HEXO Corp formalizes US presence by naming Michael Monahan as Chief Financial Officer and establishing HEXO USA Inc. in Delaw...
May 28 2019 - 6:30AM
HEXO Corp (“HEXO” or the “Company”) (TSX: HEXO; NYSE-A: HEXO) is
formalizing its US presence with the appointment of Michael Monahan
as Chief Financial Officer (CFO) and the establishment of HEXO USA
Inc. HEXO Corp is creating innovative, easy-to-use, branded
products that which will offer consumers consistent cannabis
experiences.
“I have been touring the US to meet with current and potential
investors and to tell the HEXO story. We’ve been sharing our vision
and plans to operate in legal markets in the US to provide legal
cannabis experiences powered by HEXO,” said Sebastien St-Louis, CEO
and cofounder of HEXO Corp. “Onboarding a US-based CFO of Michael’s
caliber and establishing HEXO USA Inc. are real steps towards
bringing the HEXO experience to the US.”
The Canadian Company is one of the largest licensed cannabis
companies in Canada, operates with 1.8 million sq. ft of facilities
in Ontario and Quebec and has a foothold in Greece to establish a
Eurozone processing, production and distribution centre. Known for
its partnership with Molson Coors Canada to create Truss which will
produce cannabis-infused beverages for the Canadian legal market,
the Company has developed a hub and spoke business model which sees
it partner with Fortune 500 companies in various product
categories. Fortune 500 companies can take advantage of HEXO Corp’s
secured supply of hemp-derived CBD, extensive research and
development funding, intellectual property profile, licensed
infrastructure, regulatory know-how, and wide distribution
networks. With the passing of the Farm Bill to allow CBD extraction
from hemp, HEXO Corp is well-positioned to seize a significant
portion of market share in the US.
“Sebastien and the team have done an amazing job positioning
HEXO Corp for long-term success,” added Monahan. “It’s an exciting
time to join, as the company ramps up towards global expansion. I
was struck with the Company’s capacity to deliver on its
commitments and to make smart choices that drive value for
investors. I was also impressed by the depth and breadth of HEXO’s
leadership and finance teams. I look forward to contributing to the
team, meeting with our investors, and supporting the company as it
continues to rapidly expand.”
Michael Monahan has more than 20 years of finance and operations
experience. He has held Chief Financial Officer (CFO) positions
with both public and privately held companies, ensuring value for
shareholders. Most recently, Michael served as CFO of Nutrisystem
prior to its sale in March 2019. During his tenure, the company’s
market capitalization grew from approximately $250 million to $1.3
billion. Before that, he was CFO of PetroChoice Holdings during a
period of significant organic and acquisitive growth that resulted
in the successful sale of the company to private equity investors.
As CFO for HEXO Corp as of June 17, Michael joins a team of
seasoned executives and will focus on operating an efficient and
effective finance organization, driving shareholder value as the
company expands rapidly.
About HEXO Corp HEXO Corp
is an award-winning consumer packaged goods cannabis company that
creates and distributes prize-winning products to serve the global
cannabis market. Through its hub and spoke business strategy, HEXO
Corp is partnering with Fortune 500 companies, bringing its brand
value, cannabinoid isolation technology, licensed infrastructure
and regulatory expertise to established companies, leveraging their
distribution networks and capacity. As one of the largest licensed
cannabis companies in Canada, HEXO Corp operates with 1.8 million
sq. ft of facilities in Ontario and Quebec and has a
foothold in Greece to establish a Eurozone processing, production
and distribution centre. The Company serves the Canadian
adult-use and medical markets. For more information please
visit hexocorp.com.
Forward-Looking
Statements This press release contains
forward-looking information and forward-looking statements within
the meaning of applicable securities laws (“forward-looking
statements”). Forward-looking statements are based on certain
expectations and assumptions and are subject to known and unknown
risks and uncertainties and other factors that could cause actual
events, results, performance and achievements to differ materially
from those anticipated in these forward-looking statements.
Forward-looking statements should not be read as guarantees of
future performance or results. A more complete discussion of the
risks and uncertainties facing the Company appears in the Company’s
Annual Information Form and other continuous disclosure filings,
which are available on SEDAR
at www.sedar.com and EDGAR
at www.sec.gov. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company disclaims any intention or obligation, except to the
extent required by law, to update or revise any forward-looking
statements as a result of new information or future events, or
for any other reason.
Investor Relations: Jennifer
Smith 1-866-438-8429 invest@HEXO.com www.hexocorp.com
Media Relations: Caroline
Milliard (819)
317-0526 media@hexo.com Director Adam
Miron 819-639-5498
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