HEXO Corp (TSX: HEXO) (NYSE: HEXO) this morning announced that it has taken steps to acquire its first US production facility, which will be located in Colorado. The facility is expected to “provide US CPGs and consumers access to the Powered By HEXO technology.”
The facility is expected to enable the company to begin focusing on its US strategy, which the company continuously describes through the use of its the phrase “Powered By HEXO”. Effectively, the facility is expected to be utilized for production of CBD-related CPG products, using the firms technology.
The facility is to provide the infrastructure required for the company to expand its partnership with Molson Coors for CBD products within the state, while also enabling the company to support non-beverage partnerships in the region as it looks to expand its US footprint.
The closing of the purchase of the Colorado production facility is expected to occur in the fourth quarter.
Hexo Corp last traded at $7.10 on the TSX.
Information for this briefing was found via Sedar and Hexo Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.