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Is HEXO a Buy Under $2? -Breaking

by Mike Robinson

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© Reuters. Is HEXO a purchase under $2?

Canada-based cannabis company HEXO’s (HEXO (NASDAQ:)) shares have declined in price over the past few months to their $1.60 all-time low yesterday. Can the Canadian marijuana industry help the stock to rebound? Keep reading. HEXO Corp. is a Canadian consumer packaged goods company that produces innovative cannabis products. Its headquarters are located in Kanata. Canada has legalized marijuana in 2018. The legal adult use cannabis market will be worth CAD8.62 million ($6.97 Billion) by 2026. There are still many limitations to the cannabis industry.

HEXO’s shares have declined 14.5% in price over the past month and 61.5% over the past three months to close yesterday’s trading session at $1.65, after hitting its all-time low of $1.60.

Scott Cooper was appointed as the company’s new President & CEO on October 20 after its former co-founded, CEO Sebastien St-Louis, left due to a ‘strategic reorganization.’ Also, HEXO has remained unprofitable in the third quarter, and its EPS is expected to remain negative in its fiscal fourth quarter (ended July 31, 2021). So, HEXO’s near-term prospects look bleak.

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