One of the National Capital Region’s fastest-growing cannabis producers is headed to an American stock exchange to fuel its expansions.
OBJ first reported in September that the Gatineau-based pot producer planned to list its shares on the New York Stock Exchange to attract American institutional investors to the company. Hexo made good on that goal over the holidays, announcing it had filed to list its shares on the NYSE. The listing is subject to the U.S. exchange’s regulatory approvals.
Hexo also announced earlier this month that it had received initial licensing approval on its one-million-square-foot production facility, currently under construction in Gatineau. First announced last December at a price tag of $80 million, Hexo says the build is “on time and on budget.” When finished, the new facility will bring Hexo’s production capacity to more than 100,000 kilograms per year.
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The Gatineau firm, which has large supply agreements with the provinces of Quebec, British Columbia and Ontario, has been expanding outside of its home province as well. Hexo announced in September that it would target the European cannabis market with a production facility in Greece, and also bought stake in a two-million-square-foot building in Ontario – slated to become Hexo’s “centre of excellence” to develop new pot products alongside partners such as Molson Coors.
