CEO Charlie Bowman has already deepened his predecessor's cuts and begun backing away from certain products, but he insists the moves are for a good reason.
Gatineau-based marijuana producer says in financial filings that the reduction will result in annualized savings of $30.6 million and is meant to simplify its organizational structure.
Charlie Bowman has been appointed acting president and CEO, effective immediately, replacing Scott Cooper, Gatineau cannabis firm announced Friday.
Veteran executive replaces Erin Crowe, who left the Kanata software firm earlier this year to return to the Ottawa Senators as senior vice-president and chief financial officer.
Dave Schlosser's optimism comes amid the lifting of mask mandates, capacity restrictions and other health measures that cut into gatherings where consumers might have kicked back with a Truss product.
Hexo says the Truss Beverage operations – a joint venture with Molson Coors Canada – are not affected by this change and will continue to operate out of the Belleville plant.
Cannabis company Tilray Brands Inc. has signed a definitive agreement in its proposed plan with rival Hexo Corp. first announced last month.
Hexo Corp. reported a net loss of $690.3 million as it recorded $616 million in one-time impairment charges in its latest quarter as it worked to turn around the cannabis business.
Under the agreement announced Thursday, Leamington-based Tilray will acquire up to US$211 million of senior secured convertible notes that were issued by Gatineau-based Hexo.
Adam Arviv, who owns about two per cent of Hexo’s shares, says he plans to nominate five new directors – including himself – to the cannabis firm's eight-person board.