Major Canadian cannabis company Hexo Corp. appointed its third chief executive in less than a year and its sixth chief financial officer since 2019.
Charlie Bowman will serve as acting president and CEO and will become permanent upon a Health Canada security clearance, Hexo announced Friday.
Bowman was previously Hexo’s acting chief operating officer and general manager of Hexo USA.
He replaces former CEO Scott Cooper, who took charge at Hexo in October 2021 after the ouster of Hexo founder and CEO Sébastien St. Louis.
“After resetting operations as acting COO, (Bowman) is well positioned to guide Hexo towards becoming cash flow positive,” the company said in a news release.
In a statement, Bowman referenced Hexo’s strategic plan to achieve positive cash flow, “expanding our leading brands’ market share across Canada’s recreational market, whilst growing our international business and launching new products for medical (cannabis).”
Acting Hexo CFO Curtis Solsvig is also exiting the company, to be replaced by Julius Ivancsits on an acting basis until his security clearance is granted.
Ivancsits was previously CFO at Miami-based Goba Capital.
Hexo has now burned through six CFOs since 2019, with Solsvig having taken the job in January.
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The troubled cannabis producer has experienced significant upheaval in recent months, having:
- Reformed its board of directors in a deal with an activist investor.
- Signed a “strategic alliance” with competitor Tilray in exchange for Tilray taking on Hexo debt.
- Posted a significant loss in its most recent quarter.
Hexo also announced the closure of a facility in Belleville, Ontario, last week, laying off roughly 230 workers.