Canadian cannabis producer Hexo reported a total net loss before tax of 129.7 million Canadian dollars ($98 million) in the company’s third quarter, bringing accumulated losses since 2016 to more than CA$2 billion.
Quebec-based Hexo disclosed plunging revenue while reporting its fiscal third quarter Thursday.
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In the February-April period, Hexo’s net sales were CA$21.6 million, down by approximately 50% compared to the same period last year.
By revenue stream in the quarter:
Recreational cannabis sold at retail was CA$26.5 million, down 46% from last year. Medical sales were CA$647,000, down 28% from last year. International revenue fell 90% compared to last year, to CA$649,000. Cannabis beverage sales were CA$0, compared to CA$4 million one year ago.
The only revenue stream that did not experience a significant year-over-year decline was wholesale transactions.
Hexo’s wholesale sales increased 22% over last year’s quarter to CA$4 million.
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