CORPORATE NEWS
Canopy Growth
Canopy Growth (CGC), which is the biggest cannabis company in the world, made a major executive appointment in December. The company announced that the Chief Financial Officer of Constellation Brands, David Klein, is going to be Canopy’s new Chief Executive Officer. The announcement brought to end months of uncertainty and the Canopy stock gained on the day as well.
Hexo Corp
Hexo Corp (HEXO) announced its financial results for the fiscal fourth quarter in December. The company generated revenues of CA$ 14.5 million, which represents a drop from the CA$ 15.4 million in revenues it had generated in the year-ago period.
The net losses for the period soared to CA$ 62.4 million from CA$ 12.8 million in the year-ago period.
In addition to that, Hexo also reached an agreement with investors by way of which it is going to sell 14.97 million common shares at an offer price of $1.67. The sale is expected to bring in $25 million gross proceeds. Investors are also going to issue warrants that will entitle them to 7.49 million common shares and will have an exercise price of $2.45. Hexo shares slumped after the news broke.
Tilray
Cannabis 2.0 is now a very important constituent of any Canadian cannabis company and Tilray (TLRY)’s subsidiary High Park Holdings Ltd announced its new line of such products last month. Some of the products include confectionery brand Chowie Wowie,