Tilray shares were climbing 3% to $18.89, while Aphria was off slightly to $15.38 in premarket trading. LEAMINGTON, Ontario & NANAIMO, British Columbia--(BUSINESS WIRE)--Dec. 16, 2020-- Aphria Inc. (Aphria) (TSX: APHA and Nasdaq: APHA), a leading global cannabis company inspiring and empowering the worldwide community to live their very best life, and Tilray, Inc. (Tilray) (Nasdaq: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, today announced that they have entered into a definitive agreement (the Agreement) to combine their businesses and create the worlds largest global cannabis company (the Combined Company) based on pro forma revenue1. Consider that the price went from $5.50 to $20. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and . Yet there are also major business synergies with the merger. This includes leveraging Aphria and Tilrays proven distribution networks in Canada to sell SweetWaters 420 cannabis lifestyle brand in Canada. However, shares have a weak 26 . Establishes an Unrivaled European Platform:The Combined Company will be well-positioned to pursue growth opportunities with its end-to-end EU-GMP supply chain and distribution, which includes Aphrias German medical cannabis distribution footprint and Tilrays 2.7 million square foot European EU-GMP low-cost cannabis cultivation and production facility in Portugal. is the author of various books on investing and technology, including Artificial Intelligence Basics, High-Profit IPO Strategies and All About Short Selling. After all, Aphria is merging with rival Tilray (NASDAQ:TLRY). This process is automatic. 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 In reality, this is Aphria taking over Tilray. Low-cost, State-of-the-Art Production & the Leading Canadian Adult-Use Cannabis Producer. Thursday's release did not repeat that message. This represents a 17% compound annual growth rate. The Companys class 2 common stock (Tilray Shares) will continue to trade on the Nasdaq Global Select Exchange under the ticker symbol TLRY and will commence trading on the Toronto Stock Exchange under the ticker symbol TLRY on May 5, 2021. Price as of April 18, 2023, 10:34 a.m. Tilray, for its part, has already used this business development strategy to markedly increase its market share in Canada through the 2021 merger with Aphria, and then again with its latest . However, in the case of Aphria and Tilray, both stocks rose after the merger news. Please enable JavaScript on your browser and try again. The trouble is, when it announced in late 2020 its planned merger with Aphria, another major Canadian cannabis business, the pair controlled a total of 17% of the market at the time. 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. Learn more about Tilray Brands Inc PE Ratio (TTM), Historical PE Ratio (TTM) and more, at GuruFocus.com Enjoy a 7-Day Free Trial Thru Apr 23, 2023! Both stocks jumped after the announcement as markets welcomed consolidation in an industry marred by perennial losses. The last issue with buying Hexo is that three of its four marijuana brands are targeted toward the value segment of the market. Cannabis producer Aphria (NASDAQ:APHA) stock has made a huge comeback in since early November. The trouble is, when it announced in late 2020 its planned merger with Aphria, another major Canadian cannabis business, the pair controlled a total of . The combined . The service requires full JavaScript support in order to view this website. And then Tilray has its U.S. Hemp and Wellness platform, which has distribution in 17,000 stores and a line of BD products. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Irwin D. Simon, Chairman and Chief Executive Officer, Denise Faltischek, Head of International and Chief Strategy Officer, Jared Simon, President, Manitoba Harvest and Tilray Wellness, Rita Seguin, Chief Human Resources Officer, Dara Redler, Interim Chief Legal Officer and Corporate Secretary, Berrin Noorata, Chief Corporate Affairs Officer, Lloyd Brathwaite, Chief Information Officer, Freddy Bensch, Chief Executive Officer, SweetWater, Renah Persofsky, ICD.D, Vice-Chair (Lead Director) and Chair of the Nominating and Governance Committee, Independent Director, Jodi Butts, Nominating & Governance Committee Member, Independent Director, David Clanachan, Newly Appointed Independent Director, John M. Herhalt Chair of the Audit Committee, Independent Director, David Hopkinson, Nominating and Governance Committee & Compensation Committee Member, Independent Director, Brendan Kennedy, Current Director and Former CEO, Tilray, Tom Looney, Audit Committee & Compensation Committee Member, Independent Director, Walter Robb, Chair of the Compensation Committee & Audit Committee Member, Independent Director. We are bringing together two world-class companies that share a culture of innovation, brand development and cultivation to enhance our Canadian, U.S., and international scale as we pursue opportunities for accelerated growth with the strength and flexibility of our balance sheet and access to capital, said Mr. Simon. Following its blockbuster merger with Aphria, Tilray continues its M&A streak and grows its revenue and geographic reach considerably. This, collectively with the strength of the Combined Companys balance sheet and access to capital, is expected to help accelerate global growth and value for the Combined Companys stakeholders. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. THCX, First of all, the company's CEO and chairman, Irwin Simon, will remain at the helm. 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 the press release and call). As these markets begin to re-open, Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders., Mr. Simon continued, Our global team is laser-focused on turning potential into performance and addressing consumer and patient needs for safe, innovative, and high-quality products. 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. In Portugal, Tilrays EU-GMP cultivation and production facility will provide the Combined Company with the capacity to cultivate and produce medical cannabis products in order to meet international demand and has export capabilities, which provides tariff-free access to the EU. Enhances Consumer Packaged Goods Presence and Infrastructure in the U.S.: In the United States, the Combined Company will have a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater, a cannabis lifestyle branded craft brewer, and Manitoba Harvest, a pioneer in branded hemp, CBD and wellness products with access to 17,000 stores in North America. But this is certainly a sophisticated strategy. , which was one of the first platforms for public offerings during the 1990s. Big question with dollar under fire from rival countries and currencies: What happens to markets if the greenback loses its dominance? Many factors could cause actual results, performance or achievement to be materially different from any future forward-looking statements. Tilray shareholder." Michael A. Gayed, CFA on Instagram: "Aphria shareholders overwhelmingly voted in support of a merger with Tilray. Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. bnnbloomberg.ca. 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 . Likewise, the stock market heavily disfavors marijuana companies and unprofitable companies at the moment, and Tilray falls into both of those buckets. Analyst Report: Tilray Brands, Inc.Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. 2023 InvestorPlace Media, LLC. For more information, visit: www.Tilray.com, Investors Raphael.Gross@icrinc.com, Internet Explorer presents a security risk. Please enable cookies on your browser and try again. 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. The recent reverse merger acquisition of Tilray announcement by Aphria provides an intriguing pseudo-arbitrage opportunity. He is also the founder ofWebIPO, which was one of the first platforms for public offerings during the 1990s. Tilray shares Upon the completion of the Arrangement, Aphria Shareholders will own approximately 62 percent of the outstanding Tilray Shares on a fully diluted basis, resulting in a reverse acquisition of Tilray, representing a premium of 23 percent based on the share price at market close on December 15, 2020 to Tilray shareholders. 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. On Dec. 16, 2020, Aphria (APHA) and Tilray (TLRY) announced a merger that has created the worlds largest cannabis company. The resulting company, which is expected to generate . 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. For the business: Reverse merger is taking place where Aphria is absorbing Tilray and will own 63% of the company, continuing to use the name Tilray due to better brand recognition and its nearly eponymous representation of the cannabis market. 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. So don't take the Hexo acquisition as news that makes Tilray stock a must-have. Copyright Tilray Brands Inc current PE Ratio (TTM) is 0. 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. Before the stock is worth buying, the company needs to show some consistent lowering of its costs, and experiencing faster growth wouldn't hurt either. Each of Aphrias and Tilrays respective board of directors has unanimously approved the Agreement and the Arrangement. Forward-looking statements are provided for the purpose of presenting information about managements current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. Die Tilray (ex Aphria)-Aktie konnte zuletzt im NASDAQ Bsc-Handel zulegen und verteuerte sich um 1,6 . 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 . Cost basis and return based on previous market day close. Some the products include Riff, Good Supply, B!ngo and Solei from Aphria as well as Grail, Dubon, Canaca and The Batch from Tilrary. Stock Market Basics. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Tilray's stock has lost some 36% of value in the last three years. After the merger completion, the new entity trades under Tilrays ticker symbol, TLRY on both the US and Canadian stock exchanges. In an all-stock deal agreed to last . Completion of the Arrangement is subject to regulatory and court approvals and other customary closing conditions. For a more detailed discussion of risks and other factors, see the most recently filed annual information form of Aphria and the annual report filed on form 10-K of Tilray made with applicable securities regulatory authorities and available on SEDAR and EDGAR. Operational Efficiencies Expected to Generate Approximately US$81 Million Annual Pre-Tax Cost-Saving Synergies for New Tilray Within Eighteen Months, Irwin D. Simon, Aphrias Chairman and CEO, will Lead the New Tilray and Has Appointed New Executive Leadership Team; New Members of the Board of Directors Also Appointed, New Tilray Poised to Transform the Global Cannabis Industry as a Consumer Packaged Goods Powerhouse with a Diversified Portfolio of Leading Brands, Renewed Financial Strength to Drive Accelerated Growth Strategy and Sustained Profitability, Tilrays Shares Will Continue Trading on the NASDAQ Under Symbol TLRY; Starting May 5, 2021, Tilrays Shares Will Commence Trading on the Toronto Stock Exchange Under Symbol TLRY. 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. The April 14 th Aphria special shareholder meeting was announced after both companies received the necessary regulatory approvals to complete the proposed business combination and we are favorable on how the transaction has advanced. ahead-of-print. The revenue also missed the Marketbeat.com consensus estimate by 800 basis, but only some . Creates the Leading Canadian Adult-Use Cannabis Licensed Producer: Together, Aphria and Tilray will be the leading adult-use cannabis Canadian Licensed Producer based on revenue for the last twelve months by combining their respective brands, distribution networks and world-class facilities. Kind of amazing that they can write off $1.1B in the quarter ("market cap reduction", is that the new way of saying we wrote off the terrible buys we did?) Yet the terms of the deal look more advantageous to Aphria. Irwin D Simon, formerly Aphrias CEO and chairman, will lead the new Tilray, with Tilrays current CEO Brendan Kennedy joining the board. According to research from BDSA, the spending is expected to hit a hefty $55.9 billion by 2026. We believe that the Company has the strategic footprint and operational scale necessary to compete more effectively in todays consolidating cannabis market with a strong, flexible balance sheet, strong cash balance, and access to capital, which we believe will give the Company the ability to accelerate growth and deliver long-term sustainable value for stockholders. Investor Relationsinvestors@aphria.com, Tilray contacts: Media Amy Bonwick, 647-515-3748amy@pomppr.com, Investors Raphael Gross In addition, the Combined Company will have a portfolio of carefully curated brands across all consumer segments that are sold through its distribution partners. www.cannabisbusinesstimes.com is using a security service for protection against online attacks. On the date of publication, Tom Taulli did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. Jefferies LLC is serving as financial advisor and DLA Piper LLP (US), DLA Piper (Canada) LLP and Fasken Martineau Dumoulin LLP are acting as legal counsel to Aphria. Tilray and Aphria Close Merger. And the company still isn't profitable, it still isn't growing its top line very quickly year over year, and it's still burning cash every quarter. Tilray Inc. shareholders approved the merger with Aphria Inc., creating a cannabis powerhouse that's both the largest medical marijuana company in Europe and a major player in Canada's . The continued use of Tilray as the Companys name evokes hard work and hope til shortened from tilling the soil and ray as in a ray of sunshine. 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. Copyright 2023 Market Realist. As previously announced, each Aphria shareholder received 0.8381 of a Tilray Share for each Aphria common share (each an "Aphria Share") held on April 30, 2021, the effective time of the . The firm later invested in Tilray. patricia de melo moreira/Agence France-Presse/Getty Images, J&J, Goldman and Walgreens take brunt as Tuesdays blue-chip losses intensify, Fund managers havent been this pessimistic all year: B. of A. survey, U.S. cannabis producers are now favored by Wall Street analysts, whove soured on Canadian companies, New Yorks 13% cannabis tax may be too high, since state has one of the most sophisticated black markets in U.S., expert says, Employees asked about canceled bonuses. However, the company lowered the quorum requirement for the shareholder meeting and it was eventually approved overwhelmingly towards the end of April. 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. You will be redirected once the validation is complete. This is some 80s arbitrageur shit going down. 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. 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. Tilrays new leadership team and board of directors will provide a strong foundation for the Company to accelerate growth and capitalize on the business combinations many benefits. 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 . In the United States, Tilray has a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater, a leading cannabis lifestyle branded craft brewer, and Manitoba Harvest, a pioneer in branded hemp, CBD and wellness products with access to 17,000 stores in North America. View source version on businesswire.com: https://www.businesswire.com/news/home/20201216005519/en/, Aphria contacts: Media Tamara Macgregor 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. To access the recording dial (855) 859-2056 and use the passcode 4334816. 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. Offers may be subject to change without notice. Substantial Synergies. The forward-looking statements included in this communication are made as of the date of this communication and the Company does undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. TLRY, Next, the economics of the deal are more . But the company won't be gaining any new strategic capabilities or major advantages. First, the terms of the deal will mean that their shares get a bit diluted. He is also the founder of. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets, Simon said in a statement. The Company's portfolio of brands is grounded in expertly researched consumer insights designed to meet the needs of every consumer segment. Initial returns from the start imply a 20%+ gap opportunity. The Combined Company expects to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales and marketing and corporate expenses. The companies are . Alex Carchidi has no position in any of the stocks mentioned. For instance, Aphria stock was trading around 0.4115 times Tilray on Feb. 10less than half of what it should be trading at based on the merger terms. There is also a razor-thin majority in the Senate. An early warning report in respect of the Companys acquisition of all of the outstanding Aphria Shares pursuant to the transaction will be filed on SEDAR and will be available under Aphrias issuer profile at www.sedar.com., Irwin D. Simon, the Companys Chairman and Chief Executive Officer, commented, Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. Die Aktie von Tilray (ex Aphria) zhlt am Dienstagvormittag zu den bestplatzierten des Tages. Aphria will also have seven directors and Tilray will have two. Under the terms of the Agreement, the Arrangement will be carried out by way of a court approved plan of arrangement under the Business Corporations Act (Ontario) and will require the approval of at least two-thirds of the votes cast by the Aphria Shareholders at a special meeting. Regulatory approvals expected to be required include Competition Bureau (Canada), U.S. HSR and Germany FDI. Please enable JavaScript to view the page content. This was the case when Salesforce acquired Slack. 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. 7 Stocks to Sell in April Before They Crash and Burn, Mullen Files to Resell Up to 2.1 Billion Shares of MULN Stock, 7 Dividend Stocks to Buy That Are Backed by Strong Cash Flows, 3 Reasons Why the Aphria-Tilray Merger Will Be a Winner. Tilray (TLRY) and Aphria (APHA) both do something with cannabis. Meanwhile, oldmaninvestor has pointed out that Aphria stock should be trading at $56.82 based on that ratio, more than twice what the stock is currently trading at. A merger Reply TLRY_MAX . The deal will mean that the combined company will be the largest cannabis operator (based on revenues). The Combined Company is expected to have a strong, flexible balance sheet, cash balance and access to capital giving it the ability to accelerate growth and deliver attractive returns for stockholders. 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 . Published by NCV Newswire. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. Tom Taulli (@ttaulli) is the author of various books on investing and technology, including Artificial Intelligence Basics, High-Profit IPO Strategies and All About Short Selling. Now the enthusiasm for the U.S. market may be overly optimistic. Enhanced Consumer Packaged Goods Presence and Infrastructure in the U.S. View the full release here: https://www.businesswire.com/news/home/20201216005519/en/. Brands are targeted toward the value segment of the deal will mean that their shares get a diluted! 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