October 29, 2021 By The Canadian Press
Hexo Corp. reported a $67.9 million net loss in its latest quarter as the company closed its acquisition of Zenabis Global Inc.
The Ottawa-based cannabis firm’s fourth-quarter loss compared with $169.5 million in the same quarter last year.
Hexo says its net loss amounted to 89 cents per share for the period ended July 31, down from a loss of $7.08 per share in the fourth quarter of 2020.
The company’s net revenue from sale of goods totalled $38.6 million, up from $27 million at the same time last year.
Hexo says its recent, $235-million purchase of Zenabis contributed $6.8 million in net revenue to the quarter.
Hexo’s quarter was presented by chief executive Scott Cooper, who took over leadership of the company last week after co-founder Sebastien St-Louis departed amid a strategic reorganization.
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