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Tilray Acquires HEXO On The Cheap In Surprise Move
So, it's settled: Canadian cannabis producer Tilray (NASDAQ: TLRY ) plans to acquire rival Hexo (NASDAQ: HEXO ). It's debatable, however, whether this is actually a good idea.
Analysts at Canaccord Genuity (TSX:CF, LSE:CF) have lowered their price target for Tilray Brands after the company announced it is acquiring its strategic partner HEXO for US$56 million in tandem with the release of its fiscal 3Q 2023 results earlier this week. In a note to clients, the analysts wrote that their updated price target was US$4.25, down from US$5, with a ‘Buy' rating.
HEXO Corp shares fell more than 25% on Tuesday after the company revealed it will be acquired by Canadian cannabis market leader Tilray Brands for $56 million in an all-stock deal. After initially spiking on Monday to US$1.64 on rumors of the acquisition, HEXO's share price reversed sharply on confirmation of the deal.
Tilray Brands (NASDAQ: TLRY ) announced it is acquiring rival cannabis company Hexo (NASDAQ: HEXO ) as the industry continues to consolidate. The announcement was made in Tilray's earnings release.
Tilray Brands Inc. TLRY, +5.38% TLRY, +6.27% stock is down 8% in premarket trades Tuesday after the cannabis company posted a wider-than-expected loss, missed its revenue estimate and said it would buy fellow Canadian cannabis company Hexo Corp. HEXO, +30.16% for $56 million in an all-stock deal. Hexo stock is down 23%.