Canadian cannabis producer Hexo Corp. spent more than 1.2 billion Canadian dollars ($935 million) to acquire three other producers in 2021: Redecan (CA$925 million), Zenabis (CA$235 million) and 48North (CA$50 million).
After those acquisitions, Hexo found itself deeply in debt, with a ravaged share price that endangered its Nasdaq listing (HEXO) , its auditor warning that the company might not be able to stay afloat and an activist investor demanding change in the wake of years of quarterly losses.
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Founding CEO Sébastien St. Louis left Hexo in 2021, and his successor, Scott Cooper, stepped down in April.
Hexo’s latest CEO, Charlie Bowman, has previous experience in the specialty chemical industry.
Bowman started with Hexo in February 2021 as general manager of U.S. operations before becoming chief operating officer in January 2022. He was appointed CEO in late April.
He leads a much smaller Hexo: The Quebec-based company listed
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