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|Gatineau cannabis producer HEXO.t provides Quebec with roughly a third of its legal supply. The SP tumbled after the co announced its fourth-quarter revenue for 2019 fell far below expectations, and at the same time withdrew its 2020 outlook. Hexo's revenue problems are common to an industry going through a major shakeup as cannabis sales in Canada have not lived up to highly bullish forecasts.|
Hexo's revised fourth-quarter outlook was between $14.5m and $16.5m, far less than the $26m in its previous outlook. Statistics Canada had put the value of the cannabis market in Canada at $5.7 billion. The reality has turned out to be $1 billion.