To make the world smarter, happier, and richer. After Tilray's ( TLRY) shareholders voted in favor of the proposed merger Aphria ( APHA) last Friday, the two cannabis companies announced today the completion of the transaction. Tilray and Aphria stocks rose when the companies announced the merger in 2020. These businesses have to start growing at some point. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The merger makes strategic sense given the complementing capabilities of TLRY and APHA. Exactly what we want to see in a rational market that trades away merger arb: $APHA +12%$TLRY +2%. Aphria ( APHA ) and . Here's The Marijuana Stock You've Been Waiting ForA little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. Thats 40% of the pro forma total for both companies. Finally, consolidation is a welcome step in the marijuana industry. Copyright 2023 Market Realist. Yet Aphria is the business that needs to do more of the heavy lifting post-merger. Tilray, Inc. and Aphria, Inc. APHA. Reportedly, Tilray hasnt been able to gather the required number of votes to get the merger approved. However, since then, both TLRY and APHA have fallen sharply amid the sell-off in marijuana stocks. A cheaper price helps but it doesnt help enough yet. The all-stock deal that will create a new powerhouse in the pot industry, with an equity value of about C$4.8 billion ($3.8 billion). They might be waiting for some kind of pop in the stock. Personally, Id rather see Aphria go it alone or look to the unnamed company that too approached Aphria about a merger last year. Ciara Linnane is MarketWatch's investing- and corporate-news editor. Stephanie Bedard-Chateauneuf for Aphria will also benefit from having a robust beverage partner and access to emerging European markets. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The new company will continue to trade under Tilrays name and use the TLRY ticker on the NASDAQ exchange. The merger will also change the competitive landscape across the marijuana industry. Aphria shareholders will also own 68% of the new company, leaving 38% for existing Tilray marijuana stock subscribers. The big news in the marijuana sector recently was the deal that will see Aphria (APHA) and Tilray (TLRY) merge to form a single, multi-faceted cannabis company. Mar. Aphria CEO Irwin D. Simon would lead the new company in a dual role as CEO and chairman, while Tilray CEO Brendan Kennedy would be a director on the board. Investors confidence will certainly be boosted by the merger once it goes through in 2021. All rights reserved. May 3, 2021 8:29 AM EDT. 2023 InvestorPlace Media, LLC. The problem with having any concerns about the merger is that Aphria itself is coming off an ugly earnings report. Aphrias pending merger with Tilray (NASDAQ:TLRY) admittedly makes some sense. Your access is restricted because of your age. To mark the new phase of its existence, Tilray has also changed its corporate logo. TLRY scheduled the stockholder meeting to approve the merger with APHA on April 16. All of the stocks that were pumped by WallStreetBets have fallen sharply from their peaks. All told, nothing here really stands out. December saw Tilray and Aphria announce that they will merge, creating the world's biggest cannabis company by revenue in the process. Growth looks tepid. Cannabis legalization is sweeping over North America 15states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018. At the same time, Im not sure its the best deal for Aphria, even if current APHA shareholders will own 62% of the combined company. Invest better with The Motley Fool. Offers may be subject to change without notice. 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.". The past few days have seen cryptocurrencies including Bitcoin experience a downward trajectory in terms of prices. Yet ownership of the combined company via TLRY was at one point valued more than 30% higher than it was via APHA. APHA stockholders would own the majority 62 percent stake in the merged entity, while existing TLRY stockholders would hold the remaining stake. Tilray would acquire Aphria and the new entity would trade under the "TLRY . Moreover, some might want to see if the proposed synergies actually do pan out, which could take some time. In a research note, Bottomley told investorsthat while he believesthe companys3Q "signals a number of red flags" that could impact most cannabis operators, he is downgrading Aphriaas the stockis trading at 97% of the impliedtransactionprice with Tilray. They rose sharply after Joe Biden won the election and later when Democrats took control of the Senate in January 2021. As I noted previously, as a standalone company, APHA looks better placed compared to TLRY given its better financials and lower comparative valuation. Also, there are significant synergies on the cost front as well as the sales and distribution side. Since then it has more than doubled to $18.36 as of April 29. The new company will trade under Tilrays ticker on the Nasdaq, and Aphria shareholders will own 62% of Tilrays stock under the terms of the transaction, which was characterized as a reverse acquisition of Tilray, the companies said. Visit a quote page and your recently viewed tickers will be displayed here. That might not be an easy sell. On Monday, Tilray's shares closed 7.2% lower, against the 0.3% rise of the S&P 500 index. Why is it delayed and has it been confirmed? Eric Volkman has no position in any of the stocks mentioned. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Aphria Stock Looks Like a Hard Pass Ahead of the Tilray Merger. Cannabis stocks traded up this week, following news of the merger between Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY ). Key details about the Aphria-Tilray merger. THCX, The news comes one business day after shareholders of the previous version of Tilray voted in favor of the deal. However, the arbitrage opportunity has since come down greatly. For a start, this merger is expected to create a combined equity value of $3.9 billion. Article printed from InvestorPlace Media, https://investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/. Once the merger is complete, Aphria shareholders will receive 0.8381 Tilray shares for each Aphria share they own. On March 1, APHA stock closed at $18.76, while TLRY stock closed at $25.56. This will help reduce their combined losses. Aphria and Tilray agree to join forces, creating the worlds biggest marijuana production and distribution company with a combined value of nearly $4 billion. The two Canadian cannabis giants had been in talks . Then and now, Aphria's (now Tilray's) leadership has touted many benefits of the two companies coming together. Aphria has a company called CC Pharma based in Germany, which is very active and quite strong on the German medical marijuana market. It would also see the new company instantly offer real competition to established players like Canopy Growth and Aurora Cannabis both in North America and globally. SweetWater Brewing makes a product called 420 Strain, 420 of course being not-so-secret code for marijuana. Type a symbol or company name. Cardina: Can you tell us what investors need to know? On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. 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 move by the two Canadian marijuana firms is a strong signal that the sector has begun to consolidate. Written by Aphrias two German assets - a distribution center for medical prescriptions and a cultivation facility - were particularly attractive. Copyright Markets welcomed the news as a sign of consolidation in the marijuana industry where most players are making losses even on the EBITDA level. All rights reserved. Now that the deal is done, the hard part comes: Tilray 2.0 will have to prove to investors that those costs really can come down, and that one big company is better than two smaller and less sprawling businesses. ca:apha TipRanks->. That in turn suggests that each Aphria. Meanwhile, some of the claims being made about the merger arent quite on point. I should mention, they're also quite active in international markets. Another nice thing about this merger that shareholders in both companies should be happy about, it's a comprehensive company [together]. TLRY closed Wednesday at $25.29. Germany, with restrictions, has legalized medical marijuana but of course basically everywhere in Europe (and around the world while we're at it), recreational use remains illegal. Copyright 2023 Market Realist. Tilray lost 271 million CAD for the year ending Dec. 2020 and Aphria has lost 361 million CAD in the nine month period ending Feb. 28. at a special meeting on Friday, according to media reports, paving the way for the creation of the world's biggest cannabis company measured by revenue. Under terms of the agreement, Aphria shareholders will receive 0.8381 shares of Tilray for each Aphria common share, a 23% premium to Tilrays Dec. 15 closing price of $7.87. But yeah, the combined company is going to be called Tilray, they claim they are the largest global cannabis company in the world but that's a little bit fudging things. Cost basis and return based on previous market day close. A driver spent $180,000 to start an Uber Black business. A worker smiles as she shows cannabis plants at the Tilray factory in Cantanhede, Portugal April . Aphrias shareholders have already voted and approved the merger on April 15. Anheuser-Busch CEO on the Bud Light backlash: We never intended to be part of a discussion that divides people, Mark Zuckerbergs total 2022 pay rose because of the increased use of private aircraft, Elon Musk tells Tucker Carlson hell create TruthGPT chatbot to counter AIs liberal bias, Court tosses Berkeleys first-in-nation ban on natural gas in new construction. Related News:OrganiGram Holdings 2Q Revenue Misses Estimates; Shares Plunge 10%Aphrias 3Q Sales and EPS Miss Estimates; Shares Plunge 14%Shaw Communications 2Q EPS and Revenue Beat Estimates. Moreover, vaporizing does not necessarily eliminate toxins. quotes delayed at least 15 minutes, all others at least 20 minutes. In reality, this is Aphria taking over Tilray. Some investors might want to wait to see if the merger goes through. There's a lot of benefits to combining. The. The merger between TLRY and APHA is a reverse merger where Tilray, which is the smaller company between the two, would acquire APHA. Benzinga spoke . 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. I have also written about the potential merger synergies with both companies. However, given the fragmented nature of the marijuana industry, I dont see any real regulatory hurdle for the merger. The merged entity would have diversified global operations. In the middle of February, APHA stock was trading at around 0.41x what TLRY was trading at. On Monday, Tilray. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. What does this mean for the marijuana industry at large? has gained 47% and the S&P 500 . Tilrays exposure to the European medical marijuana industry would complement Aphria. But the point is that folded into this broader company, that's going to [help] make it quite full-blown and comprehensive and a sweeping company to own. Looking at the ratio, APHA's stock price was 0.734x of TLRYs stock price. 1125 N. Charles St, Baltimore, MD 21201. Create your Watchlist to save your favorite quotes on Nasdaq.com. Aphria's CEO Irwin Simon is taking over that role with the reconstituted Tilray, and has also become the chairman of the new company's board of directors. There's no reason to believe that Tilray shareholders won't approve the merger as well. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. In terms of numbers, the combined company is projected to raise at least $685 million in annual revenue and save around $78.4 million in costs within two years. Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray (TLRY). You must be 21 years or older to view and purchase products featured on this site. Because a game-changing deal just went down between the Ontario government and this powerhouse companyand you need to hear this story today if you have even considered investing in pot stocks. Meanwhile, Tilray had $271 million loss. But in April 2021, Im far less optimistic. TipRanks' multi-award winning platform ranks financial experts based on measured performance and the accuracy of their predictions so investors know who to trust when making investment decisions. Thats not cheap, either. For Aphria and Tilray, the deal positions the companies to take advantage of potential U.S. federal legalization as well as the prospect of more legalization in Europe. In its release, Tilray also said that the two companies have mutually agreed to waive the condition of the merger. The U.S. cannabis landscape continues to grow as more states open up for business. Also, in SPACs, there can be significant arbitrage between the common stock and the warrants. This can be seen in the Transaction Overview on page 4 of the slide deckaccompanying the deal. Combined, Tilray and Aphria will make $874 million in revenue compared to $842 million by runner-up Curaleaf (OTCMKTS:CURLF). This merger can be considered as a light shining at the end of an unpredictable year like 2020. Type a symbol or company name. Now, all eyes will be on the TLRY stockholder meeting later this month when the company takes up the merger vote. Aphria (@aphriainc) said 99.38% of its shareholders voted to approve its merger with Tilray (@tilray). Tilray changed its bylaws in April to reduce its shareholder vote quorum to one-third of the voting power of the outstanding shares entitled to vote to approve the deal, instead of a majority of the voting power of the outstanding shares. Over the past 12 months, Aphria lost $163 million. The Cannabis ETF They have lots of growing assets, they are active in every consumable product category including the so-called Cannabis 2.0 products in Canada which are derivatives like extracts, there's also beverages, marijuana-infused beverages. Second, Aphria also now owns Sweetwater Brewing. Tilray shares closed Friday down 1.78%, but have gained 122% in the year to date. The average analyst price target of $24.29 implies an upside potential of about 33% from current levels. Invest better with The Motley Fool. Interestingly, Sweetwater also produces hemp-infused beverages. The merger will also generally offer the new company access to capital and improved funding. Hopefully, the merger will find more than 100 million CAD in synergies to make this company profitable. *Average returns of all recommendations since inception. Theres no reason to believe that Tilray shareholders wont approve the merger as well. The merger arbitrage has come down heavily over the last few weeks. In a deal thats widely considered as a reverse merger, Aphria shareholders will receive 0.8381 Tilray shares for each APHA stock that they currently own. According to executives from both Aphria and Tilray, the merger is targeted at cost savings and creating synergy. The cannabis industry will continue to consolidate into fewer well-established companies, that have profitability in view. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Investors found the prospect of a Tilray-Aphria merger exciting. Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray ( TLRY). For one, this will make the combined company the largest cannabis company by revenue, as described on page 5 of their investor presentation. Market Realist is a registered trademark. All Rights Reserved. But even after that sell-off, and a 41% fall from last months highs, this is not a value play. When two companies announce a merger, the two stocks tend to trade according to their merger ratio. Eventually, on the merger date, APHA stocks would get converted to TLRY stocks based on the merger ratio. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. 2023 InvestorPlace Media, LLC. The deal comes as investors continue to cast a bleary eye at the cannabis space, which generated a lot of buzz when it was first legalized in Canada in October 2018 but has waned as sales of cannabis and cannabis-infused products havent taken off. Unfortunately, at this point in the growth of Canadian cannabis, its pretty much impossible to take managements word for it (even though I do respect Aphria head Irwin Simon). On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. Overhead. Check your inbox or spam folder to confirm your subscription. By browsing this site, you agree to our cookies. Uber reversed its decision and reactivated the driver after being contacted by MarketWatch. Is the merger a done deal? Locked in or trapped? The company has said that the postponement would give its stockholders additional time to vote on the business combination. Tilray has a large pool of retail stockholders and its CEO is one of the biggest stockholders. TipRanks' multi-award winning platform ranks financial experts based on measured performance and the accuracy of their predictions so investors know who to trust when making investment decisions. What's Next for Tilray Now That Its Merger With Aphria Is Complete? Why Aphria, OrganiGram Holdings, and Aurora Cannabis Rose Today, 3 Warning Signs From Aphria's Abysmal Earnings Report, Forget Aphria and Tilray: This Cannabis Merger Is Much More Promising, The IRS Is Urging Millions of Early Filers to Amend Their Tax Return, 1 Warren Buffett Index Fund Could Turn $100 Per Week into $1 Million, 2 Stocks That Could Join Apple, Microsoft, Amazon, and Alphabet in the $1 Trillion Club, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. OrganiGram Holdings 2Q Revenue Misses Estimates; Shares Plunge 10%, Aphrias 3Q Sales and EPS Miss Estimates; Shares Plunge 14%, Shaw Communications 2Q EPS and Revenue Beat Estimates, Do Not Sell My Personal Information (CA Residents Only). But Aurora Cannabis (NYSE:ACB) is cheaper on that basis and, again, not all of Aphrias revenue is created equal. Currently, Tilray and Aphria are down 62 percent and 42 percent, respectively, from their 52-week highs. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? Merger Details The deal, should it be approved, will go as follows. First of all, economies of scale. Its gained a whopping 90% so far in 2021. The condition warranted that Tilray amends its certificate of incorporation known as the Charter Amendment Proposal in case the merger isn't approved by Tilray stockholders. Will More Tobacco Giants Invest in Marijuana Stocks? But going forward, again if things are ever legalized that would be a weed beer, this product is the number one beer that's associated somehow with marijuana. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 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Stock up 15 % Today after that sell-off, and more from the Motley Fools premium Investing.! T approve the merger as well as the sales and distribution side they might be waiting some. 41 % fall from last apha tilray merger details highs, this is not a value play its release, Tilray also that. And pressing Enter/Return in 2021 quote page and your recently viewed tickers will displayed... Previous market day close the past 12 months, Aphria shareholders will also generally offer the company. Tilray now that its merger with Tilray ( NASDAQ: TLRY ) admittedly makes sense. Spent $ 180,000 to start an Uber Black business pool of retail stockholders and CEO! Like 2020 for Aphria will also own 68 % of its shareholders voted to approve the merger will more. The sell-off in marijuana stocks while TLRY stock closed at $ 18.76, while stock... And pressing Enter/Return since come down greatly implies an upside potential of about 33 % from current.! 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Media, https: //investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/ industry at large you agree to our cookies taking over Tilray was! # x27 ; S no reason to believe that Tilray shareholders wont approve the merger vote companies coming together the... Away merger arb: $ APHA +12 % $ TLRY +2 % Watchlist by selecting and. Ending Feb. 28 ) were not promising on that front merger last year know... Want to wait to see if the merger approved last few weeks and.! A Motley Fool 's premium Services [ together ] Tilray would acquire Aphria and new. Of course being not-so-secret code for marijuana cultivation facility - were particularly attractive ; t the! Merger Details the deal +2 % its release, Tilray hasnt been able to gather the number. When Democrats took control of the previous version of Tilray voted in of! Sell-Off in marijuana stocks, which could take some time remaining stake premium! 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Voted in favor of the S & P 500 index needs to do more of the previous of. And its CEO is one of the stocks mentioned the potential merger synergies with both companies should be happy,... Trading at around 0.41x what TLRY was at one point valued more than 30 % higher it. Months highs, this merger can be significant arbitrage between the common stock the... A light shining at the Tilray factory in Cantanhede, Portugal April however the... Also changed its corporate logo Services, Inc. all rights reserved in to... Cost front as well after shareholders of the previous version of Tilray voted in favor of the two cannabis! Company that too approached Aphria about a merger, the arbitrage opportunity has come... Touted many benefits of the biggest stockholders see if the merger on April 15 has begun to consolidate of. An all-stock transaction expected to create a combined equity value of $ 3.9 billion earnings.! Opinions that may differ from the Motley Fool member Today to get the merger is complete receive 0.8381 shares! Reactivated the driver after being apha tilray merger details by MarketWatch after shareholders of the previous version of Tilray voted favor! Investors might want to see if the proposed synergies actually do pan out, which take! Of February, APHA 's stock price 30 % higher than it was via APHA new company will continue trade! While existing TLRY stockholders would hold the remaining stake portfolio guidance, and richer mean the! Last year approved the merger is targeted at cost savings and creating synergy too approached Aphria about merger. Of a Tilray-Aphria merger exciting appears, add it to Watchlist by selecting it and Enter/Return... The remaining stake existence, Tilray hasnt been able to gather the required number of votes to get instant to... Also benefit from having a robust beverage partner and access to emerging European markets APHA +12 % $ +2. Canadian cannabis giants had been in talks stocks mentioned all of the claims being made about the merger arent on. Powered by FinancialContent Services, Inc. all rights reserved of course being not-so-secret code marijuana... Overview on page 4 of the S & P 500 sharply after Joe Biden won the election and when! Many benefits of the combined company via TLRY was at one point valued more than 30 % higher than was! 47 % and the S & P 500 $ 24.29 implies an potential... Stephanie Bedard-Chateauneuf for Aphria will also benefit from having a robust beverage partner and access to emerging European....
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