Application made to list shares on the NYSE American
GATINEAU, Quebec, Dec. 21, 2018 (GLOBE NEWSWIRE) -- HEXO Corp (“HEXO” or the “Company”) (TSX:HEXO), a leading licensed cannabis company based in Canada, is pleased to announce that it has filed an application to list its common shares on the NYSE American. Listing of the shares on the NYSE American remains subject to the approval of the NYSE American and the satisfaction of all applicable listing and regulatory requirements. This is an important milestone in the Company’s growth and will broaden HEXO’s exposure to U.S. institutional and retail investors.
HEXO is an award-winning licensed cannabis company based in Quebec. The Company has the largest single legal cannabis supply contract in Canadian history as the preferred supplier to the Société québécoise du cannabis, the provincial Crown corporation in Quebec responsible for the trade of cannabis within the province, to supply up to 200,000 kg of cannabis over a five-year term worth over $1 billion. HEXO also has supply agreements in British Columbia and Ontario, a strategic investment in the private cannabis retailer, Fire & Flower and has garnered the attention of Molson Coors Canada and resulted in the creation of Truss, an exclusive partnership to develop non-alcoholic cannabis-infused beverages.
Earlier this year, the Company’s CEO committed to investors that it would seek a listing on an American stock exchange by the end of 2018. HEXO continues to build a solid reputation for diligent and timely execution on commitments, in support of its aggressive international expansion plan.
“This is a remarkable milestone for our Company,” said HEXO’s CEO and co-founder Sebastien St-Louis. “We committed to our shareholders that HEXO would seek a listing in the US by the end of 2018 and I am proud to say that we delivered. We have a proven track record for our ability to execute and we will maintain it through our focus on developing and distributing innovative consumer-packaged cannabis products.”
HEXO is keenly focused on driving value for its shareholders through the execution of its hub and spoke business strategy which sees it partner with Fortune 500 companies in various product categories, leveraging HEXO’s expertise and product knowledge with its partners’ established distribution capacity. The Company has an advanced ability to develop consistent advanced cannabis experiences for use in world-renowned brands such as beverages, food, cosmetics and more including an exclusive partnership with Molson Coors Canada to create Truss.
HEXO is also in the process of establishing a foothold in Greece to build a Eurozone processing, production, and distribution centre to unlock access to customers across Europe. The Company will leverage this approach in other international markets, including Latin America, as regulations permit.
Upon receipt of all required approvals and completion of the formal listing process, the Company will publicly announce its first trading date on the NYSE American. HEXO’s common shares will trade on the NYSE American under ticker symbol “HEXO”, the same symbol the Company's common shares currently, and will continue to, trade under on the Toronto Stock Exchange. HEXO’s common shares will also continue to trade on the OTC PINK under the ticker symbol “HYYDF” until completion of the NYSE American listing.
In connection with its application to list on the NYSE American, HEXO has filed an amended and restated short form base shelf prospectus, amending and restating the Company’s short form base shelf prospectus dated November 19, 2018, with the securities regulatory authorities in each of the provinces and territories of Canada, and a corresponding registration statement on Form F-10 with the U.S. Securities and Exchange Commission (“SEC”) in accordance with the Multijurisdictional Disclosure System established between Canada and the United States. The prospectus and registration statement enable the Company to make offerings of up to C$800 million of common shares, warrants, subscription receipts and units or a combination thereof of the Company from time to time, separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of the offering and as set out in an accompanying prospectus supplement, during the 25-month period that the prospectus and registration statement remain effective. The specific terms of any future offering will be established in a prospectus supplement to the prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities and the SEC.
About HEXO Corp.
HEXO Corp creates and distributes award-winning, innovative, easy-to-use products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO currently operates with over 310,000 sq. ft. of production capacity with construction on another 1,000,000 sq. ft. expansion set to be complete by year end. HEXO serves the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand. For more information please visit hexocorp.com.
This press release may contain forward-looking information that is based on certain assumptions and involves known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current assumptions and expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s Annual Information Form and continuous disclosure filings, which are available on SEDAR’s website at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.
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