HEXO Announces Strategic Executive Changes

OTTAWA, Oct. 18, 2021 (GLOBE NEWSWIRE) — HEXO Corp. (“HEXO” or the “Company”) (TSX: HEXO; NASDAQ: HEXO) today announced the departure of Sebastien St-Louis, Co-Founder and Chief Executive Officer, effective immediately, as the Company completes a strategic reorganization.

“On behalf of the entire organization, I would like to thank Sebastien for his tremendous impact on the Canadian cannabis industry. Through his years of dedication, he has helped build HEXO into a market leader in Canada,” said Dr. Michael Munzar, Chair of the Board. “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.”

The Company’s 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.

“Building HEXO from the ground-up to become number one in Canada has been the highlight of my career,” said Sebastien St-Louis. “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. As a significant shareholder I look forward to the Company’s next exciting stage of growth.”

The Special Committee of the Board for Succession is in advanced discussions with a preferred CEO candidate and expects to make an announcement in the coming days.

HEXO also announced the resignation of the Company’s Chief Operating Officer, Donald Courtney, and thanks him for his significant contributions over the last three years. Through his leadership, the Company has significantly improved its operational excellence by increasing scale and automation. Don will remain as COO until a suitable replacement is identified.

About HEXO

HEXO is an award-winning licensed producer of innovative products for the global cannabis market. HEXO serves the Canadian recreational market with a brand portfolio including HEXO, Redecan, UP Cannabis, Namaste Original Stash, 48North, Trail Mix, Bake Sale, REUP and Latitude brands, and the medical market in Canada, Israel and Malta. The Company also serves the Colorado market through its Powered by HEXO® strategy and Truss CBD USA, a joint venture with Molson Coors. With the completion of HEXO’s recent acquisitions of Redecan and 48North, HEXO is a leading cannabis products company in Canada by recreational market share. For more information, please visit www.HEXOcorp.com.

Forward Looking Statements

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.

Investor Relations:

[email protected]
www.HEXOcorp.com

 

 


  • Struggle between large, small growers over Ohio cannabis reform
    A Senate measure that would expand significantly the state’s medical marijuana system for businesses and patients got its second committee hearing Tuesday. The proposal is beginning to move as a different and more expansive recreational measure gathers signatures for next year’s ballot.
  • Reps. Dave Joyce and Alexandria Ocasio-Cortez Introduce Legislation To Expunge Marijuana Records
    Today, Representatives Dave Joyce (R-OH) and Alexandria Ocasio-Cortez (D-NY) introduced legislation to incentivize state and local governments to expunge the criminal records of tens of millions of Americans who have previously been convicted of marijuana offenses.
  • New Jersey Entrepreneurs bring social equity company REEForm to East Coast
    Social justice in cannabis is a popular topic, but actual change is elusive. Two New Jersey cannabis entrepreneurs built a business around making a difference in their community. They’re trying to deliver on the promise of social equity in cannabis. On September 14, New Jerseyians gathered at the Doubletree Hilton in Newark to learn about…
  • Head of NORML optimistic on cannabis banking through NDAA
    While defense bills don’t usually interest cannabis advocates, an amendment added by Representative Ed Perlmutter (D-CO) included the language of the SAFE Banking Act in the NDAA. With the standalone bill stalled in the Senate Banking Committee, an amendment to the “must-pass” legislation could be the key.
  • Advocate responds to SD high court overturning adult-use cannabis
    South Dakota’s highest court sided with the state’s governor today in declaring an amendment legalizing cannabis invalid. Amendment A, which passed with 54% support, would have legalized cannabis for anyone over 21.
  • Organizer says next steps on Ohio adult-use cannabis by month’s end
    Ohio attorney Thomas Haren, a representative of the “Coalition to Regulate Marijuana Like Alcohol,” said he expects that enough signatures will be gathered to move a proposal forward that would allow for adult use, sale, and possession of marijuana in Ohio.
  • Montana regulators will reverse proposed CBD, dispensary worker rules
    The Montana Department of Revenue told lawmakers this week that it will strike a pair of proposed rules implementing the state’s fledgling recreational marijuana program after hearing considerable input from members of the public, the cannabis industry and legislators who warned that the rules veered from the intent of House Bill 701, an act passed this session regulating the adult-use pot.
  • Cannabis prices soar in Louisiana due to regulatory bottleneck
    A regulatory bottleneck in Louisiana’s medical marijuana supply chain has inflated costs far beyond the prices found in other states, according to industry experts who testified at the Louisiana Legislature’s Medical Marijuana Commission meeting Thursday.
  • Critics say AZ ‘social equity’ program makes Big Cannabis even richer
    “This is a program that, as currently written, is designed to fail,” attorney Julie Gunnigle said to Arizona Mirror. Gunnigle up until recently worked for Arizona’s Chapter of NORML, an organization that pushes for the reform of marijuana laws across the United States.
  • Bipartisan bill to reduce Wisconsin cannabis fines introduced
    Wisconsin legislators are taking another crack at a bipartisan push to achieve cannabis reform in the state. A new piece of legislation, co-authored by Rep. Shae Sortwell (R-Gibson), Rep. Sylvia Ortiz-Valez (D-Milwaukee), Sen. Lena Taylor (D-Milwaukee) and Sen. Kathleen Bernier (R- Chippewa Falls), reduces existing penalties for cannabis possession.