Inactive Instrument

HEXO Corp.

HEXO

CA4283043079

HEXO : Pot producer HEXO names new CEO after co-founder's exit

October 20, 2021 at 07:51 am EDT

(Reuters) - Canadian pot producer HEXO Corp on Wednesday named Truss Beverage Co's chief executive, Scott Cooper, as its top boss, two days after co-founder Sebastien St-Louis stepped down.

U.S. listed shares of the company were about 3.6% lower in premarket trading.

While HEXO said St-Louis departed following a strategic reorganization, Bloomberg News reported on Monday that he was ousted from his role after an investor alleged the company "has not acted in the best interest of its shareholders" under him.

Activist shareholder Adam Arviv in a letter to the board said St-Louis had over-leveraged the company to help finance deals to acquire cannabis operators such as Zenabis Global Inc and 48North Cannabis Corp, according to the report.

Cooper will continue as interim CEO of Truss, a joint venture between Molson-Coors Canada and HEXO, for six months to ensure a smooth transition, HEXO said on Wednesday.

On Monday, the company had also announced that Chief Operating Officer Donald Courtney was stepping down.

(Reporting by Sahil Shaw in Bengaluru; Editing by Ramakrishnan M.)

Latest news about HEXO Corp.

Tilray Brief: In addition, Company no longer expects to generate positive adjusted free cash flow for the full fiscal year 2024, due to delayed timing for collecting cash on various asset sales	Apr. 09	MT
Tilray Brief: For its fiscal year ending May 31, 2024, Company ow guiding to an Adjusted EBITDA target of US$60-$63 million	Apr. 09	MT
Tilray Brief: Net loss per share narrowed to ($0.12) compared to ($1.90) in the prior year quarter	Apr. 09	MT
Tilray Brief: Net loss decreased to US$105.0 million in the third quarter compared to net loss of $1.2 billion in the prior year quarter	Apr. 09	MT
Tilray Brief: Says Achieved Q3 Net Revenue of US$188 Million, Near 30% Net Revenue Growth Over the Prior Year Quarter	Apr. 09	MT
Tilray Brands Plans 420 Activations Across Canada, Unveils 'Celebratory Product Lineup'	Apr. 04	MT
Tilray Brief: Announcing 420 Activations Across Canada and Unveiing "Celebratory Product Lineup"	Apr. 04	MT
Tilray Brief: Says 10 Barrel Brewing Unveiling Newest Ready-to-Drink Canned Cocktails	Mar. 26	MT
Tilray Brief: Announcing expansion of Redecan's product portfolio	Mar. 21	MT
Tilray Brands Secures Approval for First Medical Cannabis Extract in Portugal	Mar. 14	MT
Tilray Brief: Says Received Approval for First Medical Cannabis Extract in Portugal	Mar. 14	MT
Tilray Brief: Introducing New Naturally Flavoured CBG Infused Cannabis Beverages	Mar. 13	MT
Tilray Brief: Providing International Cannabis Update on Milestone German Cannabis Legalization	Feb. 28	MT
Tilray Brief: Cannabis Brand Good Supply Launching New 'Juiced' Cannabis Pre-Roll Multi-Packs Across Canada	Feb. 27	MT
Tilray Brief: Solei Brand Launching New Cannabis Infused Cold Brew Teas	Feb. 22	MT
Tilray Brief: Says Subsidiaries Breckenridge Distillery and Breckenridge Brewery Announcing Fourth Edition of Sexy Motor Oil Whiskey and New Sexy Motor Oil Beer	Jan. 30	MT
Tilray Brief: Says Completed Acquisition of Truss Beverage Co.	Jan. 24	MT
Tilray Brief: Says RIFF Cannabis Brand Expanding Its Collection With New THCA 'Liquid Diamond' Vapes	Jan. 23	MT
Tilray Brief: Says SweetWater Brewing Doubling Down on 'Gummies'	Jan. 16	MT
Piper Sandler on Tilray Brands: 'Tough Path To Hitting F24 Guidance; Heavy Skew To F4Q24'	Jan. 10	MT
Tilray Brands Swings to Adjusted Loss in Fiscal Q2, Net Revenue Grows; Reiterates Adjusted EBITDA Outlook for Fiscal Year 2024; Down 8.7%	Jan. 09	MT
Tilray Brands Swings to Adjusted Loss in Fiscal Q2, Net Revenue Grows; Reiterates Adjusted EBITDA Outlook for Fiscal Year 2024	Jan. 09	MT
Tilray Brief: Says "On Track" to Achieve US$30-$35 Million in Annual Savings related to Integration of HEXO Acquisition; Reiterates Financial Guidance for Fiscal Year 2024	Jan. 09	MT
Tilray Brief: Record Q2 Net Revenue of US$194 Million, Increasing 34% Over the Prior Year Period	Jan. 09	MT
Tilray Brands Launches New RIFF BOOST Beverage Collection	Jan. 04	MT

Chart HEXO Corp.

Duration

Period

More charts

Company Profile

Hexo Corp. is a Canada-based consumer packaged goods cannabis company. The Company is engaged in cultivating, processing, packaging, and distributing cannabis products to serve the cannabis market. The Company serves the Canadian recreational market with a brand portfolio including HEXO, Redecan, UP Cannabis, Original Stash, 48North, Trail Mix, Bake Sale and Latitude brands, and the medical market in Canada and Israel. Its HEXO brand offers a range of flower strains, discreet capsules, and convenient vapes, including the HEXO FLVR lineup of flavor-first vapes.

Sector

Pharmaceuticals

More about the company