Why Marijuana Stock HEXO Smoked the Market on Tuesday

Shares of Canada-based marijuana company HEXO (NYSE: HEXO) rose nearly 6% higher Tuesday because of a hire. The company announced after market close on Monday that it has named a new CFO; investors were clearly impressed by the appointment.

The new denizen of HEXO's C-suite is Trent MacDonald, who is to begin his tenure at some point over the next few months (the company didn't get specific, as he is required to go through a vetting process with marijuana industry regulator Health Canada). 

MacDonald brings wide experience to the company, given his previous work. He was most recently CFO of privately held Rx Drug Mart. He was also vice president finance of bookstore chain operator Indigo, and served in a similar capacity at food retailer Sobeys. He replaces Stephen Burwash as HEXO's CFO. 

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Source Fool.com