Marijuana stock investors were supposed to clean up in 2019. Canada had recently legalized adult-use cannabis sales, high-margin derivatives were months away from hitting dispensary shelves, and state-level legalization momentum appeared strong in the United States. Yet when the year ended, pot stocks were a disappointment across the board. To our north, regulatory issues have stymied the ability of growers to get product in front of customers. Health Canada delayed the launch of derivatives until mid-December, while Ontario, the nation’s largest province by population, had only 24 open dispensaries as of the one-year anniversary of adult-use sales beginning. Meanwhile, in the U.S., a combination of high tax rates and supply problems has allowed the black market to thrive. After such a miserable year, the expectation now is that pot stocks will rebound as they mature. But for one well-known cannabis stock, this hasn’t been the case through the first month of 2020.The other cannabis CEO who should have the sense to step down is HEXO‘s ( NYSE:HEXO) Sebastien St-Louis. Like Aurora, HEXO looked to be in position to succeed heading into the launch of recreational marijuana in Canada. But with the exception of signing a five-year wholesale supply agreement with its home province of Quebec for 200,000 kilos-in-aggregate, little has gone right. Since October, HEXO’s chief financial officer has resigned, the company pulled its guidance that called for CA$400 million in 2020 sales, production has been completely idled at the Niagara grow farm and in parts of the flagship Gatineau facility, and it laid off 200 workers. Worse yet, following the release of HEXO’s fiscal fourth-quarter results, St-Louis noted that his company would need to achieve 20% market share throughout Canada to become profitable, which looks to be an impossible task given its current problems. Interestingly, when MKM Partners chose to downgrade HEXO and slash its price target last week, covering analyst Bill Kirk noted that HEXO has a particularly poor track record of making statements that come true. My expectation is that HEXO will spend most of 2020 reducing its costs and backpedaling on its operating performance. HEXO is a mess, and if the ship isn’t righted soon, it could be delisted from the New York Stock Exchange. With faith in management seriously compromised, it’s time for HEXO’s board to consider looking beyond St-Louis for answers.