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In a move that’s expected to catapult it into top spot among Canadian recreational cannabis producers, Ottawa’s Hexo Corp. has agreed to acquire Toronto-based Redecan for $925 million. Hexo said Friday that it will pay $400 million in cash and $525 million in Hexo shares valued at $7.53 per share. The deal for the southern Ontario company, the country’s largest privately held pot producer, will increase Hexo’s share in the competitive cannabis market and lay the groundwork for global expansion, CEO Sebastien St-Louis told analysts. “A few years ago, Hexo set a course to become one of the top three cannabis players in the Canadian adult-use market,” St-Louis said. “We’ve achieved and exceeded this objective. Today, we’ve positioned Hexo as No. 1. It’s a monumental achievement.”

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