Hexo Corp has reported third quarter losses of C$129.7m as shareholders vote to approve the company’s acquisition by Tilray.
Last week, the Canadian cannabis company published its financial figures for the three months ended April 30, 2023.
During the period total net revenues fell 11% to C$21.6m compared to the previous quarter, but fell by 53%, or C$24m year-on-year.
Net-adult-use sales fell 46% year-on-year to $16m, while medical sales dropped 28% to C$647k, but wholesale operations saw an increase of 22% to C$4m.
By far the largest drop came from international sales, which have fallen 90% since last year to C$649k.
Hexo put the performance down to a number of factors, including increased competition, lacklustre sales in key markets like Alberta, Ontario and Quebec, and the bankruptcy of its subsidiary Zenabis Global.
It came as Hexo’s shareholders voted by an overwhelming majority (93%) to approve Tilray’s plan to acquire all the issued and outstanding common shares of the company.