Hexo leapfrogs competitors with CA$925 million deal for rival cannabis producer Redecan

MJ Biz report

Canadian cannabis producer Hexo Corp. struck a definitive deal to buy one of the leading adult-use producers in the country by market share in a cash and stock deal worth 925 million Canadian dollars ($766.4 million).

The deal to acquire Redecan, announced early Friday, would vault Hexo into the No. 1 position in Canada’s recreational cannabis market after it closes, the Ottawa-headquartered company said, surpassing rival producers Canopy Growth and Tilray.

Hexo has been on an M&A tear this year, spending CA$1.2 billion buying competing licensed producers.

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