The cannabis company enjoyed a 6% uptick in its stock following the announcement
Yesterday was a good day for Canada-based HEXO, as its stock rose 6% thanks to a new executive appointment. The cannabis company announced on Monday evening that it is introducing a new CFO, which clearly impressed investors. The new position was for none other than HEXO’s C-suite is Trent MacDonald, who is replacing Stephen Burwash, will now lead the company’s finances, and he brings along all his experience as a manager for other operations.
HEXO added that McDonald is a great addition to the team as he has over 15 years of experience including a time, he worked for Rx Drug Mart, a private pharmacy operator, and the bookstore retailer Indigo. “As our business grows and we execute our strategic plan, the Board and I felt it important to ensure that our management team has the skill set most beneficial for HEXO,” added CEO Sebastien St-Louis.
Until now, HEXO hasn’t shared further details regarding the reasons for Burwash’s departure, nor has he, but the truth is that, over the past two years, the company’s CFO has been changed four times. Before McDonald and now Burwash, who served as interim CFO, this position was also occupied by Ed Chaplin and Michael Monahan.
The cannabis industry has an important role in the market as it meddles in other complementary sectors, such as healthcare and retail, so the fact that the company has appointed someone with such vast experience in these areas is going to make a difference. This change is expected to happen in the next coming months following the completion of Health Canada’s key personnel change and security clearance processes, according to the company’s announcement.