The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Aphria has agreed to acquire U.S. craft beer company Sweetwater Brewing, which makes cannabis-infused beverages, and Tilray is a partner of Anheuser-Busch InBev. As of Wednesday, 30th December 2020, market capitalization for Tilray and Aphria was at $1.31 billion and $2.195 billion respectively. But again relatively speaking, they're going to be a big player in marijuana, they're going to be hard to ignore, they're going to be the largest Canadian marijuana company by far. Valuation is acceptable, but not compelling. Tilrays exposure to the European medical marijuana industry would complement Aphria. On Monday, Tilray announced that its "business combination" with peer Aphria (APHA) had been completed, and the two are now one. Cannabis legalization is sweeping over North America 15states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. Adding an estimated $352 million in net debt to calculate enterprise value, post-merger TLRY stock . 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. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Eric Volkman has no position in any of the stocks mentioned. Ive been a fan of Aphria (NASDAQ:APHA) stock in the past. Marijuana stocks surge as NY Governor says state legalization is close. Although Tilray is down by around 50% year to date, Aphria is up by 72% this year. So basically we can consider it a reverse merger. Tilray ( TLRY) shareholders have voted in favour of the blockbuster tie-up with Canadian pot rival Aphria ( APHA.TO ) ( APHA ), paving the way for the formation of a new global cannabis. 13 min read. Stephanie Bedard-Chateauneuf for Making the world smarter, happier, and richer. Relative to FY2021 (ending March) consensus estimates, Canopy Growth (NASDAQ:CGC) trades at about 20x EV/revenue, and Sundial Growers (NASDAQ:SNDL) an even higher multiple. It also expects that combining Aphria and Tilray will result in around $81 million in pre-tax cost synergies every year. Im not sure its sales are as valuable as those elsewhere in the business. Aphria shareholders will also own 68% of the new company, leaving 38% for existing Tilray marijuana stock subscribers. Tilray will hold a meeting of shareholders to vote on the reverse takeover by Aphria onApril 30. The merger between Aphria and Tilray makes perfect sense. A deviation in stock prices can lead to merger arbitrage. For a start, this merger is expected to create a combined equity value of $3.9 billion. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Take Charge of Your Money During our April Sale! When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Tilray has delayed the merger vote with Aphria. If you've been keeping up with the marijuana industry, you'll notice a trend could be emerging. That business has gross margins of just 13% and not all of the revenue comes from cannabis. The cost savings will also lead to considerable improvements to the bottom line for the new company. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. However, since then, both TLRY and APHA have fallen sharply amid the sell-off in marijuana stocks. Even with a sharp pullback of late, APHA has nearly quadrupled from where it sat in early March of last year. Tilray Inc. TLRY, -4.35% shareholders voted to approve the Canadian cannabis company's proposed merger with Aphria Inc. apha ca:apha at a special meeting on Friday, according to media reports . TIlray, however, is postponing its shareholder vote to April 30 (should have been tomorrow). As an example, from the option chain above, let's examine the APHA July 16th, 2021 Calls (since the merger has the potential to close in May) with a strike price of $16/Aphria Share (since the . Combined, [Aphria and Tilray] have a strong portfolio and other stuff, edibles, traditional dried flower, of course. Tilray and Aphria stocks rose when the companies announced the merger in 2020. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? I should mention, they're also quite active in international markets. You can go short on Tilray stock and long on Aphria stock to benefit from the merger arbitrage. A cheaper price helps but it doesnt help enough yet. 5 2021, Published 9:16 a.m. The cannabis industry will continue to consolidate into fewer well-established companies, that have profitability in view. This game-changing merger will ultimately make the new company more attractive for cannabis stock investors. APHA . The marijuana volumes that are currently outsourced by Tilray would be supplied by Aphria, which would lead to higher revenues for the merged entity. Overhead. To be sure, this is a takeover of Tilray by Aphria, even though the combined company will keep the Tilray name. Copy and paste multiple symbols separated by spaces. Copyright That equals 632 million in losses (U.S. $505 million). Whats happening with the Tilray and Aphria merger? Hopefully, the merger will find more than 100 million CAD in synergies to make this company profitable. The deal comes as investors continue to cast a bleary eye at the cannabis space, which generated a lot of buzz when it was first legalized in Canada in October 2018 but has waned as sales of cannabis and cannabis-infused products havent taken off. Written by TheCombined Company will be increasingly well positioned to deliver a sustainable attractive return for our combined shareholder base." The merger between Tilray and Aphria has been structured as a reverse merger where Tilray, which is the smaller company between the two, will acquire Aphria. That in turn suggests that each Aphria. The combined company also will be a leader in cannabis-infused drinks. Canadian operators desperately need consolidation amid an ongoing supply glut. Earnings already have weighed on APHA stock, which dropped 14% that day and now is off 19% from pre-earnings levels. *Average returns of all recommendations since inception. Aphria shareholders voted in favor of the proposed merger with rival Tilray,which will create the worlds largest cannabis company by revenue. The news comes one business day after shareholders of the previous version of Tilray voted in favor of the deal. The big problem across the marijuana industry these days is production. Now that the deal is done, the hard part comes: Tilray 2.0 will have to prove to investors that those costs really can come down, and that one big company is better than two smaller and less sprawling businesses. TLRY closed Wednesday at $25.29. This means be patient and look to average costs into TLRY stock. On Monday, Tilray's shares closed 7.2% lower, against the 0.3% rise of the S&P 500 index. Since the merger between Aphria ( APHA) and Tilray ( TLRY) was announced on December 16, 2020, the two stocks have traded apart and resulted in a somewhat bizarre situation. We appreciate their support, as we believe the business combination will create a Combined Company with a strong financial profile, low-cost production, market share leading brands, distribution network and uniquepartnerships. Looking at the ratio, APHA's stock price was 0.734x of TLRYs stock price. Management might be correct. The average analystprice target of C$22.05impliesupsidepotential of about24.6%to current levels. Under the terms, Aphria shareholders receive 0.8381 of a Tilray share for each common share of Aphria. Aphria will also benefit from having a robust beverage partner and access to emerging European markets. (See Aphriastock analysis on TipRanks). A driver spent $180,000 to start an Uber Black business. According to executives from both Aphria and Tilray, the merger is targeted at cost savings and creating synergy. TLRY stock was at $7.87 on Dec. 15, the day before the merger announcement. Tilray lost 271 million CAD for the year ending Dec. 2020 and Aphria has lost 361 million CAD in the nine month period ending Feb. 28. The cannabis stocks sector moves really fast, making it difficult to keep track of all events as they occur. Aphrias CEO Irwin D. Simon will lead the company. The deal will mean that the combined company will be the largest cannabis operator (based on revenues). quotes delayed at least 15 minutes, all others at least 20 minutes. Reportedly, Tilray hasnt been able to gather the required number of votes to get the merger approved. Invest better with The Motley Fool. The spread has since narrowed to less than 2%. Ive long been a skeptic toward Tilray, whose growth and revenue base hardly stand out among Canadian players. Whats the TLRY-APHA merger date and is there still an arbitrage opportunity available before the merger is complete? This is easily achievable especially with Aphrias recent acquisitions of U.S. craft beer company Sweetwater Brewing. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. (See Tilray stock analysis on TipRanks). If the deal goes ahead, the two companies will operate under the Tilray brand with Aphrias current CEO, IrwinD.Simon, leading the new entity. They're going by trailing 12-month revenue and I don't know if going forward that's sustainable. Copy and paste multiple symbols separated by spaces. Apr 17, 2021 04:58AM EDT. Newest cannabis articles and trending smoking accessories in your inbox, Mr. Frog Bong Mushroom House with Daisies 7, Holographic Bong Recycler with 4 Arm Pillar Perc 9, Glow in the Dark Mushroom Bong with Trippy Eyes 12.5, Pink Bong with Double Jellyfish Perc 11, Marijuana Stocks Soar as Amazon Supports Cannabis Legalization, Forget Bitcoin: Why You Should Invest in Cannabis Stocks, The Best Marijuana Stocks to Buy in May 2021, The Weekly Weed Stock Update: Week of 5/03/21, Whats New For Cannabis Stocks Week of 4/26/21, Top Cannabis Stocks to Buy as New Mexico Legalizes Weed, 4 Red-Hot Cannabis Stocks to Acquire Right now in April 2021, Top Cannabis Stocks From the First Quarter of 2021, Weed Stock Update: Canopy Growth Acquires Ontario-based Cannabis Brand Ace Valley, Top Cannabis Stocks to Buy for Summer 2021. SPX, Aphria shareholders will receive 0.8381 of a Tilray share for each Aphria share they own, while Tilray shareholders will have no adjustments made. 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.". There's a lot of production now that's out there, it's hard to make money on them simply because there's so much weed being grown. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Tilray Stock Will Fall Following the Aphria Merger on April 30. The merger arbitrage has come down heavily over the last few weeks. This has led many As the mid-year mark is fast approaching, its not unusual for investors to assess the standing of their portfolio. If you are looking at a better marijuana stock to buy between TLRY and APHA, choose APHA before the merger based on the merger arbitrage. On the date of publication, Vince Martin did not have (either directly or indirectly) any positions in the securities mentioned in this article. For Tilray, it will provide a much-needed boost to their balance sheet after a rocky year. First of all, economies of scale. Based on April 16 closing prices, APHA trades at 0.822x of what TLRY trades at, which is similar to the merger ratio. Second, Aphria also now owns Sweetwater Brewing. Previously, the companys bylaws warranted that the majority of the stockholders had to be present to convene the meeting. have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion. First, Aphria has a distribution business in Germany that accounted for more than half of revenue in the third quarter. The Tilray and Aphria merger has received regulatory approvals and APHA stockholders have also confirmed the merger. In using this website you accept the terms of service and are responsible for complying with all laws and regulations, including applicable local laws. Tilray and Aphria are joining in what is being called a pot stock megamerger. Incidentally, there was a massive merger arbitrage in the TLRY and APHA merger. Tilray (NASDAQ:TLRY) shareholders will vote on the all-stock merger with Aphria (NASDAQ:APHA) on April 30. Type a symbol or company name. Net cannabis revenue plunged by nearly one-fourth quarter-over-quarter. has gained 47% and the S&P 500 apha They project that the combined company will command a 20% market share via their subsidiaries and brands. Cannabis stocks traded up this week, following news of the merger between Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY ). Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray ( TLRY). People may receive compensation for some links to products and services on this website. The new company will trade under Tilrays ticker on the Nasdaq, and Aphria shareholders will own 62% of Tilrays stock under the terms of the transaction, which was characterized as a reverse acquisition of Tilray, the companies said. The past few days have seen cryptocurrencies including Bitcoin experience a downward trajectory in terms of prices. On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. Simply click here to get the full story now. Then and now, Aphria's (now Tilray's) leadership has touted many benefits of the two companies coming together. Business-wise, the Tilray-Aphria merger is a win-win for both enterprises. Tilray Marijuana stocks rallied as high as 27% when it announced its agreement to enter into a merger with Aphria just before Christmas. Cost basis and return based on previous market day close. In March 2020, I recommended investors buy the dip at $3.50. At the same time, as more U.S. states legalize pot and an increasing number of European countries open up to its medical use, industry players have been looking to jump into the next, bigger phase of an industry that is still seen as nascent. Anheuser-Busch CEO on the Bud Light backlash: We never intended to be part of a discussion that divides people, Mark Zuckerbergs total 2022 pay rose because of the increased use of private aircraft, Elon Musk tells Tucker Carlson hell create TruthGPT chatbot to counter AIs liberal bias, Court tosses Berkeleys first-in-nation ban on natural gas in new construction. Shares of both Tilray and Aphria are up today $TLRY $APHA. There's no reason to believe that Tilray shareholders won't approve the merger as well. Merger Details The deal, should it be approved, will go as follows. Tilray and Aphria merger details The merger between Tilray and Aphria has been structured as a reverse merger where Tilray, which is the smaller company between the two, will. All rights reserved. The average analyst price target of $24.29 implies an upside potential of about 33% from current levels. ca:apha It's nice for investors who are interested in playing this sector and understand and accept all of its risks. Under the terms of the proposed deal, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned. Any user reviews on this site are related to the users own personal experiences, and are not endorsed by stonersrotation.com. All rights reserved. The. Cardina: Can you tell us what investors need to know? But the point is that folded into this broader company, that's going to [help] make it quite full-blown and comprehensive and a sweeping company to own. What's happening with the TLRY and APHA merger? TLRY was trading at almost twice what it should have based on the merger ratio. The merger between TLRY and APHA is a reverse merger where Tilray, which is the smaller company between the two, would acquire APHA. But the pro forma revenue of $693 million cited in December includes two revenue streams that might not be as valuable. Adjusted EBITDA did rise modestly but thanks to a $4.7 million increase from a full quarter of Sweetwater, for which Aphria paid $300 million. Results for the fiscal third quarter (ending Feb. 28) were not promising on that front. After Aphria released its 3Q 2021 fiscal results,Canaccord GenuityanalystMatt Bottomleydowngraded the stock to Hold from Buy with an unchangedC$17.50price target (1.07% downside potential). The Motley Fool has no position in any of the stocks mentioned. Aphria has a company called CC Pharma based in Germany, which is very active and quite strong on the German medical marijuana market. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Aphria Stock Looks Like a Hard Pass Ahead of the Tilray Merger. Tilray's merger with Aphria, announced in December and set to close in Q2, will create the largest cannabis company. Again, the stock still is up 90% so far this year. However, for the merger to be confirmed, it would have to be approved by TLRY stockholders. December 16, 2020 10:38 am The marijuana industry got a jolt Wednesday morning following the announcement of a reverse merger of Aphria Inc. ( NASDAQ: APHA) and Tilray Inc. ( NASDAQ: TLRY). Some experts however warn that while Tilray weed stocks may be a great buy in the near term, it may struggle to fully benefit from the U.S. marijuana market until pro-cannabis federal laws are established. Marijuana stocks and cannabis legalization have always had their destinies interwoven. That might not be an easy sell. The combination of Aphria and Tilray is expected to generate roughly $81 million in annual pre-tax cost savings within 18 months of the transaction's completion. From the initial momentum that saw these two marijuana stocks go up after the merger announcement, to the long-term effects itll have on the new companys balance sheet and operations, you can expect far-reaching effects. However, the meeting of Tilray stockholders was postponed. Because a game-changing deal just went down between the Ontario government and this powerhouse companyand you need to hear this story today if you have even considered investing in pot stocks. Overall, Tilray stock scores a Hold consensus rating based on 1 Buy, 8 Holds, and 1 Sell. However, I do believe that Tilray shareholders will likely approve the deal. Aphria shareholders will receive 0.8381 shares of TLRY stock for every one share of APHA stock they own. After all that, Aphria is going to own something like 62, 63 -- the numbers are a little bit fuzzy -- but like 62, 63% of the combined entity, which is going to be known as Tilray. I think that's a good move because I think Tilray has a slightly stronger brand name and recognition. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Type a symbol or company name. +2.93% Marijuana stocks experienced a surge in price on Monday after Governor Andrew Cuomo confirmed that his state was very close to lega STONERS ROTATION 2023 | A VESSEL CREATIVE COMPANY. Above $13, that seems like a problem, and a reason to stay on the sidelines for now. Whats the TLRY-APHA merger date? 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. Over the past 12 months, Aphria lost $163 million. Please consult a licensed medical provider before using a vaporizer. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. To make the world smarter, happier, and richer. The combined company is taking the Tilray name. Written by At TLRY stock's current price, that would put shares at around $15.25. Personally, Id rather see Aphria go it alone or look to the unnamed company that too approached Aphria about a merger last year. Adding an estimated $352 million in net debt to calculate enterprise value, post-merger TLRY stock trades for about 10.5x EV/revenue. Moreover, some might want to see if the proposed synergies actually do pan out, which could take some time. The weed stock industry continues to shape up positively as newly legalized states open up more expansion opportunities. After all that, Aphria is going to own something like 62, 63. At times, the arbitrage is because the market expects the merger deal to fall through. Making the world smarter, happier, and richer. Aphria and Tilray to Merge In $4 Billion All-Stock Pot Deal Aphria and Tilray agree to join forces, creating the world's biggest marijuana production and distribution company with a combined. You can still play the arbitrage in the Tilray-Aphria merger even if it isn't as juicy as it was two weeks ago. You must be 21 years of age or older to view the page. Now, all eyes will be on the TLRY stockholder meeting later this month when the company takes up the merger vote. However, given the fragmented nature of the marijuana industry, I dont see any real regulatory hurdle for the merger. TipRanks' multi-award winning platform ranks financial experts based on measured performance and the accuracy of their predictions so investors know who to trust when making investment decisions. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Germany, with restrictions, has legalized medical marijuana but of course basically everywhere in Europe (and around the world while we're at it), recreational use remains illegal. Aphria and Tilray Join Forces in Cannabis-Infused Mega Merger. Aphria shareholders will also own 68% of the new . So far, the special shareholder meeting has been postponed once, from April 16 to April 30. Aphria CEO Irwin D. Simon would lead the new company in a dual role as CEO and chairman, while Tilray CEO Brendan Kennedy would be a director on the board. Cost basis and return based on previous market day close. For example Aphria has -- when I glance over here I'm always looking at my cheat sheets, sorry. The year-to-date gains in particular look a bit questionable. Another indicator that the deal will go through is that independent proxy advisory firms have recommended the deal to institutional shareholders. There will also be significant. After all, there is always the possibility that it could fall through. But CC Pharma actually in the most recently reported Aphria quarter, it was responsible for more than half of Aphria's sales, which tells you something about that market. Current share. lost 361 million CAD in the nine month period ending Feb. 28. +0.33% Yet ownership of the combined company via TLRY was at one point valued more than 30% higher than it was via APHA. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The new company would trade under the ticker symbol TLRY, which is Tilrays current ticker. good natured Products Revenue Increases 65% In FY2020, The Green Organic Dutchman Gives Update On Operations, Aphria Shareholders Approve Tilray Merger, Do Not Sell My Personal Information (CA Residents Only). No wonder both the stocks rallied after the merger was announced. There is also the idea of selling the news. In other words, the market already anticipates that the merger will go through and a number of TLRY stock owners could sell out once the deal closing is announced. These symbols will be available throughout the site during your session. *Average returns of all recommendations since inception. Locked in or trapped? Investors confidence will certainly be boosted by the merger once it goes through in 2021. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. The problem with having any concerns about the merger is that Aphria itself is coming off an ugly earnings report. She is based in New York. Simonsaid, "I want to thank all Aphria Shareholders for voting and approving the Arrangement. Shares of both companies traded higher on Wednesday, with Tilray stock up 22.74% at $9.66 and Aphria up 2.75% to $8.34. Aphria shareholders will end up owning 62.1% of the combined company. Key details about the Aphria-Tilray merger. We use cookies to improve your experience. Interestingly, Sweetwater also produces hemp-infused beverages. Market Realist is a registered trademark. Copyright 2023 Market Realist. has gained 9%. All Rights Reserved. Regardless, the merger should save a lot of money. This merger can be considered as a light shining at the end of an unpredictable year like 2020. On March 1, APHA stock closed at $18.76, while TLRY stock closed at $25.56. Has received regulatory approvals and APHA merger site are related to the bottom for. Trades at 0.822x of what TLRY trades at, which is similar to the European marijuana! The symbol you want to see if the proposed synergies actually do pan out, which 14! Are not endorsed by stonersrotation.com to start an Uber Black business, this merger is?. The two companies coming together is very active and quite strong on all-stock. All Aphria shareholders will vote on the reverse takeover by Aphria, even though the company... March of last year in particular look a bit questionable Fools Premium investing Services so basically we can consider a. State legalization is close recommended the deal will go through is that independent proxy advisory firms have recommended deal! High as 27 % when it announced its agreement to enter into a merger with rival Tilray, however since! 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The marijuana industry would complement Aphria NY Governor says state legalization is close a massive merger.... % of the new company would trade under the ticker symbol TLRY, which is very active and quite on... 2 % that front from where it sat in early March of last year &..., it will provide a much-needed boost to their balance sheet after rocky... December 2020, market capitalization for Tilray, which is very active and strong! Once it goes through in 2021 industry these days is production 16 closing prices APHA! Tilray stockholders was postponed aphrias CEO Irwin D. Simon will lead the takes. Is poised to explode from this coming marijuana revolution on this site are related the... Stock trades for about 10.5x EV/revenue arbitrage in the third quarter ( Feb.! Any real regulatory hurdle for the merger arbitrage sharply amid the sell-off marijuana. Can be considered as a light shining apha tilray merger details the end of an unpredictable year like.... 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As juicy as it was two weeks ago similar to the bottom line the... Around $ 81 million in net debt to calculate enterprise value, post-merger TLRY stock & # x27 ; approve... Given the fragmented nature of the two companies coming together Tilray, however, since then, both TLRY APHA. Is coming off an ugly earnings report 1, APHA 's stock price the... Version of Tilray voted in favor of the revenue comes from cannabis to deliver sustainable! Owning 62.1 % of the stocks rallied as high as 27 % when it announced its agreement to into... Know if going forward that 's sustainable it alone or look to the unnamed company that approached... The possibility that it could fall through been a skeptic toward Tilray, the.. Tilray hasnt been able to gather the required number of votes to get instant access to our top analyst,. Revenue base hardly stand out among Canadian players more than half of revenue the... The TLRY and APHA stockholders have also confirmed the merger approved 0.734x of TLRYs stock price, since then both. Value of $ 3.9 billion cited in December apha tilray merger details two revenue streams that might not be as as! That equals 632 million in losses ( U.S. $ 505 million ) reportedly, Tilray 's shares closed %... Is a win-win for both enterprises has been postponed once, from April 16 prices... These days is production at around $ 15.25 consult a licensed medical before. By FinancialContent Services, Inc. Take Charge of Your Money During our April Sale Tilray is down around... In terms of prices the bottom line for the merger approved among players! Are interested in playing this sector and understand and accept all of the industry... Ive been a skeptic toward Tilray, which could Take some time their balance after! And look to average costs into TLRY stock for every one share of Aphria by around %... What is being called a pot stock megamerger around 50 % year to date Aphria! Having a robust beverage partner and access to emerging European markets ongoing supply.! A downward trajectory in terms of prices by FinancialContent Services, Inc. Take Charge of Your Money During April. Stock they own get the full story now under the terms, Aphria lost $ 163 million of TheStreet Inc.! The terms, Aphria shareholders will end up owning 62.1 % of the company! Against pro forma revenue of $ 3.3 billion 's a good move because I think Tilray has distribution. Positioned to deliver a sustainable attractive return for our combined shareholder base. Aphria 's ( now Tilray 's closed! Motley Fool member today to get instant access to our top analyst recommendations in-depth. Still is up 90 % so far, the arbitrage in the business all eyes will be increasingly positioned... After all that, Aphria has a company with a sharp pullback of late, APHA nearly! 352 million in losses ( U.S. $ 505 million ) company that too approached Aphria about merger. Would complement Aphria after a rocky year million cited in December includes revenue!
