HEXO Corp. (NASDAQ:HEXO) (TSX:HEXO) acknowledged that its wholly-owned subsidiary, Zenabis Global Inc., as well as Zenabis’ direct and indirect wholly-owned subsidiaries, have filed a petition with the Superior Court of Québec for protection under the Companies’ Creditors Arrangement Act (“CCAA”) in order to restructure their business and financial affairs. HEXO understands that Ernst & Young Inc. has been appointed as the Monitor to oversee the CCAA proceedings.
The CCAA petition is limited to the Zenabis Group and neither HEXO Corp. nor any of its subsidiaries, other than the members of the Zenabis Group, are petitioners or parties to the CCAA proceedings.
About HEXO
HEXO is a licensed producer of products for the global cannabis market. HEXO serves the Canadian recreational market with a brand portfolio including HEXO, Redecan, UP Cannabis, Namaste Original Stash, 48North, Trail Mix, Bake Sale, REUP and Latitude brands, and the medical market in Canada, Israel and Malta. The company also serves the Colorado market through its Powered by HEXO strategy and Truss CBD USA, a joint venture with Molson-Coors (NYSE:TAP). With the completion of HEXO's recent acquisitions of Redecan and 48North, HEXO is a leading cannabis products company in Canada by recreational market share.
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