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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