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Is Tilray Stock a Buy With Its Acquisition of Hexo?

Is Tilray Stock a Buy With Its Acquisition of Hexo?

Tilray announced after the market closed on Monday that it plans to buy Hexo for a total of around $56 million in an all-stock transaction. The deal is expected to close in June 2023 but must first clear regulatory hurdles and win approval from Hexo shareholders. Shares of Tilray have plunged more than 50% over the past 12 months.