|Bid||1.0500 x 0|
|Ask||1.0600 x 0|
|Day's Range||1.0100 - 1.0700|
|52 Week Range||0.5000 - 3.0400|
|Beta (5Y Monthly)||1.70|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 30, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.99|
Canopy Growth stock broke out in November, as investors' hopes for nationwide pot legalization grew after the election.
OTTAWA, Nov. 09, 2020 (GLOBE NEWSWIRE) -- HEXO Corp. (“HEXO”, or the “Company”) (TSX: HEXO; NYSE: HEXO) is pleased to announce that Trent MacDonald’s security clearance request under the Cannabis Act has been granted by Health Canada. As previously announced, Mr. MacDonald had been appointed to the Company’s executive leadership team in the acting role of Chief Financial Officer, with his permanent role as Chief Financial Officer to commence upon the successful completion of Health Canada’s security clearance process for key personnel. With his security clearance having been granted, Mr. MacDonald now moves into a permanent role as Chief Financial Officer. “HEXO is now in a very strong financial position, having already taken the impairments and write-downs that continue to plague the cannabis industry, while also having plenty of working capital and cash,” said Trent MacDonald. “I am excited to join the Company as we move towards positive EBITDA, positive operational cash flow and clear a path for sustained profitability on a per share basis. I am thrilled to be contributing to HEXO’s strategic and operational initiatives as the Company is relentlessly pursuing a top market position in Canada, while I believe we are extremely well positioned to take advantage of an ever-evolving U.S. market, especially through Truss Beverages, our joint venture with Molson Coors.”Sébastien St-Louis, Chief Executive Officer and co-founder of HEXO, expressed his appreciation for Health Canada’s celerity in processing Mr. MacDonald’s security clearance application “Along with the Company’s executive leadership team, I would like to commend Health Canada for their diligence and expediency in processing Trent’s application.”About HEXO HEXO Corp is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. The Company serves the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis and Original Stash brands, and the medical market under HEXO medical cannabis. For more information please visit hexocorp.com.Forward Looking Statements This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results. 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.Investor Relations: invest@HEXO.com www.hexocorp.comMedia Relations: (819) 317-0526 firstname.lastname@example.org
It’s been a crappy year for Hexo (NYSE:HEXO) shareholders. They’ve seen Hexo stock drop below $1, putting the cannabis company’s New York Stock Exchange listing in jeopardy. Source: Shutterstock Like many companies that get in this position, Hexo’s been forced to do an 8-for-1 reverse stock split to meet the NYSE’s listing requirements. The move will be rubber-stamped with a vote by shareholders in December. HEXO stock closed out 2019 at $1.59 a share.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Down 60% year to date through Nov. 4, its fourth-quarter 2020 results didn’t help the cause. On the top line, gross revenues did grow 17% on a sequential basis and 76% over last year to 36.1 million CAD. However, further down the income statement, it delivered a staggering 106.2 million CAD operating loss in the final quarter of the year, significantly higher than its operating loss a year ago. 7 Augmented Reality Stocks To Buy Now For The Future There’s very little to get excited about at Hexo right now, making a bargain-basement stock buy extremely risky. However, it does have one exciting piece of news involving its Truss Beverage partnership with MolsonCoors’ (NYSE:TAP) Canadian division – Molson Coors owns 57.5% while Hexo owns 42.5% — that should encourage long-time shareholders. Here’s why. Truss Goes High Tech On Oct. 2, the maker of cannabis-infused drinks opened its state-of-the-art facility in Belleville, Ontario, to local bigwigs. The beverage company houses 40 employees in 186,000 square feet of warehouse space once used by Sears Canada as a distribution center. Hexo bought the two million-square-foot industrial building in partnership with Olegna Holdings in September 2018. Hexo took a 25% interest in the joint venture and signed a long-term lease for 500,000 square feet in the building, with Truss occupying part of Hexo’s space. “This facility is the first of its kind in the world, we think. This scale and this kind of technical sophistication, we believe it’s the first. These are a step up in terms of quality, It’s different than anything else before around the world,” Truss Beverage chief executive officer Scott Cooper told The Belleville Intelligencer. “We brought in a lot of beverage experts from MolsonCoors so a lot of expertise has gone into getting where we are. This really is our grand opening.” All five Truss Beverage brands range in cannabis content from 2.5 milligrams to 10 mg — are produced at the facility in both bottles and cans. It has the ability to produce 6.6 million gallons with the possibility of doubling capacity in the future. In the company’s Q4 2020 press release, Hexo referenced Truss’s progress in 2020. “We are commanding significant market share in Quebec and this year we made major strides by launching Truss cannabis infused beverages in Canada in addition to our initial foray into the U.S. with Molson Coors, a world-class partner,” said Sebastien St-Louis, Hexo CEO and co-founder. Other Partnerships to Drive Hexo Stock Higher I don’t think investors give Hexo enough credit for some of the partnerships it’s struck beyond its core cannabis product. For example, it owns 60% of Neal Up Brands, a joint venture with Toronto-based Neal Brothers, to make and market cannabis edibles. Neal Brothers might not be a household name in the U.S., but here in Canada, its snack line is very popular with Canadians. The Neal Up Brands partnership came to be due to its 2019 acquisition of Oakville-based Newstrike Brands for 263 million CAD in Hexo stock. Newstrike shareholders owned 14% of Hexo after the completion of the deal in May of last year. The company issued 35.4 million shares of its stock at the time. Those shares are now worth about one-tenth of the value at the time the acquisition was completed. For those Newstrike investors that didn’t sell and are still holding, you better hope and pray that Truss Beverage and Neal Up Brands come through for Hexo. Oh, and one last thing. My InvestorPlace colleague, Josh Enomoto, recently discussed why the pandemic could help its Truss CBD USA joint-venture — it owns 42.5% with Molson Coors owning the rest — sell more products. That’s a third and possibly the most lucrative of its joint ventures, suggesting the risk-to-reward profile at 63 cents is firmly in the speculative investors’ favor. I’ve been waiting for Hexo to reach its potential for some time. Thanks to this trio of joint ventures, 2021 could be the year it actually does. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company Daily Picks: Stocks to Buy Ahead of the Election The post For Hexo Stock, In God We Truss Might Be Its Best Bet appeared first on InvestorPlace.