Hexo Corp. says its most recent quarter delivered a $52.1 million net loss as the cannabis company purged unprofitable products and streamlined its business.

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The Gatineau, Que.-based firm's first quarter net loss compared with a net loss of more than $116.9 million a year earlier.

The loss for the period ended Oct. 31 amounted to a net loss of nine cents per basic and diluted share compared with a net loss of 46 cents per basic and diluted share a year prior.

Net revenue in the quarter totalled $35.8 million, down from $50.2 million in the same period last year.

Hexo's financial results were released at the same time as it announced a share consolidation that will combine 14 common shares into one share.

Hexo says the consolidation is expected to take place around Dec. 19 and will affect Hexo's listings on the Toronto Stock Exchange and Nasdaq.

This report by The Canadian Press was first published Dec. 16, 2022.