Sell-side veteran takes over IR at Canopy Growth
Canopy Growth, the world’s largest cannabis company by market capitalization, has announced the appointment of sell-side veteran Judy Hong as vice president of investor relations.
Hong most recently worked as managing director of the global investment research division at Goldman Sachs, where she covered the beverage and tobacco sectors.
While Canopy is headquartered in Ontario, Canada, Hong is based in New York and reports directly to CFO Mike Lee. She works closely with existing vice president of IR Tyler Burns and ‘leads the strategic planning, direction and execution of the company’s investor relations function,’ says Canopy in a statement.
Canopy’s move to hire a Wall Street veteran to the IR role comes after a tumultuous year for the company. The provider of recreational and medicinal cannabis products saw its co-CEO and co-founder Bruce Linton forced out of the company in July. It has also witnessed a share price fall of more than 50 percent since April amid wider concerns over the cannabis sector.
In a company statement, Hong says she is looking forward to a new challenge after two decades on the sell side.
‘I am excited to be joining Canopy during a time of great change and opportunity in the cannabis industry. I look forward to playing a critical role in shaping and communicating Canopy’s story to the US and global investment community,’ she says.
The move highlights the continuing allure of the cannabis industry for executives in traditional sectors, says Forbes contributor Iris Dorbian in a news story.
‘Despite the slowdown in the US cannabis industry, the sluggish sales and the fallout caused by the recent vaping crisis, there are still many who consider this sector to be the equivalent [of] Silicon Valley decades ago,’ she says.