As previously reported, Roth Capital analyst Scott Fortune downgraded Hexo to Neutral from Buy with a price target of $3.00, down from $10.00, after the company pre-announced weak Q4 revenue and withdrew its 2020 outlook. Hexo, which Fortune contends "has always had a good pulse on the political and regulatory environment for cannabis in Canada," called out the legal cannabis industry's issues there and the analyst said legal access to the Canadian cannabis market remains materially underserved, which he does not see changing in the near-term. As of May, Canada's planned or operating retail locations are "about 90% short of matching the store density of a state such as Colorado," Fortune added in his downgrade note.