Hexo Inks $925M Deal to Acquire Redecan; Shares Jump 10%
Hexo Corp. (HEXO) to snap up Redecan, a privately held Canadian cannabis company, for $925 million in a cash and stock deal. The deal will help Hexo in becoming the number one market player in the Canadian recreational cannabis market. Shares jumped almost 10% to close at $7.18 on May 28.
Hexo engages in the manufacture, production, and distribution of medicinal marijuana.
Per the terms of the agreement, Redecan shareholders will receive $400 million in cash and $525 million in the form of Hexo…
