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Cannabis producer Canopy Growth named Luc Mongeau, a CPG veteran with more than 25 years of experience, as its new CEO. He will replace David Klein who has led the Canadian company since 2020.
Mongeau previously served as the president of Weston Foods for five years and held various roles at Mars in the company’s pet products division, including president of its U.S. division for four years. Most recently, he served as the president and CEO of eSolutions Furniture.
David Lazzarato, Canopy’s chairman, said in a statement Mongeau can help the company maintain its 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 for nearly two years, Luc’s unique blend of cannabis experience, combined with decades of CPG expertise, makes him the ideal leader to guide Canopy Growth through its next phase of growth,” Lazzarato said.
Mongeau said the company is poised to expand under his leadership, that with “unique exposure to the high-potential U.S. cannabis market, Canopy Growth is well positioned for growth.” He also pointed to the company’s medical cannabis operations in Canada and vape products in the U.S. as key assets.
During its most recent quarterly earnings call, outgoing Canopy CEO Klein said the company is optimistic about its hemp-derived THC products, which are easier to sell in the U.S. because of a loophole in the Farm Bill. In October, the company announced its acquisition of Wana Wellness, a brand that sells drinks derived from delta-9 THC, as well as THC-free Martha Stewart CBD gummies.
Canopy Growth’s journey to expand the reach of its cannabis products has proved tenuous.
Earlier this year, alcohol giant Constellation Brands formally distanced itself from the business, converting its shares and withdrawing from the cannabis company’s board. In 2018, Constellation invested $4 billion in Canopy, with plans to sell its cannabis beverage products in the U.S.
The initial promise of the partnership never materialized as the U.S. halted federal cannabis regulation that the industry had bet on, only allowing producers to manufacture and sell cannabis drinks in select states.
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