Canadian cannabis company Hexo Corp.
said Friday it has agreed to acquire privately held Redecan for C$925 million in cash and stock. Under the terms of the deal, Hexo will pay C$400 million in cash and issue C$525 million in common stock at an implied price of C$7.53, five trading day-period volume-weighted average price of HEXO common shares on the Toronto Stock Exchange. The deal is expected to close in the third quarter and create the leader in the Canadian adult-use market.
for C$50 million in stock. Shares rose 4% premarket and have gained 77% in the year to date, while the Cannabis ETF THCX, +1.83% has gained 38% and the S&P 500 SPX, +0.12% has gained 11.8%.
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