Hexo’s stock fall 0.5% premarket after Q3 results

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Cannabis company Hexo’s stock slips after net sales come up shy of expectations

The U.S.-listed shares of Hexo Corp. slipped 0.5% in premarket trade Thursday, after the Canada-based consumer packaged goods cannabis company reported narrower than expected fiscal third-quarter loss but net revenue that came up short. The net loss for the quarter to April 30 was C$7.75 million ($5.82 million), or 4 cents a share, after a loss of C$1.97 million, or 1 cent a share, in the year-ago period. The FactSet consensus was for a loss of 5 cents. Net revenue jumped to C$13.02 million from C$1.24 million, below the FactSet net sales consensus of C$14.8 million. Average gross selling price of adult-use dried gram and gram equivalents was C$5.29 as of April 30, down from C$5.83 at the end of January, while kilograms sold of adult use grew to 2,759 from 2,537. Average gross selling price of medical dried gram and gram equivalents slipped to C$9.11 from C$9.15 while kilograms sold declined to 145 from 152. Separately, Hexo said its affiliate Hexo Med S.A. affiliate has received a medical cannabis installation licence from the Greek government which allows Hexo to establish cultivation, processing and manufacturing facilities in Greece. Hexo’s stock has rocketed 88% year to date through Wednesday, while the ETFMG Alternative Harvest ETF has climbed 30% and the S&P 500 has gained 15%.

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