Cannabis company Hexo regains Nasdaq compliance after share consolidation

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Hexo Corp. has regained compliance with the Nasdaq’s minimum bid price, allowing the Canadian cannabis company to continue listing its shares on the U.S. stock exchange.

Quebec-headquartered Hexo said it received notice of the renewed compliance on Thursday after its shares closed above $1 for 10 consecutive business days.

“We’re pleased the market is starting to recognize the strides we’ve made this year to position Hexo for long-term success,” the company’s president and CEO, Charlie Bowman, said in a statement.

“We’ve kept a tight focus on resetting the organization for profitable growth and remain dedicated to delivering a premium cannabis experience.”

Nasdaq warned Hexo about its low share price in January 2022, allowing the company time to regain compliance with the exchange’s $1 minimum bid price rule.

Hexo announced it was consolidating its shares on a 14-to-1 basis in December 2022.

The company’s Nasdaq-listed shares (HEXO) closed at $1.49 on Thursday.

Hexo also consolidated its shares on the Toronto Stock Exchange.