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Hexo invests C$10M in cannabis retailer

The Hydropothecary Corp., which planning to change its name to Hexo Corp., said it invested C$10 million in Fire & Flower Inc., an independent cannabis retailer in Canada.

Under the agreement, Hexo acquired C$10 million unsecured debentures with a compound annual interest rate of 8%. On July 31, 2019, the debentures will automatically convert into Fire & Flower common shares at a rate of C$1.15 each. The debentures are also convertible into a 12% loan.

Fire & Flower has so far been awarded one store license in Saskatchewan, and has applied for 37 more in Alberta, according to Hexo.

Hexo CEO and co-founder Sebastien St-Louis said the investment helps the companies capture market share in western Canada.