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 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.
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.
Company that’s aiming to become Canada’s first qualified custodian for cryptocurrency assets sees "huge opportunity" in emerging industry.
Ottawa-based firm's net revenue totalled $22.7 million, up from $22.1 million in the same quarter last year.