HEXO
HEXO Corp is a Canadian licensed cannabis producer that manufactured and distributed dried flower, extracts, and related adult-use cannabis products across Canada through a multi-brand portfolio built via acquisitions, before being acquired by Tilray Brands in 2024.
- Company typePublic
- Founded2013
- HeadquartersGatineau, Canada
- Headcount501–1,000
- GTM typeB2C
- OfferingHardware or Manufacturing
What HEXO does
HEXO Corp is a Canadian consumer packaged goods cannabis company founded in 2013 and headquartered in Gatineau, Quebec, operating in the adult-use and medical cannabis markets. The company produced and distributed a portfolio of cannabis products including dried flower, cannabis extracts, and related branded offerings, serving Canadian recreational cannabis consumers and medical patients. Its go-to-market relied on a multi-brand strategy built through acquisitions rather than organic brand development.
Between 2019 and 2021, HEXO executed an aggressive M&A-driven consolidation strategy, acquiring Newstrike Brands (March 2019), Zenabis Global (February 2021, ~CAD$184.9M), 48North Cannabis Corp (May 2021, ~$50M all-share, with stated synergies of up to $12M annually), and Redecan (August 2021). The Redecan and U.S. expansion efforts were funded in part by a US$144.8M public offering of 49,080,024 units at US$2.95 per unit in August 2021. The company was publicly traded on the TSX under the symbol HEXO and raised cumulative equity capital exceeding US$500 million between 2017 and 2022.
Despite this scale, HEXO's financial profile deteriorated materially. Revenue grew through 2021, but the company recorded sustained negative EBITDA and large net losses, reaching approximately CAD$838 million in net loss in 2022. In 2024, Tilray Brands acquired HEXO for approximately $56 million, absorbing it into Tilray's Canadian cannabis distribution network and ending HEXO's status as an independent operating company.
HEXO firmographics
Firmographics- Name
- HEXO
- Legal name
- HEXO Corp
- Website
- https://hexocorp.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Acquired
- Headcount range
- 501–1,000 employees
- Short description
- HEXO Corp is a Canadian licensed cannabis producer that manufactured and distributed dried flower, extracts, and related adult-use cannabis products across Canada through a multi-brand portfolio built via acquisitions, before being acquired by Tilray Brands in 2024.
- Ownership category
- akta.pro rank
HEXO industry classification
Industry- Product category
- Adult-Use Cannabis
- NAICS
- Medicinal and Botanical Manufacturing (325411)
- akta.pro primary industry
- Adult-Use (Recreational) Cannabis Delivery & Online Ordering (CRANAGAH)
Keywords
Where HEXO is headquartered
LocationHeadquarters
- HQ city
- Gatineau
- HQ country
- Canada
- HQ region
- North America
Markets served
HEXO business model
Business model- GTM type
- B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D
HEXO product offering
Product offeringCore offering
HEXO is a consumer packaged goods cannabis company that cultivates, manufactures, and distributes branded cannabis products including dried flower, cannabis extracts, and related offerings for the Canadian adult-use and medical cannabis markets. The company built a diversified multi-brand portfolio through the acquisitions of 48North Cannabis Corp, Zenabis Global, and Redecan, and was subsequently acquired by Tilray Brands.
Product overview
HEXO Corp was a Canadian cannabis company operating in the adult-use and medical cannabis markets. The company offered dried flower, cannabis extracts, and related products through its portfolio of brands. HEXO was subsequently acquired by Tilray Brands in 2023 for approximately $56 million.
Differentiator
Problem solved
Functional benefit
Products and services
- HEXO Branded Cannabis Products
Quantifiable outcome
- Expected synergies of up to $12 million annually from 48North acquisition
Companies that use HEXO
Customer profileSegments1 record
Ideal customer profiles1 record
HEXO technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
HEXO partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Tilray BrandscoreTilray Brands acquired HEXO through multiple transactions including the HEXO Note acquisition. Tilray purchased Hexo Corporation for approximately $56 million to strengthen its Canadian distribution network. This represents HEXO being acquired by Tilray.
- RedecancoreHEXO Corp announced a US$144.8 million public offering with proceeds intended for corporate expansion and Redecan acquisition payments. Redecan was a target acquisition to expand HEXO's operations in the Canadian cannabis market.
- 48North Cannabis Corp.coreHEXO Corp announced plans to acquire 48North Cannabis Corp. in an all-share transaction valued at approximately $50 million. The deal aimed to strengthen HEXO's position in the Canadian adult-use cannabis market, diversify its product portfolio, and deliver expected synergies of up to $12 million annually.
Scale indicators4 records
Recent moves6 records
Expansion highlights4 records
HEXO competitors and assessment
Company assessmentDirect peers
- Tilray Brands: Global cannabis and wellness CPG company and HEXO's acquirer. Directly comparable as a Canadian-anchored multi-brand cannabis operator across cultivation, branded products, and international distribution.
- Canopy Growth Corporation: One of the largest Canadian licensed producers with a multi-brand portfolio (Tweed, 7ACRES, DOJA). Directly comparable to HEXO as a Canadian cannabis cultivator and CPG brand operator competing for similar retail shelf space.
- Aurora Cannabis: Major Canadian licensed producer with both medical and adult-use brands. Comparable to HEXO in cultivation footprint, product mix (dried flower, extracts, derivatives), and Canadian retail channel exposure.
- OrganiGram Holdings: Canadian licensed producer focused on adult-use and medical cannabis, including dried flower, vapes, and pre-rolls. Directly comparable to HEXO as a mid-cap Canadian cannabis CPG competitor.
- Cronos Group: Canadian cannabis producer with branded adult-use products (Spinach, PEACE NATURALS). Comparable to HEXO in serving the Canadian recreational market with a focus on branded consumer products.
- Village Farms International: Operates a Canadian cannabis business (Pure Sunfarms) that is a major Canadian dried flower brand. Comparable to HEXO as a Canadian cannabis cultivator competing in the value and premium flower segments.
- TerrAscend Corp. Multi-state and Canadian cannabis operator with branded retail and wholesale offerings. Comparable to HEXO as a North American cannabis company with branded products across both adult-use markets.
- Sundial Growers: Canadian cannabis producer with brands including Top Leaf and Palmetto. Comparable to HEXO as a Canadian cannabis CPG company with a similar product portfolio focused on the adult-use market.
Broad incumbents
- Curaleaf Holdings: Largest U.S. multi-state cannabis operator by retail footprint. Comparable to HEXO at the category level as a multi-state/multi-brand cannabis CPG company, though primarily U.S.-focused rather than Canadian.
- Green Thumb Industries: U.S. multi-state cannabis operator with branded consumer products (Rythm, Beboe, incredibles). Comparable to HEXO at the category level as a branded cannabis CPG company with multi-market distribution.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
HEXO social profiles
Digital presenceHEXO financial estimates
Financial estimateRevenue estimate
Valuation estimate
HEXO leadership team
Management profileNumber of profiles
Profiles9 records
HEXO subsidiaries and ownership
Company hierarchySubsidiaries2 records
HEXO funding detail
Funding detailFunding overview
Funding rounds11 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HEXO M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HEXO
What does HEXO do?
HEXO is a consumer packaged goods cannabis company that cultivates, manufactures, and distributes branded cannabis products including dried flower, cannabis extracts, and related offerings for the Canadian adult-use and medical cannabis markets. The company built a diversified multi-brand portfolio through the acquisitions of 48North Cannabis Corp, Zenabis Global, and Redecan, and was subsequently acquired by Tilray Brands.
Is HEXO a public or private company?
HEXO is a public company. It is classified as public and is currently acquired.
When was HEXO founded?
HEXO was founded in 2013. It employs 501 to 1,000 people.
Where is HEXO based?
HEXO is headquartered in Gatineau, Canada, in the North America region.
Who are HEXO's main competitors?
Direct peers on record are Tilray Brands, Canopy Growth Corporation, Aurora Cannabis, OrganiGram Holdings, Cronos Group, Village Farms International, TerrAscend Corp. and Sundial Growers. Broad incumbents are Curaleaf Holdings and Green Thumb Industries.
Does HEXO have an API?
No public API is recorded for HEXO.
What industry is HEXO in?
HEXO's product category is Adult-Use Cannabis. Its primary akta.pro industry code is CRANAGAH, Adult-Use (Recreational) Cannabis Delivery & Online Ordering. Its NAICS code is 325411.