HEXO Corp reports financial results for the first quarter fiscal 2020
Key highlights of First Quarter of 2020 fiscal year
Operational expenses decreased 25% quarter over quarter, to $35.1M in Q1’20, compared with $46.9M in Q4’19
Launched Original Stash in Quebec, a value brand that seeks to disrupt the black market
Adult-use grams and gram equivalents sold increased 5% from Q4 to 4,196 kg
Obtained Phase 1 licence for Belleville, sale of cannabis topicals, extracts, edibles and beverages licence for Gatineau facility, and a research licence for the Company.
Subsequent to quarter end:
Launched Original Stash in Ontario
Closed a $70M private placement of 8% unsecured convertible debentures, including key management and board participation of over 10%
OTTAWA, Dec. 16, 2019 (GLOBE NEWSWIRE) -- HEXO Corp. (TSX:HEXO; NYSE:HEXO) (“HEXO” or the "Company") today reported its financial results for the first quarter fiscal 2020 ended October 31, 2019. All amounts are expressed in Canadian dollars.
“We have done some pretty heavy lifting on our operations, as we work towards profitability in 2020. The choices that we have made and implemented have already led to a 25% reduction in our operating expenses,” said Sebastien St-Louis, CEO and co-founder of HEXO Corp. “Cost control combined with our multi-brand approach, an updated strain mix, as well as the introduction of new products, will help us increase our market share and total revenue, leading us towards great results in 2020. I am more confident than ever in our ability to continue down this path and to pivot with more speed and assertiveness should market conditions evolve again.
