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Hexo  (HEXO - Get Report) announced Thursday it received a medical cannabis license in Greece but the stock was falling following after the company posted quarterly revenue below analysts' forecasts. 

The company said the license, issued by the Greek government, allows the company to establish cultivation, processing and manufacturing facilities in the Thessaly region of the country, poising the company to become the leader in the European cannabis landscape. 

"This is a major step for Hexo as we continue to execute towards becoming a top three global cannabis company," said CEO Sebastien St-Louis. "Receiving licensing in Greece will allow us to bring know-how and brands powered by Hexo to the European market. The new facility will also drive value for current and future Fortune 500 partners by giving them access to licensed infrastructure internationally with the vision of capturing first-mover advantage in the burgeoning European cannabis market."

However, the stock was falling 7.74% Thursday to $5.95, however, after the company reported fiscal third-quarter revenue of C$13.02 million, which was below analyst estimates of C$14.8 million. The company increased the number of kilograms of adult use cannabis sold to 2,759 from 2,537. 

The loss in the quarter was 4 cents a Canadian share, narrower than estimates that called for a loss of 5 cents.

More from Tony Owusu: Canopy Growth CEO Is Confident in Cannabis Future With or Without U.S. Market