Cannabis company Tilray to buy rival Hexo in all-share deal

LEAMINGTON, Ont. –

Tilray Brands Inc. says it’s shopping for fellow hashish firm Hexo Corp. in an all-share deal valued at US$56 million.

It says it’ll difficulty 0.4352 shares of Tilray inventory for every excellent Hexo share within the deal structured as a merger that requires each shareholder and court docket approval.

Tilray chief government Irwin Simon says in an announcement that together with its acquisition of Montauk Brewing Co. in November, the Hexo deal will assist because it builds a number one, diversified hashish way of life firm.

Hexo chairman Mark Attanasio says in an announcement that given headwinds within the hashish trade, the corporate’s board thought shareholders would profit by being a part of Tilray’s diversified business.

The proposed merger comes as Tilray reported a web lack of US$1.2 million for the quarter ending Feb. 28, in contrast with a web earnings of US$52.5 million for a similar quarter final yr.

Net income got here in at US$145.6 million for its third quarter in contrast with US$151.9 million for a similar quarter final yr.

This report by The Canadian Press was first printed April 10, 2023.