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.
Smiths Falls-based cannabis company previously predicted it would be profitable in the second half of its 2022 financial year, but now says reaching that goal will take longer.
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 firm's shares hit a 2021 peak of US$10 on the NYSE in mid-February and have since fallen by 74 per cent.
Company has been issuing new shares at a steady clip as it seeks to finance its ambitious expansion plans.
Canopy Growth, local cannabis retailer see pre-roll sales soar as consumers share joints less during pandemic
Research commissioned by Canopy found the pre-roll joint category grew by 48% across the entire market between January and May 2021.
Cointreau wants any profits Canopy made on products with the allegedly infringing trademarks and for the cannabis company to cover its costs and attorneys fees.