Troubled Canadian cannabis business Hexo, which this week postponed the release of monetary final results amid decrease income expectations, mentioned it is cutting about 200 jobs across various areas and divisions.
The cuts represent around 20% of the Quebec-primarily based company’s workforce and include things like the elimination of some executive positions and the departures of Arno Groll, chief manufacturing officer, and Nick Davies, chief advertising officer.
Earlier this month, the company’s chief monetary officer resigned just days prior to Hexo mentioned it would drastically miss income estimates.
The business trades as HEXO on the New York Stock Exchange and Toronto Stock Exchange.
For extra particulars on Hexo’s job cuts, click right here.
Craig Behnke, an analyst for Investor Intelligence, MJBizDaily‘s premium subscription service, weighs in on Hexo’s current communications with investors.