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HEXO Stock Spiked 51.9% on Changes Relating to a New Auditor

Simon Mugo trader
Updated 13 Jan 2023

The Hexo Corp (NASDAQ: HEXO) stock price spiked 51.9% after announcing that it had filed amended meeting materials well before its upcoming annual general meeting (AGM) scheduled for January 31, 2023.

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The cannabis company said it had added one agenda item to the meeting materials, which was a request that shareholders approve the appointment of Macias Gini & O’Connell LLP as its new auditor following the departure of its former auditor PricewaterhouseCoopers LLP.

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Investors cheered the announcement, which, if shareholders approve, would secure the firm a new auditor. The news comes after HEXO launched five new cannabis strains under its industry-leading Original Stash and Redecan brands. 

HEXO launched the new cannabis strains on Monday, January 9, 2023, with three new products under its Redecan line and two under its Original Stash brand. The launches triggered renewed investor interest in HEXO and its cannabis products. 

Rick Redekop, Master Grower at HEXO and Co-Founder of Redecan, said: “Less than 0.5% of all cannabis strains we evaluated passed HEXO’s internal criteria to be included in Redecan’s new TnT series. While the Canadian market has been heavily focused on THC percentages, we’ve found that properly balanced terpenes dramatically increase the cannabis experience – from the initial smell upon opening the jar to allowing the cannabis components to interact within the body, as well as the aftertaste. Our new premium strains are packed with aroma and flavour and offer a clean, consistent consumer experience.” 

Charlie Bowman, HEXO’s President and CEO, said: “These new products not only exceed our best-in-class quality standards, but they also appeal to a wide range of customer tastes and preferred cannabis experiences. We’ve partnered with some of the most talented growers in the industry, who have an unparalleled understanding of how to grow high-quality cannabis on a large scale, and we’re seeing the results in these new strains. The new line reinforces our commitment to delivering premium products by balancing THC levels with CBD, terpene, and flavonoids.” 

Over 6.74 million HEXO shares had changed hands at the time of writing. 

*This is not investment advice. 

The HEXO stock price chart. 

The HEXO stock price rallied 51.9% to trade at $1.96 premarket, from Thursday’s closing price of $1.29.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading