After Aphria shareholders approved the cannabis company’s merger with Tilray a few weeks ago, the last biggest hurdle to cross was the approval of Tilray’s shareholders. These joined together at a special meeting last Friday to vote on the merger, giving it overwhelming support. With that in place, and with no regulatory resistance, Aphria and Tilray announced today that they are now officially one company – one company that is expected to be the largest global cannabis company in operation.
With the merger complete, the combined company now has a market cap of around $8.2 billion, based on the stock marketing closing prices from April 30. Going forward, operating as Tilray, the company will have the largest global geographic footprint in the cannabis industry, offering consumer packaged goods on an unrivaled scale. Tilray will continue to be traded on the Nasdaq Global Select Exchange and, starting this Wednesday, will also be found on the Toronto Stock Exchange. On both platforms, it will use the same symbol, TLRY.
Irwin D. Simon, the Company’s 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. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. 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.”
Tilray’s strategic footprint and operational scale will allow it to compete more effectively in the consolidating cannabis market. It offers a strong, flexible balance sheet, strong cash balance and access to capital, which will allow it to accelerate growth and deliver long-term sustainable value for stockholders. Additionally, the company’s products are going to be supported by cost-effective and innovative cultivation, processing and manufacturing facilities, and will have a complete portfolio of branded cannabis 2.0 products that will give it the ability to strengthen its position in Canada as it continues to expand globally.