Canadian cannabis company Hexo Corp. on Thursday announced a share consolidation and posted a 52.1 million Canadian dollar ($38.2 million) net loss for the first quarter of its 2023 fiscal year.
The share consolidation will combine 14 of the company’s common shares into one share and is expected to take place on or around Dec. 19.
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It will affect the company’s listings on both the Nasdaq in the U.S. and the Toronto Stock Exchange in Canada.
The reverse stock split has been expected since February, after Nasdaq notified the company that its share price had fallen below the minimum required value for listing on the exchange.
Separately on Thursday, Hexo announced its financial results for the quarter ended Oct. 31.
The CA$52.1 million quarterly net loss, a significant improvement over the previous quarter’s CA$102.4 million net loss, came as net revenue declined 16% from the previous
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