Multistate operator Vireo Health (VREOF 6.02%) announced on Monday that it was terminating its contract with Executive Chairman Bruce Linton. The former Canopy Growth (CGC +0.00%) CEO joined the U.S. company last November. Vireo doesn't plan to replace Linton and says the termination is "on an entirely without-cause basis, effective immediately."
Linton stated on Monday that "I like the company and pushed it hard, obviously a little too hard for everyone's enjoyment."
In July of last year, Linton was fired as co-CEO of Canopy Growth just days after beer maker Constellation Brands (STZ 1.20%), which invested $4 billion in the pot producer in 2018 , released its quarterly results. Although they were profitable, Constellation's investment in Canopy Growth weighed down the company's per-share earnings by $0.20.
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Executive turnover nothing new for the industry
The cannabis industry's gone through some growing pains over the past few years as many companies have made changes in their upper management. Back in February, Aurora Cannabis (ACB +1.80%) CEO Terry Booth referred to himself as the "latest carnage" after he parted ways with the Canadian pot producer. In January 2019, Aphria (APHA +0.00%) CEO Vic Neufeld resigned from his position, citing health and family reasons for his decision.
More recently, Cresco Labs (CRLBF +0.17%) co-founder Joe Caltabiano resigned from the Chicago-based pot producer's board after already resigning as president earlier in the year.
In the past year, pot stocks have taken a beating as the Horizons Marijuana Life Sciences ETF (HMLSF +1.76%) has fallen 57% while the S&P 500 has risen by 11%.
