May 28, 2019 / 3:45 PM / a year ago

BUZZ-Hexo Corp: Up after co formalizes U.S. presence; appoints CFO

** Canadian cannabis producer’s U.S.-listed shares rise ~5% to $7.10

** Co formalizes its presence in the United States by setting up HEXO USA Inc and appointing a U.S.-based CFO Michael Monahan

** Monahan, most recently CFO of Nutrisystem, will join Hexo on June 17

** Co says with the passing of the Farm Bill to allow CBD extraction from hemp, HEXO Corp is well-positioned to seize a significant portion of market share in the United States

** We’ve been sharing our plans to operate in legal markets in the U.S. to provide legal cannabis experiences - CEO Sebastien St-Louis

** The move is simply the first of many steps towards U.S. commercialization, but flag the benefit to HEXO of pursuing the U.S. opportunity with a partner rather than on its own - analyst Douglas Miehm of RBC Capital Markets

** Including Tuesday’s gains, stock has more than doubled this year (Reporting by Shanti S Nair in Bengaluru)

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