Canopy Growth's Exec Phil Shaer Steps Down As Head Of Legal Department

Phil Shaer is stepping down from his role as chief legal officer at the Canadian cannabis giant Canopy Growth Corporation WEED CGC, Marijuana Busines Daily reported Monday.

According to a regulatory filing with the U.S. Securities and Exchange Commission, Shaer recently notified the company he would resign, effective October 1.

He submitted his notice on September 14, the day the company's annual general meeting was held, during which shareholders elected each of the nominees for the board of directors, including Judy A. Schmeling, David Klein, Robert L. Hanson, David Lazzarato, William A. Newlands, James A. Sabia, and Theresa Yanofsky.

Shaer, who has been serving at Canopy since 2016, "played a key role in scaling the company from its early days to our current position of global leadership as a best-in-class, CPG modelled cannabis company," Canopy spokeswoman, Jennifer White, told MJBiz Daily.

In addition, Canopy tapped James Wishart, vice president and associate general counsel, to serve as the interim chief legal officer while it searches for a permanent replacement.

Recent Moves And Analyst's Sentiment

The Ontario-based cannabis producer recently introduced its first-ever CBD vape, dubbed 'whisl.' The nicotine-free CBD vaporizer is expected to help consumers "dial into their desired effect – focus, calm, or winding down," according to the company.

In the meantime, in a note issued on Monday, Cantor Fitzgerald's Pablo Zuanic lowered the price target to CA$21 from CA$30.50 on Canopy's stock due to reduced estimates and sectoral derating.

Zuanic said he expects that the company's September quarterly sales will fall to CA$135 million, with "gross margins only start to improve by fiscal 2H22," while positive EBITDA is something Canopy can expect to happen in fiscal 2024.

However, the analyst did acknowledge that the company "has made significant strides" under the helm of CEO David Klein. 

Price Action

Canopy Growth's shares traded 0.07% lower at $13.54 per share at the time of writing Tuesday morning.

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