Management for HEXO Corp. was reportedly approached in November 2021 by Tilray Brands, Inc. to buy the Canadian pot producer, but opted to pass on the proposed deal.
BMO Capital Markets had earlier been engaged to source alternatives for HEXO after an uneasy period that saw the ouster of both the company CEO and chief operating officer.
In March 2022, Tilray sought to buy up to $211 million of HEXO debt via obtaining senior secured convertible notes.
This past April, the two companies announced they had entered into a definitive agreement to create a strategic alliance. HEXO said the alliance represented “a significant step forward in executing on its strategic plan.”
The transaction, which was expected to close by the end of May 2022, was said to “provide HEXO with a recapitalized balance sheet and the enhanced financial flexibility critical to accelerating
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