Cannabis Producer Hexo's Net Loss Narrows To $11 Million
Canadian cannabis producer Hexo Corp. (HEXO) reported that its net loss narrowed to $11.1 million in its fiscal second quarter.
The net loss was an improvement from a year earlier, when the Gatineau, Quebec-based company reported a loss of $690 million.
Hexo's revenue during its latest quarter totaled $24.2 million, down 54% from a year earlier and down 32% from the previous quarter.
Hexo attributed its latest results to declining market share and poor sales in the key markets of Ontario and Quebec.
The company added that its earnings were impacted by cannabis competitors in Quebec and Ontario cutting prices.
Hexo's stock has fallen 84% over the last 12 months to now trade at $1.41 U.S. per share on the Nasdaq exchange.
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