Once-rival marijuana producers Tilray and Aphria completed their mega-merger, the new company announced Monday, forming one of the biggest diversified marijuana, hemp and beer companies in the world.
The new company will operate under the Tilray corporate name, with shares trading on the Nasdaq under the ticker symbol TLRY.
The merger talks took more than a year to play out, overcoming various hurdles related to the COVID-19 pandemic and a rival bidder.
The deal also faced hurdles after it was announced, as Tilray postponed its shareholder vote, amending its bylaws to reduce the required quorum for shareholder meetings the next day.
The combined company creates one of the biggest cannabis businesses in the world, with a market cap of approximately $8.2 billion (10.07 billion Canadian dollars) based on the closing stock prices at the end of April, according to the company’s news release.
The new Tilray will be led by Aphria CEO Irwin Simon, with former Tilray CEO Brendan Kennedy taking a seat on the new company’s board.
It is unclear how much of the combined company’s sales will come from marijuana in the coming years.
Read more about the merger at Marijuana Business Daily.
