Here's Why Hexo Shares Jumped Friday

The stock of Canadian cannabis company Hexo (NASDAQ: HEXO) popped Friday on news of two leadership changes. Shares moved as much as 7.5% higher before settling to a gain of 3% as of 2:25 p.m. ET.

Investors were cheering news that Hexo is taking another step on a path it hopes will lead it to profitability. The company is replacing top leadership in both its CEO and CFO roles. The moves come as the company continues a previously announced strategic plan that it expects to help make its operations cash flow positive by early 2023. 

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Source Fool.com