Hexo reports Q2 loss, revenue nearly doubled compared with year ago

A Hexo Corp. employee examines cannabis plants in one of the company’s greenhouses, seen during a tour of the facility, Thursday, October 11, 2018 in Masson Angers, Quebec. THE CANADIAN PRESS/Adrian Wyld

Hexo Corp. reported a loss of $20.8 million in its latest quarter as its revenue nearly doubled compared with a year earlier.

The cannabis company says its loss amounted to 17 cents per diluted share for the quarter ended Jan. 31.

The result compared with a loss of $298.2 million or $4.52 per diluted share a year earlier when the company took large one-time charges related to its goodwill and intangible assets.

Net revenue in what was Hexo’s second quarter totalled nearly $32.9 million, up from $17 million in the same quarter a year earlier.

Last month, Hexo announced a deal to buy competitor Zenabis Global Inc. in $235-million deal that will give the cannabis company a European foothold and strengthen its domestic business.

Hexo CEO and co-founder Sebastien St-Louis says the Zenabis deal will help speed domestic and international growth.

The Canadian Press

Like us on Facebook and follow us on Twitter.