To Add to Sector Woes---Hexo GATINEAU, QUE. — Hexo Corp. says it lost $56.7 million in its latest quarter compared with a loss of $10.5 million in the same quarter a year ago.
Net revenue in what was the company's fourth quarter totalled $15.4 million, up from $1.4 million in the same quarter last year before the legalization of recreational cannabis in Canada and $13.0 million in its third quarter.
In its outlook, Hexo says it expects its first-quarter net revenue to be in a range from $14 million to $18 million.
Earlier this month, Hexo pulled its guidance that had included expectations for up to $400 million in net revenue for its 2020 financial year.
The company also announced last week that it would cut 200 jobs in a bid to ensure its long-term viability.
The cuts included the elimination of some executive positions and the departures of chief manufacturing officer Arno Groll and chief marketing officer Nick Davies.