Quebec cannabis giant Hexo acquires Tragically Hip-backed Newstrike

The final puzzle piece about to be placed in a space that says 'acquistion'

The deal would give HEXO the capacity to produce approximately 150,000 kg of cannabis annually, as well as 1.8 million square feet of cultivation space.

Retail investors, who continue to make up a sizable proportion of cannabis company shareholders, lamented the low premium attached to the Emblem deal and are doing the same for this latest proposed transaction. This concern may not be specific to Hexo Corp, with the company selling a total of 2,689KG of cannabis during the second quarter of 2019. "Jay Wilgar (CEO of Newstrike) and his team have built incredible relationships, including teaming up with The Tragically Hip, and they share HEXO's vision of bringing exceptional branded cannabis experiences to adults everywhere", said Sebastien St-Louis, HEXO's CEO and co-founder.

The deal still requires approval by Newstrike shareholders, as well as regulatory court and stock exchange approvals.

HEXO hopes this will buoy them to their goal of $400 million in yearly net revenue by July 2020. Health Canada has issued licences to more than 100 entities under the Cannabis Act, and Up Cannabis is one of only seven with provincial agreements in at least seven provinces. "Our strength in Ontario and English Canada clearly complements Hexo's strong position in Quebec and creates an industry leader". The stock has a market capitalization of $1.61 billion and a PE ratio of -38.25. In this case performance of tends to percentage rate of return for a stock for a given time frame.

Ontario cited a "national shortage" of regulated cannabis when it scaled back the rollout of brick-and-mortar outlets late past year to 50 across the province.

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Newstrike, which has the stock symbol HIP, was set to be acquired by CanniMed Therapeutics Inc.in an all-stock deal in 2017. However, Aurora later launched a hostile-takeover bid of CanniMed and after a months-long battle, the two companies signed a friendly deal, abandoning the plans to acquire Newstrike. "We are thrilled to have been selected by Up Cannabis to provide guarding services and secure transport for a company with clear growth ambitions, tremendous production capacity, and supply agreements in place that can support its strategic intentions".

Though headquartered just a few kilometres away from rival cannabis producer Canopy Growth in Smiths Falls, Hexo is looking to be the preeminent pot producer in the Ottawa area, Lake says.

"I think Hexo has been doing things the right way for a long time, we certainly have now a reputation for execution and also good governance that allows partners of RBC's status and of Molson's status and other Fortune 500s to come to the table", he said.

The overall total volume in the last trading session was 3773215 shares while it's while its relative trading volume is 2.58.

St-Louis said on Thursday he expected Hexo's sales to be relatively flat during its third quarter which ends April 30, but a new facility the Quebec-based licensed producer is building in Belleville, Ont. will be "transformational".

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