Earlier this week, we learned that Canopy Growth Crop (TSX:WEED)(NYSE:CGC) Co-CEO Bruce Linton was terminated from his position. He’s helped build up the company into one of the top stocks on the TSX and that hasn’t been lost on investors. Since wearing a shirt sporting Martello Technologies Group Inc (TSXV:MTLO) and saying that he would be helping the company, the stock has been on a tear.
On Wednesday, the Linton impact was already felt as the stock that was trading at volumes of less than 215,00 over the past five days, combined, saw more than 6.5 million shares traded in just one day.
The stock rose from 19 cents up to 26.5, an increase of 39%. The next day, it jumped 54% and on Friday it was up yet again on even higher volumes.
It’s hard to tell how long this rally will last as it has had a significant impact on the stock already. Linton previously did have a strong background in the tech sector and so he comes with a lot of credibility, not just popularity.
His vision has helped build Canopy Growth’s brand and there’s clearly a lot of excitement about what he can do for Martello, which has just $8.7 million in sales over the past 12 months.
Having a big name like Linton could certainly help raise the brand’s awareness not only with prospective investors but other companies as well. The newly found hype surrounding Martello is a great example of how important it is for companies to have strong leaders in place.
