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Why HEXO Stock Is Tumbling Today

TheMotleyFool

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Shares of HEXO (NYSE: HEXO) (TSX: HEXO) were tumbling 9.8% as of 10:43 a.m. EDT on Wednesday. The decline came after the Canadian cannabis producer announced that it has established an at-the-market (ATM) equity program that will allow it to issue common shares worth up to 34.5 million in Canadian dollars.

HEXO hasn't issued any new shares yet. The ATM program that the company set up merely gives it the ability to raise cash as needed. It will determine if and when to tap the ATM to issue additional shares.

Image source: Getty Images.

Source Fool.com

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