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Canadian cannabis company Hexo Corp (TSX: HEXO; NYSE: HEXO) confirmed Monday the completion of its previously announced acquisition of a Colorado-based production facility for an undisclosed price, marking its first in the US.
Based in Fort Collins, the 50,000 sq. ft.-facility will be adapted to bring Powered by Hexo technology and products to consumer packaged goods (CPG) companies in the U.S. Powered by Hexo is the company’s leading solution for CPG companies to “safely enter” the cannabinoid space.
The facility, which already boasts plenty of operational capacities, is ideally situated near crucial shipping routes.
“The Colorado facility will allow us to successfully execute on our US strategy, which includes supplying high quality Powered by HEXO® technology and leveraging our intellectual property portfolio across the United States,” Hexo Corp CEO and co-founder Sebastien St-Louis stated. “The facility will also provide us with the necessary infrastructure to continue expanding our joint-venture with Molson Coors to create Truss CBD-infused beverages, while also creating the necessary capacity to support future, non-beverage CPG partnerships.”
The company advanced its partnership with Molson Coors Beverage Co. (NYSE:TAP) in April 2020 when the two companies decided to form a new joint venture – Truss CBD USA, which produces non-alcohol hemp-derived CBD beverages in Colorado.
Recently, Hexo reported its third-quarter earnings results with total net revenue of CA$22.66 million ($18.66 million) down from CA$32.88 million in the previous quarter. The decline in revenue was attributed to lower adult-use non-beverage sales in Quebec in connection with a strain cultivation decision.
In May the company announced an all-stock $50 million deal to acquire 48North Cannabis Corp (OTC: NCNNF) and then a $925 million cash-and-stock deal to buy family-owned Canadian cannabis producer Redecan.
In June, the company completed its previously announced purchase of Zenabis Global Inc. for $235 million in stock.
Hexo also recently announced its commitment to offset its operational carbon emissions as well as those of its 1,200 employees in order to meet Hexo's goal of reaching 100% carbon neutrality by September 2021.
Hexo’s shares were trading 0.34% higher at $5.84 per share at the time of writing.
Photo by Avery Meeker on Unsplash
