Tilray Brands, Inc. (NASDAQ:TLRY) confirmed Tuesday it has signed a definitive agreement for a commercial and financial partnership with HEXO Corp. (NASDAQ:HEXO).
As initially announced on March 3, 2022, the partnership will bring together Canada’s top two cannabis market leaders. Under the terms of the agreement, and subject to the satisfactory completion of certain closing conditions, Tilray Brands will acquire 100% of the remaining US$193 million outstanding principal balance of the senior secured convertible note that was issued by HEXO and held by funds affiliated with HT Investments MA LLC . The note will be amended to include conversion rights at a price of C$0.85 per HEXO Share, which would allow Tilray Brands to acquire a significant equity ownership position in HEXO and participate directly in its considerable growth opportunities.
