HEXO To Close Three Recently-Acquired Facilities In Canada, Will Lay Off 155 Workers

Canadian cannabis producer HEXO Corp. HEXO HEXO announced on Tuesday it will close three production sites in Canada, affecting up to 155 employees, as part of its integration plans following recent acquisitions, reported Reuters.

HEXO said it will close down operations at Kirkland Lake and Brantford facilities in Ontario and Stellarton in Nova Scotia.

The Ottawa-based cannabis company said it will close down its Kirkland Lake and Brantford, Ont., properties, that it recently acquired when it purchased 48North Cannabis Corp. for $50 million, around the same time HEXO bought Redecan for $195 million.

The facility in Stellarton, Nova Scotia, was picked up by HEXO in its purchase of Zenabis Global Inc.

The Ontario closures are expected to be complete by Jan. 31, while the Nova Scotia property will be decommissioned by Feb. 28.

The moves come less than a month after Scott Cooper was appointed chief executive after Hexo co-founder Sebastien St-Louis left the company during a strategic organization.

“This was a very difficult decision, but it is a key component of our integration plan, and one that we believe best positions HEXO for continued growth,” Cooper said in a statement, reported by CTV News.

 

 

Posted In: 48North Cannabis CorpHEXORedecanScott CooperZenabisCannabisNewsPenny StocksAsset SalesSmall CapMarketsReal Estate

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