Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in the press release and call). Marijuana Stocks: Aphria Dips, Tilray Leaps. Tilray Inc. and Aphria Inc. agreed to combine their operations, forming a new giant in the fast-growing cannabis industry. Tilray-Aktie gibt vorbrslich krftig ab: Tilray mit hherem Verlust als erwartet Quartalsbilanz Der Cannabis-Konzern Tilray hat am Montagabend nach US-Brsenschluss seine Bcher zum dritten . Husch Blackwell LLP. Value-priced products tend to have lower margins than premium-priced products, because with premium products there's far more room for marking up prices based on relatively inexpensive features like trendy branding. All Rights Reserved. Stock Market Basics. The CEO replied, Leave Pity City.. Substantial Synergies. This is why Aphrias merger with Tilray is so critical. Aphria has stopped trading and all Aphria shares are now converted to Tilray shares. For further information on the terms and conditions of the Arrangement, please refer to the Agreement in its entirety, which will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Positioned to Pursue an Accelerated International Growth Strategy. This release is being made in respect of the proposed transaction involving Aphria and Tilray pursuant to the terms of an arrangement agreement by and among Aphria and Tilray and may be deemed to be soliciting material relating to the proposed transaction. The transaction was structured as a reverse acquisition, where Aphria acquired Tilray. Headquartered in Leamington, Ontario the greenhouse capital of Canada Aphria Inc. has been setting the standard for the low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible. Tilray - Bestes Cannabis Unternehmen? Tilray shares were climbing 3% to $18.89, while Aphria was off slightly to $15.38 in premarket trading. At this nascent stage of development and expansion of the global cannabis market, we believe companies with leading geographic scale, product range and brand expertise are most likely to benefit long-term. Aphria will also have seven directors and Tilray will have two. But for Tilray shareholders, the news is likely to be a mixed blessing at best, and it shouldn't necessarily tip anyone who is currently on the fence toward buying the stock. Husch Blackwell LLP ' is very knowledge in the world of cannabis ' and handles cannabis and industrial hemp regulatory matters across all 50 states and Washington DC. Completion of the Arrangement is subject to regulatory and court approvals and other customary closing conditions. The combined . I look forward to working with Irwin and the Combined Companys management team to make our consumer products more accessible around the world.. All rights reserved. The combination of Aphria and Tilray brings together two highly complementary businesses to create the leading cannabis-focused CPG company with the largest global geographic footprint in the industry. Substantial Synergies: The combination of Aphria and Tilray is expected to deliver approximately C$100 million of annual pre-tax cost synergies within 24 months of the completion of the transaction. The forward-looking statements are expressly qualified by this cautionary statement. We believe that the Company has the strategic footprint and operational scale necessary to compete more effectively in todays consolidating cannabis market with a strong, flexible balance sheet, strong cash balance, and access to capital, which we believe will give the Company the ability to accelerate growth and deliver long-term sustainable value for stockholders. Copyright 2023 MarketWatch, Inc. All rights reserved. The combined company had a market cap of approximately US$8.2 billion based on the closing stock prices on April 30, 2021. Creates the Leading Canadian Adult-Use Cannabis Licensed Producer: Together, Aphria and Tilray will be the leading adult-use cannabis Canadian Licensed Producer based on revenue for the last twelve months by combining their respective brands, distribution networks and world-class facilities. After Aphria and Tilray merge, the combined entity will be called Tilray and the shares will continue to trade on Nasdaq under the ticker TLRY. So shareholders are unlikely to be impressed by buying a smaller and weaker competitor that will dilute their shares, since the previous plan to buy a far more capable competitor didn't result in much in the form of returns. Facebook parent Meta Platforms CEO Mark Zuckerberg's total compensation rose above $27 million because of the increased use of private aircraft. And the company still isn't profitable, it still isn't growing its top line very quickly year over year, and it's still burning cash every quarter. Die Aktie von Tilray (ex Aphria) zhlt am Dienstagmittag zu den bestplatzierten des Tages. Unfortunately, it's likely going to be stymied on both those fronts by the sorry state of the Canadian cannabis market, which is flooded with cheap marijuana that's putting a crimp on margins. In Canada, the combination of Aphria and Tilray will create the leading adult-use cannabis company with gross revenue of C$296 million (US$232 million) in the adult-use market for the twelve months reported by each company. Some the products include Riff, Good Supply, B!ngo and Solei from Aphria as well as Grail, Dubon, Canaca and The Batch from Tilrary. I look forward to leading the talented teams of both Aphria and Tilray as we seek to create a leading global cannabis and consumer packaged goods company with a portfolio of medical, wellness and adult-use brands consumers love., Mr. Kennedy, Tilrays Chief Executive Officer, commented, We are thrilled to bring together two cannabis industry leaders. The Company is well-positioned to pursue international growth opportunities with its strong medical cannabis brands, distribution network in Germany, and end-to-end European Union Good Manufacturing Practices (EU-GMP) supply chain, which includes its production facilities in Portugal and Germany. The merger was announced on December 16, 2020 and I assume they're still looking to merge as the deal makes a lot of sense in terms of market share and cost synergies. Through Tuesday's close, Tilray shares have fallen 54% in 2020, while . But the opportunity in the U.S. could easily boost these numbers. In a press release, Tilray said that the combined entity had proforma revenue of $685 million in the last year. And then Tilray has its U.S. Hemp and Wellness platform, which has distribution in 17,000 stores and a line of BD products. In the United States, Tilray has a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater, a leading cannabis lifestyle branded craft brewer, and Manitoba Harvest, a pioneer in branded hemp, CBD and wellness products with access to 17,000 stores in North America. Learn more about Tilray Brands Inc PE Ratio (TTM), Historical PE Ratio (TTM) and more, at GuruFocus.com Enjoy a 7-Day Free Trial Thru Apr 23, 2023! Market Realist is a registered trademark. The Arrangement is expected to close in the second quarter of calendar year 2021 following the receipt of such regulatory approvals, as well as court approval of the Arrangement. This includes leveraging Aphria and Tilray's proven distribution networks in Canada to sell SweetWater's 420 cannabis lifestyle brand in Canada. On a pro forma basis, for the period August to October 2020, the Combined Company would have held a 17.3% retail market share4, the largest share held by any single Licensed Producer in Canada and 700 basis points higher than the next closest competitor. There will also be significant cost reductions. To access the recording dial (855) 859-2056 and use the passcode 4334816. ahead-of-print No. Offers may be subject to change without notice. *Average returns of all recommendations since inception. Lets take a look at three reasons for this. Forward-looking statements reflect current beliefs of management of Aphria and Tilray with respect to future events and are based on information currently available to each respective management including based on reasonable assumptions, estimates, internal and external analysis and opinions of management of Aphria and Tilray considering their experience, perception of trends, current conditions and expected developments as well as other factors that each respective management believes to be relevant as at the date such statements are made. Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in Michael Bowen on LinkedIn: Tilray discloses $1.2B quarterly loss, plan to buy cannabis rival Hexo for This is expected to include the opportunity for Aphrias Leamington, Ontario operations to provide additional volume for Tilrays brands and to replace the need for Tilray to use wholesale cannabis purchases from other licensed producers. Buy basically every single weed play you can. The company is expecting to be well-positioned to capitalize on any change in U.S. cannabis laws, said Simon. The challenge of coordinating previously independent businesses makes evaluating the business and future financial prospects of the Company following the business combination difficult. LEAMINGTON, Ontario & NANAIMO, British Columbia--(BUSINESS WIRE)--Dec. 16, 2020-- Aphria Inc. (Aphria) (TSX: APHA and Nasdaq: APHA), a leading global cannabis company inspiring and empowering the worldwide community to live their very best life, and Tilray, Inc. (Tilray) (Nasdaq: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, today announced that they have entered into a definitive agreement (the Agreement) to combine their businesses and create the worlds largest global cannabis company (the Combined Company) based on pro forma revenue1. Chief Corporate Affairs Officertamara.macgregor@aphria.com The company owns SweetWater, a cannabis craft beer brewer, and Manitoba Harvest, a hemp, CBD and wellness products maker that has access to 17,000 stores in North America. Execution necessary for increased market share. For a more detailed discussion of risks and other factors, see the most recently filed annual information form of Aphria and the annual report filed on form 10-K of Tilray made with applicable securities regulatory authorities and available on SEDAR and EDGAR. However, in the case of Aphria and Tilray, both stocks rose after the merger news. Jefferies LLC provided a fairness opinion to the Board of Directors of Aphria on December 15, 2020, stating that, as of the date of such opinion and based upon the scope of review and subject to the assumptions, limitations and qualifications stated in such opinion, the Exchange Ratio is fair, from a financial point of view, to the Aphria Shareholders. The companies are . Canadian cannabis companies Tilray Inc. and Aphria Inc. announced the closing of their merger on Monday, creating the worlds biggest weed company measured by revenue. As previously announced, each Aphria shareholder received 0.8381 of a Tilray Share for each Aphria common share (each an "Aphria Share") held on April 30, 2021, the effective time of the . Aphria and Tilray executives will host a conference call and webcast with a supplemental presentation to discuss the strategic business combination today, December 16, 2020 at 8:30 a.m. Eastern Time. Visit a quote page and your recently viewed tickers will be displayed here. Aphria shareholders received 0.8381 of a Tilray share for each Aphria common share owned. For a more detailed discussion of risks and other factors, see the most recently filed annual information form of Aphria and the annual report filed on form 10-K of Tilray made with applicable securities regulatory authorities and available on SEDAR and EDGAR. https . 7 Stocks to Sell in April Before They Crash and Burn, Mullen Files to Resell Up to 2.1 Billion Shares of MULN Stock, 7 Dividend Stocks to Buy That Are Backed by Strong Cash Flows, 3 Reasons Why the Aphria-Tilray Merger Will Be a Winner. Next, the economics of the deal are more . Second, Hexo is deeply unprofitable, its quarterly revenue shrank 54% year over year, and it has $191 million in Canadian dollars ($143 million) in debt. The forward-looking statements included in this communication are made as of the date of this communication and the Company does undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Tilray Brands sustaining and growing the top line while strengthening the balance sheet. Aphrias CC Pharma division is a leading importer and distributor in Germany. Interestingly enough, based on these terms, APHA stock is trading at a discount. Also, after the merger, Tilray has diversified operations and hopes to realize significant synergies from the merger. TLRY, In reality, this is Aphria taking over Tilray. Following completion of the Arrangement, Aphria will become a wholly-owned subsidiary of Tilray, with Aphria shareholders owning approximately 62 percent of Tilray. Third Quarter Performance. So don't take the Hexo acquisition as news that makes Tilray stock a must-have. Cowen is serving as financial advisor and Cooley LLP and Blake, Cassels and Graydon LLP are acting as legal counsel to Tilray. A pioneer in cannabis research, cultivation, and distribution, Tilrays unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages. and Enhances Consumer Packaged Goods Presence and Infrastructure in the U.S.: In the United States, the Combined Company will have a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater, a cannabis lifestyle branded craft brewer, and Manitoba Harvest, a pioneer in branded hemp, CBD and wellness products with access to 17,000 stores in North America. Published by NCV Newswire. Holders of Tilray Shares prior to the completion of the transaction continue to hold their Tilray Shares with no adjustment as a result of the transaction. While it could still become the most important marijuana business internationally in due time, reaching that goal is a plan that's in progress at the moment. Whats more, the recreational business will have a strong set of brands, which span from low-cost to premium offerings. Uh-Oh. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and renamed itself Tilray. In addition, the Combined Company will have a portfolio of carefully curated brands across all consumer segments that are sold through its distribution partners. In the United States, the Combined Company will have a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater Brewing Company (SweetWater), a cannabis lifestyle branded craft brewer, and Manitoba Harvest, a leading hemp food manufacturer and a pioneer in branded CBD and wellness products. bnnbloomberg.ca. He is also the founder of. Aphria Inc. is a leading global cannabis company inspiring and empowering the worldwide community to live their very best life. May 3, 2021 at 8:46 am. were down 7% Monday, but are up 106% in the year to date, while the Cannabis ETF Approval of a majority of the votes cast by Tilray stockholders will be required to, among other things contemplated by the Agreement, authorize the issuance of Tilray shares to Aphria shareholders pursuant to the Arrangement. Tilrays London, Ontario facility will also provide Aphria with excess capacity to increase production of additional form factors including their branded edibles and beverages. Upon the completion of the Arrangement, Aphria Shareholders will own approximately 62 percent of the outstanding Tilray Shares on a fully diluted basis, resulting in a reverse acquisition of Tilray, representing a premium of 23 percent based on the share price at market close on December 15, 2020 to Tilray shareholders. There will also be a simultaneous, live webcast and supplemental presentation available on the Investors section of Aphrias and Tilrays website at aphriainc.com and Tilray.com. The Aphria management information circular and the Tilray proxy statement will be mailed to the Aphria and Tilray shareholders, respectively, as well as be accessible on the SEDAR and EDGAR profiles of the respective companies. The operative word is another because this stock has been in a downtrend since the COVID-induced peak of 2021. See definition in Aphrias Q1 2021 Management Discussion & Analysis.3 Annualized September 2020 retail sales of C$256 million based on Statistics CanadaNovember 2020 release4 Based on Stifel analyst report by Andrew Carter, dated December 6, 2020, December 2020 Headset Canada Review. Aphria Inc. shareholders have voted in favour of the cannabis company's plan to merge with Tilray Inc. Leamington, Ont.-based Aphria did not immediately announce how many shareholders voted in . But this is certainly a sophisticated strategy. He is also the founder ofWebIPO, which was one of the first platforms for public offerings during the 1990s. Please enable cookies on your browser and try again. Cannabis does look like a secular growth market. Jefferies LLC is serving as financial advisor and DLA Piper LLP (US), DLA Piper (Canada) LLP and Fasken Martineau Dumoulin LLP are acting as legal counsel to Aphria. For the business: Reverse merger is taking place where Aphria is absorbing Tilray and will own 63% of the company, continuing to use the name Tilray due to better brand recognition and its nearly eponymous representation of the cannabis market. ahead-of-print. www.cannabisbusinesstimes.com is using a security service for protection against online attacks. 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. The move should leave the company with a credible claim to being the largest marijuana business in Canada, and it will contribute to Tilray's reputation as being one of the more acquisition-hungry competitors. Copyright The transaction was structured as a reverse acquisition, where Aphria acquired Tilray. Aphria (APHA) and Tilray (NASDAQ:TLRY) are merging.Combined, the two companies are likely to save money - the main focus of the press releases - but it will take some time until those savings . Management claims that there should be around $25 million in annual cost synergies to realize after the purchase is complete, but it's unclear how long that will take to occur. The continued use of Tilray as the Companys name evokes hard work and hope til shortened from tilling the soil and ray as in a ray of sunshine. Raphael.Gross@icrinc.com, Internet Explorer presents a security risk. The new entity will be the clear leader in the Canada market, which has continued to see strong growth. For more information on how we open a world of wellbeing, visit Tilray.com. For the most part, the Biden administration is laser-focused on combating the Covid-19 pandemic. ET on Thursday. So, it does seem that eventually there will be the same on the federal level in the coming years. Substantial Synergies: The combination of Aphria and Tilray is expected to deliver approximately C$100 million of annual pre-tax cost synergies within 24 months of the completion of the transaction. Yet there are also major business synergies with the merger. This was the case when Salesforce acquired Slack. To this end, Aphria has its SweetWater Brewing segment, which is a craft beer manufacturer and distributor. This press release features multimedia. Article printed from InvestorPlace Media, https://investorplace.com/2021/03/why-the-aphria-tilray-merger-will-be-a-winner-apha-stock/. For more information, visit: www.Tilray.com, Investors | Aktienforum | Aktien Forum | Diskussionsboard | Community von finanzen.net Navigating the tides of an emerging global cannabis industry: the Aphria-Tilray merger decision The CASE Journal 18 maart 2022 Eghbali-Zarch, M., Marlowe, J. and Brennan, S. (2022), "Navigating the tides of an emerging global cannabis industry: the Aphria-Tilray merger decision", The CASE Journal, Vol. According to research from BDSA, the spending is expected to hit a hefty $55.9 billion by 2026. The record date for determining the Aphria Shareholders and the Tilray Stockholders entitled to receive notice of and vote at the Aphria Meeting and the Tilray Meeting, respectively, was . With the Biden administration in the White House, the prospects look more encouraging for fewer regulations on the cannabis industry. 437-343-4000, Investors Various assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this news release. In a reverse merger structure, Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share, implying a 23% premium to Tilray's share price before the announcement. Tilray and Aphria and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of Tilray proxies in respect of the proposed transaction. Tilray Brands had a mixed quarter with revenue of $145.59 million, falling 4.1% compared to last year. Get Out Now. Invest better with The Motley Fool. While Tilray investors have kept their shares after the merger, Aphria stockholders received 0.8381 Tilray shares for each Aphria share that they held. First of all, the company's CEO and chairman, Irwin Simon, will remain at the helm. Aphria Inc. of Leamington, Ont., and Nanaimo, B.C.-based Tilray Inc. announced early Wednesday they are merging in an all-stock deal that will create the world's top pot producer based on sales. Analyst Report: Tilray Brands, Inc.Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. When it does exist, it could become the world's biggest cannabis company eclipsing Canopy Growth by market cap.. Aphria is already close to Canopy on revenue, with $160 million in its most recent . This process is automatic. Any information or statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements, including, but not limited to, statements in this news release with regards to: (i) statements relating to Aphrias and Tilrays strategic business combination and the expected terms, timing and closing of the Arrangement including, receipt of required regulatory approvals, shareholder approvals, court approvals and satisfaction of other closing customary conditions; (ii) estimates of pro-forma financial information of the Combined Company, including in respect of expected revenues and production of cannabis; (iii) estimates of future costs applicable to sales; (iv) estimates of future capital expenditures; (v) estimates of future cost reductions, synergies including pre-tax synergies, savings and efficiencies; (vi) statements that the Combined Company anticipates to have scalable medical and adult-use cannabis platforms expected to strengthen the leadership position in Canada, United States and internationally; (vii) statements that the Combined Company is expected to offer a diversified and branded product offering and distribution footprint, world-class cultivation, processing and manufacturing facilities; (viii) statements in respect of operational efficiencies expected to be generated as a result of the Arrangement in the amount of more than C$100 million of pre-tax annual cost synergies; (ix) expectations of future balance sheet strength and future equity; (x) that the Combined Company is expected to unlock significant shareholder value; and (xi) statements under the heading Strategic and Financial Benefits of this news release. 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