Cannabis giant HEXO Corp HEXO HEXO announced that it has achieved its goal to become 100% carbon neutral by September 2021 by offsetting the company's operational carbon emissions including the personal emissions of all of its 1200 employees.
To do so, the Ottawa-based cannabis producer partnered with Offsetters, a leading provider of sustainability and carbon-management solutions that helps companies reduce and offset their environmental impacts.
On Thursday, Hexo disclosed that it had offset a total of 25,965 tons of carbon, including 9,610 tons of operational carbon emissions and 6,355 tons of the personal carbon emissions produced by the company's employees.
"HEXO intends to retain carbon-neutrality as it expands into the United States, elevating sustainability standards in cannabis markets across North America. The organization has worked hard to strengthen its leadership position in Canada, maintaining profitability while protecting the planet and its people," HEXO CEO Sebastien St-Louis told Benzinga.
St-Louis said he was proud that HEXO achieved its goal and managed to set a new standard in sustainability for the cannabis industry.
"When companies take a stand for sustainability, their consumers and investors participate in safeguarding the environment too. Protecting the planet is everyone’s responsibility and HEXO is proud to empower our consumers and investors to do their part. At HEXO, we will continue to strengthen our environmental, social and governance policies while reinforcing our leadership position in the cannabis industry."
As the number one cannabis brand in Canada by market share, which reaches 17%, HEXO has the power to produce change, St-Louis added.
In addition to achieving this milestone, the company has also been making an effort to reduce the amount of plastic it uses in its product packaging in collaboration via Dymapak and its partnership with Plastic Bank. So far, in 2021, Hexo has offset 63,000 kilograms of plastic.
Recent Moves & Price Action
Following the company's switch to the Nasdaq Capital Market in August, the company's stock saw a significant plunge in price. As of Wednesday, after market close, HEXO's shares traded 1.94% higher at $2.1 per share.
Shortly after, the company announced the closing of the $925 million acquisition of Redecan, Canada's largest privately-owned licensed producer, ahead of wrapping up the $50 million purchase of 48North Cannabis Corp NRTH.
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