The Board decided today, and I agreed, my turn is over,' said Bruce Linton, the former co-CEO of Canopy Growth.
Read more »
Cramer Remix: I'd downgrade 100 stocks before ditching LululemonJim Cramer reveals why he's a fan of Lululemon's stock.
Read more »
Jim Cramer breaks down The RealReal's IPO and explains the right time pull the trigger'At a time when the department stores are being eaten alive, The RealReal could be poised to make a killing,' Jim Cramer says.
Read more »
The halfway mark: Cramer maps where the top S&P and Dow stocks are headed'When I look at the top five best performers in the Dow and the S&P, I see a good group of stocks, most of which have more room to run,' Jim Cramer says.
Read more »