This voice is automatically generated. Please let us know if you have any feedback.
Cannabis producer Canopy Growth Name Luc Mongeaua CPG veteran with over 25 years of experience, has been appointed as the new CEO. He succeeds David Klein, who has led the Canadian company since 2020.
Mr. Mongeau previously held various positions in Mars’ pet products division, including five years as president of Weston Foods and four years as president of Mars’ U.S. division. Most recently, he served as President and CEO of eSolutions Furniture.
Canopy Chairman David Lazzarato said in a statement that Mongeau will help the company maintain its momentum as it grows its business. Mongeau is no stranger to Canopy, having served as a board observer since early 2023 and a member since February.
“Luc, who has served on the board for nearly two years, brings a unique blend of cannabis experience and decades of CPG expertise that makes him the ideal leader to lead Canopy Growth into its next phase of growth. Lazzarato said.
mongeau said The company is poised to expand under his leadership, and “with unique exposure to the high-potential U.S. cannabis market, Canopy Growth is well-positioned for growth.” He also pointed to the company’s medical cannabis business in Canada and e-cigarette products in the United States as key assets.
During that period, Recent quarterly financial results briefingoutgoing Canopy CEO Klein said the company is optimistic about hemp-derived THC products, which will be easier to sell in the U.S. due to loopholes in the Farm Bill. In October, the company announced the acquisition From Wana Wellness, a brand that sells Delta-9 THC-derived drinks and THC-free Martha Stewart CBD gummies.
Canopy Growth’s road to expanding its cannabis product footprint has proven to be a bumpy one.
Earlier this year, alcohol giant Constellation Brands officially distanced itself from the business, converting its stock and exiting the cannabis company’s board of directors. In 2018, Constellation invested $4 billion in Canopy with plans to sell cannabis beverage products in the United States.
Initial promises of a partnership never materialized as the U.S. suspended federal cannabis regulations that the industry had bet on, allowing producers to make and sell cannabis beverages only in some states.
