NEWS BRIEF

Linton continues investing in marijuana giant Canopy after dismissal

Bruce Linton, the former co-CEO of Canopy Growth who was fired by the Canadian company last month, on Tuesday told CNBC’s “Squawk Box” he has since acquired more shares in the cannabis giant.

“It was a right time for them to make the change, and it was the right time to buy the stock,” Linton said on the popular financial TV show.

Linton, who was dismissed on July 3, did not disclose either the number of shares he purchased or the amount of his investment.

However, as of July 31, he owned 2.5 million shares of Canopy that were worth 90 million Canadian dollars ($68 million), according to financial data firm FactSet.

Canopy, headquartered in Smiths Falls, Ontario, trades on the New York Stock Exchange as CGC and on the Toronto Stock Exchange as WEED.

Linton indicated he considers the company’s shares undervalued.

“When it’s cheap, you buy more,” he said.

Last week, Canopy reported an increase in revenue for its most recent quarter but wider losses.

Although Canopy’s shares have been sliding recently, Linton said he doesn’t care about noncash items that make the headlines.

“I just look at the actual losses and where they spent their money,” he said.

Linton described the losses as not being that big and explained that “what they spent it on was intellectual property and growth.”

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