March 18, 2021 By The Canadian Press
Hexo Corp. reported a loss of $20.8 million in its latest quarter as its revenue nearly doubled compared with a year earlier.
The cannabis company says its loss amounted to 17 cents per diluted share for the quarter ended Jan. 31.
The result compared with a loss of $298.2 million or $4.52 per diluted share a year earlier when the company took large one-time charges related to its goodwill and intangible assets.
Net revenue in what was Hexo’s second quarter totalled nearly $32.9 million, up from $17 million in the same quarter a year earlier.
Last month, Hexo announced a deal to buy competitor Zenabis Global Inc. in $235-million deal that will give the cannabis company a European foothold and strengthen its domestic business.
Hexo CEO and co-founder Sebastien St-Louis says the Zenabis deal will help speed domestic and international growth.
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