Legal cannabis might not kill illegal market
HEXO (HEXO), one of the important players in the cannabis space, has been in the news for a while now. The company reported its fourth-quarter earnings on October 28. HEXO’s preliminary results were disappointing with lower revenues. In the fourth-quarter earnings call, the company discussed how it thinks that legal cannabis won’t solve the problem with the illegal market in Canada. Let’s discuss what HEXO’s management said. HEXO’s revenues were low in the fourth quarter HEXO expected lower revenues in the fourth quarter. The company mentioned the lower expectations during its preliminary results. HEXO generated revenues of 15.4 million Canadian dollars compared to 1.4 million Canadian dollars in the fourth quarter of 2018. Sequentially, HEXO saw an increase of 18.2% from the third quarter. In the earnings call, HEXO mentioned that it increased its distribution across Canada to nine provinces. HEXO and Molson Coors plan to launch beverages in Canada after Cannabis 2.0 started on October 17. Last month, HEXO announced that its joint venture Truss Beverage Company will launch beverages including CBD-infused spring water and beverages containing THC. The company will also launch six cannabis beverage brands. HEXO isn’t the only cannabis company that teamed up with beverage companies…
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