(CBC)
Hexo Corp. will acquire competitor Zenabis Global Inc. in $235-million deal that will give the cannabis company a European foothold and strengthen its domestic business.
“Hexo’s growth strategy includes expanding our global presence, and this acquisition is an important step in that direction,” Sebastien St-Louis, Hexo’s chief executive and co-founder, said in a statement Tuesday.
The deal, which will see Hexo acquire two indoor growing facilities and get access to a greenhouse, comes as the Canadian pot market is starting to consolidate amid talk of potential U.S. cannabis legalization.
