Why HEXO Stock Is Crashing Today

Why HEXO Stock Is Crashing Today

Shares of HEXO (NYSE: HEXO) were trading down by 17.3% as of 12:05 p.m. EDT on Friday, following the release of its fiscal fourth-quarter results after the market closed on Thursday. The Canadian cannabis producer also announced a proposed "share consolidation" -- an 8-to-1 reverse stock split -- early Friday morning. HEXO reported net revenue of 27.1 million Canadian dollars, up 23% quarter over quarter, and up 76% year over year.