CEO Charlie Bowman has already deepened his predecessor's cuts and begun backing away from certain products, but he insists the moves are for a good reason.
Truss Beverage Co.
Dave Schlosser's optimism comes amid the lifting of mask mandates, capacity restrictions and other health measures that cut into gatherings where consumers might have kicked back with a Truss product.
Hexo says the Truss Beverage operations – a joint venture with Molson Coors Canada – are not affected by this change and will continue to operate out of the Belleville plant.
Under the agreement announced Thursday, Leamington-based Tilray will acquire up to US$211 million of senior secured convertible notes that were issued by Gatineau-based Hexo.
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.
PricewaterhouseCoopers said its recent review of the Ottawa-based cannabis business showed that Hexo did not maintain effective internal control over financial reporting.
Move comes just two days after co-founder and former chief executive Sebastien St-Louis abruptly departed the Ottawa cannabis company.
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.
Increasingly crowded marketplace also includes beverages from Canopy Growth and other producers.