HEXO

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.

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

Product category

Adult-Use Cannabis

NAICS

Medicinal and Botanical Manufacturing (325411)

akta.pro primary industry

Adult-Use (Recreational) Cannabis Delivery & Online Ordering (CRANAGAH)

Keywords

• Adult-use cannabis
• Cannabis dried flower
• Cannabis extracts
• Cannabis consumer packaged goods
• Medical cannabis

Headquarters

HQ city

Gatineau

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D

Core 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

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Tilray BrandscoreStrategic or Co-development Partner · 12 July 2022Tilray 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.
• RedecancoreStrategic or Co-development Partner · 24 August 2021HEXO 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.coreStrategic or Co-development Partner · 16 May 2021HEXO 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

Direct 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

• Xx.com/Hexocorp
• Facebookfacebook.com/HEXOCorp
• LinkedInlinkedin.com/company/hexo-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HEXO