ADVERTISEMENT

Former Canopy CEO Linton Joins Vireo as Executive Chairman

Former Canopy CEO Linton Joins Vireo as Executive Chairman

(Bloomberg) -- Vireo Health International Inc. is a U.S. cannabis company that flies under the radar. Bruce Linton hopes to change that.

Linton is joining Minneapolis-based Vireo as executive chairman, his latest formal association with a pot firm since he was fired as co-chief executive officer of Canopy Growth Corp. in July.

“Visibility has been an issue for us despite our size, and Bruce does bring a lot of visibility,” Vireo CEO Kyle Kingsley said in a phone interview ahead of the announcement.

Vireo’s stock gained as much as 48% Thursday following the announcement.

Linton, who is arguably the most recognizable cannabis executive in the world, said he was attracted to Vireo’s focus on science. For example, the company has been monitoring users of its vape devices in Minnesota and New York for four years and says it hasn’t found any negative side effects.

Read more: Former Canopy CEO Linton Takes Advisory Roles at Three Firms

“Who else even thought about having a vape protocol to do a post-market study? Nobody,” Linton said. “If you peel away the whole thing, it converts to one word: trust.”

Linton said he’ll help Vireo to lower its cost of capital and examine potential acquisitions. The company currently has assets in Pennsylvania, New York, Maryland, Ohio, Minnesota and Arizona.

“With Bruce there’s no limits to how he thinks and that’s been a breath of fresh air,” Kingsley said. “We’re a mile a minute with ideas and very excited about what the coming months and quarters will bring.”

In September, Linton said he’d join CBD-focused animal health company Better Choice Co. as a special adviser, sending the stock up as much as 45%. He also announced an investment in Slang Worldwide Inc., sending shares up as much as 24%.

To contact the reporter on this story: Kristine Owram in Toronto at kowram@bloomberg.net

To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Richard Richtmyer, Jennifer Bissell-Linsk

©2019 Bloomberg L.P.