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

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Tilray is buying Hexo in an all\u002Dshare deal valued at US$56 million to help the business navigate a challenging cannabis market. Read on.

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The arrangement structured as a merger builds on a strategic alliance the two companies struck a year ago, after Tilray acquired US$193 million in senior secured convertible notes originally issued by Gatineau, Que.-based Hexo to HT Investments MA LLC. “I’ve been doing this for a long time and the cannabis industry is no easy industry, but there is no easy industry,” Simon said.Article content

Tilray took a US$26-million hit to its earnings before interest, taxes and amortization over the last nine months because of price compression, Simon added. He says there are around 1,000 competing licensed producers, with at least 300 added since last year.

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