HEXO Stock Recovers on New Licenses from Overall health Canada


HEXO stock is recovering this morning following HEXO Corp (TSX:HEXO) (NYSE:HEXO) announced that it has received licenses from Overall health Canada.

New HEXO Licenses

It goes without the need of saying that a great deal of 2019 has verified to be a hard period for most cannabis businesses in North America, and like most other businesses, HEXO Corp has suffered as effectively. That becoming stated, the corporation has continued to attempt and expand its company.

In a new improvement, the corporation announced that it has been granted permission by Overall health Canada to launch analysis activities at the Centre of Excellence in Belleville, Ontario. In addition to that, the corporation has also been granted permission for promoting cannabis-infused beverages, extracts, topicals, and edibles. It goes without the need of saying that today’s developments will come as a huge enhance for HEXO stock investors.

The Chief Executive Officer and co-founder of the corporation Sebastien St-Louis spoke about the impact the license will have on the corporation: “The analysis license will permit us to take our innovation perform to the subsequent level, with testing on derivative merchandise, such as taste testing. Buyers have higher expectations for their packaged goods experiences, and cannabis will be no distinct.”

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At the time of writing, HEXO stock is up three% at $two.45 on the NYSE.

The Centre of Excellence has only been provided permission for the 1st phase at this point. It is a facility that could be made use of to generate a wide variety of merchandise by HEXO Corp.

Whilst these are promising developments, it has also emerged nowadays that the corporation is going to close a quantity of facilities situated in Niagara Falls, Ontario. Sources that are close to the developments stated that the move is linked with the announcement that was created by HEXO final week about 200 layoffs.

Having said that, it is essential to note that the corporation has not created any official announcements in this regard and has refused to comment on the matter as effectively. The facilities in query really belonged to Newstrike Brands, which was acquired by HEXO earlier this year. As of April, HEXO Corp had 822 workers.

HEXO stock has tumbled about 40% so far this month.

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Featured image: Canva

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