Total compensation for the top executives at struggling marijuana producer Hexo Corp. grew almost 20% year-over-year to 14.4 million Canadian dollars ($11.1 million) in fiscal 2020, led by the company’s CEO, according to a financial disclosure filed with the U.S. Securities and Exchange Commission last month. CEO Sebastien St. Louis’s compensation rose 26% to CA$11.2 million in 2020, even though his salary was “voluntarily reduced” to Quebec’s minimum wage for three pay periods in the second quarter, according to the filing. The company declined to answer Marijuana Business Daily’s questions about the salary reduction. The compensation disclosure comes after Hexo reported a net loss of CA$546.5 million for its latest fiscal year ended July 31, 2020.
Marijuana Business Daily, 01/06/2021 13:26:00