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Canadian marijuana company Tilray and Canadian marijuana company Aphria Inc. have agreed to merge, the companies announced Tuesday, in a deal worth about $3.8 billion. The new company will be called Tilray. Tilray and Aphria are currently producing and selling medical marijuana in Canada. The companies have a combined market capitalization of more than $5 billion.

Tilray and Aphria both had huge gains in the stock market when Canada legalized recreational marijuana in October 2018. Now the two companies are merging to create one of the biggest cannabis companies in the world. The deal values Aphria at $3.4 billion. It will also make it possible for Tilray to list on the New York Stock Exchange, which had required that a company be headquartered in the U.S.

Tilray and Aphria have announced a deal that will create the new Tilray, a world leader in thecannabis space

Tilray and Aphria Close Merger

  • The operational efficiencies are expected to provide the new Tilray with annual pre-tax savings of approximately $81 million within eighteen months.
  • Irwin D. Simon, President and CEO of Aphria, will lead the new Tilray company and has appointed a new management team; new board members have also been appointed.
  • New Tilray is poised to transform the global cannabis industry into a strong consumer products company with a diverse portfolio of leading brands.
  • Renewed financial strength to execute a strategy of accelerated growth and sustainable profitability
  • Tilray’s shares will continue to trade on the NASDAQ under the symbol TLRY; Tilray’s shares will begin trading on the 5th floor of the NASDAQ Stock Market. May 2021 traded on the Toronto Stock Exchange under the symbol TLRY.

NEW YORK and LIMINGTON, Ontario, 03. May 2021-(BUSINESS WIRE)-Tilray, Inc. (Tilray) and Aphria Inc. (Aphria) today announced the completion of a previously announced business combination that ushers in a new era in the global cannabis industry. The combined company, which will operate under the name Tilray (the Company), brings together two highly complementary businesses to create a leading cannabis-focused consumer products company with the largest geographic footprint in the industry. The fair value of the combined operations is determined based on closing prices on April 30, 2021 and will be approximately $8.2 billion.

The Class 2 common shares of the Company (Tilray Shares) will continue to be traded on the Nasdaq Global Select Exchange under the symbol TLRY and will begin trading on the 5th trading day following the date of this filing. As previously announced, each Aphria shareholder received 0.8381 common shares of Tilray for each common share of Aphria (Aphria share) held on April 30, 2021, the transaction date. Holders of Tilray Shares will continue to hold their Tilray Shares until the completion of the Transaction, without adjustment following the Transaction. A warning notice of the Company’s acquisition of all outstanding shares of Aphria in the transaction will be filed with SEDAR and will be available on Aphria’s issuer profile at www.sedar.com.

We are now focusing on our high-impact priorities, which include integrating the business and accelerating our global growth strategy. Covid-19 blockages have caused unique problems in the Canadian and German markets.

Irwin D. Simon, President and Chief Executive Officer,

Tilray and Aphria Close Merger

When these markets reopen, Tilray is ready to jump in and change the industry. With our highly scalable operating network, rich portfolio of cannabis brands and products for medical and adult use, multicontinental distribution network and strong financial structure, we are able to fund our global expansion strategy and deliver sustainable profitability and long-term value to our shareholders.

Mr Simon continued: Our global team is focused on turning potential into effectiveness and meeting the needs of consumers and patients with safe, innovative, high-quality products. We are eager to get started and would like to thank the boards of Aphria and Tilray, and in particular Brendan Kennedy, for his spirit of partnership and his unwavering belief in the art of the possible. We will benefit greatly from his legacy and his continued service on Tilray’s board of directors.

We believe that the financial and strategic benefits of the business combination will include the following

The largest cannabis company in the world. The combination of Aphria and Tilray will bring together two highly complementary companies and create a leading cannabis consumer products company with the largest geographical footprint in the industry.

Strategic footprint and operational scope. We believe the company has the strategic presence and operational scale to compete more effectively in today’s consolidating cannabis market, as well as a strong and flexible balance sheet, significant cash flow and access to capital that we believe will enable the company to accelerate its growth and deliver long-term sustainable value to shareholders.

Low-cost, state-of-the-art production and Canada’s largest producer of adult-use cannabis. Demand for the company’s products will be supported by state-of-the-art, low-cost growing, processing and manufacturing facilities, and it will have an extensive portfolio of cannabis 2.0 branded products to strengthen its leadership position in Canada.

Positioned to implement an accelerated international growth strategy. The company is well positioned for international growth with its strong medicinal cannabis brands, a distribution network in Germany and an end-to-end European Union Good Manufacturing Practice (EU GMP) supply chain, which includes manufacturing facilities in Portugal and Germany.

Expanding consumer product presence and infrastructure in the United States. In the US, Tilray has a strong consumer products presence and infrastructure with two strategic pillars, including SweetWater, a leading cannabis branded craft brewery, and Manitoba Harvest, a pioneer in cannabis, CBD and wellness branded products with access to 17,000 stores in North America. If approved at the federal level, the company expects to be well positioned to compete in the U.S. cannabis market given its strong brands and distribution system, as well as its history of growth in consumer and cannabis products.

Significant synergistic effects. The company expects to realize annual pre-tax synergies of approximately $81 million (C$100 million) within 18 months and expects to realize synergies in the key areas of cultivation and production, cannabis and product sourcing, sales and marketing, and overhead.

Tilray’s new management team and board of directors will provide a solid foundation to accelerate the company’s growth and benefit from the business combination.

Since the closing, the Company’s management and board of directors have been restructured as follows:

  • Irwin D. Simon, Chairman of the Board and Chief Executive Officer
  • Carl Merton, Chief Financial Officer
  • Denise Faltisek, Head of International Division and Chief Strategy Officer
  • Jim Myers, Chairman, Canada
  • Jared Simon, president of Manitoba Harvest and Tilray Wellness
  • Rita Seguin, Head of Human Resources
  • Dara Redler, Chief Legal Officer and Acting Secretary General
  • Berrin Nurata, Director of Corporate Affairs
  • Lloyd Brathwaite, CIO
  • Freddie Bensch, Managing Director, SweetWater

Board of Directors :

  • Irwin D. Simon, Chairman
  • Rena Persofsky, ICD.D, Vice President (Lead Director) and Chair of the Nominating and Governance Committee, Independent Director
  • Jody Butts, member of the Nomination and Governance Committee, independent director
  • David Clanahan, newly appointed independent director
  • John M. Herhalt Chairman of the Audit Committee, independent director
  • David Hopkinson, member of the Nomination and Governance Committee and of the Remuneration Committee, independent director
  • Brendan Kennedy, current director and former CEO of Tilray
  • Tom Looney, member of the Audit and Remuneration Committee, independent director
  • Walter Robb, Chairman of the Compensation Committee and member of the Audit Committee, independent member

Tilray’s new brand image

Tilray’s new logo combines the brands of Aphria and the former Tilray company in a design that reflects the new company’s growing portfolio of brands in the cannabis, lifestyle and wellness categories, including medical, adult-use, cannabis-based and beverage products. The continued use of the word Tilray in the company name evokes associations with hard work and hope – an abbreviation of til – tilling the soil and ray – a ray of sunshine. Tilray is a precursor that dates back to the end of Prohibition. The company was founded to ensure the collective well-being of employees, consumers, patients, partners and local communities.


Jefferies LLC acted as financial advisor and DLA Piper LLP (USA), DLA Piper (Canada) LLP and Fasken Martineau Dumoulin LLP acted as legal advisors to Aphria. Cowen acted as financial advisor and Cooley LLP and Blake, Cassels, and Graydon LLP acted as legal advisors to Tilray.

About Tilray

Tilray Inc. is a global leader in cannabis and consumer products with operations in Canada, the United States, Europe, Australia and Latin America. It changes lives for the better – one person at a time – by inspiring and empowering the global community to live their best lives by offering products that address the needs of the mind, body and spirit and create a sense of well-being. Tilray’s mission is to be a trusted partner to its patients and consumers by providing a cultured experience, health and wellness through high quality differentiated brands and innovative products. A pioneer in cannabis research, cultivation and distribution, Tilray’s unique production platform supports more than 20 brands in over 20 countries, including integrated cannabis offerings, cannabis edibles and alcoholic beverages.

To learn more about how we discover a world of well-being, visit Tilray.com.

Original press release

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Tilray and Aphria Close MergerTilray and Aphria Close Merger

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