Canopy's CEO says that U.S. states should issue a mandate requiring stock compensation for every employee working in the marijuana industry.
Canopy Growth Corp. co-Chief Executive Bruce Linton defended the company’s widening paper losses Friday by contending that paying employees with stock is every cannabis company’s financial and social responsibility.
“I think people should say, ‘That’s awesome’,” Linton said. “It’s not like Bruce took it all. It’s distributed across the company in a very nice way so that everybody is aligned, works really hard and wants to make it successful.” “The effect will be that this might be the New Deal economy,” Linton said. “If they did this right, it could have corporate-social outcomes that are way better aligned with changing who gets rich at the top … Every place that talks about corporate social responsibility and corporate social justice should say, ‘How can we actually do that so it’s not just to a small cohort at the top of the ownership structure but inclusive of everyone that participates in the sector.
“Obviously when Alberta needed to pause, in their opinion, the additional licensing of stores and Ontario got going in April, that kind of made the platform static,” Linton said in the conference call. “What we’re seeing is a lot more stores opening obviously in Alberta and we’re seeing quite a bit more discussion and rumor about whether Ontario will do some more sooner. So the channel is growing.
Turning toward the U.S., Canopy Growth said that it planned to pay Acreage Holdings Inc. shareholders $300 million for the right to acquire Acreage in the future for $3.4 billion in stock, which was approved by stockholders Wednesday.In the conference call, CEO Linton said that in the long run, Canopy Growth will have the capacity to use its hemp facilities to grow and process marijuana once it’s legalized under U.S. federal law.
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