(Globe Newswire) Gatineau, Que. — HEXO Corp. is pleased to announce the closing of a previously announced transactional agreement with Tilray Brands, Inc. The strategic partnership provides HEXO with a recapitalized balance sheet and the financial flexibility necessary for a profitable year ahead.
“This partnership with Tilray Brands is a game-changer for HEXO. It provides us with the opportunity to reset the organization onto a path of profitable, sustainable growth and allows us to leverage our leading market share into becoming the preferred cannabis experience for consumers. We’re now able to proactively plan for the second half of 2022 and beyond, focusing on meeting evolving consumer demand and innovative product development.” — Charlie Bowman, CEO of HEXO Corp.
HEXO and Tilray Brands have also entered into certain commercial agreements, providing cost saving synergies and production efficiencies. The agreements are expected to create significant efficiencies, with savings of up to US$80 million within two years, to be shared equally.