Canadian cannabis company Hexo (NYSE:HEXO) said its chief financial officer quit on Friday after taking on the job in May. According to a release, CFO Michael Monahan decided to resign because the role requires him to spend the majority of his time in Gatineau, Quebec, and in Ottawa, Ontario, which is not possible “given my family’s needs.”
He will assist the company as a consultant to ensure a smooth transition, according to the statement. VP of strategic finance, Stephen Burwash, has accepted the role of CFO.
Hexo announced Monahan’s appointment as CFO in late May, along with the establishment of Delaware-based Hexo USA Inc. as part of its formalization of its U.S. presence.
Earlier in that month, Hexo said that Burwash would serve as acting CFO on an interim basis, after its announcement that then-CFO Ed Chaplin would transition out of the company.
In January, Hexo said a CFO transition plan was in place to enable turn to its attention to global expansion.
HEXO stock has lost 23% of its value year to date.
