Physician-led, science-focused, multi-state cannabis company Vireo Health International, Inc. (OTCQX: VREOF) said that it has elected to terminate its employment agreement with Bruce Linton as Executive Chairman, on an entirely without-cause basis, effective immediately.
“We wish Bruce well in his future endeavors,” said Kyle Kingsley, M.D., Chief Executive Officer & Founder of Vireo. “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.” At this time, the company does not expect to fill the role of Executive Chairman.
“I like the company and pushed it hard, obviously a little too hard for everyone’s enjoyment,” Linton said on Monday. “I’m not everyone’s favorite flavor. If I invest and bring people’s money along I’m a pretty demanding guy.”
Linton is best known as the former CEO of Canopy Growth, which garnered one of the largest mainstream company investments from Constellation Brands (NYSE:STZ). Although much of that value has since been written off by Constellation after it accepted Linton’s resignation. Linton is also CEO of Collective Growth, a special purpose acquisition company that raised $150 million and has plans to list on the NASDAQ. He tapped Canopy’s former CFO to be a part of the SPAC.
“It says we can’t tell you what we’re going to do with the money cause we don’t know,” Linton said to Yahoo Finance, “but if you give it to us, we have a great management team and we think we can find some really great targets.” In regards to why he chose a name so similar to the company he co-founded and was fired from, Linton laughed. “You got to have a little fun with things,” he said.
Mr. Linton joined Vireo in November of 2019. His current term on the Board of Directors expires at the Company’s July 15, 2020, Annual General Meeting of shareholders. The incentive warrants previously issued to Mr. Linton with a November 7, 2024 expiration date will now vest with a modified expiration date of June 8, 2021.