Canopy Growth executives may be laughing all the way to the bank as a regulatory filing this week revealed that they had earned raises and bonuses after the company lost CA$1.7 billion.
The executives received more than 4 million Canadian dollars ($3.2 million) in cash bonuses after making “solid progress in the year,” according to a regulatory filing.
The Ontario-based company disclosed the executive compensation figures for fiscal year 2021 in a proxy statement sent ahead of its annual general meeting, scheduled for Sept. 14 via webcast.
The executives’ compensation packages include a salary as well as bonuses awarded as part of the company’s short- and long-term incentive plans.
For fiscal 2021, which ended March 31, the board approved short-term incentive plan bonuses totaling CA$4 million for five of the company’s top executives.
A company spokesperson told MJBizDaily that “Canopy Growth’s executive compensation supports our strategy of attracting and retaining top talent that is necessary to support the company’s ambitious growth plans and is structured to ensure close alignment between the interest of shareholders and leadership.”
Canopy’s short-term cash bonuses amounted to the following:
CA$2.2 million for David Klein, CEO.
CA$579,000 for Mike Lee, chief financial officer.
CA$659,000 for Rade Kovacevic, president and chief product officer.
CA$360,000 for Julious Grant, chief commercial officer.
CA$351,000 for Phil Shaer, chief legal officer.
Canopy’s compensation committee “affirmed that the executive leadership team performed well in progressing the company’s revised CPG strategy and reorientation towards a path of reduced financial losses and sustained success, all while acknowledging the challenging environment created by the COVID-19 pandemic,” said the proxy statement.