Key highlights of second quarter of 2019 fiscal
year
HEXO Corp (TSX:HEXO; NYSE-A:HEXO) (the "Company") is reporting its
financial results for the second quarter of the 2019 fiscal year,
the Company’s first full quarter following the legalization of
adult-use cannabis in Canada. Total gross revenue for the quarter
reached $16.2 million, an increase of 144% from the previous
quarter.
“This is an exciting time for HEXO as we continue to achieve
milestones on the way to becoming a top two cannabis company,” said
HEXO Corp CEO and co-founder, Sebastien St-Louis.
“This quarter not only saw an exponential increase in gross
revenue and production, but also saw us continue to execute on our
promises including reaching a construction and licensing milestone
on our 1,000,000 sq. ft. greenhouse expansion and listing on the
NYSE-A. Just yesterday, we announced an agreement to acquire
Newstrike Brands Limited. HEXO’s future is very promising, I am
looking forward to continually driving shareholder value and
achieving milestones with our team.”
Other financial highlights from the quarter include:
- Over $13.4 million in net revenue
- Made first investment tranche for a 33% interest in the Greek
joint venture HEXOMed, to establish a Eurozone distribution center,
with the option to increase ownership interest in HEXOMed to
50%
During the quarter ended January 31, 2019, the Company announced
that its 1,000,000 sq. ft. greenhouse expansion reached
construction and licensing milestones. The first harvest from the
facility is expected later this month and will allow HEXO to
continue ramping up to an annual production capacity of 108,000 kg
of dried cannabis annually.
Subsequent to quarter end, HEXO announced that it entered into a
syndicated credit facility for up to $65 million available credit
through a $50 million credit facility with an option to increase by
an additional $135 million and a $15 million revolving loan with
CIBC. The proceeds of the total available credit of $200 million
will be used in part to fund the Company’s ongoing expansion
projects and innovation initiatives.
HEXO most recently announced an agreement to acquire Newstrike
Brands Ltd. This transaction was unanimously approved by the board
of directors of both HEXO Corp and Newstrike Brands Limited. The
acquisition will provide HEXO Corp capacity to produce
approximately 150,000 kg of high-quality cannabis annually with
access to four cutting-edge production campuses. It also provides
the Company diversified domestic market penetration with combined
distribution agreements in eight provinces. The combined entity is
estimated to realize annual synergies of $10 million, allowing HEXO
to operate more efficiently with a continued commitment to
excellence. The acquisition requires Newstrike shareholder approval
before being finalized.
The management’s discussion and analysis for the period and the
accompanying financial statements and notes are available under the
Company's profile on SEDAR at www.sedar.com and on its website at
www.hexocorp.com.
Second Quarter 2019 Financial Results
Summary of results for the three and six months period
ended January 31, 2019 and 2018 (in thousands of Canadian dollars,
except share and per share amounts, and where otherwise
noted)
|
|
|
For the three months ended |
For the six months ended |
Income Statement Snapshot |
January 31, 2019 |
|
January 31, 2018 |
|
January 31, 2019 |
|
January 31, 2018 |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
Gross cannabis
revenue |
16,179 |
|
1,182 |
|
|
22,809 |
|
|
2,283 |
|
Excise
taxes |
(2,803 |
) |
– |
|
|
(3,817 |
) |
|
– |
|
Net revenue from
sale of goods |
13,376 |
|
1,182 |
|
|
18,992 |
|
|
2,283 |
|
Ancillary
revenue |
62 |
|
– |
|
|
109 |
|
|
– |
|
Gross margin
before fair value adjustments |
6,939 |
|
731 |
|
|
9,772 |
|
|
1,369 |
|
Gross margin |
11,603 |
|
752 |
|
|
18,842 |
|
|
3,215 |
|
Operating
expenses |
18,486 |
|
5,491 |
|
|
40,524 |
|
|
8,335 |
|
(Loss)/income
from operations |
(6,883 |
) |
(4,739 |
) |
|
(21,682 |
) |
|
(5,120 |
) |
Other
income/(expenses) |
2,558 |
|
(4,213 |
) |
|
4,553 |
|
|
(5,750 |
) |
Net
income (loss) |
(4,325 |
) |
(8,952 |
) |
|
(17,129 |
) |
|
(10,870 |
) |
|
|
|
|
|
|
|
|
For the three months ended |
Operational Results |
|
|
January 31, 2019 |
|
October 31, 2018 |
|
Average selling price of adult-use dried gram & gram
equivalents |
|
$ |
5.83 |
|
$ |
5.45 |
|
Kilograms sold of adult-use dried gram & gram
equivalents |
|
|
2,537 |
|
|
952 |
|
Average selling price of medical dried gram & gram
equivalents |
|
$ |
9.15 |
|
$ |
9.12 |
|
Kilograms sold of medical dried gram & gram
equivalents |
|
|
152 |
|
|
158 |
|
|
|
|
|
|
Total kilograms produced of dried gram
equivalents |
|
|
4,938 |
|
|
3,550 |
|
Q2 PERIOD HIGHLIGHTS
- Total gross revenue in the quarter increased in excess of
13.74x to $16,241 as compared to the same quarter of fiscal 2018,
and increased 143% sequentially from the previous quarter.
- Gross adult-use revenue in the three months ended January 31,
2019, exceeded total revenues fiscal 2018 by $9,858 or 200%.
- Oils sales represented 23% of the adult-use revenues.
- New in the fiscal year are ancillary revenues associated the
Company’s management agreement held with a supplier. This
contributed net $62 to total revenue in the quarter, an increase of
$15 from the prior quarter.
- The net loss for the period decreased 52% to ($4,325) compared
to the same quarter in fiscal 2018. Sequentially, the net loss
decreased 66% quarter over quarter as a result of the increased
sales and 16% reduced total operating expenses in the period.
OPERATIONAL HIGHLIGHTS
- Adult-use sold grams and gram equivalents increased 166% to
2,537 kg from the previous quarter as the Company continues to
scale up and deliver on its existing supply agreements.
- Adult-use revenues per gram and gram equivalents increased
$0.38 to $5.83 form the first quarter of fiscal 2019.
- Medical revenue per gram and gram equivalent sold increased
$0.03 to $9.15 during the quarter, with 152 kg sold.
- During the quarter ended January 31, 2019, the Company produced
approximately 4,938 kg of dried cannabis, a 39% increase from the
previous quarter
- Certain production areas of our existing licensed facilities
have been dedicated to the commissioning of our new 1,000,000 sq.
ft. facility (B9). This includes designated areas housing the
mother plants to be relocated to B9, as well as a cuttings area to
supply B9 with its first plants throughout the second and third
quarter of fiscal 2019.
- The Company is ramping up towards its full production capacity,
with efficiency gains and increased capacity achieved through our
licensed 250,000 sq. ft. facility and the additional 1,000,000 sq.
ft. facility, which met its first construction and licensing
milestones in December 2018. The Company to ramp up to its run goal
rate of 108,000 kg of annual dried flower
production.
ORGANIZATIONAL GROWTH
- As a result of the growing scale of operations, our headcount
rose by 32% to 374 employees as at January 31, 2019 from the
previous quarter’s headcount of 283 on October 31, 2018. This
is a direct result of the continuing upscaling primarily to the
production and cultivating staff as our new facilities are
activated.
FACILITY EXPANSION
- In December 2018, we reached a construction and licensing
milestone with the first zone of the 1,000,000 sq. ft. greenhouse
expansion. This goal was met within the first year of its
announcement, on time and on budget. This milestone is an important
first step as the Company continues ramping up to an annual
production capacity of 108,000 kg of dried cannabis.
FINANCIAL POSITION
- As at January 31, 2019, the Company held cash, cash
equivalents and short-term investments of $165,571 and working
capital of $224,332.
- During the period, the Company raised gross proceeds of $57.5mm
through a public offering of common shares.
- Subsequent to the quarter end, the Company obtained a $65mm
credit facility jointly held with CIBC and BMO, two of Canada’s
premier financial institutions. This consists of $50mm available
term credit and a $15mm revolving line of credit which will be used
in part to finance the continuing expansion of the Gatineau campus
as well as the leasehold improvements at the Belleville
transformation centre without diluting the current and future
shareholders of HEXO Corp.
Summary of
ResultsRevenue
|
Q2 ’19 |
|
Q1 ’19 |
|
Q4 ’18 |
Q3 ’18 |
Q2 ’18 |
ADULT-USE Adult-use cannabis gross
revenue1 |
$ |
14,792 |
|
$ |
5,194 |
|
$ |
– |
$ |
– |
$ |
– |
Adult-use excise taxes |
|
(2,587 |
) |
|
(970 |
) |
|
– |
|
– |
|
– |
Adult-use
cannabis net revenue |
|
12,205 |
|
|
4,224 |
|
|
– |
|
– |
|
– |
Dried grams and gram equivalents sold |
|
2,537,211 |
|
|
952,223 |
|
|
– |
|
– |
|
– |
Adult-use gross
revenue/gram equivalent |
$ |
5.83 |
|
$ |
5.45 |
|
$ |
– |
$ |
– |
$ |
– |
Adult-use net
revenue/gram equivalent |
$ |
4.81 |
|
$ |
4.44 |
|
$ |
– |
$ |
– |
$ |
– |
MEDICAL |
|
|
|
|
|
Medical cannabis
revenue1 |
$ |
1,387 |
|
$ |
1,436 |
|
$ |
1,410 |
$ |
1,240 |
$ |
1,182 |
Medical cannabis excise taxes |
|
(216 |
) |
|
(44 |
) |
|
– |
|
– |
|
– |
Medical cannabis
net revenue |
|
1,171 |
|
|
1,392 |
|
|
1,410 |
|
1,240 |
|
1,182 |
Dried grams and gram equivalents sold |
|
151,521 |
|
|
157,504 |
|
|
152,288 |
|
134,253 |
|
131,501 |
Medical gross
revenue/gram equivalent |
$ |
9.15 |
|
$ |
9.12 |
|
$ |
9.26 |
$ |
9.24 |
$ |
8.99 |
Medical net revenue/gram equivalent |
$ |
7.73 |
|
$ |
8.84 |
|
$ |
– |
$ |
– |
$ |
– |
|
|
|
|
|
|
Ancillary
revenue2 |
$ |
62 |
|
$ |
47 |
|
$ |
– |
$ |
– |
$ |
– |
Total net sales |
$ |
13,438 |
|
$ |
5,663 |
|
$ |
1,410 |
$ |
1,204 |
$ |
1,182 |
1 Gross adult-use and medical cannabis revenues
represent sales under the normal course of business and are
exclusive of excise taxes. |
2 Revenue
outside of the primary operations of the Company. |
Total net revenue in the second quarter of fiscal 2019 increased
to $13,438 from $1,182 in the same period of fiscal 2018. The main
contributor is the addition of adult-use sales in which the Company
realized its first full quarter of legalization in Canada.
Adult-use sales in the quarter accounted for 91% of total revenue.
Non-cannabis ancillary sales which began in the previous quarter
increased to $62 from $47. This revenue is derived from a
management agreement held by the Company with arms-length
partners.
ADULT-USE SALES
The Company realized its first complete quarter of adult-use
sales during the second quarter of fiscal 2019. Adult-use gross
sales totaled $14,792 in the three months ended January 31, 2019,
which is a 1,151% increase over the $1,182 of total sales in the
second quarter of 2018 (which included medical sales only during
that period), and a 185% increase over the $5,194 of adult-use
sales in the first quarter of the current fiscal year. This is a
direct result of the Company’s strong supply agreements and
introductory brand awareness campaign.
The Company’s adult-use gross sales for the six months period
ended January 31, 2019 totaled $19,986, an increase of $17,703 as
compared to the six months period ended January 31, 2018 total
sales of $2,283 (which include medical sales only during that
period). The increase is due to there existing no adult-use sales
in the comparative period.
Sales volume in the second quarter of 2019 was 2,537 kg for a
166% increase over the 952 kg equivalents sold in the first quarter
of fiscal 2019. Dried flower products represented 85% of gram
equivalents sold during the period, a 5% decrease from the first
quarter of fiscal 2019 and oil product sales comprising the
balance.
Gross adult-use revenue per gram equivalent increased to $5.83
from $5.45. This is reflective of the increased oil sales during
the quarter which command higher market sales prices per gram
equivalent. The adult-use net revenue per gram equivalent increased
to $4.81 from $4.44 in the previous quarter reflecting a consistent
approximate ($1.00) impact to revenue per gram due to excise taxes.
In future periods as the sales mix shifts towards oil and other
value-added products from lower valued dry flower products the
impact of these excise taxes on revenue per gram is expected to
decrease.
During the period, 84% of all adult-use sales were realized
through the SQDC with the remaining 16% derived in Ontario and
British Columbia via the OCS and BCLDB.
While the Company continues to prepare for the initial harvests
from its new 1,000,000 sq. ft. greenhouse which should be realized
throughout the third quarter of fiscal 2019 and the activation of
its product transformation centre in Belleville which is expected
in the fourth quarter of fiscal 2019, net revenues for the third
quarter are estimated to increase minimally from those of the
second quarter.
Net revenues for the fourth quarter are expected to
approximately double those of the second quarter for the reasons
detailed above.
MEDICAL SALES
Gross medical revenue in the three months ended January 31,
2019 increased 17% to $1,387 compared to $1,182 in the same period
in fiscal 2018. Higher revenue was driven by increased sales volume
as well as higher Elixir oil sales which command a higher revenue
per gram when compared to dried gram sales. Compared to the prior
quarter, the sequential revenue decreased by 3% from $1,436,
reflecting a lower total gram equivalents sold due to lower dried
flower sales in the period. Medical oil sales remained consistent
quarter over quarter.
The Company realized $2,823 of gross medical sales during the
six months period ended January 31, 2019 which is an increase of
24% from the $2,283 of gross medical sales during the comparative
six months ended January 31, 2018. This increase is due to the
reasons as stated above.
Net medical revenues decreased during the quarter by 16% to
$1,171 due to the impact of excise taxes applied to the full
periods medical sales versus those applied to only those medical
sales realized post legalization on October 17, 2018 in the prior
quarter.
Sales volume increased 15% to 151,521 gram equivalents, compared
to 131,501 in the same prior year period. Revenue per gram
equivalent increased to $9.15 as compared $8.99 the same prior year
period and $9.12 from the prior quarter. This is a direct result of
the increase in our oil-based products sales as the product mix
purchased by customers continues to shift towards smoke-free
alternatives.
Cost of Sales and Excise Taxes
Cost of goods sold includes the direct and indirect costs of
materials and labour related to inventory sold, and includes
harvesting, processing, packaging, shipping costs, depreciation and
applicable stock based compensation and overhead.
Fair value adjustment on sale of inventory includes the fair
value of biological assets included in the value of inventory
transferred to cost of sales.
Fair value of biological assets represents the increase or
decrease in fair value of plants during the growing process less
expected cost to complete and selling costs and includes certain
management estimates.
|
For the three months ended |
For the six months ended |
|
January 31, 2019 |
|
January 31, 2018 |
|
January 31, 2019 |
|
January 31, 2018 |
|
Excise taxes |
$ |
2,803 |
|
$ |
– |
|
$ |
3,817 |
|
$ |
– |
|
Cost of
sales |
|
6,499 |
|
|
451 |
|
|
9,329 |
|
|
914 |
|
Fair value
adjustment on sale of inventory |
|
3,690 |
|
|
1,032 |
|
|
4,407 |
|
|
1,846 |
|
Fair value adjustment on biological assets |
|
(8,354 |
) |
|
(1,053 |
) |
|
(13,477 |
) |
|
(3,692 |
) |
Total fair value adjustment |
$ |
(4,664 |
) |
$ |
(21 |
) |
$ |
(9,070 |
) |
$ |
(1,846 |
) |
Cost of sales for the quarter ended January 31, 2019 were
$6,499, compared to $451 for the same quarter ended in fiscal 2018.
The increase in cost of sales is the result of increased sales
volumes and increases to transformation costs as the oil and other
value-added product production mix has increased from the second
quarter of fiscal 2018.
For the six months period ended January 31, 2019, cost of sales
increased to $9,329 from $914 from the comparable period of fiscal
2018 for the reasons as noted above.
Fair value adjustment on the sale of inventory for the second
quarter ended January 31, 2019 was $3,690 compared to $1,032
for the same quarter ended January 31, 2018. This variance is
due to increased sales volume of inventory sold when compared to
the same quarter in fiscal year 2018. This is offset by the
introduction of the adult-use market which commands a lower fair
value per gram when compared to the exclusively medical
market-based sales in the three months ended January 31,
2018.
Fair value adjustment on biological assets for the current
quarter was ($8,354) compared to ($1,053) for the same quarter
ended in fiscal 2018. This variance is due to the increase in the
total number of plants on hand as well as increased yields in the
quarter, primarily due to the fully licensed 250,000 sq. ft.
greenhouse which began harvests in Q1 of fiscal 2019. This results
in significantly increased expected gram yields in the quarter and
increased production costs of operating a newly in-use facility.
The increase in scale and total plants on hand is the result of
meeting the demand of the adult-use market.
The fair value adjustments on the sale of inventory and
biological assets increased to $4,407 and ($13,477) respectively
from $1,846 and ($3,692) respectively in the comparative period of
fiscal 2018 for those reasons as noted above.
New in fiscal 2019 are excise taxes associated with the new
adult-use revenues and medical sales incurred after October 17,
2018. These taxes totaled $2,803 an increase of 176% from the prior
quarter due which is consistent with increase in underlying sales.
This reduced gross margin before fair value adjustments by
approximately 9% during the quarter which is an increase of 2% from
the sequential quarter. The increase is due to the total current
periods medical sales being excise tax burdensome as opposed to the
first fiscal quarter of 2019 in which only those medical sales post
October 17, 2018 were burdened. Excise taxes are a function of
fixed provincial and territorial rates based upon the gram
equivalents sold as well as a variable ad valorem component which
is dependent upon the selling price of the products.
Operating Expenses
|
For the three months ended |
For the six months ended |
|
January 31, 2019 |
January 31, 2018 |
January 31, 2019 |
January 31, 2018 |
General and
administration |
$ |
8,161 |
$ |
1,770 |
$ |
13,076 |
$ |
3,046 |
Marketing and
promotion |
|
4,839 |
|
1,358 |
|
16,550 |
|
2,426 |
Stock-based
compensation |
|
4,960 |
|
1,968 |
|
9,649 |
|
2,281 |
Amortization of
property, plant and equipment |
|
452 |
|
188 |
|
1,025 |
|
312 |
Amortization of intangible assets |
|
74 |
|
207 |
|
224 |
|
270 |
Total |
$ |
18,486 |
$ |
5,491 |
$ |
40,524 |
$ |
8,335 |
Operating expenses include general and administrative expenses,
inclusive of research and development, marketing and promotion,
stock-based compensation, and amortization expenses. Marketing and
promotion expenses include customer acquisition costs, customer
experience costs, salaries for marketing and promotion staff,
general corporate communications expenses, and research and
development costs. General and administrative expenses include
salaries for administrative staff and executive salaries as well as
general corporate expenditures including legal, insurance and
professional fees.
GENERAL AND ADMINISTRATIVE
General and administrative expenses increased to $8,161 in the
second quarter of fiscal 2019, compared to $1,770 for the same
period in fiscal 2018. This increase reflects the general growing
scale of our operations, including an increase in general, finance
and administrative staff for an increase of $2,775. New rental
space in our Belleville location resulted in an increase of $613
which was obtained to house product processing and transformation
as well as the administration department of the Belleville
location. Total general and administrative payroll increased $1,950
due to the growth in operations. Total professional, listing and
legal expenses increased by $1,024, as a result of additional
corporate development initiatives and the increased financial
reporting and control-based regulatory requirements accompanying
public status on the TSX and NYSE-A. Increased insurances
pertaining to commercial property and directors and officers
increased $1,342 due to increased property, plant and equipment
balances and the listing on the NYSE-A.
Total general and administrative expenses for six months ended
January 31, 2019 increased to $13,076 from $3,046 in the same
period of fiscal 2018 due to the general growth of the operational
scale of the corporation for the same reasons as outlined
above.
The Company is anticipating general and administrative expenses
to increase as the Company completes and operationalizes its
current expansion projects over the remaining two quarters of the
fiscal year. Research and development expenses are expected to rise
on trend with general and administrative expenses for the final two
quarters of fiscal 2019 and subsequently, significantly escalate in
fiscal 2020 as the Company executes its innovation initiatives.
MARKETING AND PROMOTION
Marketing and promotion expenses increased to $4,839 in the
second quarter, compared to $1,358 for the same period in fiscal
2018. This reflects the implementation of our adult-use marketing
and promotional events undertaken in the quarter as we build brand
recognition and establish HEXO in the adult-use cannabis market.
This is inclusive of higher staff and travel-related expenses,
printing and promotional materials as well as advertisement costs.
Quarter over quarter total marketing and promotion expenses were
significantly reduced from $11,711 as it was during this period in
which HEXO underwent an extensive branding and marketing campaign
which involved concerts, conventions and social events to launch
the HEXO brand to the adult-use market.
Total marketing and promotion expenses for the six months period
ended January 31, 2019 significantly increased to $16,550 from
$2,426 as compared to the same period of fiscal 2018. This dramatic
increase reflects the Companies agreement marketing and branding
campaigned which was primarily realized in the first quarter of
fiscal 2019 as we prepared for the launch of the adult-use brand
HEXO into the legalized Canadian adult-use market.
The Company expects marketing and promotion expenses to trend
with revenues over the next two quarters of the fiscal year.
STOCK-BASED COMPENSATION
Stock-based compensation increased by to $4,960 when compared to
$1,968 for the same period in fiscal 2018. The increase is a
function of the increased number of outstanding stock options which
is a direct correlation to the increased headcount of the Company.
Underlying market prices of those options granted subsequent the
second quarter of fiscal 2018 were significantly higher, resulting
in an increase to the expensed value on a per stock option basis
during the period.
Total stock-based compensation for the six months ended January
31, 2019 increased to $9,649 from $2,281 as compared to the same
period of fiscal 2018 for those reasons as outlined above.
AMORTIZATION OF PROPERTY, PLANT AND
EQUIPMENT
Amortization of property, plant and equipment increased to $452
in the quarter, compared with $188 for the same period in fiscal
2018. The increase is the direct result of the Company’s newly
built greenhouses and acquired cultivation equipment. Additionally,
increases to cultivation and production equipment were incurred in
order to support the larger production demands and scalability of
the Company.
Total amortization of property, plant and equipment for the six
months ended January 31, 2019 increased to $1,025 from $312 as
compared to the same period of fiscal 2018 for those reasons as
outlined above.
AMORTIZATION OF INTANGIBLE ASSETS
Amortization of intangible assets decreased to $74 in the first
quarter, compared with $207 for the same period in fiscal 2018. The
decrease is the result of the implementation of an inactive new ERP
system as at the period ended January 31, 2019. This system is
replacing certain fully amortized software programs.
Total amortization of intangible assets for the six months ended
January 31, 2019 decreased to $224 from $270 as compared to the
same period of fiscal 2018 for those reasons as outlined above.
Loss from Operations
Loss from operations for the second quarter was ($6,883),
compared to ($4,739) for the same period in fiscal 2018. The
increased loss from operations is due mainly to higher expenses in
line with the expanding scale of operations as we prepared for the
legalization of the adult-use market and the realization of
stock-based compensation expenses due to the increased headcount
and market share price value of the Company. This dramatic increase
in scale of the Company and its operations was also offset by the
10.28x increase in net revenues as compared to the same quarter in
fiscal 2018.
Other Income/Expenses
Other income/(expense) was $2,558 for the three months ended
January 31, 2019 compared to ($4,213) in the same period of
fiscal 2018. Revaluation of financial instruments of ($815) in the
latest quarter reflects the revaluation of an embedded derivative
related to USD denominated warrants issued in the prior year.
Additionally, we had an unrealized fair value gain on convertible
note receivable of $2,545. Interest income of $1,304 was realized
for the three months ended January 31, 2019 reflective of the
interest generated from the increased cash holdings and the
interest accrued on the convertible debentures and promissory note
held as at January 31, 2019.
Total other income/(expense) was $4,553 for the six months ended
January 31, 2019 compared to ($5,750) of the same period of fiscal
2018. The increase is primarily due to the $5,978 unrealized gain
on the convertible debenture which was issued in the first quarter
of fiscal 2019. The loss due to revaluation of the financial
instruments decreased $1,461 when compared to the six months ended
January 31, 2018 due to a decrease in the remaining number of
underlying warrants.
Webcast and Conference Call
Information
HEXO Corp will host a conference call at 8:30
a.m. EDT on March 14, 2019.
Conference Call Details |
|
Date: |
March 14, 2019 |
|
|
Time: |
8:30 a.m. EDT |
|
|
Webcast: |
https://event.on24.com/wcc/r/1955244/B93D8C7C6D220F830E41924F8B5D945C |
Replay Information
A replay of the call will be accessible by
telephone until 11:59 a.m. EDT on March 28, 2019.
Toll Free Dial-In Number: 1-888-390-0541
Replay Password: 432690#
About HEXO Corp
HEXO Corp is an award-winning consumer packaged
goods cannabis company that creates and distributes products to
serve the global cannabis market. Through our hub and spoke
business strategy, we are partnering with Fortune 500 companies,
bringing our brand value, cannabinoid isolation technology,
licensed infrastructure and regulatory expertise to established
companies, leveraging their distribution networks and capacity. As
one of the largest licensed cannabis companies in Canada, HEXO Corp
has over 1.8 million sq. ft of facilities in Ontario and Quebec and
a foothold in Greece to establish a Eurozone processing, production
and distribution centre. We serve the Canadian adult-use market
under the HEXO brand while continuing to provide our medical
cannabis clients with consistent access to Hydropothecary medical
cannabis products. For more information please visit
hexocorp.com.
Forward-Looking Statements
This press release contains forward-looking
information and forward-looking statements within the meaning of
applicable securities laws (“forward-looking statements”).
Forward-looking statements are based on certain expectations and
assumptions and are subject to known and unknown risks and
uncertainties and other factors that could cause actual events,
results, performance and achievements to differ materially from
those anticipated in these forward-looking statements.
Forward-looking statements should not be read as guarantees of
future performance or results. A more complete discussion of the
risks and uncertainties facing the Company appears in the Company’s
Annual Information Form and other continuous disclosure filings,
which are available on SEDAR at www.sedar.com and EDGAR at
www.sec.gov. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements as a result of new
information or future events, or for any other reason.
Investor Relations:
Jennifer Smith
1-866-438-8429
invest@HEXO.com
www.hexocorp.com
Media Relations:
Caroline Milliard
(819) 317-0526
media@hexo.com
Director
Adam Miron
819-639-5498
HEXO (TSX:HEXO)
Historical Stock Chart
From Apr 2024 to May 2024
HEXO (TSX:HEXO)
Historical Stock Chart
From May 2023 to May 2024