HEXO stock is down almost 5% today. This somewhat surprising considering the company released favorable 2019 Q1 results only two days ago. The results gave HEXO stock a boost. However, today tells a different story; the stock is currently selling for $4.55 CAD, down from over $5 earlier in the week.
But the company confirmed today that it filed an application to list on the New York Stock Exchange. Perhaps when this news circulates, investors will get behind HEXO stock once again. Let's have a look.
HEXO Stock 2019 Q1 Results
Two days ago, Canada's HEXO Corp (TSX:HEXO) released its Q1 results for 2019. Overall, the major increase in revenue confirmed what we all know is happening in the cannabis sector—cannabis is truly taking off, medically and recreationally, as restrictions against it have finally fallen.
The results looked like this:
- Gross revenue for the quarter came in at $6.7 million, compared to $1.1 million in the same quarter last year.
- 30% YoY surge in sales from medical cannabis.
- The company reported gross revenue per gram of $5.45 in the adult-use market and $9.12 in the medical market.
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All around, the results looked very good, and HEXO stock did get a boost off the back of it.
Potential HEXO NYSE Listing
Now, heading into 2019, the company is looking to cement its place as one of the leaders in the cannabis industry. The company has filed to list on the NYSE.
This is an important milestone for the company, and it will broaden HEXO stock exposure to the US market of institutional and retail investors. Co-founder Sebastien St-Louis said on the news:
“We committed to our shareholders that HEXO would seek a listing in the US by the end of 2018 and I am proud to say that we delivered. We have a proven track record for our ability to execute and we will maintain it through our focus on developing and distributing innovative consumer-packaged cannabis products.”
If it gets listing approval, the company will begin trading on a major exchange similar to other Canadian cannabis giants such as Canopy Growth Corp (NYSE:CGC), Tilray (NASDAQ:TLRY), Aurora (NYSE:ACB), and Aphria (NYSE:APHA).
What do you think about a potential HEXO NYSE listing?
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