Gatineau-based Hexo increased its fourth-quarter revenues 64 per cent year-over-year in the months leading up to the legalization of recreational cannabis across Canada.
On Friday, Hexo (TSX:HEXO) reported revenues of $1.4 million for the three-month period ending July 31, an increase of more than $500,000 from a year earlier. The cannabis producer’s annual revenues were $4.9 million, up almost $1 million from fiscal 2017.
Hexo’s revenue per gram was up as well, clocking in at $9.26 per gram, an increase of 26 cents from a year ago.
(Sponsored)
Advanced Business Interiors (ABI) is Making Space Work in Ottawa
ABI’s journey began with a small team on Thurston Drive in 1989; four locations and almost 37 years later, Advanced Business Interiors is now one of the largest office furniture
Borden Ladner Gervais LLP and partners lead with generosity
Borden Ladner Gervais LLP (BLG) are no strangers to supporting charities in the nation’s capital. From the Boys & Girls Club of Ottawa to Crohn’s and Colitis Canada to the
The company posted a net loss of $10.5 million for the quarter, compared with a profit of $935,000 a year ago. In the ramp-up to legal weed, Hexo increased its Q4 operating expenses to $10.7 million, a jump of more than $8 million year-over-year.
The cannabis firm announced a number of major deals in between the quarter’s close and the legalization of pot in Canada. Among the highlights were forming a joint venture with Molson Coors to work on cannabis-infused beverages, purchasing a stake in a two-million-square-foot facility in Belleville and announcing an international expansion to Greece.
Hexo shares were priced around $5.70 in afternoon trading on the Toronto Stock Exchange, a decrease of roughly three per cent on the day. That’s a significant drop from their pre-legalization high of $9.29, but Hexo is not alone in that regard: Cannabis companies across Canada are experiencing similar market declines in the second half of October.
