Cannabis being grown in a HEXO greenhouse in Quebec in 2018. / Photo by Chris Roussakis /Bloomberg HEXO Corporation and Zenabis Global Inc. have entered into a definitive agreement that, as proposed, would see the former acquire all of the latter’s issued and outstanding common shares. Valued at $235 million, the all-share transaction means Zenabis shareholders will receive 0.01772 of a HEXO common share in exchange for each company common share held, notes a joint statement from the two companies. Previously approved by each company’s Board of Directors (BoD), the deal lays the groundwork for becoming a major cannabis player. If recent financial results are any indication, “the combined organization would be a top-three licensed producer in terms of combined Canadian recreational cannabis sales,” the statement notes.