Cannabis producer Hexo announced on Monday the immediate departure of its co-founder and CEO, Sébastien St-Louis. The company explained that Mr. St-Louis’ departure was part of a strategic reorganization.
“On behalf of the entire organization, I would like to thank Sébastien St-Louis for his enormous influence on the Canadian cannabis industry. Through his dedication over the years, he has helped make Hexo a leader in the Canadian market, ”Hexo Chairman of the Board, Michael Munzar, said in a statement. “The Board of Directors has set up a special succession committee in order to find a new President and CEO with the necessary experience to defend Hexo’s position as a leader in the Canadian market and maintain its place among the top three global cannabis companies. “
Hexo also announced the resignation of its chief operating officer, Donald Courtney, who will however remain in office until a replacement is found.
“Advanced” recruitment
Mr. St-Louis said that building Hexo “from scratch” was the highlight of his career for him, and that he, as a shareholder, looked forward to the “next step in the company’s growth. ‘business “. “There is no doubt that the future of Hexo is bright. I am very proud of the team that we have put together, of the brands that we have launched and of the loyalty that our customers have shown us, ”stated Mr. St-Louis in a press release.
Hexo said discussions with a new candidate for the CEO post were at “advanced stages” and an announcement should be made in the coming days.
The company made several acquisitions this year, including deals to buy out Redecan, 48North Cannabis and Zenabis Global. Analysts pointed out that the acquisition of Redecan in May gave Hexo a 17% share of the Canadian recreational cannabis market. In comparison, Tilray holds 15.5% of the market share, and Canopy Growth, 14%.