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Marijuana producer tilray provided a lifeline for rival hexo through a $211 million debt purchase and alliance

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On Thursday, tilxo Corp, a producer of marijuana that has not been aligned with the company, said it was in trouble with a $6.12 billion guarantee for its $1.1 billion senior marijuana producer. Under the terms of the proposed transaction, the notes will be amended to allow tilray to exercise the conversion right at a price of 90 Canadian cents ($0.71) per hexo share and acquire approximately 40% of hexo's significant shares. Irwin Simon, tilray's chief executive, said the proposed deal would benefit both companies because it would effectively launch a strategic alliance between two top Canadian cannabis producers "with a complementary brand portfolio".


Source: hightimes com