Cannabis company HEXO Corp. HEXO HEXO announced Monday the departure of Sebastien St-Louis, co-founder and CEO, as it completes a strategic reorganization.
Dr. Michael Munzar, chair of the company's board, thanked St-Louis for his impact on the cannabis industry in Canada.
"Through his years of dedication, he has helped build HEXO into a market leader in Canada," Munzar said. "The Board has established a Special Committee for Succession to identify a new CEO with the experience to defend HEXO's position as a market leader in Canada and secure our place as a top-three global cannabis company."
Based in Ottawa, the company said its next leader will be well-positioned to integrate HEXO's recent transformative acquisitions and leverage the company's lean production capabilities, solid brands and robust product offering to lead HEXO through its next phase of strategic evolution.
"Without question, HEXO's future is bright – I am so proud of the team we established, the brands we launched, and the loyalty our customers have shown us," St-Louis stated.
In addition, HEXO announced Donald Courtney's resignation as the company's chief operating officer.
HEXO's Recent Moves
In August, the cannabis producer debuted on the Nasdaq Capital Market, ahead of the completion of the $925 million acquisition of Redecan, Canada's largest privately-owned licensed producer, and the all-stock deal to purchase 48North Cannabis Corp., which was previously valued at $50 million.
Shortly after, the company announced that it had achieved its goal to become 100% carbon neutral by September 2021 by offsetting its operational carbon emissions, including the personal emissions of all of its 1200 employees, through a partnership with Offsetters.
"So, I've always believed that with power comes the ability to cause change," St-Louis pointed out recently when interviewed by Benzinga's Nina Zdinjak. "And if you have the power and do nothing, that's essentially evil."
Price Action
HEXO's shares traded 1.73% higher at $1.76 per share during the pre-market session on Monday morning.
Photo: Courtesy of HEXO Corp.
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