Tilray Brands Inc. is acquiring rival Canadian cannabis producer Hexo Corp. in a deal worth about US$229 million on Monday in its latest move to strengthen its position as the leading legal marijuana company in Canada.
in a deal worth about US$229 million on Monday in its latest move to strengthen its position as the leading legal marijuana company in Canada.
“We are focused on being the leading, most diversified cannabis lifestyle and CPG company in the world,” said Tilray Chief Executive Officer Irwin Simon in a statement.
Given that Tilray’s previous ties to Hexo, Hexo’s board established a special committee comprised of independent directors to gauge the takeover offer. The committee later unanimously recommended that Hexo’s board approve the takeover offer.
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