Hexo Corp. /zigman2/quotes/206508254/composite HEXO +0.37% /zigman2/quotes/200008967/delayed CA:HEXO -2.11% said Tuesday it missed the March 16 deadline to file its interim financial statements for the 3-month and 6-month periods ended Jan. 31. The Canada-based cannabis company said the delay in filing was a result "exceptional circumstances," such as "complex" calculations in determining the total of the "significant impairment loss" it will be recording in second-quarter filings. The expected range of the impairment is $265 million to $285 million. In the meantime, the company said it recorded fiscal second-quarter gross revenue growth of 23% to C$23.8 million ($16.9 million), while net revenue rose 17% to C$17.0 million. The company said it has decided to not to re-commence operations at its Niagara Facility, and plans to sell the facility, given an excess in cultivation capacity in the market and estimated forecast demand for cannabis products, as a result of slower-than-expected market development. The company said as of Jan. 31, the carrying amount of its total net assets "significantly exceeded" its market capitalization, as "the industry has experienced slower-than-expected retail store roll-outs in Canada and delays in government approval for cannabis derivative products which has constrained distribution channels and adversely affected overall market sales and profitability." The stock, which was still inactive in premarket trading, has lost 63.2% over the past three months, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +0.53% has declined 45.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.16% has dropped 25.3%.