Pot producer Canopy Growth terminates CFO Judy Hong

Canadian pot producer Canopy Growth WEED said on Wednesday it has terminated the employment of chief financial officer Judy Hong "without cause".

The termination of Hong, who was appointed CFO in 2022, was not related to its operating results or due to any disagreements or concerns over its financial or reporting practices, Canopy said.

The company, once an industry leader, had raised doubts about its ability to continue as a going concern in 2023 as it struggled to turn profitable.

Canopy appointed as interim CFO Tom Stewart, who was its chief accounting officer from April 2019 to August 2023. The company has also begun a search for a permanent CFO.

The U.S.-listed shares of the company were up 1.8% in morning trading after the announcement.