Tilray Brands completed the acquisition of HEXO for $56m.

Tilray Brands, a pharmaceutical, cannabis-lifestyle and consumer packaged goods company, completed the acquisition of HEXO, a consumer packaged goods cannabis company, for $56m. “Acquiring HEXO boosts Tilray’s competitive positioning in the largest, federally legalized cannabis market in the world and, we believe, marks the next evolution of Canadian cannabis. Having already established ourselves as the clear leader in Canada through an unparalleled portfolio of consumer and medical brands, continuous product innovation, and the lowest-cost production as well as industry-leading extraction capabilities, this transaction affirms and builds on our enviable standing by bringing HEXO’s leading cannabis brands into our state-of-the-art operations. Together, we expect to deliver revenue growth, margin contribution, and value creation for shareholders,” Irwin D. Simon, Tilray Brands’ Chairman and CEO.