Marijuana Grower Hexo Spends to GrowPosted by On

When Canada-based marijuana grower and distributor Hexo Corp. (NYSEAMERICAN: HEXO) reported second fiscal-quarter 2019 results before markets opened Thursday morning, it said revenue jumped 144% sequentially to C$16.2 million ($12.15). That was primarily due to a 200% increase in sales of recreational marijuana. The company’s second quarter was the first full quarter reflecting legal recreational sales in Canada.

On Wednesday, Hexo announced that it will acquire Newstrike Brands in an all-stock transaction valued at about C$263 million. Newstrike is a licensed cannabis grower and distributor that has been working on developing “high-quality cannabis brands.”

In the acquisition announcement, Hexo said it expects fiscal year 2020 revenues from the…

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