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Cannabis producer Canopy Growth has appointed Luc Mongeau, a CPG veteran with over 25 years of experience, as its new CEO. He replaces David Klein, who has led the Canadian company since 2020.
Mongeau previously served as president of Weston Foods for five years and held various positions in Mars’ pet products division, including president of its U.S. operations for four years. Most recently, he served as President and CEO of eSolutions Furniture.
David Lazzarato, Canopy’s chairman, said in a statement that Mongeau will help the company maintain momentum as it grows its business. Mongeau is no stranger to Canopy, having served as an observer on the board since early 2023 and a member since February.
“Having worked with our Board of Directors for nearly two years, Luc’s unique cannabis experience, combined with his decades of CPG expertise, makes him the ideal leader to lead Canopy Growth into its next phase of growth,” said Lazzarato.
Mongo said. The company is poised to expand under his leadership, saying “Canopy Growth is well-positioned for growth through its unique exposure to the high-potential U.S. cannabis market.” He also pointed to the company’s Canadian medical cannabis business and U.S. vape products as key assets.
On a recent quarterly earnings call, outgoing Canopy CEO Klein said the company was optimistic about hemp-derived THC products, which are easier to sell in the U.S. because of loopholes in the Farm Bill. Last October, the company announced the acquisition of Wana Wellness, a brand that sells beverages derived from Delta-9 THC and THC-free Martha Stewart CBD gummies.
Canopy Growth’s journey to expand its range of cannabis products has proven to be tenuous.
Earlier this year, liquor giant Constellation Brands officially distanced itself from the business, converting its shares and withdrawing from 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.
The partnership’s initial promise went unfulfilled, as the U.S. dropped the federal cannabis regulation the industry had hoped for and only a few states allowed producers to make and sell cannabis beverages.
