Licensed producer
HEXO Corp. (TSX: HEXO, Forum) will release its financial results for its fiscal Q4 and fiscal year ended July 31st, 2021, before market hours tomorrow, October 29th, 2021, as well as host a webcast for investors beginning at 8:30 a.m. EST.
To find out how to watch, click
here.
It was
this time last year when the Ottawa-based cannabis company reported its Q4 2020 results where revenue was up 22.6% over the prior three-month period, booked $89 million (CAD) in asset write-downs and inventory write-downs. Hexo said it made $26.5 million (CAD) in sales in it Q4 – $2 million of which came from the company's burgeoning cannabis-infused beverage business that it co-manages with
Molson Coors Beverage Co. Hexo's adjusted EBITDA came in at a $3.3 million (CAD) loss, a better-than-expected result from $4.8 million (CAD) loss that analysts were forecasting. Revenue was at $110,149 in 2020 for the company, up from $59,256 the year prior.
Hexo had also reported a
record performance for Q1 2021, with $41.3 million (CAD) in gross revenue.
For the three months ending October 31st, 2020, company generated almost $29.5 million in net revenue, which represents a 9% increase compared to the prior quarter and a 103% jump over Q1 2020 at the time. This was largely attributable to an 8% increase in adult-use cannabis sales, along with a 54% increase in sales of adult-use beverages.
The international cannabis company behind brands such as Redecan, HEXO. UP Cannabis, Namaste Original Stash, and others appointed
Scott Cooper as its new President and CEO, effective immediately, replacing the departing co-founder Sebastien St-Louis in the role. Cooper joins HEXO from Truss Beverages, a joint venture between Molson-Coors Canada and HEXO, where he served as President and CEO. Before his time at Truss, he held several senior roles at Molson-Coors – including Chief Innovation Officer – as well as Sobeys, Unilever, and several other publicly traded consumer packaged goods companies.
Cooper’s experience positions him to integrate HEXO’s recent acquisitions, as well as leverage its brands, robust product offering and lean production capabilities into its next phase of strategic evolution.
For an interim period not to exceed six months, Cooper will continue simultaneously in his role as CEO of Truss Beverages to ensure a smooth transition.
The Chairman of HEXO’s Board of Directors, Dr. Michael Munzar, stated that he has two decades of experience in consumer-packaged goods, as well as past success in launching and growing Truss’ innovative portfolio to be the Canadian market leader in cannabis beverages, combined with experience working in the United States, all positions him well to defend HEXO’s spot as a market leader in Canada and secure the company’s place as a top-three global cannabis products company.
“Without question, HEXO presents one of the most exciting opportunities in the cannabis industry. I look forward to working with the team to build upon the strong foundation already built, particularly through the company’s recent acquisitions, and to drive growth and profitability through the efficient commercialization of cannabis consumer packaged goods.”
HEXO’s Chief Operating Officer, Donald Courtney had also resigned at the time, but will remain in his role until a replacement is found.
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