Why this cannabis stock looks cheap right nowHEXO(TSX:HEXO)(NASDAQ:HEXO)is an Ottawa-based company that produces, markets, and sells cannabis in Canada. It boasts the top market share in the cannabis-infused beverages market. Shares of HEXO have plunged 44% in 2021 as of close on September 9. Id discussed why this undervalued stock wason my radarin early August. This is still a stock worth buying on the dip. The company unveiled its third-quarter 2021 results back in June. Revenue fell 29% from the prior year to $22.6 million. This was due to weaker sales in Quebec and Alberta, as some of its cannabis products did not meet quality checks. Worse, HEXO posted negative adjusted EBITDA of $10.8 million. This was a sore spot, as it is locked in competition with other producers who have achieved or are close to achieving profitability. HEXO is still well positioned to benefit from its recent acquisitions that will close in the latter half of this year. However, it will need to tweak its strategy when it comes to its product offerings. Moreover, increased competition has eaten into its advantage in the cannabis-infused beverage space. HEXO will have to prove the doubters wrong in the quarters ahead. Shares of HEXO last had an RSI of 20. That puts this undervalued stock well into oversold territory.