Hexo’s Revenues Rise 53% In Fiscal Year On Strong Q4 Sales
November 2, 2021Canada-based Hexo saw revenues climb 53% to C$123.5 million ($100m) in its fiscal year through July, including a 71% sequential increase in the fourth quarter. The cannabis group, which is partnered with Molson Coors on the Truss joint venture dedicated to beverages, said it increased market share in several Canadian provinces in recent months, including Ontario, Alberta and British Columbia, and maintained a top-two market share in Quebec.
Hexo has also been on the move in the U.S., acquiring a 50,000 square foot facility in Colorado this summer, which will produce a range of different cannabis products and further its U.S. expansion plans. More recently, its Truss joint venture launched Veryvell—a line of hemp-derived CBD and adaptogen beverages—to 17 states following a limited Colorado launch in 2020. In recent weeks, Hexo named Scott Cooper as CEO, replacing Sebastien St-Louis. Cooper also remains head of the Truss joint venture.—Daniel Marsteller
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