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Cannabis Summary for Dec. 16, 2019

2019-12-16 21:19 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 6.76 points to 379.75 Monday. Quebec-based Hexo Corp. (HEXO) fell 10 cents to $2.85 on 5.65 million shares after releasing its fiscal first quarter results (ended Oct. 31, 2019). Unsurprisingly, the company started its results news release with the positive news: Its operating expenses decreased to $35.1-million in Q1, down from $46.9-million in fiscal Q4 2019. Hexo slashed its work force by laying off 200 employees, or about 20 per cent of its staff, near the end of October. While Hexo can boast about the quarter-to-quarter decrease, the company's spending is still high. For one thing, the expenses, as well as a $25.4-million impairment charge from loss of inventory, contributed to a $62.4-million loss in fiscal Q1. That followed a $56.6-million loss in the previous quarter (fiscal Q4). Even with the hefty $25.4-million charge to Hexo's inventory in Q1, the company still had $84.9-million worth of inventory as of Oct. 31.

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