Cannabis producer Hexo Corp. (HEXO) has reported a $52.1 million net loss for its latest quarter and announced a stock consolidation that will combine 14 common shares into one.
The Gatineau, Quebec-based company’s net loss was less than the $116.9 million it lost in the same period a year earlier.
The loss for the quarter ended October 31 amounted to $0.09 per share compared with a loss of $0.46 a share a year ago.
Hexo said its revenue in the quarter totalled $35.8 million, down from $50.2 million last year.
Hexo also announced the 14 for one stock consolidation, a move aimed at boosting its share price.
Also known as a reverse stock split, the share consolidation will take place December 19, according to the company.
Hexo’s stock is down 83% this year and trading at $2.17, putting it in penny stock territory.
A penny stock is generally defined as any security that trades for $5 or less.
