Hexo posted its fiscal third-quarter revenue of C$45.6 million, which is +101% higher from a year earlier. However, it fell -14% quarter-over-quarter. The cannabis company reported an adjusted loss of C$-0.045 a share, in line with expectations of analysts polled by Investing.com.
According to the company, its 450 staff retrenchments will lower sales and administrative expenses by 30%, or $30.6 million a year.
Hexo said it would not release any forward guidance as it manages “deteriorating market and macro-economic conditions.”