Investor Relationsinvestors@aphria.com, Tilray contacts: Media Amy Bonwick, 647-515-3748amy@pomppr.com, Investors Raphael Gross 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 Combined Company is expected to have a strong, flexible balance sheet, cash balance and access to capital giving it the ability to accelerate growth and deliver attractive returns for stockholders. Dont miss:New Yorks 13% cannabis tax may be too high, since state has one of the most sophisticated black markets in U.S., expert says. The bulk of . Focusing on untapped opportunities and backed by the latest technologies, Aphria Inc. is committed to bringing breakthrough innovation to the global cannabis market. There is also a razor-thin majority in the Senate. This, collectively with the strength of the Combined Companys balance sheet and access to capital, is expected to help accelerate global growth and value for the Combined Companys stakeholders. 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. 2023 InvestorPlace Media, LLC. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Following the completion of the Arrangement, the Combined Company will have principal offices in the United States (New York and Seattle), Canada (Toronto, Leamington and Vancouver Island), Portugal and Germany, and it willoperate under the Tilray corporate name with shares trading on NASDAQ under ticker symbol TLRY. This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. Three days later, Aphria pitched a revised ownership split of 55% and 45% for Tilray and Aphria, respectively. 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. ET on Thursday. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. The combined company, which will operate as Tilray (the Company), brings together two highly complementary businesses to create the leading cannabis-focused consumer packaged goods (CPG) company with the largest global geographic footprint in the industry. Additional Information About Tilray and Where to Find It. Aphria ()() shareholders have voted in favour of the reverse acquisition of rival Canadian pot producer Tilray ().The decision helps pave the way for the blockbuster deal announced in December to form the world's largest pot company by revenue. There are a few things that shareholders likely aren't thrilled about with Tilray's latest purchase, which is expected to close in June. 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. 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. 2 2021, Published 8:51 a.m. 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. Positions Combined Company to Continue to Grow in the Beverage Segment: The Combined Company believes it will be well-positioned to pursue an accelerated rate of growth in the Canadian and the U.S. beverage industries by leveraging SweetWaters innovation, knowledge, and expertise to introduce adult-use cannabis brands via craft beers and other beverages. The last issue with buying Hexo is that three of its four marijuana brands are targeted toward the value segment of the market. Tilray Brands had a mixed quarter with revenue of $145.59 million, falling 4.1% compared to last year. However, there was an arbitrage opportunity before the merger. Markets welcomed the news as . Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. However, in the case of Aphria and Tilray, both stocks rose after the merger news. You will be redirected once the validation is complete. Of course, the timing of this rally coincides with the presidential election. Internationally, the Combined Company will have the opportunity to reach additional pharmacies and patients via distribution relationships. For more information, visit: aphriainc.com. SPX, And with conditions making an investment so risky, it's probably best to steer clear for now. According to research from BDSA, the spending is expected to hit a hefty $55.9 billion by 2026. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Tilray stockholders in connection with the proposed transaction will be set forth in the Tilray proxy statement for the proposed transaction when available. -1.00% The scale will be essential for long-term success of APHA stock. Stock Market Basics. Facebook parent Meta Platforms CEO Mark Zuckerberg's total compensation rose above $27 million because of the increased use of private aircraft. 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. Kind of amazing that they can write off $1.1B in the quarter ("market cap reduction", is that the new way of saying we wrote off the terrible buys we did?) In reality, this is Aphria taking over Tilray. May 3, 2021 at 8:46 am. Please enable JavaScript to view the page content. Increases Product Breadth and Commitment to Innovation: Leveraging both Aphria and Tilrays commitment and culture of innovation and brand building, the Combined Company will serve clients with a complete portfolio of Cannabis 2.0 products and sales and service infrastructure supported by leading distribution partners. Shareholders of cannabis company Tilray Inc. voted in favour of a proposed merger with rival Aphria Inc. on Friday, in a transaction that will pave the way for the creation of the world's . Third Quarter Performance. -0.17% Forward-looking statements are provided for the purpose of presenting information about managements current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. On May 3, 2021, the merger between Tilray Inc. and Aphria Inc. marked a new era of growth by creating the largest cannabis company in the world in terms of revenue and geographic reach. As part of the deal, Aphria paid a premium of 23 percent over Tilrays Dec. 15 closing price. Analyst Report: Tilray Brands, Inc.Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. has gained 44% and the S&P 500 Operating its newly gained market share and slashing redundant costs could provide some good news for shareholders next quarter and beyond, but don't count on that before it happens if you're wondering whether to buy shares or hold on to those you have. patricia de melo moreira/Agence France-Presse/Getty Images, J&J, Goldman and Walgreens take brunt as Tuesdays blue-chip losses intensify, Fund managers havent been this pessimistic all year: B. of A. survey, U.S. cannabis producers are now favored by Wall Street analysts, whove soured on Canadian companies, New Yorks 13% cannabis tax may be too high, since state has one of the most sophisticated black markets in U.S., expert says, Employees asked about canceled bonuses. Whats more, the recreational business will have a strong set of brands, which span from low-cost to premium offerings. Tilray, for its part, has already used this business development strategy to markedly increase its market share in Canada through the 2021 merger with Aphria, and then again with its latest . Consider that the price went from $5.50 to $20. Irwin D Simon, formerly Aphrias CEO and chairman, will lead the new Tilray, with Tilrays current CEO Brendan Kennedy joining the board. Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. 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. Tilray (NASDAQ: TLRY) shareholders will vote on the all-stock merger with Aphria (NASDAQ . The Combined Company expects to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales and marketing and corporate expenses. Material risks that could cause actual results to differ from forward-looking statements also include the inherent uncertainty associated with the financial and other projections; the prompt and effective integration of the Combined Company; the ability to achieve the anticipated synergies and value-creation contemplated by the proposed transaction; the risk associated with Aphrias and Tilrays ability to obtain the approval of the proposed transaction by their shareholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all; the risk that a consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the outcome of any legal proceedings that may be instituted against the parties and others related to the Arrangement Agreement; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; risks relating to the value of Tilrays common stock to be issued in connection with the transaction; the impact of competitive responses to the announcement of the transaction; and the diversion of management time on transaction-related issues. Mar. Tilray just purchased another Canadian marijuana business. We as well onlynstock I'm in 40k on it now joke I'm since Aphria I have a good job and can hold long term but it is depressing some days Reply . Published by NCV Newswire. Many factors could cause actual results, performance or achievement to be materially different from any future forward-looking statements. Stock Market 101 ; Types of Stocks ; Stock Market Sectors ; Premium Services Various assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this news release. Certain information in this communication constitutes forward-looking information or forward-looking statements (together, forward-looking statements) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. This is an exciting day for both companies including our 2,500 employees, for the cannabis industry, and for patients and consumers around the world. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. He is also the founder ofWebIPO, which was one of the first platforms for public offerings during the 1990s. Until Tilray's merger with Aphira, the biggest weed firm in the world was Wakefield, Massachusetts-headquartered Curaleafwhich recorded $625.6 million in revenue last year, has 101 licensed . Upon completion of the Arrangement, Aphrias current Chairman and Chief Executive Officer, Irwin D. Simon, will lead the Combined Company as Chairman and Chief Executive Officer. This actually presents an arbitrage opportunity, in which an investor can short Tilray and buy Aphria to lock in a gain. Full details of the Arrangement will be included in a management information circular of Aphria and in a proxy statement of Tilray to be delivered to Aphria Shareholders and the Tilray Stockholders, respectively, in the coming weeks. Tilray Brands sustaining and growing the top line while strengthening the balance sheet. Die Aktie von Tilray (ex Aphria) zhlt am Dienstagvormittag zu den bestplatzierten des Tages. Invest better with The Motley Fool. 5 Hypergrowth Stocks With 10X Potential in 2023, spending is expected to hit a hefty $55.9 billion by 2026, spending to hit $41 billion by 2025, which would represent a 21% CAGR, One Little-Known Tech Stock Could Be the Next Big Thing in 2023, NIOs New Expansion Plans: What It Means for Investors, Louis Navellier and the InvestorPlace Research Staff. The service requires full JavaScript support in order to view this website. First of all, the company's CEO and chairman, Irwin Simon, will remain at the helm. 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. 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. Even Amazon has supported the federal legalization of marijuana. The new entity will be the clear leader in the Canada market, which has continued to see strong growth. https . bnnbloomberg.ca. A worker smiles as she shows cannabis plants at the Tilray factory in Cantanhede, Portugal April . ET, 4 Reasons to Stay Far Away From Tilray Brands Stock, Why Tilray Stock Sank and Moved the Canadian Cannabis Market Today. The deal is pursuant to a plan of arrangement (the Arrangement) under the Business Corporations Act (Ontario), and the implied pro forma equity value of the Combined Company is approximately C$5.0 billion (US$3.9 billion), based on the share price of Aphria and Tilray at the close of market on December 15, 2020. She is based in New York. All Rights Reserved. There is a risk that some or all the expected benefits of the Arrangement may fail to materialize or may not occur within the time periods anticipated by Aphria and Tilray. Jefferies LLC served as financial advisor, and DLA Piper LLP (US), DLA Piper (Canada) LLP, and Fasken Martineau Dumoulin LLP acted as legal counsel to Aphria. Get Out Now. The Combined Company also expects to pursue the opportunity to expand with new or existing CBD or other cannabinoid brands leveraging Manitoba Harvests strong hemp and wellness product platform. Internationally, the Combined Company will be well-positioned to pursue growth opportunities with Aphrias medical cannabis and distribution footprint in Germany, and Tilrays European Union Good Manufacturing Practices (EU-GMP) low-cost cannabis production facility in Portugal, which has export capabilities and tariff-free access to the European Union (EU) to meet increasing global demand for medical cannabis. Aphria and Tilray use words such as forecast, future, should, could, enable, potential, contemplate, believe, anticipate, estimate, plan, expect, intend, may, project, will, would and the negative of these terms or similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. But there are other reasons to consider. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets, Simon said in a statement. So, it does seem that eventually there will be the same on the federal level in the coming years. Aphria and Tilrays complementary brands will be available across economy, value, core, premium and premium plus product offerings. Cowen is serving as financial advisor and Cooley LLP and Blake, Cassels and Graydon LLP are acting as legal counsel to Tilray. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Please enable cookies on your browser and try again. In an all-stock deal agreed to last . Many investors are now wondering what happened to Aphria and Tilray stocks after the merger. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. The revenue also missed the Marketbeat.com consensus estimate by 800 basis, but only some . 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. Complementary, Scalable Medical and Adult-Use Cannabis Businesses Strengthen Leadership Position in Canada; Expands U.S. and International Reachthrough World-Class Cultivation, Manufacturing, Diversified Product Portfolio and Distribution Footprint, Robust Supply Chain and Operational Efficiencies Expected to Generate Approximately C$100 Million of Pre-Tax Annual Cost Synergies, Aphria and Tilray to Host a Conference Call and Webcast at 8:30 a.m. Eastern Time. For the most part, the Biden administration is laser-focused on combating the Covid-19 pandemic. This was the case when Salesforce acquired Slack. To make the world smarter, happier, and richer. Offers may be subject to change without notice. The news comes one business day after shareholders of the previous version of Tilray voted in favor of the deal. Marijuana Stocks: Aphria Dips, Tilray Leaps. Chief Corporate Affairs Officertamara.macgregor@aphria.com www.cannabisbusinesstimes.com is using a security service for protection against online attacks. 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. Under the terms of the Agreement, the Arrangement will be carried out by way of a court approved plan of arrangement under the Business Corporations Act (Ontario) and will require the approval of at least two-thirds of the votes cast by the Aphria Shareholders at a special meeting. Tilray Brands Consolidates Hold: Profits Will Drive Shares Higher . Finally, the new entity will be positioned nicely in the U.S. market. But TLRY stock will likely fall once the merger goes through since it may take time for synergies to work. Tilray, for its part, has already used this business development strategy to markedly increase its market share in Canada through the 2021 merger with Aphria, and then again with its latest . Cannabis producer Aphria (NASDAQ:APHA) stock has made a huge comeback in since early November. 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. 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 . In the event of federal permissibility, the Company expects to be well-positioned to compete in the U.S. cannabis market given its existing strong brands and distribution system in addition to its track record of growth in consumer-packaged goods and cannabis products. Theoretically, Aphria stock should have traded at 0.8381 times what Tilray traded at before the merger. In Germany, Aphrias wholly-owned subsidiary, CC Pharma GmbH, will provide the Combined Company with distribution capabilities for the Aphria and Tilray medical cannabis brands to more than 13,000 pharmacies. The service requires full cookie support in order to view this website. Learn More. Toronto-listed Aphria shares were virtually flat at $17.81. The Combined Company will be the largest global cannabis company based on pro forma revenue for the last twelve months reported by each company with scale and breadth across major geographies and a complete portfolio of market leading brands in the major Cannabis 2.0 product categories. This press release features multimedia. Yet the terms of the deal look more advantageous to Aphria. www.cannabisbusinesstimes.com is using a security service for protection against online attacks. Aphria has generated positive adjusted EBITDA over the last six quarters2, which in combination with the synergies to be realized, provides a robust platform for future profitability and cash flow generation for the Combined Company. Lessons learned from Aphria-Tilray merger. For instance, Aphria stock was trading around 0.4115 times Tilray on Feb. 10less than half of what it should be trading at based on the merger terms. However, shares have a weak 26 . Forward-looking statements involve significant known and unknown risks and uncertainties. So don't take the Hexo acquisition as news that makes Tilray stock a must-have. On April 10, Tilray Brands (TLRY 1.65%) . 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. Also, after the merger, Tilray has diversified operations and hopes to realize significant synergies from the merger. 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. 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. Each of Aphrias and Tilrays respective directors and officers and certain principal Tilray Stockholders have entered into voting support agreements agreeing to vote their Aphria Shares or Tilray Shares, as applicable, in favor of the resolutions put before them pursuant to the Agreement. ahead-of-print No. The challenge of coordinating previously independent businesses makes evaluating the business and future financial prospects of the Company following the business combination difficult. That also suggests cash might get tight in the future. 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 . CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. This includes leveraging Aphria and Tilray's proven distribution networks in Canada to sell SweetWater's 420 cannabis lifestyle brand in Canada. 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