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MJ Biz
Canadian cannabis producer Hexo Corp.’s net loss improved to 113.6 million Canadian dollars ($92 million) in its fiscal year ended July 31, 2021, on record adult-use marijuana revenue and growing international sales, the company announced Friday.
Hexo’s fourth-quarter sales of CA$38.7 million were its best to date, an increase from CA$22.6 million in the previous quarter.
It was the first quarter the company included revenue from Zenabis, which Hexo acquired June 1, adding CA$6.8 million in sales over two months.
The CA$85.5 million loss from operations was a substantial improvement over the previous year’s CA$476.6 million loss.
By category, Hexo’s biggest jump came in adult-use marijuana sales.
Fiscal 2021 recreational sales rose to CA$143 million, up from CA$101.7 million last year.
Other categories were:
- Cannabis beverage sales rose to CA$15.8 million, up from CA$2.8 million last year.
- International revenue grew to CA$9.9 million, increasing from the previous year’s CA$1.3 million.
- Medical cannabis sales decreased to CA$1.8M. Last year’s sales were CA$3.3 million.
- Wholesale sales more than doubled to CA$2.5 million compared to 2020’s CA$996,000.
