fbpx
QQQ
+ 1.88
362.55
+ 0.52%
DIA
-0.85
351.47
-0.24%
SPY
+ 0.59
438.42
+ 0.13%
TLT
-0.71
150.35
-0.47%
GLD
+ 0.27
168.17
+ 0.16%

Aphria, Tilray In Talks To Merge: Report

December 15, 2020 5:18 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Aphria, Tilray In Talks To Merge: Report

Aphria Inc. (NASDAQ:APHA) and Tilray Inc. (NASDAQ:TLRY) are contemplating a merger.

The two companies began negotiations this week, and an official announcement could be released before Friday, according to BNN Bloomberg.

The resulting company would keep the Tilray name and put Irwin Simon, Aphria’s current CEO, as Chief Executive Officer.

Aphria would come out as the majority stakeholder, holding the largest number of seats on the board, the report continued, citing an unnamed source.

The merger would save the companies up to CA$100 million ($78.7 million) in yearly costs, while generating annual revenues of over CA$930 million ($732 million).

Cannabis M&A deals have swept across the industry in the last two years. Should this deal close, it would merge two of the largest players in Canada into a massive marijuana juggernaut with a combined market cap of $3.3 billion.

Both stocks traded higher by more than 15% in Tuesday's after-hours session.

Lead image by Ilona Szentivanyi. Copyright: Benzinga.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

Video: Tilray CEO Discusses Aphria Merger, US Market Ambitions, Cannabis As A CPG Business, And More

On Monday, the cannabis industry witnessed the creation of the world's largest cannabis company measured by revenue, as two Canadian giants, Tilray Inc. (NASDAQ: TLRY) and Aphria Inc. read more

Cannabis Countdown: Top 10 Marijuana And Psychedelic Stock News Stories Of The Week

Cannabis Countdown: Top 10 Marijuana and Psychedelic Stock News Stories of the Week read more

Aphria CEO Discusses Tilray Merger On 420, Says Combined Company 'Will Be Ready' For US Legalization

Aphria Inc (NASDAQ: APHA) CEO Irwin Simon appeared on CNBC’s "Squawk on the Street" Tuesday to discuss the cannabis company's pending merger with Tilray Inc read more

Aphria One Step Closer To Merging With Tilray, Shareholders Overwhelmingly Approve The Deal

Aphria Inc. (TSX: APHA) (NASDAQ: APHA) confirmed Thursday it has satisfied one of the requirements for its merger with Tilray Inc. (NASDAQ: TLRY) after its shareholders approved the arrangement at a special meeting. read more