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.)