Why Hexo Stock Got Higher Before Leveling Out Wednesday

Canadian marijuana company Hexo (NYSE: Hexo) was a bit of a yo-yo stock on Wednesday, with its price rising toward lunchtime before cooling off later in the day to ultimately trade sideways from Tuesday's close. That was mainly in reaction to a new development with a recent company acquisition.

Hexo announced that shareholders overwhelmingly approved its acquisition of a peer Canadian marijuana business, privately held Redecan. According to the company's count, over 96% of voting investors gave the deal the nod.

Image source: Getty Images.

Continue reading

Source Fool.com