Cannabis firm says its plan, which was unveiled last month after its debts mounted and its co-founder left the business, will deliver about $175 million in cash over the next two fiscal years.
Ottawa-based cannabis company says it will shutter properties in Kirkland Lake, Brantford and Stellarton, N.S., in a bid to streamline production.
PricewaterhouseCoopers said its recent review of the Ottawa-based cannabis business showed that Hexo did not maintain effective internal control over financial reporting.
Move comes just two days after co-founder and former chief executive Sebastien St-Louis abruptly departed the Ottawa cannabis company.
Ottawa-based cannabis producer has seen its share price drop by 58 per cent since the beginning of the year.
Cannabis producer is transferring its U.S. listing from the New York Stock Exchange in a move that's expected to take effect next week.
Ottawa-based firm's net revenue totalled $22.7 million, up from $22.1 million in the same quarter last year.
Ottawa-based cannabis firm said Friday it will pay $400 million in cash and $525 million in shares for Toronto-based Redecan as it continues to hunt for more market share.
CEO of Ottawa-based firm says arrangement would leverage Hexo's technology to help multi-state operators boost their product quality and margins while lowering costs.
Aiming high: Hexo's $50M deal for T.O. producer next step in 'big push' to become global cannabis powerhouse
Hexo CEO Sebastien St-Louis said 48North’s strength in topical CBD- and THC-infused creams and ointments was a major selling point as Ottawa firm looks to expand its product lines.