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Why Marijuana Stock HEXO Just Rose 5%

TheMotleyFool

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HEXO (NYSE: HEXO) was a popular stock on Monday, rising by as much as 11% on the day before settling down to reap a more than 5% gain. This seems to be related to an after-hours announcement the Canada-based marijuana company made on Friday regarding its executive ranks.

HEXO said that its previously announced hiring of Trent MacDonald as new CFO has taken effect; as of Friday, he officially occupies that position. Technically he will serve in an acting capacity until his appointment is approved by Health Canada, the country's cannabis industry regulator. Such approvals are required by federal law.

Image source: Getty Images.

Source Fool.com

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