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Shares of Hexo (HEXO) - Get HEXO Corp. Report were sliding 5.7% to $3.83 Monday after the Canadian cannabis company said its chief financial officer had resigned, effective immediately.

Michael Monahan, financial chief of the Gatineau, Quebec-based company, said in a statement Friday that he was stepping down due his "family's needs." Stephen Burwash, currently vice president of strategic finance, will replace Monahan.

"Since joining HEXO Corp, it has become apparent that this job requires me to spend the majority of my time in Gatineau and in Ottawa," Monahan said. "During this phase of rapid expansion, the chief financial officer should be working very closely with all team members, in person. This isn't possible for me at this time given my family's needs and so I have decided to resign."

Monahan said he would "continue to assist the company as a consultant to ensure a smooth transition."

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Sebastien St-Louis, CEO and co-founder of Hexo, said he was sorry to see Monahan leave the company, adding that Burwash "has a strong track record with the company."

In June, Hexo said it had received a medical cannabis license in Greece, which allows the company to establish cultivation, processing and manufacturing facilities in the Thessaly region of the country.

Last month, MKM initiated coverage of Hexo and fellow cannabis company Acreage (ACRGF) with buy ratings.