Ottawa-based pot producer says it also wants to upgrade its plant in Belleville, where it bottles cannabis-infused drinks in a joint venture with brewing giant Molson Coors.
HEXO knew it had to be proactive in securing a strategic portfolio of intellectual property (IP) assets – including patents, trade secrets, trademarks and copyrights.
CEO Sebastien St-Louis said the Ottawa-based company is seeking “maximum flexibility” to make acquisitions and sign partnerships with players in related industries.
Ottawa-based cannabis firm reported a loss of $20.8 million in its latest quarter, compared with a loss of $298.2 million in the same period in 2020.
Shareholders claimed the pot producer misled them and failed to disclose problems with the business.
The companies believe the deal will help Ottawa-based cannabis producer access the European medical cannabis market through Zenabis' partnerships.
Hexo co-founders Adam Miron and Sébastien St-Louis, along with writer Julie Beun, reflect on their journey creating the local licensed cannabis producer.
Ottawa firm posted net revenues of $29.5 million for the three-month period ending Oct. 31, up from $14.5 million in the first quarter of 2020.
New video promo says facility has been “engineered to manufacture advanced cannabis products” – including beverages that contain THC, the active ingredient in cannabis that helps produce a high.
The firm said Monday it has amended the offer to one post-consolidation share for every four shares held.