In this market news, HEXO Corp. (TSX:HEXO), one of the Canadian marijuana stocks, said it has been approved to list on the NYSE American LLC
SmallCapPower | January 22, 2019: HEXO Corp. (TSX:HEXO), one of the Canadian cannabis stocks, Thursday announced that it has received approval to list its common stock on the NYSE American LLC. Its common shares will begin trading on January 23, 2019 under the ticker symbol HEXO, the same symbol the Company’s stock currently trade under, and will continue to trade under, on the Toronto Stock Exchange.
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HEXO Corp. is a consumer packaged goods cannabis company that manufactures and distributes products in the Canadian markets. HEXO operates with over 1.3 million sq. ft of facilities in Ontario and Quebec and a foothold in Greece to establish a Eurozone processing, production and distribution centre. It currently has an estimated annual production capacity of 25,000 kg. The Company operates two brands: HEXO brand and Hydropothecary brand. HEXO brand is targeted towards adult-use cannabis market and Hydropothecary brand towards medical cannabis. To date, HEXO Corp has sold more than two million grams of adult-use and medical cannabis to thousands of customers.
Concurrent with the commencement of trading on the NYSE American, HEXO intends to cease the quotation of its shares on the OTCPK under the symbol HYYDF. HEXO also announced after Monday’s close that it has filed a preliminary prospectus supplement for a public offering of common shares of the Company for gross proceeds of approximately C$50 million. The Offering will be priced in the context of the market with the price and total size of the Offering to be determined at the time of entering into an underwriting agreement for the Offering. HEXO Corp. said it will use the net proceeds from the offering for general corporate purposes, including funding the Company’s global growth initiatives and research and development to further advance the Company’s innovation strategies.
HEXO stock trades on the TSX at a market capitalization of C$1.4 billion with a price-to-book multiple of 3.7x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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