Hexo Corp (NYSE:HEXO) announced the resignation of Chief Financial Officer Michael Monahan.
He has been replaced by a fellow HEXO executive, Stephen Burwash.
HEXO quoted Monahan as saying that he resigned to be closer to his family. Nevertheless, he will continue to work with the company as a consultant, at least through the period of transition to Burwash's reign.
Monahan had reportedly not been in his post very long; his hiring was announced by the company in late May. HEXO was founded in 2013.
Previous to his advancement to CFO, Burwash had served as HEXO's vice president of strategic finance. The company did not publicly name a replacement for his vacated position.
Burwash will be taking the financial reins at a tough time for the industry, since marijuana stocks haven't performed well lately. That said, HEXO has held up better than most of its peers. In fact, year to date, its share price has risen nearly 20%, while those of many competitors are underwater.
This is partially due to a recent development. In mid-September, MKM Partners analyst Bill Kirk, initiating coverage on eight cannabis stocks, singled out only two as buys. HEXO was one of the pair, due largely to the company's strategy of trying to partner with more traditional businesses to make and sell cannabis-related goods.
HEXO has been called by at least one expert "chronically unprofitable," citing a bottom-line loss one quarter of $5.8 million U.S) on 9.8 million in net revenue.
HEXO shares 25 cents, or 6.2%, to $3.81
