have revised the terms of a US$211 million deal the cannabis companies signed that could see Tilray own a stake in its rival.
Under the amended deal, Leamington, Ont.-based Tilray would acquire the note from HTI, which includes an outstanding balance of $185 million, along with any accrued and unpaid interest, for 89.2 per cent of the outstanding balance. The new terms will allow Tilray to convert half of its outstanding common stock of Hexo this month, but the overall deal is not expected to close until at least July 15 and could now take up to Aug. 1 because of the adjustments.
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