Vireo Health has cut ties with Bruce Linton as executive chairman effective immediately. The company said the termination is “on an entirely without-cause basis.”
Dr. Kyle Kingsley, CEO and Founder of Vireo, indicated in a statement that the company does not expect to fill the role of executive chairman following Linton’s ouster.
“We wish Bruce well in his future endeavors. Our organization will remain focused on executing a strategy which benefits all stakeholders and developing our core medical markets of Arizona, Maryland, Minnesota, New Mexico, New York, and Pennsylvania.” – Kingsley in a statement
In a statement on Monday, Linton said he likes the company “and pushed it hard, obviously a little too hard for everyone’s enjoyment.”
Linton joined Vireo last November after being fired as CEO of Canopy Growth, the company he co-founded. Linton said he was let go by Canopy because he had fallen out of favor with the company’s directors that were installed by Constellation Brands, an alcohol distributor that owns 38.6 percent of the Canadian cannabis firm.
Last year, Linton – along with National Hemp Association Chairman Geoff Whaling – launched Collective Growth, which focuses on investment opportunities in the hemp and CBD space. The company listed on Nasdaq last month. In March, the firm filed with the U.S. Securities and Exchange Commission seeking a target capital raise of $150 million to $175 million to purchase or invest in a combination of hemp- and CBD-related businesses.
Neither Vireo nor Linton have offered further details on what led to his departure.
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