Canopy Growth names Constellation Brands exec Mike Lee acting CFO, effective June 1

Canopy Growth Corp. , the biggest cannabis company by market cap, said Tuesday it has appointed Mike Lee as interim chief financial officer effective June 1. Lee was previously senior vice president and CFO for Constellation Brands Inc.'s $3 billion wine and spirits business. Lee will become permanent CFO once Health Canada completes a security clearance that is required for all officers of the company. Constellation Brands invested $4 billion in Canopy last year, arming the Smiths Falls, Ontario-based company with a war chest to expand its business. Tim Saunders, the former CFO, will remain at the company in an advisory role. U.S.-listed shares of Canopy rose 1.5% premarket, and have gained 42.6% in the last 12 months, while the S&P 500 has gained 3.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.