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Cannabis firm Hexo to be dropped from benchmark Canadian stock index

The Toronto Stock Exchange building in downtown Toronto. - Matt Lamers photo

Hexo Corp. is losing its spot on the S&P/TSX Composite Index, a benchmark group of stocks representing the Canadian equity market.

The change will take effect June 22, according to a news release issued by index operator S&P Dow Jones Indices after markets closed Friday.

The Ontario-based company is the only cannabis producer among 14 companies set to be removed from the index in its quarterly review.

Other Canadian marijuana companies still listed in the index include:

The S&P/TSX Composite Index has about 250 large companies, comparable to the S&P 500 index in the United States.

Hexo trades as HEXO on the Toronto Stock Exchange and the New York Stock Exchange.