The board must be on the warpath?
MJ Biz report
Ottawa, Ontario-headquartered Hexo Corp.’s longtime CEO, Sébastien St. Louis, is leaving the cannabis producer he helped create almost a decade ago, effective immediately.
The CEO’s departure is part of a strategic reorganization announced by the company Monday morning, which also includes the resignation of its chief operating officer, Donald Courtney.
Courtney will remain as COO until a replacement is found.
St. Louis had been CEO since Aug. 13, 2013, when the business was called The Hydropothecary Corp.
Since then, St. Louis helped grow the company to become one of the largest cannabis producers in Canada, with net revenue of 22.7 million Canadian dollars ($18.6 million) in its previous quarter.
But Hexo has struggled to turn a profit.
The company generated a loss of CA$20.7 million in the quarter ended April 30 and a year-to-date loss to CA$45.7 million. Hexo lost CA$546 million in the previous fiscal year.
In a statement, St. Louis said Hexo’s future is bright, and he is proud of the employees, the brands “and the loyalty our customers have shown us.”
“As a significant shareholder I look forward to the Company’s next exciting stage of growth,” he said.
