Cannabis company Hexo’s stock craters on bad news

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(This story is part of MJBizDaily’s premium subscription service, Investor Intelligence.)

Days after Hexo’s CFO resigned, the marijuana company announced a huge miss to fiscal fourth-quarter revenue and withdrew its 2020 revenue guidance.

The stock has fallen roughly 29% on the news.

The stock move isn’t a surprise; this was a massive miss.

Management expects this quarter’s revenue to be at CA$14.5 million-CA$16.5 million versus their previous guidance of about CA$26 million.

Read more about what’s behind the rash of negative news and how it will impact Hexo at Investor Intelligence.