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MediPharm Sues HEXO Over Alleged Breach of Contract for Nonpayment PI Financial Analyst Cuts LABS Price Target in Response to Lawsuit News Earlier reports indicated that MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ) was suing an unnamed Canadian licensed producer (LP). This afternoon, David George-Cosh of BNN Bloomberg reported that the unidentified company was HEXO Corp. (TSX: HEXO) (NYSE: HEXO) (FRA: 74H). On Friday, MediPharm announced that the company filed a $9.8 million lawsuit in the Ontario Superior Court of Justice against a company that we now know is HEXO. The statement of claim alleges that HEXO failed to make payments relating to the private label cannabis oil deal the two companies agreed to in February 2018. BNN Bloomberg was able to access the court documents filed by MediPharm at the London office of the Ontario Superior Court of Justice. According to these documents, MediPharm is claiming that HEXO has not made a payment relating to the private label oil deal since this past October. The lawsuit goes on to allege that HEXO currently owes MediPharm $9.8 million in back payments. The two companies initially signed the cannabis oil sales contract on February 19, 2019. Under the terms of …

HEXO Corp. Announces $25 Million Registered Direct Offering NYSE Listed HEXO Stock Tanks as Canadian Investors Stuck Watching From Sidelines HEXO Corp. (TSX: HEXO) (NYSE: HEXO) announced this morning that the company has signed a definitive agreement to raise USD $25 million through a registered direct offering. According to the terms disclosed by HEXO, institutional investors will purchase and sell 14,970,062 common shares of HEXO stock at a discounted offering price of USD $1.67 per share. The offering price represents a roughly 15% discount to HEXO’s closing price on December 24, 2019. HEXO stock purchase warrants will be included in the direct offering allowing investors over a five year-term to purchase an additional 7,485,032 HEXO shares at an exercise price of USD $2.45 per share. Acting as the sole placement agent for the offering will be A.G.P./Alliance Global Partners. HEXO says it expects to use the net proceeds from the offering to fund research and development efforts to advance the company’s innovation strategies. HEXO will also use a portion of the funds for working capital and general corporate purposes. The $25 million registered direct offering is expected to close before the end of the year. More specifically, on or around …

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HEXO (HEXO) Q1 loss widens despite revenue growth; stock gains

HEXO Corp. (TSX: HEXO; NYSE: HEXO) reported a wider net loss for the first quarter, despite reporting revenues that more than doubled from last year. The company’s stock gained sharply during the pre-market session on Monday.

The Canada-based cannabis firm posted a net loss of C$62.4 million for the first three months of fiscal 2020, compared to a loss of C$12.8 million in the same period of…

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HEXO Corp (HEXO) likely to report weak Q1 earnings on Dec 16

HEXO Corp (TSX: HEXO; NYSE: HEXO) is slated to report its earnings results for the first quarter of 2020 on Monday, December 16, before the market opens. The top line will be benefited by cannabis sales volume as demand continues to grow for dried cannabis and cannabis oil.

However, the bottom line is likely to be hurt by costs and expenses associated with the significant increase to the scale…

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Hexo stock set to hit a new low; Q4 loss widens

Shares of HEXO Corp (TSX: HEXO; NYSE: HEXO) are set to hit a new low in today’s regular trading session as the company reported widened fourth quarter loss. The cannabis producer’s loss in the fourth quarter of 2019 expanded to C$56.7 million from C$10.5 million in the fourth quarter of 2018. Revenue surged to C$15.4 million from C$1.4 million in the prior year quarter. HEXO stock plunged about…

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HEXO Corp (HEXO) likely to report disappointing Q4 earnings on Oct 24

HEXO Corp (TSX: HEXO; NYSE: HEXO) is slated to report its fourth-quarter earnings results on Thursday before the market opens. The Quebec, Canada-based cannabis company has been struggling to achieve the expected product sales during the quarter as well as the delay in retail store openings in the major markets.

The results continue to be unpredictable due to the limitation of the availability…

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Hexo stock plunges to a new low after reporting preliminary Q4 results; withdraws FY20 outlook

Shares of HEXO Corp (TSX: HEXO; NYSE: HEXO) plummeted to a new yearly low today after the company reported preliminary results for its fourth quarter and fiscal year ended July 31, 2019. Hexo stock, which closed at $3.68 yesterday, was down about 18% and hit a fresh low ($2.89) within few minutes after the market opened. The Quebec, Canada-based cannabis company also withdrew its previously…

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HEXO Corp (HEXO) to report Q3 2019 financial results after the bell

Quebec, Canada-based cannabis producer HEXO Corp (TSX: HEXO; NYSE-A: HEXO) is set to release its financial results for the third quarter of fiscal 2019 after the market closes today. Market watchers expect the company to grow its revenue for the third quarter, boosted by the international expansion, ramp up in production facilities, strategic partnerships and acquisition activities.

For the…

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