Hexo Corp Stock Price, News & Analysis

HEXO Corp. has expanded its straight edge pre-roll production capacity at its Fenwick, Ontario site to meet growing customer demand for its popular Redecan Redees and Original Stash products. This expansion introduces a unique proprietary inhalation technology enhancing the cannabis experience. The Redecan Redees line, which is the fastest-growing in Canada, will include new TnT strains such as Warlock and Animal Rntz, and a balanced CBD:THC product CBD Kush. This capacity increase aims to maintain HEXO's leadership in the Canadian market while ensuring high THC and cannabinoid quality.

HEXO Corp. held its annual general meeting of shareholders on January 31, 2023, where all eight director nominees were successfully elected. The voting results indicated strong support for most nominees, with Mark Attanasio receiving 82.592% of votes for his position, and other nominees also achieving over 79% approval. The shareholders also approved Macias Gini & O’Connell LLP as auditors for the financial year ending July 31, 2023, enhancing their governance framework. Comprehensive voting details are available on SEDAR.

HEXO Corp. has announced that it has regained compliance with Nasdaq’s minimum bid price requirement, as confirmed by a notice dated January 19, 2023. The company’s shares closed at or above the $1.00 per share threshold for 10 consecutive business days. CEO Charlie Bowman emphasized the company's focus on long-term success and building investor confidence. Regaining compliance does not affect HEXO's status on the Toronto Stock Exchange. HEXO is a prominent producer in the Canadian cannabis market, offering a diverse range of products under various brands. Additional details can be found on their public profiles on SEDAR and EDGAR.

HEXO Corp. has filed amended materials for its upcoming 2023 AGM scheduled for January 31, 2023. The amendments propose the appointment of Macias Gini & O’Connell LLP as the new auditor for the financial year ending July 31, 2023, following the resignation of PricewaterhouseCoopers LLP in October 2022. The decision to engage MGO is based on their expertise in the U.S. cannabis market and auditing competencies under U.S. GAAP. These changes come as HEXO aims to align its financial reporting to better capitalize on opportunities within the U.S. cannabis sector.

HEXO Corp. announces the launch of its new TnT Cannabis strains, enhancing its product portfolio under the Redecan and Original Stash Brands across Canada.

The launch features three new strains from Redecan and two from Original Stash, all designed to deliver a high THC range of 23-35% and rich terpene profiles. Notable strains include Sex Panther, Violet Fog, and Animal Rntz from Redecan and Atomik Sour Haze and Ghost Gelato from Original Stash.

HEXO aims to meet diverse consumer preferences while ensuring premium quality standards in the fast-evolving cannabis market.

HEXO Corp. reported Q1’23 financial results, showing a net revenue of $35.8 million, a 29% decline year-over-year. The company's net loss before tax improved to $(57.1) million from $(117.4) million in Q1’22. Adjusted EBITDA loss narrowed to $(0.6) million, reflecting a $6.9 million improvement from Q4’22. Operating expenses dropped by 69% or $50.7 million quarter-over-quarter. HEXO achieved record sales in its Redecan brand, prompting a 300% increase in production without capital investment. Despite challenges in product supply, strategic realignment shows progress for long-term growth.

HEXO Corp. has announced the completion of its share consolidation, approved by shareholders at the March 8, 2022 meeting. The consolidation ratio is set at 14 existing pre-consolidation shares for each post-consolidation share, reducing outstanding shares from approximately 600 million to about 42.9 million. The new shares will begin trading on December 19, 2022, under the same symbols on the TSX and Nasdaq. This consolidation aims to maintain shareholder voting power while improving market perception. HEXO's transfer agent will facilitate the exchange of old shares for new certificates.

HEXO Corp has successfully repaid its C$40.14 million 8% unsecured convertible debentures that matured on December 5, 2022, along with all accrued interest. This repayment is a significant milestone aimed at building investor confidence. The company's CEO, Charlie Bowman, indicated that an aggressive cost-cutting strategy over the past six months has positively impacted HEXO's balance sheet and positioned it for sustainable growth and long-term financial success.

HEXO Corp. has announced a long-term supply agreement with Entourage Health Corp. to provide bulk dried cannabis and soft gel capsules over a three-year term. This strategic partnership aims to enhance Entourage's product offerings in the medical market, allowing for a consistent supply of high-quality cannabis products. The agreement includes minimum annual purchase commitments with fixed product prices, and it offers HEXO exclusivity in supplying the specified products. The collaboration is positioned to meet rising demand in the Canadian medical cannabis sector.