Hexo Corp. reported a net loss of 146 million Canadian dollars ($112 million) for its February-April quarter, bringing the Canadian cannabis producer’s loss for the first nine months of its 2022 financial year to CA$953.8 million.
The Quebec-based company’s sales fell 14% sequentially to CA$45.6 million in the third quarter.
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By stream, compared to the previous quarter:
Adult-use cannabis net revenue fell 11% to CA$31 million. Beverage revenue slipped 5% to CA$4 million. Medical sales declined 15% to CA$813,000. Wholesale sales fell 13% to CA$3.3 million. International revenue declined 22% to CA$6.4 million.
Hexo withdrew its financial guidance, citing deteriorating market and economic conditions, recent changes to senior management and a pending transaction with Tilray Brands.
“The company now believes that it will not achieve the synergies and incremental cash flow increases to the level estimated in its previous guidance and it expects such figures and
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