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Company News

Pot producer Hexo withdraws 2020 forecast, shares dive

Oct 10 (Reuters) - Canadian pot producer Hexo Corp withdrew its forecast for next year on Thursday, citing regulatory uncertainty around the cannabis market and a slower rollout of its retail stores, driving shares down 18%.

“Slower than expected store rollouts, a delay in government approval for cannabis derivative products and early signs of pricing pressure are being felt nationally,” the company said in a statement.

“The delay in retail store openings in our major markets has meant that the access to a majority of the target customers has been limited.” (Reporting by Shariq Khan in Bengaluru; editing by Patrick Graham)

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