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Why HEXO Stock Surged Today

TheMotleyFool

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Shares of HEXO (NYSE: HEXO) climbed 22.6% on Tuesday after the cannabis company announced it agreed to purchase fellow Canadian weed maker Zenabis Global (OTC: ZBISF).

The all-stock deal values Zenabis at roughly 235 million Canadian dollars ($185 million). HEXO says acquiring Zenabis will strengthen its position in Canada's recreational cannabis market and give it a beachhead into Europe's medical marijuana industry.

HEXO and Zenabis Global are joining forces. Image source: Getty Images.

Source Fool.com

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