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Cannabis Summary for Oct. 24, 2019

2019-10-24 19:18 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index inched up 0.95 point to 432.43 Thursday. The turbulent month continues for Hexo Corp. (HEXO). The cannabis grower fell 20 cents to $3.31 on 7.08 million shares today after announcing that it has laid off 200 employees. A few of the more significant cuts included those to chief manufacturing officer Arno Groll as well as chief marketing officer Nick Davies. Before today, the company's work force had been growing rapidly in 2019; on Jan. 31, Hexo had 374 employees. By the end of May, after the company's acquisition of Newstrike Brands Ltd. (which added 250 employees), Hexo had about 1,070 employees. At that rate, then, today's cuts reduce Hexo's work force by nearly 20 per cent. Hexo's chief executive officer and co-founder, Sebastien St-Louis, lamented having to make the decision, calling it, as those in his position usually do, his "hardest day" at Hexo. He insists that the cuts were needed "to ensure the long-term viability of Hexo."

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