Hexo slashes workforce by 200 amid lower marijuana revenue expectations

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Troubled Canadian cannabis company Hexo, which this week postponed the release of financial results amid lower revenue expectations, said it is cutting about 200 jobs across multiple locations and divisions.

The cuts represent approximately 20% of the Quebec-based company’s workforce and include the elimination of some executive positions and the departures of Arno Groll, chief manufacturing officer, and Nick Davies, chief marketing officer.

Earlier this month, the company’s chief financial officer resigned just days before Hexo said it would significantly miss revenue estimates.

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

For more details on Hexo’s job cuts, click here.

Craig Behnke, an analyst for Investor Intelligence, MJBizDaily‘s premium subscription service, weighs in on Hexo’s recent communications with investors.