The Hexo Corp. shares were a bright spot in a brutal cannabis sector on Thursday, after the Canadian company posted results for its last quarter, showing a narrower loss and huge jump in revenue as the legal market for adult use in Canada has started.
Quebec-based Hexos US listed shares
HEXO, + 3.29%
rose 2.2%, while listed shares in Toronto
HEXO, + 4.60%
rose about 3.6% when most of their rivals fell.
The company said it had a net loss of $ 4.333 million ($ 3.25 million) in its fiscal second quarter to January 31
Revenue increased to $ 13.4 million from $ 1.2 million. The company sold 2537 kg of cannabis with adult use, up from 952 kg in the previous quarter, at an average price of $ 5.38 per gram, up from $ 5.45 in the previous quarter. Medical cannabis revenue came to $ 1.171 million, down from $ 1.182 million a year ago and $ 1.391 million in the previous quarter. The price per gram of medical cannabis rose slightly to C $ 9.15 from C $ 9.12.
Hexo produced about 4,938 kg of dried cannabis in the quarter, up from 3,550 kg in the October quarter. The main figure increased by 32% to 374 employees when the company increased production and new plants came online.
For more, read: Hexo shares rally the premarket as a loss narrow and turnover sting
Related: Hexo to acquire Newstrike Brands in stock sales worth about $ 197 million  Also in the black Thursday, shares of cannabis real estate investment were trusted by Innovative Industrial Properties Inc.
which rose 3.2% after the company had a revenue growth of 111% in the last quarter.
The company said it had a net income in the fourth quarter of $ 2.3 million, or 23 cents per share, compared to $ 284,000, or 7 cents per share in the previous period. Revenues rose to $ 4.8 million from $ 2.3 million over the period.
Aurora Cannabis Inc. shares