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Hexo’s stock soars, after first medical cannabis sales outside of Canada – MarketWatch

U.S.-listed shares of Hexo Corp. HEXO, +6.20% HEXO, +5.31% shot up 18% in premarket trading Thursday, after the Canada-based cannabis company said it will start selling medical cannabis in Israel, marking the first time its medical cannabis products will be available outside of Canada. The sales in Israel will be through a 24-month agreement with Israeli medical cannabis company Breath of Life International Ltd. The company said it completed the first shipment of 493 kilograms. Hexo’s flower products will be available to patients in Israel packaged in a 10-gram format. “The products are already receiving positive feedback from both patients and retailers, and we are looking forward to continuing to expand our strategic relationship with HEXO in Israel,” said Hugo Goldman, interim chief executive of Breath of Life. Hexo’s stock has dropped 56.3% year to date through Wednesday, while the Cannabis ETF THCX, -1.44% has lost 22.2% and the S&P 500 SPX, -0.53% has slipped 1.9%.

Written by homegrownreview

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