HEXO (OTCMKTS:HYYWF) has acquired a 100% stake as per the
previously agreed arrangement in Newstrike
Brands Ltd (OTCMKTS:NWKRF). The deal comprises all the outstanding and
issued shares of Newstrike.
Controls 558.971 million shares
the takeover, Hexo gets control over 558.971 million shares of Newstrike and
representing a 100% stake.
Executive Officer and co-founder of Hexo, Sebastien St-Louis said the takeover
marks a new and adventurous beginning for the company. The talented teams of
both firms would engage in moving forward the vision of Hexo to form the best
cannabis technology firm. He congratulated the entire team and especially Jay
Wilgar for the trust they reposed in Hexo to grow together.
Formalizes a presence in the US
Hexo has appointed Chief Financial Officer to
formalize the presence in the US. With the appointment of Michael Monahan as
CFO and the creation of Hexo USA Inc, the company is on the path to offer
consistent cannabis experience to the users in the US through the launch of easy
to use, innovative and branded products.
said he has been touring the US explaining the story of Hexo to the potential
and present investors. The company has been sharing the vision and intends to
operate in the legalized cannabis market in the US. The establishment of Hexo
USA Inc and appointment of US-based CFO are the right steps in this direction.
is one of the biggest companies in Canada engaged in the production of cannabis
under license. Its manufacturing facilities are located in Quebec and Ontario.
The company also established a footprint in Greece for Eurozone production,
processing, and distribution centre establishment.
form Truss, the company established a partnership with Molson Colors Canada.
Truss will be responsible for the production of cannabis-infused beverages to
meet the demand for the legal market in Canada. Hexo is well positioned to
enjoy a considerable market share following the passage of the US farm bill
that allows extraction of cannabidiol from hemp.
said Sebastien had done an excellent job along with the team to ensure
long-term success for Hexo. Manohan is pleased to join as it expands overseas.