Hexo Next To Double?

Why Hexo Stock Soared This Week

While a number of factors converged to make the week a great one for Canopy Growth stock, the same cannot be said for Hexo stock.

While the company no doubt did have a great run (up 21% over the past month) it lags behind CGC stock’s whopping 34% gain in that same time—for good reason.

While I’ve long championed HYYDF stock, it didn’t make a splash in the marijuana stock news the same way Canopy did last week.

Still, there’s a lot to be excited about when it comes to Hexo.

Hexo Stock Q1 2019 Results

While the company’s Q1 2019 results landed in mid-December, they were so strong that they are still likely playing a role in HYYDF stock’s success.

The company more than doubled its total gram equivalents sold in the quarter to 1,110,000 grams.

The company produced an additional 3,550 kilograms in that same time, as well as continued with plans for a 1,000,000 square-foot facility.

The company also registered some of the first sales numbers post-legalization (the report covers the company through October, a full two-weeks after legalization was enacted). And the numbers are juicy.

“HEXO hit tremendous milestones in the weeks following the legalization of adult-use cannabis,” said Hexo’s CEO and co-founder Sebastien St-Louis. (Source: “HEXO Corp reports $6.7 million in gross revenue for the first quarter of new fiscal year,” GlobeNewswire, Inc., December 13, 2018.)

NYSE Listing

Another big push coming for Hexo stock is on the way via its listing on the New York Stock Exchange (NYSE).

The marijuana stock news several weeks ago was that Hexo was looking to add itself to the growing roster of NYSE marijuana stocks. With the ball rolling in the NYSE listing department, expect to see Hexo stock on the major U.S. ticker sooner rather than later, opening it up to additional capital and notice.

Hexo Stock Price

The Hexo stock price has been booming of late.

Better yet, this is still a marijuana penny stock, despite behaving much more like an industry heavyweight.

It has all the things you could want out of a top-tier marijuana company at a bargain price, making it one of my favorite stocks for the year.

Analyst Take

Both CGC stock and HYYDF stock have scored big wins in recent marijuana stock news.

In addition to the headlines, they were reinforced by the two companies’ groundwork done in 2018 to lay the foundations for a great 2019—and beyond. We didn’t even touch on how both these companies have deals with major alcohol producers to create cannabis beverages and marijuana-infused beers.

All things considered, these are some of my favorite marijuana stocks around, with huge potential to double their value this year.

https://www.profitconfidential.com/marijuana/marijuana-stocks/marijuana-stocks-news-cgc-hexo/

Notice:

We have NOT received any remuneration for this  HEXO summary. We  are long HEXO and reserve the right to sell at any time without notice to the reader.