HEXO - HEXO STOCK NEWS

HEXO Corp (HEXO) has announced that its amended short form base shelf prospectus, initially filed in November 2018, has lapsed. This prospectus allowed HEXO to issue securities for up to $800 million, of which $254.3 million was raised between January 2019 and August 2020. Despite the prospectus lapse, CFO Trent MacDonald stated the company is on a path toward profitability, reporting six consecutive quarters of Adjusted EBITDA improvement. HEXO maintains its top market share position in Quebec and is expanding its presence in Canada, particularly in the beverage sector through its joint venture with Molson Coors.

HEXO Corp (TSX: HEXO; NYSE: HEXO) announced the consolidation of its common shares, approved by shareholders at the annual meeting on December 11, 2020. The consolidation ratio is four old shares for one new share, reducing the outstanding shares from approximately 488.7 million to 122.2 million. Trading on a post-consolidation basis is anticipated to start on December 23, 2020. Shareholder ownership percentage and voting power remain unchanged, with specific adjustments for fractional shares. The company will not issue fractional shares post-consolidation.

HEXO Corp. reported a record gross revenue of $41.3 million for Q1 fiscal 2021, reflecting a 14% increase from Q4 2020 and 114% year-over-year growth. The net revenue reached $29.5 million, up 9% sequentially and 103% compared to the previous year. Hexo maintained its top market share in Quebec and made significant progress in the beverage segment, becoming the number one in beverages. Adjusted EBITDA improved by 87% to ($0.42 million). However, the company reported a net loss of $4.2 million, improved from $66.0 million the prior quarter.

OTTAWA, Dec. 14, 2020 - HEXO Corp. announced the results of its annual and special meeting held on December 11, 2020. All proposals were approved, including the re-election of directors and the reappointment of auditors. A significant item was the approved consolidation of common shares on a 4:1 basis, which is pending approval from the Toronto Stock Exchange and New York Stock Exchange. Detailed voting results showed strong support for the elected directors, with votes in favor exceeding 90% for most nominees.

HEXO Corp has unveiled its new Centre of Excellence in Belleville, featuring a Truss Beverage Company bottling facility, through its partnership with Molson Coors Canada. The company claims to hold the top position in Canada for hash and beverage categories. According to recent quarterly filings, HEXO ranks fourth in adult-use market share by net sales dollars, approaching the top three competitors. This facility is expected to enhance HEXO's capacity, scalability, and innovation, driving future sales and growth.

HEXO Corp (NYSE:HEXO) announced an amendment to its share consolidation plan ahead of the annual meeting on December 11, 2020. The consolidation ratio has been revised from eight old common shares for one new share to four for one, aiming to increase the share price to comply with NYSE standards. The company cites improved market conditions and a positive outlook for its growth strategy, particularly in Canadian beverage and recreational cannabis markets. HEXO aims to balance its share liquidity while regaining compliance with minimum share price requirements to avoid de-listing.

HEXO Corp has scheduled its annual and special meeting of shareholders for December 11, 2020. Shareholders must deposit proxies with TSX Trust Company by 10:00 a.m. EST on December 9, 2020. The company will release its financial results for fiscal Q1 2021 on December 14, 2020, before market hours, followed by a webcast starting at 8:30 a.m. EST. More information can be found on the company’s website and financial results can be accessed via SEDAR and EDGAR.

HEXO Corp. has revamped its UP Cannabis brand, ensuring all dried flower products contain 20% THC or more. The company aims to meet consumer demand for high-quality cannabis at competitive prices. CEO Sebastien St-Louis emphasized the importance of delivering consistency in product quality and THC potency. Initial offerings include Northern Berry, Cold Creek Kush, and Ghost Train Haze, with plans for more cultivars to follow. HEXO is positioned well financially and intends to grow its market share nationally, enhancing consumer trust through clear labeling of THC content.