After recently appointing a new Chief Operating Officer, today HEXO Corp. (TSX: HEXO; NYSE: HEXO) announced another senior management shakeup.
Company co-founder and Chief Brand Officer Adam Miron just revealed he is stepping down from his position effective today. While Miron will no longer serve as CBO, he will remain on the company’s Board of Directors, and also serves as President of the Board for the company’s Greek spinoff HEXO MED.
That affiliate company was just awarded a cannabis installation license from the Greek government and is currently moving forward with constructing a cultivation and processing site in Thessaly.
When the construction project is complete, HEXO MED will run a projected 323,000 sq. ft. greenhouse for growing, processing, and packaging cannabis.
Discussing Miron’s departure from the Chief Brand Officer position this morning, Aurora’s Chairman of the Board of Directors Dr. Michael Munzar commented:
At this time a replacement is not being sought, and the CBO responsibilities will be shifted to other members of the company’s senior management team.
Like several other large-scale Canadian licensed producers, HEXO has sought to list shares on US-based exchanges for additional exposure and fundraising opportunities. Earlier this month, the company received permission to transfer current shares from the NYSE-A to full scale NYSE market.
Following that move, HEXO’s stock is currently trading on the NYSE at a price of $5.03 as of Thursday afternoon.
In other recent company news, HEXO closed the acquisition of Newstrike Brands Ltd. back in May. That all-stock deal was valued at $193 million and saw HEXO gaining both significantly increased production capacity as well as access to provincial supply deals previously signed by Newstrike.
As Canadian recreational legalization nears its first anniversary, both profits and stock prices remain low, prompting companies such as HEXO to look towards hemp-based CBD products and European medical cannabis distribution for new growth in the coming year.