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Article content Ottawa, Ontario and Toronto, Ontario–(Newsfile Corp. – May 17, 2021) – HEXO Corp. (“HEXO”) (TSX: HEXO) (NYSE: HEXO) and 48North Cannabis Corp (“48North”) (TSXV: NRTH) are pleased to announce that they have entered into a definitive arrangement agreement (the “Arrangement Agreement”) under which HEXO will acquire, by way of court-approved plan of arrangement under the Canada Business Corporations Act, all of 48North’s issued and outstanding common shares in an all-share transaction valued at approximately $50 million on an enterprise value basis (the “Transaction”). We apologize, but this video has failed to load. Try refreshing your browser. HEXO Corp to acquire 48North Cannabis Corp. Back to video ....
Article content “48North’s innovative product portfolio complements HEXO’s existing brands which, combined with their additional market penetration, will further strengthen HEXO’s position in the Canadian market,” Sebastien St-Louis, CEO and co-founder of HEXO, says in the statement. Assuming completion of both the 48North and Zenabis Global Inc. transactions, “the combined organization would be among the leading licensed producers in terms of combined Canadian recreational sales, based on their most recent financial statements and results,” HEXO reports. The move to absorb 48North and its topicals, bath and intimacy products helps to diversify HEXO’s existing adult-use cannabis portfolio, thereby providing “a strong base for potential future CPB partnerships in the U.S., Canada and internationally.” ....
Ottawa-based HEXO Corp. to acquire 48North Cannabis in $50 million deal lfpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lfpress.com Daily Mail and Mail on Sunday newspapers.
Article content 48North voiced its confidence that its indoor cultivation facility in Kirkland Lake, Ont., coupled with the company’s strategic partnerships with other LPs, “will ensure the quantity and quality of cannabis products required to meet expected demand.” Charles Vennat, CEO of 48North, previously reported that the company was able to grow 12,000 kilograms of cannabis at a cost of 25 cents per gram outdoors at GoodFarm compared to some indoor growers who spend $2 per gram, according to 48North’s rejigging of operations demanded “restructuring our workforce and redeploying resources towards commercialization, branding and innovation, and deepening relationships with retailers and wholesalers,” Vennat says in the statement, calling it “a difficult decision.” ....