Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Following its blockbuster merger with Aphria, Tilray continues its M&A streak and grows its revenue and geographic reach considerably. Markets Canadian cannabis companies Tilray Inc. and Aphria Inc. announced the closing of their merger on Monday, creating the worlds biggest weed company measured by revenue. Now the enthusiasm for the U.S. market may be overly optimistic. The Company is well-positioned to pursue international growth opportunities with its strong medical cannabis brands, distribution network in Germany, and end-to-end European Union Good Manufacturing Practices (EU-GMP) supply chain, which includes its production facilities in Portugal and Germany. The transaction was structured as a reverse acquisition, where Aphria acquired Tilray. Some the products include Riff, Good Supply, B!ngo and Solei from Aphria as well as Grail, Dubon, Canaca and The Batch from Tilrary. The companys stock will continue to list on Nasdaq under the ticker TLRY and will start trading on the Toronto Stock Exchange on Wednesday under the same ticker. and The merger between Aphria and Tilray was completed on May 3, 2021. The shares of cannabis stock Aphria Inc (NASDAQ:APHA) are surging this afternoon, getting a nice little halo lift from pending merger partner Tilray (TLRY), after the latter nailed down a deal with Grow Pharma to import and distribute its medical cannabis products into the United Kingdom. Although, assuming the deal does go through as seems reasonable then there could be a short-term increase in APHA stock. Internationally, the Combined Company will be well-positioned to pursue growth opportunities with Aphrias medical cannabis and distribution footprint in Germany, and Tilrays European Union Good Manufacturing Practices (EU-GMP) low-cost cannabis production facility in Portugal, which has export capabilities and tariff-free access to the European Union (EU) to meet increasing global demand for medical cannabis. After Tilray's ( TLRY) shareholders voted in favor of the proposed merger Aphria ( APHA) last Friday, the two cannabis companies announced today the completion of the transaction. Aphria has stopped trading and all Aphria shares are now converted to Tilray shares. With a strong financial profile, low-cost production, leading brands, distribution network and unique partnerships, we believe the Combined Company will be well-positioned to deliver sustainable, attractive returns for stockholders. The forward-looking statements are expressly qualified by this cautionary statement. The highly anticipated merger between Aphria (TSX:APHA)(NASDAQ:APHA) and Tilray (NASDAQ:TLRY) is set to close in Q2.Insiders anticipate that the merged entity could exist as soon as April. And Tilray needs to beef up its margins, not grow its collection of value brands from two to five. The Combined Company is considering utilizing Tilrays existing Nanaimo, British Columbia facility for Aphrias premium Broken Coast brand to increasingly meet consumer demand for its products. Operating its newly gained market share and slashing redundant costs could provide some good news for shareholders next quarter and beyond, but don't count on that before it happens if you're wondering whether to buy shares or hold on to those you have. Tilray's stock has lost some 36% of value in the last three years. The purchase will shore up its share of the Canadian market, which is sagging. As for Tilray, it has a strong business in Portugal. On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. Price as of April 18, 2023, 10:34 a.m. 2023 InvestorPlace Media, LLC. Cannabis producer Aphria (NASDAQ:APHA) stock has made a huge comeback in since early November. In the United States, the Combined Company will have a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater Brewing Company (SweetWater), a cannabis lifestyle branded craft brewer, and Manitoba Harvest, a leading hemp food manufacturer and a pioneer in branded CBD and wellness products. For further information on the terms and conditions of the Arrangement, please refer to the Agreement in its entirety, which will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Markets welcomed the news as . The record date for determining the Aphria Shareholders and the Tilray Stockholders entitled to receive notice of and vote at the Aphria Meeting and the Tilray Meeting, respectively, was . And it is global. After the merger completion, the new . www.cannabisbusinesstimes.com is using a security service for protection against online attacks. Copyright The forward-looking statements included in this news release are made as of the date of this news release and neither Aphria nor Tilray undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Tilray's Takeover. But there are other reasons to consider. On April 10, Tilray Brands (TLRY 1.65%) . Factors that may cause such differences include, but are not limited to, risks assumptions and expectations described in Aphrias and Tilrays critical accounting policies and estimates; the adoption and impact of certain accounting pronouncements; Aphrias and Tilrays future financial and operating performance; the competitive and business strategies of Aphria and Tilray ; the intention to grow the business, operations and potential activities of Aphria and Tilray; the ability of Aphria and Tilray to complete the Arrangement; Aphrias and Tilrays ability to provide a return on investment; Aphrias and Tilrays ability to maintain a strong financial position and manage costs, the ability of Aphria and Tilray to maximize the utilization of their existing assets and investments and that the completion of the Arrangement is subject to the satisfaction or waiver of a number of conditions as set forth in the Arrangement Agreement. The estimate is that they could hit about $78 million within the next couple years. However, there was an arbitrage opportunity before the merger. Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in Michael Bowen on LinkedIn: Tilray discloses $1.2B quarterly loss, plan to buy cannabis rival Hexo for The Combined Company, supported by low-cost, state-of-the-art cultivation, processing, and manufacturing facilities, will have a complete portfolio of branded Cannabis 2.0 products in Canada. Our highly complementary businesses create a combined company with a leading branded product portfolio, including the most comprehensive Cannabis 2.0 product offerings for patients and consumers, along with significant synergies across our operations in Canada, Europe and the United States. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. Shareholders of cannabis company Tilray Inc. voted in favour of a proposed merger with rival Aphria Inc. on Friday, in a transaction that will pave the way for the creation of the world's . The Agreement includes certain reciprocal customary provisions, including covenants in respect of the non-solicitation of alternative transactions, a right to match superior proposals and C$65million (US$50 million) reciprocal termination fee payable under certain circumstances. Following completion of the Arrangement, Aphria will become a wholly-owned subsidiary of Tilray, with Aphria shareholders owning approximately 62 percent of Tilray. The deal is pursuant to a plan of arrangement (the Arrangement) under the Business Corporations Act (Ontario), and the implied pro forma equity value of the Combined Company is approximately C$5.0 billion (US$3.9 billion), based on the share price of Aphria and Tilray at the close of market on December 15, 2020. Tilray (TLRY) and Aphria (APHA) both do something with cannabis. Management opted to make the transaction for $56 million in newly issued stock rather than using any of its $408 million in cash and equivalents. While Tilray investors have kept their shares after the merger, Aphria stockholders received 0.8381 Tilray shares for each Aphria share that they held. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. People may receive compensation for some links to products and services on this website. However, it looks a good buy now given the strong fundamentals of the new entity. 5 Hypergrowth Stocks With 10X Potential in 2023, spending is expected to hit a hefty $55.9 billion by 2026, spending to hit $41 billion by 2025, which would represent a 21% CAGR, One Little-Known Tech Stock Could Be the Next Big Thing in 2023, NIOs New Expansion Plans: What It Means for Investors, Louis Navellier and the InvestorPlace Research Staff. Copies of these documents may be obtained, free of charge, from the SEC or Tilray as described in the preceding paragraph. There is also a razor-thin majority in the Senate. Visit a quote page and your recently viewed tickers will be displayed here. Effective on closing, the senior management team and Board of Directors of the Company were reconstituted as follows: The new Tilray logo blends both Aphria and legacy Tilrays branding into a design that reflects the new Companys growing portfolio of brands across cannabis-lifestyle and wellness product categories, including medical, adult-use, hemp foods, and beverages. The company owns SweetWater, a cannabis craft beer brewer, and Manitoba Harvest, a hemp, CBD and wellness products maker that has access to 17,000 stores in North America. Tilray and Aphria Close Merger. First, the terms of the deal will mean that their shares get a bit diluted. First of all, the companys CEO and chairman, Irwin Simon, will remain at the helm. The scale will be essential for long-term success of APHA stock. Completion of the Arrangement is subject to regulatory and court approvals and other customary closing conditions. Unfortunately, it's likely going to be stymied on both those fronts by the sorry state of the Canadian cannabis market, which is flooded with cheap marijuana that's putting a crimp on margins. Investor Relationsinvestors@aphria.com, Tilray contacts: Media Amy Bonwick, 647-515-3748amy@pomppr.com, Investors Raphael Gross Making the world smarter, happier, and richer. Forward-looking statements involve significant known and unknown risks and uncertainties. So shareholders are unlikely to be impressed by buying a smaller and weaker competitor that will dilute their shares, since the previous plan to buy a far more capable competitor didn't result in much in the form of returns. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. Husch Blackwell LLP ' is very knowledge in the world of cannabis ' and handles cannabis and industrial hemp regulatory matters across all 50 states and Washington DC. The Company's portfolio of brands is grounded in expertly researched consumer insights designed to meet the needs of every consumer segment. This actually presents an arbitrage opportunity, in which an investor can short Tilray and buy Aphria to lock in a gain. The combined company will boast $685 million in annual revenue, m View the full release here: https://www.businesswire.com/news/home/20201216005519/en/. Tilray (Nasdaq: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 15 countries spanning five continents. Now that the Aphria/Tilray merger has been announced, we can expect other top-tier Canadian pot stocks, like Canopy Growth Corp (NASDAQ:CGC) and Aurora Cannabis Inc (NYSE:ACB), to begin to see . He is also the founder of. The Major Red Flag That BBBY Stock Investors Need to Know About. Investors and security holders of Aphria and Tilray are urged to carefully read the entire management information circular and proxy statement (including any amendments or supplements to such documents), respectively, when such documents become available before making any voting decision with respect to the proposed transaction because they will contain important information about the proposed transaction and the parties to the transaction. But TLRY stock will likely fall once the merger goes through since it may take time for synergies to work. Uh-Oh. Also, after the merger, Tilray has diversified operations and hopes to realize significant synergies from the merger. Recreational marijuana sales are expected to soar if marijuana is legalized at the federal level in the U.S., a real possibility now that Democrats control the Senate. Various assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this news release. This was the case when Salesforce acquired Slack. See definition in Aphrias Q1 2021 Management Discussion & Analysis.3 Annualized September 2020 retail sales of C$256 million based on Statistics CanadaNovember 2020 release4 Based on Stifel analyst report by Andrew Carter, dated December 6, 2020, December 2020 Headset Canada Review. Aphria and Tilray are confident that the leadership team and proposed board of directors of the Combined Company provides a strong foundation for the Combined Company to accelerate growth. The Combined Company is expected to leverage SweetWaters craft beer manufacturing and distribution network to build brand awareness for the Combined Companys leading brands via craft beers, hard seltzers, and other beverages as it seeks to take advantage of opportunities for both the adult-use and health and wellbeing beverage trends. The all-stock deal, billed as a "reverse acquisition" of Tilray by the companies in a presentation to investors, will see Aphria shareholders receive 0.8381 shares of Tilray for each Aphria share . Likewise, the stock market heavily disfavors marijuana companies and unprofitable companies at the moment, and Tilray falls into both of those buckets. The companies are expecting the new combined company which will operate as Tilray to generate pretax cost-saving synergies of $81 million within 18 months of closing. By leveraging our combined strengths and capabilities, we expect to be able to meet the needs of consumers more effectively all over the world and advance patient care. At this nascent stage of development and expansion of the global cannabis market, we believe companies with leading geographic scale, product range and brand expertise are most likely to benefit long-term. Yet the terms of the deal look more advantageous to Aphria. However, the company lowered the quorum requirement for the shareholder meeting and it was eventually approved overwhelmingly towards the end of April. Tilray and Aphria and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of Tilray proxies in respect of the proposed transaction. Tilray shareholder." Michael A. Gayed, CFA on Instagram: "Aphria shareholders overwhelmingly voted in support of a merger with Tilray. Irwin D Simon, formerly Aphrias CEO and chairman, will lead the new Tilray, with Tilrays current CEO Brendan Kennedy joining the board. The Combined Company also expects to pursue the opportunity to expand with new or existing CBD or other cannabinoid brands leveraging Manitoba Harvests strong hemp and wellness product platform. He is also the founder ofWebIPO, which was one of the first platforms for public offerings during the 1990s. The transaction was structured as a reverse acquisition, where Aphria acquired Tilray. However, as seen in the last election, more states are moving towards legalization. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Tilray - Bestes Cannabis Unternehmen? Jefferies LLC served as financial advisor, and DLA Piper LLP (US), DLA Piper (Canada) LLP, and Fasken Martineau Dumoulin LLP acted as legal counsel to Aphria. I look forward to leading the talented teams of both Aphria and Tilray as we seek to create a leading global cannabis and consumer packaged goods company with a portfolio of medical, wellness and adult-use brands consumers love., Mr. Kennedy, Tilrays Chief Executive Officer, commented, We are thrilled to bring together two cannabis industry leaders. Aphrias CC Pharma division is a leading importer and distributor in Germany. Approval of a majority of the votes cast by Tilray stockholders will be required to, among other things contemplated by the Agreement, authorize the issuance of Tilray shares to Aphria shareholders pursuant to the Arrangement. ahead-of-print No. ahead-of-print. The forecast is for spending to hit $41 billion by 2025, which would represent a 21% CAGR. Under the terms of the Arrangement, the shareholders of Aphria (the Aphria Shareholders) will receive 0.8381 shares (the Exchange Ratio)of Tilray for each Aphria common share (each, an Aphria Share), while holders of Tilray shares (the Tilray Stockholders) will continue to hold their Tilray shares (the Tilray Shares) with no adjustment to their holdings. Get Out Now. Jefferies LLC provided a fairness opinion to the Board of Directors of Aphria on December 15, 2020, stating that, as of the date of such opinion and based upon the scope of review and subject to the assumptions, limitations and qualifications stated in such opinion, the Exchange Ratio is fair, from a financial point of view, to the Aphria Shareholders. 437-343-4000, Investors Tilray is a pioneer navigating toward the end of prohibition and built to deliver on the collective wellbeing of the Companys employees, consumers, patients, partners, and local communities. The company will receive 0.8381 shares of Tilray and get about 62% of the ownership of the new entity. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Aphria shareholders received 0.8381 of a Tilray share for each Aphria common share owned. The Combined Company will be the largest global cannabis company based on pro forma revenue for the last twelve months reported by each company with scale and breadth across major geographies and a complete portfolio of market leading brands in the major Cannabis 2.0 product categories. Stock Market Basics. The required two-thirds majority of Aphria shareholders backed a motion to approve the deal at a virtual meeting on Wednesday. Tilray will acquire Hexo by paying US$56 million in an all-stock deal to acquire the remaining outstanding shares it doesn't own after it will exercise the US$173 million . Until Tilray's merger with Aphira, the biggest weed firm in the world was Wakefield, Massachusetts-headquartered Curaleafwhich recorded $625.6 million in revenue last year, has 101 licensed . The resulting company, which is expected to generate . The merger had got delayed due to the delay in approval from Tilray shareholders. Tilray stock leapt 26% to 16.01 in the stock market today . The Aphria management information circular and the Tilray proxy statement will be mailed to the Aphria and Tilray shareholders, respectively, as well as be accessible on the SEDAR and EDGAR profiles of the respective companies. The reverse merger with Tilray will see Aphria shareholders get 0.8381 shares of Tilray for each Aphria share they own, while owning 62% of the combined company, which on a pro forma basis had . Tilray Brands had a mixed quarter with revenue of $145.59 million, falling 4.1% compared to last year. Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in Michael Bowen sur LinkedIn : Tilray discloses $1.2B quarterly loss, plan to buy cannabis rival Hexo for , See now:U.S. cannabis producers are now favored by Wall Street analysts, whove soured on Canadian companies. Whats more, the recreational business will have a strong set of brands, which span from low-cost to premium offerings. Certain information in this communication constitutes forward-looking information or forward-looking statements (together, forward-looking statements) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. The merger was announced on December 16, 2020 and I assume they're still looking to merge as the deal makes a lot of sense in terms of market share and cost synergies. Tilray shareholders voted in favor of the deal on Friday. The service requires full cookie support in order to view this website. Navigating the tides of an emerging global cannabis industry: the Aphria-Tilray merger decision The CASE Journal 18 maart 2022 Eghbali-Zarch, M., Marlowe, J. and Brennan, S. (2022), "Navigating the tides of an emerging global cannabis industry: the Aphria-Tilray merger decision", The CASE Journal, Vol. Next, the economics of the deal are more favorable for APHA stock. The service requires full JavaScript support in order to view this website. On May 3, 2021, the merger between Tilray Inc. and Aphria Inc. marked a new era of growth by creating the largest cannabis company in the world in terms of revenue and geographic reach. 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