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Wednesday, May 31, 2023

Cannabis producer Hexo trimmed the loss, but sales fell

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Cannabis producer Hexo reported a smaller loss for the quarter ended Jan. 31, 2023, but sales of the Quebec-based Gatineau company declined, according to its quarterly report.

Hexo on Thursday reported adjusted EBITDA of negative C$2.4 million ($1.6 million) for the second quarter, an improvement over adjusted EBITDA of negative C$5.6 million in the second quarter of a year earlier. .

Net revenue for the three-month period was C$24.2 million, down 55% from the same period one year earlier.

Sales are down across the board.

Total revenue from:

Recreational cannabis was C$33 million in the quarter, down 40% year-over-year. Medical cannabis fell 35% year-over-year to C$634,000 in the quarter. Wholesale sales were down 50% year over year to C$1.8 million.

International sales decreased by 103%. International sales were C$8.2 million in the same quarter of 2022, however

Read the full article at Marijuana Business Daily

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