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Canopy Growth names Constellation Brands CFO as board chair

Canopy Growth Corp. announced Oct. 10 that it named Constellation Brands Inc. Executive Vice President and CFO David Klein as chair of its board of directors, effective immediately.

Klein first joined the Canadian cannabis producer's board in 2018 after Constellation Brands closed its C$5 billion investment in Canopy Growth. Klein will replace John Bell, who has served as interim chair over the past few months and will remain as a director.

The announcement comes after Constellation Brands posted a $54.7 million non-GAAP loss on its investment in Canopy Growth for the second quarter of fiscal 2020, higher than its anticipated loss of $38.5 million. Nevertheless, CEO William Newlands remained bullish on the distiller's investment.