Gatineau’s Hexo (TSX:HEXO) has hired a U.S.-based chief financial officer as part of its efforts to capitalize on cannabis opportunities south of the border.
The Quebec-based pot producer, which last week closed its $263-million acquisition of Newstrike Brands, announced Tuesday it has hired Michael Monahan as its new CFO starting June 17. Monahan most recently served for six years as CFO for fitness and health program provider Nutrisystem, which was sold in a $1.3-billion deal in March.
Hexo also announced Tuesday it had officially established Hexo USA, the firm’s U.S. subsidiary based in Delaware. Earlier this year, Hexo listed its shares on the NYSE American, the New York Stock Exchange’s small-cap alternative, to expose the firm to U.S. investors.
Monahan will play a major role in bringing the “Hexo experience” to the United States, CEO Sebastien St-Louis said in a statement. St-Louis has been touring the U.S. in recent months pitching current and potential investors on the Gatineau firn, expounding on Hexo’s potential to operate in states with legal cannabis markets.