Cannabis company Hexo reports $20.7M Q3 loss, revenue edges higher

OTTAWA — Hexo Corp. reported a loss of $20.7 million in its latest quarter compared with a loss of $19.5 million in the same quarter last year.

The cannabis company says the loss amounted to 17 cents per diluted share for the quarter ended April 30 compared with a loss of 26 cents per diluted share a year earlier when it had fewer shares outstanding.

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Net revenue totalled $22.7 million, up from $22.1 million in the same quarter last year.

Hexo has made a series of acquisitions this year in a bid to grow market share.

Last month, Hexo announced an agreement to buy cannabis producer Redecan for $925 million in cash and shares as well as another deal to buy 48North Cannabis Corp. for $50 million.

In February, it said it would spend $235 million to buy Zenabis Global Inc. and its Namaste, Re-Up, Blazery and Founders Reserve brands.

This report by The Canadian Press was first published June 14, 2021.

Companies in this story: (TSX:HEXO)

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