Bruce Linton, outgoing Canopy CEO

Bruce Linton, co-CEO of Canopy Growth, said he was fired from the Canadian cannabis company he founded in 2013 in an interview with CNBC on Wednesday.

Canopy Growth Corporation, the world's largest publicly traded cannabis company by market cap, announced on Wednesday in a statement that Linton has been removed as co-chief executive officer and board member, effective immediately. Mark Zekulin, who was co-CEO of Linton, becomes sole CEO as the company looks for a replacement.

Linton called CNBC and said he was fired.

"I think resigning might not be the right term," he said, referring to the company's press release. "I was fired."

Linton turned Canopy into a cannabis factory, signing partnerships with celebrities like Snoop Dogg and Martha Stewart as he struck deals, including an investment by liquor giant Constellation Brands and an acquisition of US-based Acreage Holdings. News of his departure has shaken investors, initially sending stocks down about 5%.

Canopy stock recouped its losses, gaining 2,5% on Wednesday as analysts deemed it a wise move to help the company mature and eventually become profitable.

“The magnitude of the losses for [Canopy] has expanded further than we expected, and while we congratulate Linton on his vision for establishing the world's leading cannabis company, we believe the new leadership will be a welcome change,” he said. Vivien Azer, analyst at Cowen. in a note to investors.

Constellation Brands invested $4 billion in Canopy in November, giving the spirits giant a 38% stake in the company. As part of the deal, Constellation appointed four directors to Canopy's seven-member board.

“About eight months and two days later, I think the board decided they wanted a different chair and a different co-CEO,” Linton said.

Canopy posted bigger-than-expected fourth-quarter losses last month. Constellation CEO William Newlands told analysts that while the company remains satisfied with its investment and long-term potential, it was "not satisfied" with Canopy's recent results.

“What keeps us excited is that this is going to be a great deal in the long run, and we're working with Canopy almost daily to make sure we're all focused on the right thing,” said Newlands.

Linton said he got the feeling his downfall was underway when the board of directors called a meeting and Linton, then chairman of the board, was not the one who called the meeting. He said Canopy offered an "exit" package, though he didn't say what it included.

“I think at the end of the day, sometimes entrepreneurs are entrepreneurs because they're not super employable,” he said. “And I would say that I probably don't have a resume because I enjoy creating businesses and running them. I don't always get along well with everyone around me. I think probably what they are doing is going to be a better decision.”

A spokeswoman for Constellation said in a statement that the company fully supports the decision to name Zekulin as Canopy's sole CEO.