08:01 AM EST, 11/26/2024 (MT Newswires) -- Canopy Growth ( CGC ) , a cannabis company that saw strong share price gains yesterday, was at last look down 0.7% in US premarket trade on Tuesday as it named board member and Luc Mongeau as chief executive officer, effective Jan. 6.

A statement noted Mongeau has most recently served as the CEO of a North America e-commerce provider for residential and commercial furniture. He has previously held the role of President for Weston Foods, a North America bakery, as well as President of Mars Petcare North America, the core business unit of a global pet care company.

The company said the appointment follows a search to succeed David Klein who in August announced his retirement. Klein will continue in his role as CEO until Mongeau takes over.

WEED rose $0.33, or 6%, to $5.81 on the TSX yesterday. It also rose more than 6% in US trading yesterday.