Canopy Growth stock gains 12% as former Aphria legal chief joins

Aug. 02, 2022 11:34 AM ETCanopy Growth Corporation (CGC)ACB, GRWG, HEXO, TLRY, SNDLBy: Dulan Lokuwithana, SA News Editor29 Comments

Medical Oil Cannabis - marijuana oil, resin and flowers with Canada flag on the mirror black background.

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  • Canopy Growth (NASDAQ:CGC) has spearheaded a surge in the shares of Canadian cannabis players with a ~12% gain Tuesday after the company appointed a former executive at Aphria as the new Chief Legal Officer.
  • Christelle Gedeon, who is set to take over the role, effective immediately, oversaw the merger between Aphria and Tilray (TLRY) as the Chief Legal Officer and Corporate Secretary of the former in 2021.
  • Notable gainers in the cannabis space include: Aurora Cannabis (ACB), Tilray Brands (TLRY), SNDL (SNDL), HEXO Corp. (HEXO) and U.S. MSO, GrowGeneration Corp. (GRWG)
  • Before joining Canopy (CGC), Gedeon, a commercial lawyer with more than a decade of legal and strategic experience, served as the Chief Legal Officer and Corporate Secretary for The Metals Company.
  • "Christelle is a proven leader in the legal and cannabis industries, and we are excited to have her join Canopy Growth as we continue to build the leading brand-driven cannabis company in North America," Chief Executive of Canopy (CGC) David Klein said.
  • In May 2021, Tilray (TLRY) and its domestic rival Aphria combined, anticipating $81M (C$100M) of annual pre-tax cost synergies within 18 months.

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