GATINEAU, Que. – Hexo Corp. says it will close its Belleville facility this summer affecting 230 employees as it further streamlines operations.<\/p>\n
The Gatineau, Que.-based cannabis company had continued to lease the Ontario facility after selling its 25 per cent interest in Belleville Complex Inc. in January for about $10.1 million.<\/p>\n
Hexo says the Truss Beverage Co. operations — a joint venture with Molson Coors Canada — are not impacted by this change and will continue to operate out of the Belleville facility.<\/p>\n
Acting chief operating officer Charlie Bowman says the closure is designed to significantly reduce costs by streamlining operations and capitalizing on production efficiencies.<\/p>\n
All manufacturing machinery and equipment located in Belleville will be transferred to other sites by the end of July.<\/p>\n
Hexo's previously announced strategic plan is designed to become cash flow positive from operations.<\/p>\n
“This was a very difficult decision, but it is key component of executing on our strategic plan, and one that we believe best positions Hexo for profitable growth,” said president and CEO Scott Cooper in a news release.<\/p>\n
This report by The Canadian Press was first published April 21, 2022.<\/p>\n
Companies in this story: (TSX:HEXO)<\/p>\n
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