(Gatineau) Hexo posted a net loss of 2e quarter of 52.1 million, as the cannabis producer got rid of unprofitable products and imposed a lean regime on its business.
The Gatineau company’s loss compared to a net loss of more than $116.9 million for the same period last year.
For the quarter ended Oct. 31, Hexo’s net loss per share was 9 cents, compared to a loss of 46 cents per share for the same quarter last year.
Net revenues for the quarter totaled $35.8 million, compared to $50.2 million in the second quarter of last year.
Hexo announced earlier this week that its shares would be merged 14-to-1. The merger is expected to take place around Dec. 19 and will affect the company’s listings on the Toronto Stock Exchange and NASDAQ.