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HEXO

Hexo

$1.78

-0.1 (-5.32%)

17:00
11/15/19
11/15
17:00
11/15/19
17:00

Hexo was cannabis was being grown in unlicensed space at Niagara site

HEXO Corp provided additional information about licensing at its facility in Niagara, Ontario. In November 2018, prior to HEXO Corp's acquisition of Newstrike Brands Ltd., the UP Cannabis cultivation facility in Niagara was licenced by Health Canada and production from that facility began shortly after. Block B - the space in question - was included in the licence application. In October 2018, Health Canada requested additional information for the application, pertaining specifically to the building where Block B is housed. When the licence was received, the team was under the impression that Block B was included in the licence. In February 2019, Health Canada conducted an inspection of the facility, which included Block B and no observations were made about cultivation in this space. This further reinforced the assumption that it was indeed a licensed growing space. On July 30, 2019, shortly after the Newstrike Brand Ltd. acquisition closed, HEXO discovered that cannabis was being grown in Block B, which was not adequately licensed. HEXO management immediately ceased cultivation and production activities in the unlicensed space. The Company notified Health Canada instantly, and the regulator was satisfied with HEXO management's corrective actions. The Company is confident that all product cultivated and produced in all its facilities is grown according to the highest quality standards and following all standard operating procedures. As an additional quality assurance measure, HEXO's Chief Operating Officer personally inspected and certified any shipments for sale from that facility. All of the inventory on site at that time was held from shipping and scheduled for destruction. Today, the facility is no longer operational.

HEXO Hexo
$1.78

-0.1 (-5.32%)

10/29/19
ROTH
10/29/19
NO CHANGE
Target $2.5
ROTH
Neutral
Hexo price target cut to $2.50 from $3 at Roth Capital
Roth Capital analyst Scott Fortune cut his price target on Hexo to $2.50 from $3 after the company reported Q4 results and provided a "soft" guidance for Q1. Fortune, who also lowered his 2020 estimates for Hexo, noted that management cited lower than expected sell-through due to slower than anticipated retail store openings, "weak" specific product sales, and competitive pricing pressures. The analyst, who kept a Neutral rating on the stock, said he expects Canadian short-term negative pressure to remain and doesn't expect positive earnings per share or adjusted EBITDA until the end of 2020.
10/30/19
ADAM
10/30/19
DOWNGRADE
ADAM
Hold
Hexo downgraded to Hold from Speculative Buy at Canaccord
Canaccord Genuity analyst Matt Bottomley downgraded Hexo to Hold from Speculative Buy with a price target of C$3.50.
10/30/19
EGCP
10/30/19
DOWNGRADE
EGCP
Sell
Hexo downgraded to Sell from Neutral at Eight Capital
Eight Capital analyst Graeme Kreindler downgraded Hexo to Sell from Neutral.
11/05/19
CANT
11/05/19
INITIATION
CANT
Underweight
Hexo initiated with an Underweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Pablo Zuanic initiated coverage of Hexo with an Underweight rating and C$2.40 price target. The company has "big ambitions," and some of its previously stated targets may have helped the stock, but its performance so far and announced plans to date "are not aligned with the vision," Zuanic tells investors in a research note.

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