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Canadian Licensed Producers were among notable gainers on Wednesday after the industry lobby group, the Cannabis Council of Canada (C3), appointed Paul McCarthy, a former executive at Canopy Growth (NASDAQ:CGC), as its new president.
CGC’s rival, Aurora Cannabis (NASDAQ:ACB), led gainers, while other Canadian LPs such as SNDL (SNDL), Tilray Brands (TLRY), Organigram (NASDAQ:OGI), Cronos Group (NASDAQ:CRON), and Canopy (CGC) also joined the rally.
C3, whose members include Tilray (TLRY) and Cronos (CRON), serves as the leading national trade association for the Canadian cannabis industry.
McCarthy replaces former C3 CEO and President George Smitherman, who resigned in January after nearly four years at the helm.
“We are delighted to welcome Paul McCarthy as the new President of the Cannabis Council of Canada,” said Rick Savone, Chair of the Cannabis Council of Canada and a senior executive at Aurora Cannabis (ACB).
In his three-year stint at Canopy (CGC), McCarthy has served as the head of the company’s international implementation, a strategic advisor to the former CEO Bruce Linton, and most recently as head of its corporate policy. His appointment at C3 takes effect immediately.