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

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.