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Tilray (TLRY) To Buy Hexo Corp. (HEXO)

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Tilray Brands, Inc. (TLRY) announced that they had signed a definitive agreement for a commercial and financial partnership with HEXO Corp. (HEXO). As initially announced on March 3, 2022, the partnership will bring together Canada’s top two cannabis market leaders, strengthening their respective operations and setting the stage for production efficiencies, which are expected to yield increased productivity and other efficiencies amid intensely-competitive market dynamics.

Irwin D. Simon, Tilray Brands’ Chairman, and CEO, stated, “We know that winning in Canada means a relentless focus on product innovation and operational excellence. The agreement with HEXO delivers on both fronts as it facilitates collaboration, the sharing of best-practices and yields quantifiable operating efficiencies between two companies with unparalleled global cannabis expertise. In addition, we believe the timing is right given HEXO’s progress executing its operational turnaround plan that could deliver tangible value to Tilray Brands shareholders upon equity conversion of our investment. We look forward to working with HEXO to deliver on the promise and the potential of this partnership for our shareholders, consumers, and employees.

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Cannabis Tourism Valued At $17 Billion

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The cannabis tourism industry is reported to be valued at $17 billion and could begin to increase post-COVID. Additionally, a report featured in Forbes states that 50% of millennials think that adult-use cannabis access is essential when making plans to travel and that 43% of millennials specifically choose a destination because of legalization.

According to Emerald Farm Tours Co-founder Victor Pinho, cannabis tourism has potential. “They’re tourists, and they’re shopping; they are here to spend money in the mecca of weed,” he told Forbes of his business, which is located in Northern California. He also estimated that tour participants sometimes spend $300-$400 when they visit dispensaries, much more than the average adult-use consumer.

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Cannabis Regulators And Stakeholders Hold Closed-Door Conference

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The Cannabis Regulators Association (CANNRA) is holding a 2-day closed-door conference with cannabis government regulators, trade associations, and businesses to discuss a wide range of policy considerations ranging from promoting equity in the industry to interstate commerce to creating rules around emerging cannabinoids.

“We felt like this was an opportunity for us to more formally introduce ourselves to stakeholders and formalize some of those relationships and hear a wide range of perspectives in person, to be able to hear different views.” CANNRA Executive Director Gillian Schauer

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U.S. Cannabis Sales Hit $1.68 Billion

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April U.S. cannabis sales as covered by cannabis data analytics firm BDSA grew in 10 out of 11 states. However, compared to a year ago, sales were down in 7 of those markets, driven mainly by declining concentrates growth. This review will look at the markets, beginning with the eastern markets and then concluding with the western markets. Sales across the 11 markets totaled $1.68 billion during the month.

BDSA provides coverage for Florida, Illinois, Maryland, Massachusetts, Michigan, and Pennsylvania. In April, year-over-year growth ranged from -7.3% in Maryland to 25.2% in Michigan. Note that Florida, Maryland, and Pennsylvania are medical-only markets.

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