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June 17, 2022, 7:35 a.m. EDT

Hexo unit files restructuring plan

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By Steve Gelsi

Hexo Corp. /zigman2/quotes/206508254/composite HEXO +10.84% /zigman2/quotes/200008967/delayed CA:HEXO +13.79% said Friday its Zenabis Global Inc. cannabis cultivation unit has filed a petition with the Superior Court of Québec for protection under the Companies' Creditors Arrangement Act (CCAA) to restructure its business. Ernst & Young Inc. has been appointed as monitor to oversee the CCAA process. Hexo said the CCAA petition is limited to the Zenabis Group only and not for any of its other subsidiaries or parent company. Earlier this week Hexo said in a filing it'll reduce its workforce by 450 people in a bid to save C$30.6 million ($23.6 million) a year. Shares of Hexo rose 1.5% in premarket trades. The stock is down 71.4% in 2022, compared to a drop of 54.3% by the Cannabis ETF /zigman2/quotes/213173823/composite THCX +4.10% .

/zigman2/quotes/206508254/composite
US : U.S.: Nasdaq
$ 0.25
+0.02 +10.84%
Volume: 14.94M
Aug. 15, 2022 3:33p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$113.49 million
Rev. per Employee
$116,743
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/zigman2/quotes/200008967/delayed
CA : Canada: Toronto
$ 0.33
+0.04 +13.79%
Volume: 2.61M
Aug. 15, 2022 3:18p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$145.25 million
Rev. per Employee
$146,657
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 4.31
+0.17 +4.10%
Volume: 35,420
Aug. 15, 2022 3:25p
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