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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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Aurora Cannabis Announces More Closures

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To become more profitable, Aurora Cannabis (ACB) is closing its flagship Aurora Sky facility in Edmonton, Alberta, and shuttering an outdoor farm in British Columbia and its prized Anandia testing and genetics division.

The Edmonton-based producer also acknowledged the pending sale of its Sun facility in Medicine Hat, Alberta, for 47 million Canadian dollars ($36 million), well below the more than CA$250 million Aurora had put into the huge greenhouse.

Aurora disclosed the latest facility closures and sales last week, along with its third-quarter earnings, in which the company reported a loss of CA$1 billion ($780 million).

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Legal Cannabis Decreases Use Of Alcohol

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A new study released by researchers at the University of Washington analyzed data on substance use trends from 2014 to 2019, finding that people aged 21-25 were less likely to consume alcohol, nicotine, and non-prescription opioids.

The study, published in the Journal of Adolescent Health last week, looked at “six annual waves of cross-sectional survey data,’ analyzing data from 12,694 adults.

“Contrary to concerns about spillover effects, implementation of legalized non-medical cannabis coincided with decreases in alcohol and cigarette use and pain reliever misuse,” the study abstract said.

“The weakening association of cannabis use with the use of other substances among individuals ages 21–25 requires further research but may suggest increased importance of cannabis-specific prevention and treatment efforts.” 

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U.S. Cannabis Sales Beat Out Starbucks

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Starbucks (SBUX) may need to put a store on every corner in the U.S. if it wants to keep up with legal cannabis in the country.

A recent report by MJBizDaily showed that U.S. cannabis sales outpaced Starbucks North American sales by at least a third, even though coffee can be sold in all 50 states. By contrast, only 39 states and the District of Columbia have legalized some form of cannabis.

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