MJ Biz have the details
Quebec-based cannabis producer Hexo Corp. reported a net loss of 102.4 million Canadian dollars ($75 million) for its fourth quarter, bringing the company’s total loss for the year to CA$1.1 billion.
The latest annual loss brings Hexo’s accumulated deficits to CA$1.8 billion, and the company “has yet to generate positive cashflows or earnings,” according to a filing with the U.S. Securities and Exchange Commission.
Net revenue for the year was CA$191 million, substantially more than the previous year because of Hexo’s acquisitions of rival producers Redecan and 48North Cannabis Corp.
Those two companies accounted for CA$62.2 million of Hexo’s sales.
Stripping out those acquisitions, Hexo’s gross sales still rose 4% over the previous year.
By category, Hexo’s gross sales for the year were:
- CA$211.7 million in adult-use cannabis sales, up 48% over the previous year.
- CA$3.4 million in medical cannabis revenue, up 92% over 2021.
- CA$13.5 million in wholesale orders, about five times more than last year’s figure.
- CA$20.4 million for international medical cannabis sales, doubling from the previous year.
Cannabis beverage sales, meanwhile, inched up to CA$16.4 million.
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