Our Canadian team comprised of members from our Montreal, Toronto, Calgary and Vancouver offices is advising HEXO Corp on three contemporaneous acquisitions, involving two publicly held companies and one large privately held company, for an aggregate transaction value of over C$1.2bn. Our involvement in all three transactions attests to the strength of our national M&A practice in the cannabis sector.
Announced on February 16, 2021, we advised HEXO Corp in its acquisition, by way of plan of arrangement, of all issued and outstanding shares of Zenabis Global Inc. for an enterprise value of C$235m. The transaction closed on June 1, 2021.
Announced on May 17, 2021, we are advising HEXO Corp. on its acquisition, also by way of a plan of arrangement, of all of the issued and outstanding common shares of 48North Cannabis Corp. in an all-share transaction valued at approximately C$50m on an enterprise value basis.
Announced on May 28, 2021, we are advising HEXO Corp. in its acquisition of Redecan, Canada’s largest privately owned licensed cannabis producer for a purchase price of C$925m payable in cash and through the issuance of common shares of HEXO. The transaction is expected to close in Q3 2021, subject to the satisfaction of customary closing conditions.
These three M&A deals in 2021 follow on the C$263m acquisition of Newstrike Brands by HEXO Corp where the firm acted for HEXO Corp. More information on this transaction can be found here.