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 January 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 a $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 company has its Centre of Excellence based in Belleville, in the former Sears Warehouse, in the Belleville Industrial Park.
(The Canadian Press)
