The Globe and Mail reports in its Friday, June 16, edition that Canaccord Genuity analyst Matt Bottomley is sticking with his "hold" recommendation for Hexo. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bottomley gave his share target a 50-cent trim to $1. Analysts on average target the shares at $1.49. The Globe reports that Hexo shareholders approved the acquisition by Tilray on Wednesday. Mr. Bottomley says in a note: "Top-line pressure was most notable in the company's Canadian adult-use segment, which declined by 24 per cent vs. FQ2 (to $16.1-million). Management pointed to lower sales in Alberta, supply distributions in Quebec and a deceleration of its efforts in smaller markets such as Saskatchewan and Alberta as primary drivers for the decline. However, although lower margin in nature, these declines were partially offset by a more than two times increase in its B2B wholesales during the quarter, which increased to $4-million. Below the top line, ignoring non-cash fair value adjustments and $12.1-million in inventory write-offs, Hexo realized gross profit of $4.3-million, representing a margin of 20 per cent compared to 25 per cent in the prior quarter."