OTTAWA – Hexo Corp. says Sebastien St-Louis, the cannabis company's co-founder and chief executive, is leaving the company, effective immediately.<\/p>\n
The change comes as the company completes a strategic reorganization.<\/p>\n
"On behalf of the entire organization, I would like to thank Sebastien for his tremendous impact on the Canadian cannabis industry. Through his years of dedication, he has helped build HEXO into a market leader in Canada," said Dr. Michael Munzar, chair of Hexo's board, in a statement.<\/p>\n
“The Board has established a special committee for succession to identify a new CEO with the experience to defend HEXO's position as a market leader in Canada and secure our place as a top-three global cannabis company."<\/p>\n
HEXO also said chief operating officer Donald Courtney has resigned, though he will remain until a replacement is found.<\/p>\n
St-Louis said building Hexo has been the highlight of his career and that as a significant shareholder he looks forward to the company's next stage.<\/p>\n
"Without question, HEXO's future is bright – I am so proud of the team we established, the brands we launched, and the loyalty our customers have shown us," said St-Louis in a statement.<\/p>\n
Hexo said it is in advanced talks and expects to make an announcement on a new CEO in the coming days.<\/p>\n
The company has made several acquisitions this year, including deals to buy cannabis producer Redecan, 48North Cannabis Corp. and Zenabis Global Inc.<\/p>\n
Analysts said Hexo's acquisition of Redecan gave Hexo a 17 per cent market share in the Canadian adult-use market in May. That's compared to a 15.5 per cent market share for Tilray Inc., and a 14 per cent market share for Canopy Growth Corp.<\/p>\n
The company has said it intends to sell its product in the U.S market as the country edges towards national legalization.<\/p>\n
This report by The Canadian Press was first published Oct. 18, 2021.<\/p>\n
Companies in this story: (TSX:HEXO)<\/p>\n
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