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The Pull Back in Hexo Corp (OTCMKTS:HYYDF) Should be On the Radar

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As we have noted in other updates, many stocks in the cannabis-related space have been pulling back in the past week following official news of legalization in Canada, and this certainly includes Hexo Corp (OTCMKTS:HYYDF). This remains one of our favorite stories in the space following its strategic partnership with Molson-Coors earlier this fall. The company has continued to develop new catalysts, which should help to put it in focus on this dip as an interesting opportunity.

As a case in point, the company just announced that its products will be available in Quebec via the Société québécoise du cannabis, in Ontario online, and in British Columbia online and in store. According to its release, “HEXO has also delivered valuable training materials for front-line retail cannabis employees. Today, the adult-use Canadian market will gain access to HEXO’s product lines, including dried flower, oils, decarboxylated (or pre-activated) powder, and pre-rolled cones.”

Hexo Corp (OTCMKTS:HYYDF) trumpets itself as a company that, together with its subsidiaries, produces and distributes medical marijuana products. The company is headquartered in Gatineau, Canada, and, as noted above, just changed its corporate name from “The Hydropothecary Corporation” to “HEXO Corp.” effective August 29, 2018.

HEXO creates and distributes innovative, easy-to-use and easy-to-understand products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO is rapidly increasing its production capacity in the lead up to the adult-use cannabis market.

The Company currently operates with over 310,000 sq. ft. of production capacity with construction on another 1,000,000 sq. ft. expansion set to be complete by year-end. HEXO will serve the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand.

According to company materials, “HEXO Corp. creates and distributes innovative, easy-to-use and easy-to-understand products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO is rapidly increasing its production capacity in the lead up to the adult-use cannabis market. The Company currently operates with over 310,000 sq. ft. of production capacity with construction on another 1,000,000 sq. ft. expansion set to be complete by year-end. HEXO will serve the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand.“

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As noted above, HYYDF just announced that its products will be available in Quebec via the Société québécoise du cannabis, in Ontario online, and in British Columbia online and in store. Recent action has featured a drop of about -10% stripped out to share values of the stock over the past week of action, but this action is running counter to the larger trend in the name.

“Our goal is to become a leading global company and to have a strong international presence. To achieve this goal, we know that we need to think about more than products and prices. We must also look at our impact on the natural and social environments in which we operate.”

What’s more, the name has seen a growing influx of trading interest, with the stock’s recent average trading volume running approaching 170% above its longer-run average levels.

Now commanding a market cap of $873.5M, HYYDF has a significant war chest ($248.9M) of cash on the books, which must be weighed relative to about $9.8M in total current liabilities. HYYDF is pulling in trailing 12-month revenues of $4.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 4.9%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $HYYDF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $HYYDF, either long or short, and we have not been compensated for this article.

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