At the time of writing, HEXO stock is up 4.4%.
It's a modest price increase, but the increase is welcomed; the company dropped nearly 10% on Christmas Eve. But HEXO stock is climbing back up having paired some of those losses since. It is currently selling for $4.46 per share.
What's causing all the action around HEXO stock?
HEXO Stock
HEXO Corp (TSX:HEXO) is just fresh from announcing that it applied for a New York Stock Exchange listing. This news, for one, marks an exciting time for any company and signifies accomplishment and legitimacy—especially in the adolescent cannabis industry. HEXO stock could boost significantly should the application be successful. The company will become the fifth major Canadian cannabis producer to list on a major American exchange. The greater stock liquidity that comes from exposure to bigger investors with deeper pockets will open a myriad of potentials for HEXO Corp.
Expansion: Construction and Licensing Milestone
And announced today, the company has reached a "construction and licensing milestone with the first phase of its 1 million sq. ft. greenhouse expansion."
So with the expansion ready to be moved into, the company can ramp up on cannabis production; HEXO is aiming for 108,000 kg of dried cannabis annually—which could spell good news for HEXO stock.
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The news also showcases the company's ability to stay on target and execute its goals. On the news, HEXO's CEO and co-founder Sébastien St. Louis said the following:
“Receiving initial licensing on our 1,000,000 sq. ft. facility is a huge accomplishment for the entire HEXO team. We are proud that the construction project is hitting all its milestones while respecting aggressive timelines and staying on budget. The new production facility allows us to continue to scale-up which, once fully operational, will give customers across Canada access to HEXO products."
HEXO Stock in 2019
Positioning itself as one of Canada's largest producers, HEXO stock could potentially explode in 2019. In its lists of achievements, the company has supply agreements with the Société québécoise du cannabis, British Columbia, and Ontario. It also has a very exciting partnership with Molson Coors (NYSE:TAP) to look forward to. The pair is set to create cannabis-infused beverages in 2019.
Featured Image: Depositphotos/cendeced
