Tilray Brands Inc. will announce plans to acquire Canadian cannabis producer rival Hexo Corp. in a deal worth about US$250 million Monday after reporting its latest quarterly results, multiple people directly familiar with the matter told BNN Bloomberg.
Tilray will acquire Hexo by exercising the US$173 million secured convertible note it acquired from Hexo’s former creditor HT Investments MA LLC for a small discount in July 2022 that would give it roughly 49 per cent of the company’s equity, while paying US$75 million to acquire the remaining outstanding shares, the sources said.
The deal would see the Leamington, Ont.-based company – which took a commanding position in the Canadian cannabis industry in Dec. 2020 when it merged with Aphria Inc. – strengthen its leading position in the Canadian market once it acquires Hexo with a 13 per cent share, the sources said. Tilray currently controls 8.1 per cent of the market, according to industry data tracker Hifyre.
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