Hexo Corp. is looking to acquire 48North Cannabis Corp. for approximately $50 million.
The new acquisition comes just months after Hexo Corp announced that it is also in the process of purchasing Zenabis Global Inc. for $235 million. The Zenabis deal is expected to close on June 1.
“As we continue down our path towards achieving a top two position in Canada by adult-use sales, we are looking forward to welcoming the 48North team into the Hexo family.” said Sebastien St-Louis, CEO and co-founder of Hexo Corp. “We expect the deal could offer up to $12 million worth of accretive synergies within one year following the close and ideally position Hexo to continue executing on our domestic and international growth strategy.”
48North shareholders is said to receive Hexo common shares following the close of the acquisition.
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