Is HEXO the Best Cannabis Stock to Buy Now?
On May 28, Canadian cannabis producer HEXO (NYSE: HEXO) announced that it would be acquiring its competitor Redecan for CA$925 million. The transaction would create the No. 1 recreational cannabis company in Canada by the third quarter 2021, and management has sights set to be among the top three global cannabis leaders. HEXO-Redecan will have a combined adult-use cannabis market share of 17%, above that of Tilray's (NASDAQ: TLRY) 15.5%. Tilray had become the biggest cannabis company in Canada after finishing its merger with Aphria in May.
HEXO has been on an acquisition spree this year that commenced with its CA$235 million buyout of Zenbais Global, followed by the CA$50 million deal to take over 48North Cannabis prior to this mega-deal. Here's why this is a premium cannabis stock that could deepen investors' pockets.
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Source Fool.com
