Following the completion of a major greenhouse construction project and first full harvest, HEXO Corp. (TSX: HEXO; NYSE-A: HEXO) is now adding to the company’s senior management by appointing a new Chief Operating Officer.
Donald Courtney is moving into the role today after previously serving as the COO of Ontario-based medical cannabis company MedReleaf. Courtney additionally brings experience outside the cannabis industry to the HEXO team, having previously worked with companies such as Pepsi Bottling Group, Mars Inc, and LG Electronics.
Discussing the change with the company’s upper management structure, HEXO’s Chief Executive Officer Sebastien St-Louis commented on appointing Courtney to the COO position:
This is the second executive changeup in recent months for the company, with VP of Strategic Finance Steve Burwash now serving as interim Chief Financial Officer. That role was previously held by Ed Chaplin, who announced his intention to leave the position back in January. A search is currently underway for a permanent replacement to fill the CFO position.
On the cultivation side, HEXO’s 1,000,000 sq. ft. greenhouse in Gatineau, Quebec just became fully operational last month and is projected to produce 108,000 kg of dried flower each year to be distributed in Canada and internationally.
In addition to that milestone, the company’s planned acquisition of Newstrike Brands Ltd. was given the green light to go ahead through a no-action letter from the Canadian Competition Bureau earlier this month.
That $273 million valued acquisition was then approved by a majority of Newstrike shareholders at a special meeting held on May 17. While the deal only required 66% approval by existing Newstrike shareholders, it was passed by a margin of 97%. The acquisition deal is expected to officially close tomorrow, May 24, by the end of business.
A full breakdown of HEXO’s latest quarterly financial earnings report can be read over here.
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