Hexo Corp. Chief Executive Officer Sebastien St-Louis said his work isn’t done “by any stretch” after the company recently laid off about 200 people and reported a fourth-quarter loss that was three times larger than analysts expected.
When asked by BNN Bloomberg’s Andrew Bell whether he would consider stepping down from his position given how other founding cannabis CEOs departed their roles amid softer-than-expected sales or regulatory concerns, St-Louis was adamant he will remain in place to steer Hexo toward its goal of becoming a global marijuana leader.
“The board always has that option given the [company's] performance,” St-Louis said. “The board has indicated they want me to continue to execute on that vision and I serve at the pleasure at the board and shareholders. I don’t feel that my work here is done by any stretch.”
St-Louis acknowledged he erred in assuming that more cannabis retail stores would open this year in Canada notably in Ontario, which the company previously listed as one of the reasons for its recent job cuts. However, Hexo is on track to become cash-flow positive in 2020, selling more of its product in Ontario and Alberta retail stores and is “actively engaging” with potential partners in the U.S. legal cannabis industry, St-Louis said.
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