Canadian cannabis producer Hexo Corp. (TSX:HEXO) has announced that it is laying off 200 employees in an effort to reduce costs and achieve profitability.
Hexo said the cuts impact all of its departments and locations. Some notable departures include the company’s Chief Manufacturing Officer and Chief Marketing Officer. Hexo had nearly 1,100 employees prior to the announce layoffs.
The firings came a day after Hexo delayed the release of its fourth-quarter results to October 29 from October 24, saying that the company needs more time to complete a full-year audit of its finances.
Hexo also announced a $70-million private placement of unsecured convertible debentures led by a group of investors. Earlier this month, Hexo cut its fourth-quarter revenue forecast and withdrew its outlook for the entire 2020 financial year.
