Canadian cannabis companies Tilray (NASDAQ:TLRY) and Hexo (NASDAQ:HEXO) are teaming up to better tackle the marijuana market and their stocks are rising!
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Let’s dive into all the details pot stock traders need to know about today’s news below!
- Tilray has agreed to acquire all of Hexo’s principal balance from its senior secured notes held by HT Investments’ affiliates.
- These notes have a total value of $193 million, representing Hexo’s current debt.
- A new amendment will be added to the notes when they transfer to TLRY.
- This will allow them to be converted for a price of 85 cents per share.
- That gives Tilray the ability to acquire a substantial stake in HEXO.
- Tilray notes that it expects this commercial and financial partnership to strengthen it and Hexo’s respective operations.
- When the deal closes, Tilray’s CSO and head of its international business Denise Faltischek will be nominated to Hexo’s board of directors.
Irwin Simon, chairman and CEO of Tilray, said the following about the partnership with Hexo boosting TLRY stock today.
“We know that winning in Canada means a relentless focus on product innovation and operational excellence. The agreement with HEXO delivers on both fronts as it facilitates collaboration, the sharing of best-practices, and yields quantifiable operating efficiencies between two companies with unparalleled global cannabis expertise.”
TLRY stock is up 2.2% and HEXO stock…
