Cannabis company Hexo Corp. says it lost $116.9 million in its latest quarter as the company announced a new strategic plan in a bid to reduce costs, streamline its organizational structure and help improve growth.
The company, which has a manufacturing plant in Belleville, says the loss amounted to 46 cents per diluted share for the quarter ending October 31, compared with a loss of $4.2 million or four cents per share in the same period a year earlier.
Net revenue in what was the first quarter of Hexo’s financial year totalled $50.2 million, up from $29.5 million in the same quarter last year.
Hexo chief executive Scott Cooper says the company is taking steps through its new strategic plan to strengthen its capital position, improve operations, accelerate organic growth and complete its transformation to be cash flow positive from operations within the next four quarters.
Hexo also announced a series of executive changes. The company said Jackie Fletcher has been named vice president, science and technology, and that chief financial officer Trent MacDonald will step down effective March 11.
John Bell was named chair of the company’s board of directors, replacing Michael Munzar, who stepped down from the board.
