AGÕæÈ˹ٷ½

STOCK TITAN

[8-K] Canopy Growth Corporation Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Canopy Growth Corporation (CGC) filed an 8-K reporting the immediate termination of Chief Financial Officer Judy Hong on 9 July 2025. The company states the dismissal was “without cause� and unrelated to its financial performance or reporting practices. Under the terms of her March 29 2022 employment agreement, Ms. Hong will receive all severance benefits applicable to a no-cause separation and a previously agreed US$150,000 retention bonus dated August 19 2024.

Interim leadership: Vice President, Finance Thomas Stewart, 43, has been appointed interim CFO effective the same day. Stewart has held finance leadership roles at Canopy since April 2019, including Chief Accounting Officer, and previously spent more than a decade at Constellation Brands. He is a CPA (NY) with extensive U.S. GAAP experience.

Compensation terms: An interim offer letter (Exhibit 10.1) grants Stewart an additional US$7,500 monthly stipend on top of his existing salary. His FY 2026 short-term incentive target will equal 75% of combined salary and stipend, prorated for his tenure as interim CFO.

Governance & disclosure: The company affirms there are no related-party transactions or family relationships involving either executive, and Item 7.01 furnishes a supporting press release (Exhibit 99.1). No financial statements accompany the filing.

While the board initiates a search for a permanent CFO, the internal appointment aims to ensure continuity across external reporting, FP&A, tax, and operations finance functions.

Canopy Growth Corporation (CGC) ha presentato un modulo 8-K comunicando il licenziamento immediato della Chief Financial Officer Judy Hong il 9 luglio 2025. L'azienda specifica che il licenziamento è avvenuto “senza giusta causa� e non è collegato alle prestazioni finanziarie o alle pratiche di rendicontazione. Secondo i termini del suo contratto di lavoro del 29 marzo 2022, la signora Hong riceverà tutti i benefici di buonuscita previsti per un licenziamento senza giusta causa e un bonus di retention di 150.000 dollari USA precedentemente concordato, datato 19 agosto 2024.

Leadership ad interim: Il Vicepresidente Finance Thomas Stewart, 43 anni, è stato nominato CFO ad interim a partire dallo stesso giorno. Stewart ricopre ruoli di leadership finanziaria in Canopy dal aprile 2019, incluso quello di Chief Accounting Officer, e ha precedentemente lavorato per oltre un decennio in Constellation Brands. È un CPA (NY) con ampia esperienza in US GAAP.

Termini di compenso: Una lettera di offerta ad interim (Allegato 10.1) concede a Stewart un’indennità mensile aggiuntiva di 7.500 dollari USA oltre al suo stipendio attuale. Il suo obiettivo di incentivo a breve termine per l’esercizio 2026 sarà pari al 75% della somma di stipendio e indennità, proporzionato al periodo in cui ricoprirà il ruolo di CFO ad interim.

Governance e comunicazioni: L’azienda conferma che non esistono transazioni con parti correlate o rapporti familiari riguardanti entrambi i dirigenti, e l’Elemento 7.01 include un comunicato stampa di supporto (Allegato 99.1). Nessun bilancio accompagna la comunicazione.

Nel mentre il consiglio avvia la ricerca di un CFO permanente, la nomina interna mira a garantire continuità nelle funzioni di rendicontazione esterna, FP&A, fiscalità e finanza operativa.

Canopy Growth Corporation (CGC) presentó un formulario 8-K informando la terminación inmediata de la Directora Financiera Judy Hong el 9 de julio de 2025. La empresa indica que el despido fue “sin causa� y no está relacionado con el desempeño financiero ni con las prácticas de reporte. Según los términos de su contrato laboral del 29 de marzo de 2022, la Sra. Hong recibirá todos los beneficios de indemnización aplicables a una separación sin causa y un bono de retención previamente acordado de 150,000 dólares estadounidenses fechado el 19 de agosto de 2024.

Liderazgo interino: El Vicepresidente de Finanzas, Thomas Stewart, de 43 años, ha sido nombrado CFO interino con efecto desde el mismo día. Stewart ha ocupado cargos de liderazgo financiero en Canopy desde abril de 2019, incluyendo Chief Accounting Officer, y anteriormente trabajó más de una década en Constellation Brands. Es CPA (NY) con amplia experiencia en US GAAP.

Términos de compensación: Una carta de oferta interina (Anexo 10.1) otorga a Stewart un estipendio mensual adicional de 7,500 dólares estadounidenses además de su salario actual. Su objetivo de incentivo a corto plazo para el año fiscal 2026 será igual al 75% del salario combinado y el estipendio, prorrateado por su tiempo como CFO interino.

Gobernanza y divulgación: La empresa afirma que no existen transacciones con partes relacionadas ni relaciones familiares que involucren a ninguno de los ejecutivos, y el Ãtem 7.01 incluye un comunicado de prensa de apoyo (Anexo 99.1). No se adjuntan estados financieros a la presentación.

Mientras la junta inicia la búsqueda de un CFO permanente, el nombramiento interno busca asegurar la continuidad en las funciones de reporte externo, FP&A, impuestos y finanzas operativas.

Canopy Growth Corporation (CGC)ëŠ� 2025ë…� 7ì›� 9ì� 즉시 최고재무책임ìž�(CFO) Judy Hongì� í•´ìž„ì� 보고하는 8-Kë¥� 제출했습니다. 회사ëŠ� ì´ë²ˆ í•´ìž„ì� “정당한 사유 ì—†ì´â€� ì´ë£¨ì–´ì¡Œìœ¼ë©° 재무 성과ë‚� ë³´ê³  관행과 ê´€ë ¨ì´ ì—†ë‹¤ê³� ë°í˜”습니ë‹�. 2022ë…� 3ì›� 29ì� ì²´ê²°ë� ê³ ìš© 계약 ì¡°ê±´ì—� ë”°ë¼ í™� 씨는 정당í•� 사유 없는 í•´ê³ ì—� 해당하는 모든 퇴ì§ê¸ˆê³¼ 2024ë…� 8ì›� 19ì¼ì— í•©ì˜ë� 미화 150,000달러ì� 유지 보너스를 받게 ë©ë‹ˆë‹�.

임시 리ë”ì‹�: 재무 부사장 Thomas Stewart(43ì„�)ê°€ ê°™ì€ ë‚ ë¶€í„� 임시 CFOë¡� 임명ë˜ì—ˆìŠµë‹ˆë‹�. StewartëŠ� 2019ë…� 4월부í„� Canopyì—서 재무 리ë”ì‹� ì—­í• ì� ë§¡ì•„ 왔으ë©� Chief Accounting Officerë¥� í¬í•¨í•� ì´ì „ì—는 Constellation Brandsì—서 10ë…� ì´ìƒ 근무했습니다. 그는 미국 ê³µì¸íšŒê³„ì‚�(CPA, 뉴욕)로서 광범위한 미국 회계기준(US GAAP) 경험ì� 보유하고 있습니다.

ë³´ìƒ ì¡°ê±´: 임시 제안ì„�(첨부 문서 10.1)ì—� 따르ë©� StewartëŠ� 기존 급여 ì™¸ì— ì›� 7,500달러ì� 추가 수당ì� 받습니다. 2026 íšŒê³„ì—°ë„ ë‹¨ê¸° ì¸ì„¼í‹°ë¸Œ 목표ëŠ� 급여와 수당ì� í•©ì‚°í•� 금액ì� 75%ì´ë©°, 임시 CFO 재임 기간ì—� 비례하여 지급ë©ë‹ˆë‹¤.

거버넌스 ë°� 공시: 회사ëŠ� ë‘� ìž„ì› ëª¨ë‘와 ê´€ë ¨ëœ íŠ¹ìˆ˜ ê´€ê³„ìž ê±°ëž˜ë‚� ê°€ì¡� 관계가 ì—†ìŒì� 확ì¸í•˜ë©°, 항목 7.01ì—는 ì§€ì›� ë³´ë„ìžë£Œ(첨부 문서 99.1)ê°€ í¬í•¨ë˜ì–´ 있습니다. 제출서류ì—는 재무제표가 첨부ë˜ì§€ 않았습니ë‹�.

ì´ì‚¬íšŒê°€ ì •ê·œ CFOë¥� 찾는 ë™ì•ˆ ë‚´ë¶€ 임명으로 외부 ë³´ê³ , FP&A, 세무 ë°� ìš´ì˜ ìž¬ë¬´ 기능ì� ì—°ì†ì„±ì„ 보장하는 ê²ƒì´ ëª©í‘œìž…ë‹ˆë‹�.

Canopy Growth Corporation (CGC) a déposé un formulaire 8-K rapportant le licenciement immédiat de la directrice financière Judy Hong le 9 juillet 2025. La société précise que ce licenciement est « sans motif » et n’est pas lié à la performance financière ni aux pratiques de reporting. Selon les termes de son contrat de travail du 29 mars 2022, Mme Hong recevra tous les avantages de départ applicables en cas de séparation sans motif ainsi qu’un bonus de rétention de 150 000 USD convenu précédemment, daté du 19 août 2024.

Direction intérimaire : Le vice-président des finances Thomas Stewart, 43 ans, a été nommé directeur financier par intérim à compter du même jour. Stewart occupe des postes de direction financière chez Canopy depuis avril 2019, notamment celui de directeur comptable, et a auparavant passé plus d’une décennie chez Constellation Brands. Il est expert-comptable agréé (CPA NY) avec une solide expérience des US GAAP.

Conditions de rémunération : Une lettre d’offre intérimaire (Annexe 10.1) accorde à Stewart une allocation mensuelle supplémentaire de 7 500 USD en plus de son salaire actuel. Son objectif d’incitation à court terme pour l’exercice 2026 sera égal à 75 % du salaire et de l’allocation combinés, au prorata de sa durée en tant que directeur financier par intérim.

Gouvernance et divulgation : La société confirme qu’il n’existe aucune transaction avec des parties liées ni relation familiale impliquant l’un ou l’autre des cadres, et l’élément 7.01 comprend un communiqué de presse à l’appui (Annexe 99.1). Aucun état financier n’accompagne le dépôt.

Alors que le conseil d’administration lance une recherche pour un directeur financier permanent, cette nomination interne vise à assurer la continuité des fonctions de reporting externe, FP&A, fiscalité et finance opérationnelle.

Canopy Growth Corporation (CGC) reichte am 9. Juli 2025 ein Formular 8-K ein, in dem die sofortige Entlassung der Finanzvorständin Judy Hong gemeldet wurde. Das Unternehmen gibt an, dass die Entlassung „ohne Grund� erfolgte und nicht mit der finanziellen Leistung oder den Berichtsverfahren zusammenhängt. Gemäß den Bedingungen ihres Arbeitsvertrags vom 29. März 2022 erhält Frau Hong alle Abfindungsleistungen, die bei einer fristlosen Kündigung ohne Grund anfallen, sowie einen zuvor vereinbarten Retentionsbonus in Höhe von 150.000 US-Dollar vom 19. August 2024.

Interimistische Führung: Der Finanz-Vizepräsident Thomas Stewart, 43 Jahre alt, wurde mit Wirkung zum selben Tag zum interimistischen CFO ernannt. Stewart hat seit April 2019 Führungspositionen im Finanzbereich bei Canopy inne, darunter Chief Accounting Officer, und war zuvor über ein Jahrzehnt bei Constellation Brands tätig. Er ist CPA (NY) mit umfassender Erfahrung in US GAAP.

³Õ±ð°ù²µÃ¼³Ù³Ü²Ô²µ²õ²ú±ð»å¾±²Ô²µ³Ü²Ô²µ±ð²Ô: Ein Interim-Angebotsschreiben (Anlage 10.1) gewährt Stewart zusätzlich zu seinem bestehenden Gehalt eine monatliche Zulage von 7.500 US-Dollar. Sein kurzfristiges Anreizziel für das Geschäftsjahr 2026 entspricht 75 % des kombinierten Gehalts und der Zulage, anteilig für seine Zeit als interimistischer CFO.

Governance & Offenlegung: Das Unternehmen bestätigt, dass keine Geschäfte mit verbundenen Parteien oder familiäre Beziehungen mit einem der beiden Führungskräfte bestehen, und Punkt 7.01 enthält eine unterstützende Pressemitteilung (Anlage 99.1). Keine Finanzberichte sind der Einreichung beigefügt.

Während der Vorstand die Suche nach einem dauerhaften CFO einleitet, soll die interne Ernennung die Kontinuität in den Bereichen externe Berichterstattung, FP&A, Steuern und operative Finanzen sicherstellen.

Positive
  • Experienced internal successor Thomas Stewart brings six years of company-specific knowledge and prior Big 4 plus Constellation Brands experience, aiding continuity.
  • No accounting disagreements disclosed, mitigating concerns about financial statement integrity.
Negative
  • Unexpected CFO termination increases leadership uncertainty during a critical strategic pivot.
  • Search for permanent CFO underway, signalling potential instability and distraction for senior management.

Insights

TL;DR: Sudden CFO exit is modestly negative; internal interim limits disruption.

The surprise removal of CFO Judy Hong injects near-term uncertainty, particularly given Canopy’s ongoing balance-sheet restructuring and strategic shift toward U.S. cannabis assets. Although management stresses the dismissal is not tied to accounting concerns, investors traditionally view abrupt C-suite turnover—especially in the finance seat—as a risk flag. Severance and the US$150 k retention payout are immaterial to cash flow but highlight retention challenges.

Mitigating factors include the promotion of seasoned insider Tom Stewart, whose six-year tenure covers controllership and external reporting. His Constellation Brands background aligns with Canopy’s largest shareholder, helping maintain lender and auditor confidence. Overall impact: slightly negative due to perception, yet limited operational disruption.

TL;DR: Governance risk rises, but clean disclosure and internal succession soften blow.

Canopy complied with Item 5.02, offering clear rationale, benefit terms, and confirming no disputes over financial reporting—good practice that reduces disclosure risk. Still, the board must articulate a timeline for a permanent CFO to reassure creditors and regulators, given prior restructurings and Nasdaq listing pressures. The interim stipend and incentive design appear reasonable and performance-aligned, signalling prudent compensation governance. I view the event as neutral-to-slightly negative for governance quality.

Canopy Growth Corporation (CGC) ha presentato un modulo 8-K comunicando il licenziamento immediato della Chief Financial Officer Judy Hong il 9 luglio 2025. L'azienda specifica che il licenziamento è avvenuto “senza giusta causa� e non è collegato alle prestazioni finanziarie o alle pratiche di rendicontazione. Secondo i termini del suo contratto di lavoro del 29 marzo 2022, la signora Hong riceverà tutti i benefici di buonuscita previsti per un licenziamento senza giusta causa e un bonus di retention di 150.000 dollari USA precedentemente concordato, datato 19 agosto 2024.

Leadership ad interim: Il Vicepresidente Finance Thomas Stewart, 43 anni, è stato nominato CFO ad interim a partire dallo stesso giorno. Stewart ricopre ruoli di leadership finanziaria in Canopy dal aprile 2019, incluso quello di Chief Accounting Officer, e ha precedentemente lavorato per oltre un decennio in Constellation Brands. È un CPA (NY) con ampia esperienza in US GAAP.

Termini di compenso: Una lettera di offerta ad interim (Allegato 10.1) concede a Stewart un’indennità mensile aggiuntiva di 7.500 dollari USA oltre al suo stipendio attuale. Il suo obiettivo di incentivo a breve termine per l’esercizio 2026 sarà pari al 75% della somma di stipendio e indennità, proporzionato al periodo in cui ricoprirà il ruolo di CFO ad interim.

Governance e comunicazioni: L’azienda conferma che non esistono transazioni con parti correlate o rapporti familiari riguardanti entrambi i dirigenti, e l’Elemento 7.01 include un comunicato stampa di supporto (Allegato 99.1). Nessun bilancio accompagna la comunicazione.

Nel mentre il consiglio avvia la ricerca di un CFO permanente, la nomina interna mira a garantire continuità nelle funzioni di rendicontazione esterna, FP&A, fiscalità e finanza operativa.

Canopy Growth Corporation (CGC) presentó un formulario 8-K informando la terminación inmediata de la Directora Financiera Judy Hong el 9 de julio de 2025. La empresa indica que el despido fue “sin causa� y no está relacionado con el desempeño financiero ni con las prácticas de reporte. Según los términos de su contrato laboral del 29 de marzo de 2022, la Sra. Hong recibirá todos los beneficios de indemnización aplicables a una separación sin causa y un bono de retención previamente acordado de 150,000 dólares estadounidenses fechado el 19 de agosto de 2024.

Liderazgo interino: El Vicepresidente de Finanzas, Thomas Stewart, de 43 años, ha sido nombrado CFO interino con efecto desde el mismo día. Stewart ha ocupado cargos de liderazgo financiero en Canopy desde abril de 2019, incluyendo Chief Accounting Officer, y anteriormente trabajó más de una década en Constellation Brands. Es CPA (NY) con amplia experiencia en US GAAP.

Términos de compensación: Una carta de oferta interina (Anexo 10.1) otorga a Stewart un estipendio mensual adicional de 7,500 dólares estadounidenses además de su salario actual. Su objetivo de incentivo a corto plazo para el año fiscal 2026 será igual al 75% del salario combinado y el estipendio, prorrateado por su tiempo como CFO interino.

Gobernanza y divulgación: La empresa afirma que no existen transacciones con partes relacionadas ni relaciones familiares que involucren a ninguno de los ejecutivos, y el Ãtem 7.01 incluye un comunicado de prensa de apoyo (Anexo 99.1). No se adjuntan estados financieros a la presentación.

Mientras la junta inicia la búsqueda de un CFO permanente, el nombramiento interno busca asegurar la continuidad en las funciones de reporte externo, FP&A, impuestos y finanzas operativas.

Canopy Growth Corporation (CGC)ëŠ� 2025ë…� 7ì›� 9ì� 즉시 최고재무책임ìž�(CFO) Judy Hongì� í•´ìž„ì� 보고하는 8-Kë¥� 제출했습니다. 회사ëŠ� ì´ë²ˆ í•´ìž„ì� “정당한 사유 ì—†ì´â€� ì´ë£¨ì–´ì¡Œìœ¼ë©° 재무 성과ë‚� ë³´ê³  관행과 ê´€ë ¨ì´ ì—†ë‹¤ê³� ë°í˜”습니ë‹�. 2022ë…� 3ì›� 29ì� ì²´ê²°ë� ê³ ìš© 계약 ì¡°ê±´ì—� ë”°ë¼ í™� 씨는 정당í•� 사유 없는 í•´ê³ ì—� 해당하는 모든 퇴ì§ê¸ˆê³¼ 2024ë…� 8ì›� 19ì¼ì— í•©ì˜ë� 미화 150,000달러ì� 유지 보너스를 받게 ë©ë‹ˆë‹�.

임시 리ë”ì‹�: 재무 부사장 Thomas Stewart(43ì„�)ê°€ ê°™ì€ ë‚ ë¶€í„� 임시 CFOë¡� 임명ë˜ì—ˆìŠµë‹ˆë‹�. StewartëŠ� 2019ë…� 4월부í„� Canopyì—서 재무 리ë”ì‹� ì—­í• ì� ë§¡ì•„ 왔으ë©� Chief Accounting Officerë¥� í¬í•¨í•� ì´ì „ì—는 Constellation Brandsì—서 10ë…� ì´ìƒ 근무했습니다. 그는 미국 ê³µì¸íšŒê³„ì‚�(CPA, 뉴욕)로서 광범위한 미국 회계기준(US GAAP) 경험ì� 보유하고 있습니다.

ë³´ìƒ ì¡°ê±´: 임시 제안ì„�(첨부 문서 10.1)ì—� 따르ë©� StewartëŠ� 기존 급여 ì™¸ì— ì›� 7,500달러ì� 추가 수당ì� 받습니다. 2026 íšŒê³„ì—°ë„ ë‹¨ê¸° ì¸ì„¼í‹°ë¸Œ 목표ëŠ� 급여와 수당ì� í•©ì‚°í•� 금액ì� 75%ì´ë©°, 임시 CFO 재임 기간ì—� 비례하여 지급ë©ë‹ˆë‹¤.

거버넌스 ë°� 공시: 회사ëŠ� ë‘� ìž„ì› ëª¨ë‘와 ê´€ë ¨ëœ íŠ¹ìˆ˜ ê´€ê³„ìž ê±°ëž˜ë‚� ê°€ì¡� 관계가 ì—†ìŒì� 확ì¸í•˜ë©°, 항목 7.01ì—는 ì§€ì›� ë³´ë„ìžë£Œ(첨부 문서 99.1)ê°€ í¬í•¨ë˜ì–´ 있습니다. 제출서류ì—는 재무제표가 첨부ë˜ì§€ 않았습니ë‹�.

ì´ì‚¬íšŒê°€ ì •ê·œ CFOë¥� 찾는 ë™ì•ˆ ë‚´ë¶€ 임명으로 외부 ë³´ê³ , FP&A, 세무 ë°� ìš´ì˜ ìž¬ë¬´ 기능ì� ì—°ì†ì„±ì„ 보장하는 ê²ƒì´ ëª©í‘œìž…ë‹ˆë‹�.

Canopy Growth Corporation (CGC) a déposé un formulaire 8-K rapportant le licenciement immédiat de la directrice financière Judy Hong le 9 juillet 2025. La société précise que ce licenciement est « sans motif » et n’est pas lié à la performance financière ni aux pratiques de reporting. Selon les termes de son contrat de travail du 29 mars 2022, Mme Hong recevra tous les avantages de départ applicables en cas de séparation sans motif ainsi qu’un bonus de rétention de 150 000 USD convenu précédemment, daté du 19 août 2024.

Direction intérimaire : Le vice-président des finances Thomas Stewart, 43 ans, a été nommé directeur financier par intérim à compter du même jour. Stewart occupe des postes de direction financière chez Canopy depuis avril 2019, notamment celui de directeur comptable, et a auparavant passé plus d’une décennie chez Constellation Brands. Il est expert-comptable agréé (CPA NY) avec une solide expérience des US GAAP.

Conditions de rémunération : Une lettre d’offre intérimaire (Annexe 10.1) accorde à Stewart une allocation mensuelle supplémentaire de 7 500 USD en plus de son salaire actuel. Son objectif d’incitation à court terme pour l’exercice 2026 sera égal à 75 % du salaire et de l’allocation combinés, au prorata de sa durée en tant que directeur financier par intérim.

Gouvernance et divulgation : La société confirme qu’il n’existe aucune transaction avec des parties liées ni relation familiale impliquant l’un ou l’autre des cadres, et l’élément 7.01 comprend un communiqué de presse à l’appui (Annexe 99.1). Aucun état financier n’accompagne le dépôt.

Alors que le conseil d’administration lance une recherche pour un directeur financier permanent, cette nomination interne vise à assurer la continuité des fonctions de reporting externe, FP&A, fiscalité et finance opérationnelle.

Canopy Growth Corporation (CGC) reichte am 9. Juli 2025 ein Formular 8-K ein, in dem die sofortige Entlassung der Finanzvorständin Judy Hong gemeldet wurde. Das Unternehmen gibt an, dass die Entlassung „ohne Grund� erfolgte und nicht mit der finanziellen Leistung oder den Berichtsverfahren zusammenhängt. Gemäß den Bedingungen ihres Arbeitsvertrags vom 29. März 2022 erhält Frau Hong alle Abfindungsleistungen, die bei einer fristlosen Kündigung ohne Grund anfallen, sowie einen zuvor vereinbarten Retentionsbonus in Höhe von 150.000 US-Dollar vom 19. August 2024.

Interimistische Führung: Der Finanz-Vizepräsident Thomas Stewart, 43 Jahre alt, wurde mit Wirkung zum selben Tag zum interimistischen CFO ernannt. Stewart hat seit April 2019 Führungspositionen im Finanzbereich bei Canopy inne, darunter Chief Accounting Officer, und war zuvor über ein Jahrzehnt bei Constellation Brands tätig. Er ist CPA (NY) mit umfassender Erfahrung in US GAAP.

³Õ±ð°ù²µÃ¼³Ù³Ü²Ô²µ²õ²ú±ð»å¾±²Ô²µ³Ü²Ô²µ±ð²Ô: Ein Interim-Angebotsschreiben (Anlage 10.1) gewährt Stewart zusätzlich zu seinem bestehenden Gehalt eine monatliche Zulage von 7.500 US-Dollar. Sein kurzfristiges Anreizziel für das Geschäftsjahr 2026 entspricht 75 % des kombinierten Gehalts und der Zulage, anteilig für seine Zeit als interimistischer CFO.

Governance & Offenlegung: Das Unternehmen bestätigt, dass keine Geschäfte mit verbundenen Parteien oder familiäre Beziehungen mit einem der beiden Führungskräfte bestehen, und Punkt 7.01 enthält eine unterstützende Pressemitteilung (Anlage 99.1). Keine Finanzberichte sind der Einreichung beigefügt.

Während der Vorstand die Suche nach einem dauerhaften CFO einleitet, soll die interne Ernennung die Kontinuität in den Bereichen externe Berichterstattung, FP&A, Steuern und operative Finanzen sicherstellen.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 9, 2025

 

 

Canopy Growth Corporation

(Exact name of registrant as specified in its charter)

 

 

Canada   001-38496   N/A
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

1 Hershey Drive
Smiths Falls, Ontario
K7A 0A8
(Address of principal executive offices) (Zip Code)

 

(855) 558-9333

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)
  Name of each exchange
on which registered
Common Shares, no par value   CGC   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company    ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

 

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Termination of Chief Financial Officer

 

On July 9, 2025, Canopy Growth Corporation (the “Company”) terminated the employment of its Chief Financial Officer, Judy Hong, effective immediately (the “Separation”). Ms. Hong’s termination was not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial or reporting practices. Ms. Hong was terminated “without cause” under the terms of her employment agreement with a wholly owned subsidiary of the Company, dated March 29, 2022 (as amended, the “Hong Employment Agreement”). As previously disclosed, subject to Ms. Hong’s compliance with the terms of the Hong Employment Agreement including Ms. Hong’s entry into a separation, release and waiver of liability, Ms. Hong will be entitled to the payments and benefits provided for by the Hong Employment Agreement following a termination without cause. Ms. Hong will also be entitled to payment of her retention bonus of US$150,000 pursuant to the retention agreement entered into with the Company on August 19, 2024. There are no family relationships between Ms. Hong and any other officer or any of the directors of the Company. There are no transactions in which Ms. Hong has an interest requiring disclosure under Item 404(a) of Regulation S-K.

 

Appointment of Interim Chief Financial Officer

 

Effective as of the Separation, the Company appointed its current Vice President, Finance, Thomas Stewart, as the Company’s interim Chief Financial Officer while the Company conducts a search for a permanent Chief Financial Officer.

 

Thomas Stewart, age 43, has served as the Company’s Vice President, Finance since August 2023, where he is responsible for a wide range of the Company’s finance functions, including external reporting, financial close technical accounting, financial close processes, transactional services, tax, FP&A, commercial finance, and operations finance. Prior to that role, Mr. Stewart served as the Company’s Chief Accounting Officer from April 2019 until August 2023. Prior to joining the Company in April 2019, Mr. Stewart spent over 10 years at Constellation Brands, Inc., where he held a variety of roles within the finance organization, most recently serving as Senior Director, Global Accounting from June 2018 to April 2019. Mr. Stewart started his career at PricewaterhouseCoopers in Rochester, NY and obtained his Bachelor of Science in Accounting from the State University of New York at Geneseo. Mr. Stewart is a Certified Public Accountant in the state of New York and brings a wealth of U.S. GAAP experience to the Company.

 

There are no arrangements or understandings between Mr. Stewart and any other person pursuant to which he was selected as interim Chief Financial Officer. Mr. Stewart does not have any family relationships with any of the Company’s directors, executive officers, or other person nominated or chosen by the Company to become a director or executive officer. There are no transactions between Mr. Stewart and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

 

In connection with his service as interim Chief Financial Officer, Mr. Stewart entered into an interim offer letter, dated July 9, 2025 (the “Offer Letter”), pursuant to which Mr. Stewart will receive a monthly stipend of an additional US$7,500 per month in addition to his current base salary until the Company selects a permanent Chief Financial Officer. In addition to the monthly stipend, pursuant to the Offer Letter, Mr. Stewart’s fiscal 2026 short-term annual incentive performance bonus will be calculated at 75% of his base salary and monthly stipend combined and will be prorated based on his time in the interim Chief Financial Officer role.

 

The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this “Report”).

 

 

 

 

Item 7.01Regulation FD Disclosure.

 

On July 9, 2025, the Company issued a press release titled “Canopy Growth Appoints Tom Stewart as Interim Chief Financial Officer,” a copy of which is attached hereto as Exhibit 99.1 and is incorporated by reference herein solely for purposes of this Item 7.01 disclosure.

 

The information set forth and incorporated by reference in Item 7.01 of this Report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information set forth and incorporated by reference in Item 7.01 of this Report, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
10.1   Interim Offer Letter, dated July 9, 2025, between Canopy Growth Corporation and Thomas Stewart.
99.1     Press Release, dated July 9, 2025.
104     Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CANOPY GROWTH CORPORATION
  
 By: /s/ Christelle Gedeon
   Christelle Gedeon
   Chief Legal Officer
  
Date: July 9, 2025

 

 

 

 

FAQ

Why did Canopy Growth (CGC) terminate CFO Judy Hong?

She was terminated "without cause" and the company says it was not related to financial results or reporting disagreements.

Who is Canopy Growth's new interim CFO?

Thomas Stewart, previously Vice President, Finance and former Chief Accounting Officer, was appointed interim CFO on July 9 2025.

What compensation will the interim CFO receive?

Stewart will receive his current salary plus a US$7,500 monthly stipend and a FY 2026 bonus at 75% of combined pay, prorated.

How much severance will Judy Hong receive?

Exact amounts weren’t disclosed, but benefits follow her March 29 2022 contract; she also gets a US$150,000 retention bonus.

Does the filing indicate any accounting or reporting issues?

No. The company explicitly states the termination was not related to financial or reporting practices.
Canopy Growth Corp

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