Majority of Hexo shareholders approve acquisition by Tilray

HEXO common shareholders approved the arrangement agreement, with Tilray Brands. Tilray is now set to acquire, by way of court-approved plan of arrangement (the “Arrangement”), all of the issued and outstanding common shares of the Company (the “Common Shares”).

The Arrangement required the approval of 66⅔% of votes cast by the Company’s common shareholders and the approval of a simple majority of the votes cast by minority common shareholders of the Company. At the special meeting, the Arrangement was approved by approximately 93.7% of all votes cast as well as by approximately 93.7% of the Common Shares voted by shareholders on the majority of the minority vote required under Multilateral Instrument 61-101—Protection of Minority Security Holders in Special Transactions.