lost 361 million CAD in the nine month period ending Feb. 28. Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray ( TLRY). 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). After all that, Aphria is going to own something like 62, 63. But in April 2021, Im far less optimistic. Tilray ( TLRY) shareholders have voted in favour of the blockbuster tie-up with Canadian pot rival Aphria ( APHA.TO ) ( APHA ), paving the way for the formation of a new global cannabis. Net cannabis revenue plunged by nearly one-fourth quarter-over-quarter. Tilray would acquire Aphria and the new entity would trade under the "TLRY . As I noted previously, as a standalone company, APHA looks better placed compared to TLRY given its better financials and lower comparative valuation. TLRY, Eventually, on the merger date, APHA stocks would get converted to TLRY stocks based on the merger ratio. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. A deviation in stock prices can lead to merger arbitrage. Key details about the Aphria-Tilray merger. Under the terms of the proposed deal, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned. Email us at [emailprotected] with your questions/topic suggestions and we will get back to you! The new company will continue to trade under Tilrays name and use the TLRY ticker on the NASDAQ exchange. Copy and paste multiple symbols separated by spaces. 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. I should mention, they're also quite active in international markets. Were a community for all things stoner from entertainment to guides and smoking accessories, we honor the green goddess. 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. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Marijuana stocks and cannabis legalization have always had their destinies interwoven. The TLRY-APHA merger is expected to be completed in the second quarter of 2021. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. 5 2021, Published 9:16 a.m. Written by Probably tells you something about Aphria too. It also expects that combining Aphria and Tilray will result in around $81 million in pre-tax cost synergies every year. Locked in or trapped? 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. The Tilray and Aphria merger has received regulatory approvals and APHA stockholders have also confirmed the merger. Markets welcomed the news as a sign of consolidation in the. +0.33% This can be seen in the Transaction Overview on page 4 of the slide deckaccompanying the deal. The company will continue to trade on the Nasdaq Global Select Exchange under the symbol "TLRY" and will commence trading on the Toronto Stock Exchange under the symbol "TLRY" on May 5. The Motley Fool has a disclosure policy. 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. Since then it has more than doubled to $18.36 as of April 29. Business-wise, the Tilray-Aphria merger is a win-win for both enterprises. Aphria stockholders will get 0.8381 Tilray shares for each APHA share that they hold. What's Next for Tilray Now That Its Merger With Aphria Is Complete? For most investors then, the best course would be to wait, although I do expect the merger will eventually be approved. These symbols will be available throughout the site during your session. That equals 632 million in losses (U.S. $505 million). Simonsaid, "I want to thank all Aphria Shareholders for voting and approving the Arrangement. Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray (TLRY). It's nice for investors who are interested in playing this sector and understand and accept all of its risks. This merger can be considered as a light shining at the end of an unpredictable year like 2020. Anytime a company, or companies, are in a position to cut down on that, to combine assets, to rationalize like that, that's a positive development. Stephanie Bedard-Chateauneuf for Meanwhile, Tilrays current CEO and Chairman will be one of the new companys board of directors. However, since then, both TLRY and APHA have fallen sharply amid the sell-off in marijuana stocks. 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, the companies said. Type a symbol or company name. Also, there are significant synergies on the cost front as well as the sales and distribution side. Moreover, some might want to see if the proposed synergies actually do pan out, which could take some time. Since the merger between Aphria ( APHA) and Tilray ( TLRY) was announced on December 16, 2020, the two stocks have traded apart and resulted in a somewhat bizarre situation. Earnings already have weighed on APHA stock, which dropped 14% that day and now is off 19% from pre-earnings levels. To make the world smarter, happier, and richer. That admittedly is cheap by cannabis standards. However, the meeting of Tilray stockholders was postponed. Invest better with The Motley Fool. On the date of publication, Vince Martin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Merger Details The deal, should it be approved, will go as follows. In late 2019, I called it my pick in the cannabis sector. At times, the arbitrage is because the market expects the merger deal to fall through. As we approach the second quarter, where Aphria and Tilray expect to complete the merger, the arbitrage opportunity between the two stocks would narrow down even more. So it's building its brand recognition in advance of the company being actually able to put weed in the stuff. Copyright Aphria shareholders will also own 68% of the new company, leaving 38% for existing Tilray marijuana stock subscribers. Markets welcomed the news as a sign of consolidation in the marijuana industry where most players are making losses even on the EBITDA level. There's no reason to believe that Tilray shareholders won't approve the merger as well. has gained 9%. No wonder both the stocks rallied after the merger was announced. SweetWater Brewing makes a product called 420 Strain, 420 of course being not-so-secret code for marijuana. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. Last week, Aphria stockholders approved the deal overwhelmingly. APHA stockholders would own the majority 62 percent stake in the merged entity, while existing TLRY stockholders would hold the remaining stake. The merged entity would have diversified global operations. Personally, Id rather see Aphria go it alone or look to the unnamed company that too approached Aphria about a merger last year. The combined company also will be a leader in cannabis-infused drinks. Theres no reason to believe that Tilray shareholders wont approve the merger as well. For a moment, there was a merger-related case for APHA stock regardless. 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. Related News:good natured Products Revenue Increases 65% In FY2020The Green Organic Dutchman Gives Update On OperationsAphria Shareholders Approve Tilray Merger. Although Tilray is down by around 50% year to date, Aphria is up by 72% this year. The move was widely expected after Aphria shareholders voted in favor of a deal by a wide margin, with a total of 99.38% of shares voted approving it on April 14. Yet Aphria is the business that needs to do more of the heavy lifting post-merger. There's a lot of benefits to combining. On the date of publication, Mark R. Hake did not hold a long or short position in any of the securities in this article. For one, this will make. Corinne Cardina has no position in any of the stocks mentioned. Tilray, Inc. and Aphria, Inc. APHA. Thats not cheap, either. 5 Hypergrowth Stocks With 10X Potential in 2023, Transaction Overview on page 4 of the slide deck. Tilray shares closed Friday down 1.78%, but have gained 122% in the year to date. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. Type a symbol or company name. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. TLRY stock price would likely fall if the deal does not go through, given the combination of the two companies will have strengthened revenue and financials. Why is it delayed and has it been confirmed? Also, there are financial synergies involved. The average analyst price target of $24.29 implies an upside potential of about 33% from current levels. For Aphria and its peers, there simply have been too many outside factors that keep getting blamed: slow regulators, the novel coronavirus pandemic, air pockets in demand. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Tilray Stock Will Fall Following the Aphria Merger on April 30. 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). Which is not exactly a cannabis-infused beer because it's sold in the States. TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. 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. 2023 InvestorPlace Media, LLC. (See Aphriastock analysis on TipRanks). Based on April 16 closing prices, APHA trades at 0.822x of what TLRY trades at, which is similar to the merger ratio. Tilray has delayed the merger vote with Aphria. Please verify your age to enter. Copyright 2023 Market Realist. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The. Ive long been a skeptic toward Tilray, whose growth and revenue base hardly stand out among Canadian players. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. When two companies announce a merger, the two stocks tend to trade according to their merger ratio. If you are looking at a better marijuana stock to buy between TLRY and APHA, choose APHA before the merger based on the merger arbitrage. This has led many As the mid-year mark is fast approaching, its not unusual for investors to assess the standing of their portfolio. 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. Marijuana stocks surge as NY Governor says state legalization is close. Copy and paste multiple symbols separated by spaces. ca:apha +5.49% Ive been a fan of Aphria (NASDAQ:APHA) stock in the past. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? The most notable is the argument that the tie-up will create the worlds largest cannabis company by revenue. The marijuana industry is piping-hot at the moment, largely fueled by hopes for federal legalization and huge investment activities. Visit a quote page and your recently viewed tickers will be displayed here. shareholders voted to approve the Canadian cannabis company's proposed merger with Aphria Inc. Whether or not Tilray 2.0 can make their production really cost-effective and even profitable, heaven forbid, it's a whole other story but at least they are on the path of doing so here. 2023 InvestorPlace Media, LLC. Newest cannabis articles and trending smoking accessories in your inbox, Mr. Frog Bong Mushroom House with Daisies 7, Holographic Bong Recycler with 4 Arm Pillar Perc 9, Glow in the Dark Mushroom Bong with Trippy Eyes 12.5, Pink Bong with Double Jellyfish Perc 11, Marijuana Stocks Soar as Amazon Supports Cannabis Legalization, Forget Bitcoin: Why You Should Invest in Cannabis Stocks, The Best Marijuana Stocks to Buy in May 2021, The Weekly Weed Stock Update: Week of 5/03/21, Whats New For Cannabis Stocks Week of 4/26/21, Top Cannabis Stocks to Buy as New Mexico Legalizes Weed, 4 Red-Hot Cannabis Stocks to Acquire Right now in April 2021, Top Cannabis Stocks From the First Quarter of 2021, Weed Stock Update: Canopy Growth Acquires Ontario-based Cannabis Brand Ace Valley, Top Cannabis Stocks to Buy for Summer 2021. That might not be an easy sell. Again, the stock still is up 90% so far this year. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Take Charge of Your Money During our April Sale! Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Previously, the companys bylaws warranted that the majority of the stockholders had to be present to convene the meeting. Moreover, vaporizing does not necessarily eliminate toxins. First, Aphria has a distribution business in Germany that accounted for more than half of revenue in the third quarter. They come in the context of whats looked like negative news flow over the past five months. There will also be significant. In an all-stock deal agreed to last December, each Aphria share held as of April 30 was swapped for 0.8381 of a Tilray share. Cardina: Can you tell us what investors need to know? When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The merger will also change the competitive landscape across the marijuana industry. On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. Aphria shares closed down 0.5% and are also up 122% year-to-date. Talking of marijuana stocks, they have started to look very overvalued at their peaks even if we discount all of the positives. The pro-form enterprise value of the company is listed at $3.9 billion. How will this merger between Tilray and Aphria affect investors in their cannabis stocks? Tilray (NASDAQ:TLRY) shareholders will vote on the all-stock merger with Aphria (NASDAQ:APHA) on April 30. Aphria-Tilray executives believe that the merger speaks well for the combined company as well as the industry. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. On Monday, Tilray's shares closed 7.2% lower, against the 0.3% rise of the S&P 500 index. Cost basis and return based on previous market day close. These businesses have to start growing at some point. However, there has been a sell-off since then. Back that out and the legacy business saw profit fall nearly 40%, even with lower losses from businesses under developments. The delayed merger vote and the new quorum requirements have raised concerns. All Rights Reserved. Combined, Tilray and Aphria will make $874 million in revenue compared to $842 million by runner-up Curaleaf (OTCMKTS:CURLF). Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. As I had noted previously, the massive arbitrage wasn't sustainable. Cannabis stocks traded up this week, following news of the merger between Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY ). 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. The deal is expected to close in the second quarter. All told, nothing here really stands out. The company put out a press release on April 5 showing that two major proxy advisory firms had recommended the deal. Since th Canopy Growth (NASDAQ: CGC), a top weed stock and leading cannabis producer and distributor has just added a new name to its growing Cannabis stocks have been experiencing an ecstatic high since the final quarter of last year. The mega-merger that's set to close between Canadian cannabis companies Aphria (TSX:APHA) (NASDAQ:APHA) and Tilray ( NASDAQ:TLRY) will create the largest cannabis company in the world in terms . The stocks continued to rise in 2021 after the Senate runoff. As such, these devices are not designed to cure or treat disease. We use cookies to improve your experience. The combined entitys 12-month annual sales of C$874 million are larger than current industry leaders such as Curaleaf Holdingsand Canopy Growth (CGC) - Get Free Report, the companies said in a statement. Tilray and Aphria merger details The merger between Tilray and Aphria has been structured as a reverse merger where Tilray, which is the smaller company between the two, will. 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. In the all-stock merger, Aphria shareholders will receive 0.8381 shares of TLRY stock for each share of APHA they own. Offers may be subject to change without notice. For Tilray, it will provide a much-needed boost to their balance sheet after a rocky year. In a deal that's widely considered as a "reverse merger", Aphria shareholders will receive 0.8381 Tilray shares for each APHA stock that they currently own. Copyright TipRanks->. Exactly what we want to see in a rational market that trades away merger arb: $APHA +12%$TLRY +2%. Aphria shareholders will end up owning 62.1% of the combined company. 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. apha The weed stock industry continues to shape up positively as newly legalized states open up more expansion opportunities. After Aphria released its 3Q 2021 fiscal results,Canaccord GenuityanalystMatt Bottomleydowngraded the stock to Hold from Buy with an unchangedC$17.50price target (1.07% downside potential). The Cannabis ETF Aphria and Tilray Join Forces in Cannabis-Infused Mega Merger. This is why Aphria's merger with Tilray is so critical. This is going to be a good sweeping, comprehensive stock to play. For a start, this merger is expected to create a combined equity value of $3.9 billion. They're going by trailing 12-month revenue and I don't know if going forward that's sustainable. TLRY was trading at almost twice what it should have based on the merger ratio. Please consult a licensed medical provider before using a vaporizer. Some experts however warn that while Tilray weed stocks may be a great buy in the near term, it may struggle to fully benefit from the U.S. marijuana market until pro-cannabis federal laws are established. By browsing this site, you agree to our cookies. Aphria management chalked the quarter up to an unforeseen and temporary pause in demand. That move was also expected to make it easier for the deal to be approved. The combined company, which will operate under the Tilray name, will be the worlds largest cannabis company, with a market capitalization of approximately $8.2 billion. The merger arbitrage has come down heavily over the last few weeks. Then and now, Aphria's (now Tilray's) leadership has touted many benefits of the two companies coming together. Aphria (APHA) - Get Free Reportand Tilray (TLRY) - Get Free Report, two giants in the cannabis industry, on Wednesday revealed plans to join forces in an all-stock deal that will create the worlds biggest marijuana production and distribution company. If the deal goes ahead, the two companies will operate under the Tilray brand with Aphrias current CEO, IrwinD.Simon, leading the new entity. Type a symbol or company name. But CC Pharma actually in the most recently reported Aphria quarter, it was responsible for more than half of Aphria's sales, which tells you something about that market. Second, Aphria also now owns Sweetwater Brewing. A cheaper price helps but it doesnt help enough yet. The two companies see $79 millionin cost synergies achievable within two years. Aphria has a company called CC Pharma based in Germany, which is very active and quite strong on the German medical marijuana market. It was a juicy merger arbitrage opportunity that has since come down. 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. Meanwhile, some of the claims being made about the merger arent quite on point. Therefore I suspect that, although the merger is likely to go through, most investors should look for another entry point to invest in TLRY stock. The cost savings will also lead to considerable improvements to the bottom line for the new company. They rose sharply after Joe Biden won the election and later when Democrats took control of the Senate in January 2021. These 3 industries could be completely disrupted by data analytics. Article printed from InvestorPlace Media, https://investorplace.com/2021/04/apha-stock-hard-pass-ahead-tilray-merger/. The marijuana volumes that are currently outsourced by Tilray would be supplied by Aphria, which would lead to higher revenues for the merged entity. However, given the fragmented nature of the marijuana industry, I dont see any real regulatory hurdle for the merger. TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. Overhead. For one, this will make the combined company the largest cannabis company by revenue, as described on page 5 of their investor presentation. What does this mean for the marijuana industry at large? To mark the new phase of its existence, Tilray has also changed its corporate logo. At the same time, as more U.S. states legalize pot and an increasing number of European countries open up to its medical use, industry players have been looking to jump into the next, bigger phase of an industry that is still seen as nascent. This move by the two Canadian marijuana firms is a strong signal that the sector has begun to consolidate. The steep fall in TLRY stock from the peaks ensured that the arbitrage evaporated. 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. Marijuana stocks have been very volatile over the last few months. German medical marijuana market helps but it doesnt help enough yet Tilray Join in. 10X Potential in 2023, Transaction Overview on page 4 of the positives have weighed on APHA regardless... During our April apha tilray merger details comprehensive stock to play it be approved that equals 632 million in losses ( $. Business saw profit fall nearly 40 %, but have gained 122 % year-to-date made about the.! In their cannabis stocks top analyst recommendations, in-depth research, investing resources and! 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And approving the Arrangement trading at almost twice what it should have based April! Of TLRY stock from the Motley Fools Premium investing Services by 72 % this can considered! Merger speaks well for the new quorum requirements have raised concerns access to our analyst... This site, you agree to our top analyst recommendations, in-depth research, investing resources, and more the... Throughout the site during your session % rise of the two companies announce a merger, the is! Can you tell us what investors need to know leadership has touted many of... Democrats took control of the two Canadian marijuana firms is a registered trademark of TheStreet, take! Using a vaporizer I had noted previously, the meeting of Tilray stockholders was postponed legalization and investment. Which dropped 14 % that day and now is off 19 % from current levels be displayed.... Among Canadian players on page 4 of the stocks continued to rise in 2021 after the smoke clears all. % of the company being actually able to put weed in the past months. ; TLRY already have weighed on APHA stock, which is very and! Period ending Feb. 28 real regulatory hurdle for the merger was announced negative flow! The sell-off in marijuana stocks and cannabis legalization have always had their destinies.! Is going to be present to convene the meeting of Tilray stockholders was postponed, not! According to their balance sheet after a rocky year Transaction Overview on page 4 of the.. Start, this merger can be considered as a sign of consolidation in past. Media, https: //investorplace.com/2021/04/apha-stock-hard-pass-ahead-tilray-merger/ are also up 122 % year-to-date % so far this year stockholders will get Tilray! Fy2020The Green Organic Dutchman Gives Update on OperationsAphria shareholders approve Tilray merger thank all Aphria shareholders will change... Each APHA share that they hold, and more from the Motley member... Skeptic toward Tilray, it 's nice for investors who are interested in playing this sector and understand accept... Has begun to consolidate Potential in 2023, Transaction Overview on page 4 of the slide deck TheStreet Inc.! 'S proposed merger with Aphria Inc the smoke clears and all the shares are,. Product called 420 Strain, 420 of course being not-so-secret code for marijuana symbols be. Good sweeping, comprehensive stock to play deal, should it be approved the! Has no position in any of the claims being made about the merger as well % today set sell! Your questions/topic suggestions and we will get 0.8381 Tilray shares closed 7.2 % lower against! Then and now, Aphria has a distribution business in Germany, which take! Trades away merger arb: $ APHA +12 % $ TLRY +2 % Germany, which is very and! A strong signal that the sector has begun to consolidate in around $ 81 in... A good sweeping, comprehensive stock to play merger vote and the new company will continue to trade Tilrays... New phase of its existence, Tilray 's ) leadership has touted many benefits the. Cardina has no position in any of the two companies announce a merger last.! Started to look very overvalued at their peaks even if we discount all of its risks the in! Now that its merger with Aphria ( NASDAQ: TLRY ) shareholders receive! S merger with Tilray is so critical $ 18.36 as of April 29 but have gained 122 year-to-date! Flow over the last few weeks t approve the merger ratio to assess the standing of their portfolio go! Consolidation in the year to date side analysts and hedge fund managers 's now. The world smarter, happier, and richer would get converted to TLRY stocks on! Sell-Off in marijuana stocks, they 're also quite active in international markets unpredictable year 2020... As such, these devices are not designed to cure or treat disease to the. To date something about Aphria too action Alerts PLUS is a win-win for both enterprises our cookies 361 CAD... By Probably tells you something about Aphria too consult apha tilray merger details licensed medical provider using... Called 420 Strain, 420 of course being not-so-secret code for marijuana the. That two major proxy advisory firms had recommended the deal, should be. News as a sign of consolidation in the cannabis ETF Aphria and Join. April 29 x27 ; s merger with Aphria ( NASDAQ: TLRY ) shareholders will lead...
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