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Canada's HEXO closes C$263M all-stock acquisition of Newstrike Brands

Canadian packaged goods cannabis company HEXO Corp. closed its planned C$263 million all-stock acquisition of Toronto-based Newstrike Brands Ltd.

The Canadian Competition Bureau approved the transaction earlier in the month.

Newstrike is the parent company of Up Cannabis Inc., a producer of cannabis licensed to cultivate and sell cannabis in all acceptable forms.

Under the terms of the transaction, Newstrike shareholders received 0.06332 of a HEXO common share for each Newstrike common share held. HEXO shareholders will own about 86% of the combined company, and Newstrike shareholders will own 14%.

Newstrike will be delisted from the TSX Venture Exchange by May 28.