Hexo slashes workforce amid reduced marijuana income expectations

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Troubled Canadian cannabis firm Hexo, which this week postponed the release of monetary outcomes amid reduced income expectations, stated it is cutting about 200 jobs across numerous areas and divisions.

The cuts represent roughly 20% of the Quebec-primarily based company’s workforce and incorporate the elimination of some executive positions and the departures of Arno Groll, chief manufacturing officer, and Nick Davies, chief advertising and marketing officer.

Earlier this month, the company’s chief monetary officer resigned just days prior to Hexo stated it would substantially miss income estimates.

The firm trades as HEXO on the New York Stock Exchange and Toronto Stock Exchange.

For extra facts on Hexo’s job cuts, click right here.

Craig Behnke, an analyst for Investor Intelligence, MJBizDaily‘s premium subscription service, weighs in on Hexo’s current communications with investors.

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