Cannabis Watch: Hexo shares rally premarket as losses narrow and revenue soars

Hexo Corp. shares soared in premarket trade Thursday, after the company’s fiscal second quarterly loss narrowed from the year earlier, as revenue surged in the first full quarter since Canada legalized cannabis for recreational use in October.

Quebec-based Hexo HEXO, +6.63% said it had a net loss of C$4.33 million ($3.25 million) in its fiscal second quarter to Jan. 31, narrower than the C$8.95 million loss posted in the year-earlier period.

Revenue rose to C$13.4 million from C$1.2 million. The company sold 2,537 kg of adult-use cannabis, up from 952 kg in the previous quarter, at an average price of C$5.83 a gram, up from C$5.45 in the previous quarter.

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