Canopy Growth CEO Stepping Down, Cannabis Company Says

Canopy Growth announced the departure of its co-CEO Wednesday in a surprise leadership shakeup at the world's largest legal cannabis company.

"The board decided today, and I agree, my turn is over," said Bruce Linton, who led the Toronto-based company alongside Mark Zekulin since its founding in 2013.

Zekulin has been named the company's sole CEO and will work with the board while it searches for "a new leader to guide the company in its next phase of growth," a company statement said.

Listed on the Toronto and New York Stock Exchanges, Canopy Growth produces cannabis, hemp and cannabis devices for the medical and recreational market.

It operates retail stores across Canada under its Tweed and Tokyo Smoke banners, and a dozen licensed cannabis production sites.

It recently received a Can$5 billion investment from Constellation Brands, an alcoholic beverage company.