Cannabis producer Hexo reported a lower loss for the quarter ended Jan. 31, 2023, but the Gatineau, Quebec-based company’s sales took a nosedive, according to its quarterly report.
Hexo on Thursday reported adjusted earnings before interest, taxes, depreciation and amortization of negative 2.4 million Canadian dollars ($1.6 million) for its second quarter, an improvement over adjusted EBITDA of negative CA$5.6 million in the second quarter in the previous year.
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Net revenue for the three-month period was CA$24.2 million, 55% lower than the same period one year earlier.
Sales fell across the board.
Gross revenue from:
Recreational cannabis was CA$33 million in the quarter, down 40% compared to one year ago. Medical cannabis declined 35% year-over-year to CA$634,000 in the quarter. Wholesale dropped 50% year-over-year to CA$1.8 million.
International sales fell 103%. International sales were CA$8.2 million in the same quarter in 2022, but
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