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.
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.
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 producer has seen its share price drop by 58 per cent since the beginning of the year.
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.