New York (CNN Business) Bruce Linton, one of the most well-known executives in the rapidly growing cannabis industry, is stepping down as the co-CEO of Canada's Canopy Growth. Linton is leaving the board as well.

Linton, speaking on CNNi on Wednesday morning, said that he was terminated by the company. Canopy was not immediately available for further comment.

"Creating Canopy Growth began with an abandoned chocolate factory and a vision," Linton said in a prepared statement. "The Board decided today, and I agreed, my turn is over."

Canopy Growth CGC But the news clearly took investors by surprise. Shares ofinitially fell more than 8% in early trading Wednesday. before recovering later in the day.

Canopy said Linton's fellow co-CEO Mark Zekulin will become sole CEO but that the company is looking for a new person to take over that role permanently.