Cannabis firm says its plan, which was unveiled last month after its debts mounted and its co-founder left the business, will deliver about $175 million in cash over the next two fiscal years.
Move comes just two days after co-founder and former chief executive Sebastien St-Louis abruptly departed the Ottawa cannabis company.
Ottawa-based cannabis producer has seen its share price drop by 58 per cent since the beginning of the year.
Aiming high: Hexo's $50M deal for T.O. producer next step in 'big push' to become global cannabis powerhouse
Hexo CEO Sebastien St-Louis said 48North’s strength in topical CBD- and THC-infused creams and ointments was a major selling point as Ottawa firm looks to expand its product lines.
Ottawa-based cannabis firm reported a loss of $20.8 million in its latest quarter, compared with a loss of $298.2 million in the same period in 2020.
Ottawa firm posted net revenues of $29.5 million for the three-month period ending Oct. 31, up from $14.5 million in the first quarter of 2020.
New video promo says facility has been “engineered to manufacture advanced cannabis products” – including beverages that contain THC, the active ingredient in cannabis that helps produce a high.
Hexo’s pot-infused beverages, developed in concert with alcohol giant Molson Coors, are set to hit shelves the same day the products are cleared for sale in Canada
Molson Coors Brewing Co.
News that Molson Coors expects to bring cannabis-infused beverages to the Canadian market as early as next year sent shares of Gatineau-based marijuana producer Hexo – the brewing giant’s