Canopy Growth hires Mike Lee as CFO

Canadian cannabis firm Canopy Growth, which is part owned by Constellation Brands, has appointed Mike Lee as its acting chief financial officer (CFO).

Constellation Brands invested in cannabis firm Canopy Growth in 2017

Lee will become permanent CFO following security clearance from Health Canada, which is required for all officers and directors of the company.

He will take over the role from Tim Saunders, who will continue to serve Canopy Growth’s executive team and board of directors as a strategic advisor in areas of mergers and acquisitions, corporate financing and business transformation.

Most recently, Lee worked as executive vice president of finance at Canopy Growth. He has also worked for companies such as E&J Gallo and PepsiCo.

Prior to joining the cannabis firm, Lee previously served as senior vice president and chief financial officer for Constellation Brands’ wine and spirits division.

Lee worked closely with Constellation Brands’ executive leadership to “transform” its wine and spirits arm. He also ran the company’s business transformation agenda, focused on digital enablement and operating model design.

Lee’s experience in business transformation will benefit Canopy Growth as it “continues to scale at an exponential rate”.

“When I welcomed Tim four years ago, Canopy Growth had a market cap of US$93 million, two partially licensed production sites in Ontario and a single acquisition under our belt,” said Bruce Linton, chairman and co-CEO of Canopy Growth.

“After more than 26 acquisitions, eight financings worth over US$6.2 billion, the sector’s first TSX and NYSE listings, and reaching a market cap of US$21 billion, Tim exemplifies what it means to be a leader at Canopy Growth,”

“As Tim transitions roles, I am also pleased to elevate Mike into the acting CFO role. His philosophy, accomplishments and all-around track record give me confidence that the company’s financial health and governance are in good hands.

“I look forward to working more closely with Mike, benefitting from his vision and expertise as the company continues growing, both at home and abroad.”

Constellation completed its US$4bn additional investment in cannabis producer Canopy Growth Corporation in November last year. The US drinks company first acquired a minority stake in Canopy for US$191m in 2017, when it announced its intention to create cannabis-infused beverages.

Earlier this year, Canopy Growth expanded its production operations to the US with the build of a ‘hemp industrial park’ in New York.