Aphria, Tilray Combine to Create Biggest Cannabis Company
- Aphria to pay a 23% premium on Tilray’s Dec. 15 closing price
- New company to retain Tilray’s ticker and trade on the Nasdaq
Photographer: Patricia De Melo Moreira/AFP/Getty Images
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Tilray Inc. and Aphria Inc. agreed to combine their operations, forming a new giant in the fast-growing cannabis industry.
The all-stock deal, which puts together two of the market’s best known names, will create an entity with an equity value of about C$4.8 billion ($3.8 billion), according to a statement and interviews late Tuesday with Tilray and Aphria leaders. The combined group’s 12-month sales of C$874 million surpasses that of industry leaders such as Curaleaf Holdings Inc. and Canopy Growth Corp.