Tilray shareholders approve merger with Aphria, creating world’s largest cannabis company by revenue
Two of the largest cannabis companies in the world, Tilray and Aphria, eventually merged into a single company that will carry the Tillray name and become the largest cannabis company in the world. The new ‘Tillery’ will likely be worth around $ 8.2 billion
Tilray-Aphria deal reached, company to control largest share of cannabis market
Eventually finalized the merger transaction between two Canadian cannabis giants Tilrii (Tilray) and April (Aphria), it was reported late last year. Together, under the Tillery name, they become the largest cannabis company in the world in terms of profit share. The company is expected to trade at an estimated value of $ 8.2 billion.
According to the agreement, the new CEO of “Tillery” will be held by the current CEO of Afria, Irwin Simon. Ephria will own a 60% majority of the board seats and the shares of the company. Current Tillery CEO Brendan Kennedy will be given a board seat but will not be in a management position.
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In the end, the agreement approved this week by the partners will create a synergy of joint venture cost savings of $ 81 million within 18 months of closing. Apharia shareholders will receive 0.8381 for each new Tillery share. The new Tillery share is traded on NASDAQ under the symbol TLRY and will be available from the next few days on the Toronto Stock Exchange under the same symbol.
The move was widely expected after Aphria shareholders voted in favor of the deal by a large majority, with a total of 99.38% of shares voted approving it on April 14. The transaction is expected to close in the second quarter.