Cannabis company Hexo Corp. which is building a cannabis Centre of Excellence in Belleville says it lost $62.4 million in its latest quarter compared with a loss of $12.8 million in the same quarter last year.
The loss amounted to 24 cents per diluted share for the quarter ending October 31, compared with a loss of seven cents per share a year ago when the company had fewer shares outstanding.
Net revenue for what was the first quarter of the company’s financial year totalled $14.5 million, up from $5.7 million a year ago.
Hexo announced in October that it was cutting 200 jobs to adjust for expected future revenues and to “ensure the long-term viability” of the firm.
Belleville Mayor Mitch Panciuk said recently that the job cuts will have no effect on the eventual viabililty of an operation in the city. Work has been underway in the former Sears warehouse building.
Sebastien St-Louis, Hexo’s CEO and co-founder, said the company has done “some pretty heavy lifting” as it works towards profitability in 2020.
