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The forward-thinking and, at times controversial Co-CEO of Canopy Growth (CGC) (WEED), Bruce Linton has officially announced that he’s stepping down. This is effective immediately. The move has triggered volatility for marijuana stocks on July 3.

This move comes just days after the company reported a disappointing fourth-quarter earnings report. The financials showed mounting losses and lower cannabis sales. “While we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy’s recent reported year-end results,” William Newlands, President of Constellation Brands, Inc. said on its earnings call.

“Creating Canopy Growth began with an abandoned chocolate factory and a vision…The Board decided today, and I agreed, my turn is over.”
– Bruce Linton
Former CEO, Canopy Growth

Mark Zekulin will remain as sole CEO and reports also show that Rade Kovacevic will assume the role of President. The company has also named John Bell as chair.

Canopy shook up the cannabis industry on numerous occasions. This was especially the case when it first garnered interest from one of the world’s largest alcohol companies, Constellation Brands. And earlier this month the company gained shareholder approval for the acquisition of Acreage Holdings Inc. This move is thought to give the pot company a stronger foothold in the U.S. market once legalization comes from a federal level. This is a developing story. Stay tuned for more updates.

Investors are flocking to a U.S.-listed exchange-traded fund (ETF) that tracks nearly 40 Canadian and American cannabis firms.

The $436 million ETFMG Alternative Harvest ETF – which trades on the NYSE Arca under the ticker symbol MJ – has taken in around $22 million in August, putting it in a position to post its largest monthly inflow since February, according to Bloomberg.

Through Tuesday, the fund was the top-performing ETF in August, according to ETF.com.

Of the 38 publicly traded cannabis companies tracked by Alternative Harvest, about 60% are Canadian firms.

Cannabis stocks have been climbing in recent weeks as Canada nears the launch of its recreational market in October and Big Alcohol firms step up their interest and investments in the industry.

In mid-August, Constellation Brands invested $3.8 billion in Smiths Falls, Ontario-based Canopy Growth, which is Alternative Harvest’s largest holding.

Earlier in August, Molson Coors Brewing Co. announced a joint venture to craft a nonalcoholic cannabis-infused beverage with Quebec-based The Hydropothecary Corp.

Meanwhile, United Kingdom-based liquor giant Diageo – maker of Guinness beer and Crown Royal Canadian whisky – is in talks with at least three Canadian cannabis firms, according to Bloomberg.

“We expect more alcoholic beverage companies to announce deals with Canadian (licensed producers) over the course of the year,” Vivien Azer, an analyst with Cowen & Co., wrote in a recent note to clients.