Ciara Linnane is MarketWatch's investing- and corporate-news editor. It was a juicy merger arbitrage opportunity that has since come down. On March 1, APHA stock closed at $18.76, while TLRY stock closed at $25.56. Key details about the Aphria-Tilray merger. 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. The. 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. Under the terms of the agreement, Aphria will become a wholly-owned subsidiary of Tilray. Tilray (NASDAQ:TLRY) shareholders will vote on the all-stock merger with Aphria (NASDAQ:APHA) on April 30. 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. You can still play the arbitrage in the Tilray-Aphria merger even if it isn't as juicy as it was two weeks ago. 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. Tilray ( TLRY) - Get Free Report and Aphria ( APHA) - Get Free Report said Monday they had completed their merger, creating the world's largest cannabis company by revenue . 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. Tilray shares closed Friday down 1.78%, but have gained 122% in the year to date. They rose sharply after Joe Biden won the election and later when Democrats took control of the Senate in January 2021. For a number of legal reasons, you can't do that but it's got the aroma and the flavor of marijuana. Article printed from InvestorPlace Media, https://investorplace.com/2021/04/apha-stock-hard-pass-ahead-tilray-merger/. TLRY scheduled the stockholder meeting to approve the merger with APHA on April 16. 2023 InvestorPlace Media, LLC. (See Aphriastock analysis on TipRanks). TIlray, however, is postponing its shareholder vote to April 30 (should have been tomorrow). Meanwhile, some of the claims being made about the merger arent quite on point. You must be 21 years of age or older to view the page. Aphrias CEO Irwin D. Simon will lead the company. quotes delayed at least 15 minutes, all others at least 20 minutes. That firm generated revenue of $67 million in 2019. Tilray and Aphria stocks rose when the companies announced the merger in 2020. *Average returns of all recommendations since inception. 5 2021, Published 9:16 a.m. TLRY, The merger will also change the competitive landscape across the marijuana industry. The company is profitable, but not amazingly so. Yet Aphria is the business that needs to do more of the heavy lifting post-merger. Is the merger a done deal? 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. It's nice for investors who are interested in playing this sector and understand and accept all of its risks. Why is it delayed and has it been confirmed? All Rights Reserved. Corinne Cardina has no position in any of the stocks mentioned. The merger between Aphria and Tilray makes perfect sense. 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. For a start, this merger is expected to create a combined equity value of $3.9 billion. The most notable is the argument that the tie-up will create the worlds largest cannabis company by revenue. Combined, [Aphria and Tilray] have a strong portfolio and other stuff, edibles, traditional dried flower, of course. There's a lot of production now that's out there, it's hard to make money on them simply because there's so much weed being grown. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Are Canadian Pot Stocks Headed for Another Crash? The TLRY-APHA merger is expected to be completed in the second quarter of 2021. The combination of solid growth, experienced management, and profitability (if on an adjusted basis) made APHA stock stand out. The two Canadian cannabis giants had been in talks . Also, there are financial synergies involved. 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. Also, in SPACs, there can be significant arbitrage between the common stock and the warrants. Using pro forma Adjusted EBITDA, even accounting for the cost savings, the combined companys multiple sits over 50x. Aphria stockholders will get 0.8381 Tilray shares for each APHA share that they hold. Then the company deactivated his account. As such, these devices are not designed to cure or treat disease. Currently, Tilray and Aphria are down 62 percent and 42 percent, respectively, from their 52-week highs. But Aphria, they bought not long ago SweetWater Brewing. Personally, Id rather see Aphria go it alone or look to the unnamed company that too approached Aphria about a merger last year. The merger arbitrage has come down heavily over the last few weeks. Market Realist is a registered trademark. Aphria shareholders voted in favor of the proposed merger with rival Tilray,which will create the worlds largest cannabis company by revenue. Ive been a fan of Aphria (NASDAQ:APHA) stock in the past. 1125 N. Charles St, Baltimore, MD 21201. if you are considering starting a new position in either Tilray or Aphria stock right now, APHA stock gives you a little bit . TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. Any user reviews on this site are related to the users own personal experiences, and are not endorsed by stonersrotation.com. Aphria shareholders will receive 0.8381 of a Tilray share for each Aphria share they own, while Tilray shareholders will have no adjustments made. The merger will also generally offer the new company access to capital and improved funding. Copyright Corey Goldman covers spot news, finance, capital markets and economics for TheStreet. So basically we can consider it a reverse merger. In the middle of February, APHA stock was trading at around 0.41x what TLRY was trading at. Some investors might want to wait to see if the merger goes through. In its release, Tilray also said that the two companies have mutually agreed to waive the condition of the merger. Investors found the prospect of a Tilray-Aphria merger exciting. Aphria shareholders will receive 0.8381 shares of TLRY stock for every one share of APHA stock they own. 1125 N. Charles St, Baltimore, MD 21201. To make the world smarter, happier, and richer. Adding an estimated $352 million in net debt to calculate enterprise value, post-merger TLRY stock . 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. Invest better with The Motley Fool. 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. Investors confidence will certainly be boosted by the merger once it goes through in 2021. Aphria shareholders will end up owning 62.1% of the combined company. Lastly, with a relatively strong international presence, the new Tilray will pursue growth opportunities abroad. If that doesnt happen, as is often the case, more jittery and short-term oriented shareholders could move out. Tilray Marijuana stocks rallied as high as 27% when it announced its agreement to enter into a merger with Aphria just before Christmas. The past few days have seen cryptocurrencies including Bitcoin experience a downward trajectory in terms of prices. The deal is expected to close in the second quarter. Marijuana stocks surge as NY Governor says state legalization is close. The required two-thirds majority of Aphria shareholders backed a motion to approve the deal at the company's shareholders meeting on Wednesday. To be sure, this is a takeover of Tilray by Aphria, even though the combined company will keep the Tilray name. Incidentally, there was a massive merger arbitrage in the TLRY and APHA merger. For a moment, there was a merger-related case for APHA stock regardless. Talking of marijuana stocks, they have started to look very overvalued at their peaks even if we discount all of the positives. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. But TLRY stock will likely fall once the merger goes through since it may take time for synergies to work. Marijuana stocks have been very volatile over the last few months. The weed stock industry continues to shape up positively as newly legalized states open up more expansion opportunities. Type a symbol or company name. 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. Copy and paste multiple symbols separated by spaces. APHA . Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? Nasdaq These 3 industries could be completely disrupted by data analytics. Balsky is bullish on the business and expects progress from the government to legalize marijuana at the federal level. good natured Products Revenue Increases 65% In FY2020, The Green Organic Dutchman Gives Update On Operations, Aphria Shareholders Approve Tilray Merger, Do Not Sell My Personal Information (CA Residents Only). The marijuana industry is piping-hot at the moment, largely fueled by hopes for federal legalization and huge investment activities. Uber reversed its decision and reactivated the driver after being contacted by MarketWatch. For example Aphria has -- when I glance over here I'm always looking at my cheat sheets, sorry. The Motley Fool has a disclosure policy. The merger will also see the new company better positioned to take advantage of future pro-marijuana legislation as well as growing demands in the U.S. and Europe. Thats 40% of the pro forma total for both companies. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. That might not be an easy sell. Whats the TLRY-APHA merger date and is there still an arbitrage opportunity available before the merger is complete? APHA stockholders would own the majority 62 percent stake in the merged entity, while existing TLRY stockholders would hold the remaining stake. These symbols will be available throughout the site during your session. Yet ownership of the combined company via TLRY was at one point valued more than 30% higher than it was via APHA. Tilray Has 64% Upside After "Perfect Match" Merger, Analyst Says, 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. Tilray shareholders risk seeing that price fade lower if the merger is not approved. Even with a sharp pullback of late, APHA has nearly quadrupled from where it sat in early March of last year. 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. That in turn suggests that each Aphria. Reportedly, Tilray hasnt been able to gather the required number of votes to get the merger approved. Ive long been a skeptic toward Tilray, whose growth and revenue base hardly stand out among Canadian players. . Aphria shares closed down 0.5% and are also up 122% year-to-date. Were a community for all things stoner from entertainment to guides and smoking accessories, we honor the green goddess. 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. Aphria shareholders will also own 68% of the new company, leaving 38% for existing Tilray marijuana stock subscribers. 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. These symbols will be available throughout the site during your session. Stoners Rotation is an ecommerce for smoking devices and accessories. ET. 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. That move was also expected to make it easier for the deal to be approved. Interestingly, it also amended the bylaws and said that the quorum requirement for the stockholder meeting would be one-third of the voting power. Another nice thing about this merger that shareholders in both companies should be happy about, it's a comprehensive company [together]. So far, the special shareholder meeting has been postponed once, from April 16 to April 30. Eric Volkman has no position in any of the stocks mentioned. People may receive compensation for some links to products and services on this website. lost 361 million CAD in the nine month period ending Feb. 28. If the deal goes ahead, the two companies will operate under the Tilray brand with Aphrias current CEO, IrwinD.Simon, leading the new entity. She is based in New York. 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. Eric Volkman has no position in any of the stocks mentioned. It's worth taking a look at. Cannabis stocks traded up this week, following news of the merger between Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY ). 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. Aphria and Tilray to Merge In $4 Billion All-Stock Pot Deal Aphria and Tilray agree to join forces, creating the world's biggest marijuana production and distribution company with a combined. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Aphria-Tilray executives believe that the merger speaks well for the combined company as well as the industry. The company says that the "new Tilray" will have synergies of over 100. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The marijuana volumes that are currently outsourced by Tilray would be supplied by Aphria, which would lead to higher revenues for the merged entity. Copyright Combined, Tilray and Aphria will make $874 million in revenue compared to $842 million by runner-up Curaleaf (OTCMKTS:CURLF). No wonder both the stocks rallied after the merger was announced. Results for the fiscal third quarter (ending Feb. 28) were not promising on that front. Aphrias two German assets - a distribution center for medical prescriptions and a cultivation facility - were particularly attractive. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. This merger between these two cannabis firms will see Tilray become the biggest player in the sector globally. Aphria and Tilray agree to join forces, creating the worlds biggest marijuana production and distribution company with a combined value of nearly $4 billion. After all, there is always the possibility that it could fall through. 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 . They project that the combined company will command a 20% market share via their subsidiaries and brands. After Tilrays (TLRY) shareholders voted in favor of the proposed merger Aphria (APHA) last Friday, the two cannabis companies announced today the completion of the transaction. Last week, Aphria stockholders approved the deal overwhelmingly. All told, Im not sure the story here is materially better than it was when APHA was at $5 or less. Related News:good natured Products Revenue Increases 65% In FY2020The Green Organic Dutchman Gives Update On OperationsAphria Shareholders Approve Tilray Merger. The combined U.S. operations will focus on Sweetwater and Manitoba Harvest, which makes branded hemp and CBD products. Aphria has a company called CC Pharma based in Germany, which is very active and quite strong on the German medical marijuana market. +2.93% The cannabis stocks sector moves really fast, making it difficult to keep track of all events as they occur. Merger Details The deal, should it be approved, will go as follows. Aphria ( APHA ) and . The products featured have not been directly evaluated by the US Food and Drug Administration (FDA). Previously, the companys bylaws warranted that the majority of the stockholders had to be present to convene the meeting. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. Part of the cause of the sell-off is that APHA got some draft from the Reddit rallies, even if it didnt move as high as did Tilray. The Cannabis ETF 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. You must be 21 years or older to view and purchase products featured on this site. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Aphria Stock Looks Like a Hard Pass Ahead of the Tilray Merger. In March 2020, I recommended investors buy the dip at $3.50. 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. 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. In December 2020, Tilray (TLRY) and Aphria (APHA) announced their reverse merger. Earnings already have weighed on APHA stock, which dropped 14% that day and now is off 19% from pre-earnings levels. Apr 17, 2021 04:58AM EDT. Whats the TLRY-APHA merger date? 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. First, Aphria has a distribution business in Germany that accounted for more than half of revenue in the third quarter. Article printed from InvestorPlace Media, https://investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/. So it's building its brand recognition in advance of the company being actually able to put weed in the stuff. Aphria (@aphriainc) said 99.38% of its shareholders voted to approve its merger with Tilray (@tilray). The new company would trade under the ticker symbol TLRY, which is Tilrays current ticker. Aphria shareholders will also own 68% of the new . When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. These businesses have to start growing at some point. 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. Tipranks is the business combination was when APHA was at $ 5 or less well the... 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Is bullish on the business that needs to do more of the agreement, Aphria will a. Cure or treat disease Aphria stockholders will get 0.8381 Tilray shares for each share! Each Aphria share they own, while Tilray shareholders risk seeing that fade... Https: //investorplace.com/2021/04/apha-stock-hard-pass-ahead-tilray-merger/ from entertainment to guides and smoking accessories, we the! 15 minutes, all others at least 15 minutes, all others at least 15 minutes, all at. Have no adjustments made closed down 0.5 % and are also up 122 %.... It was a massive merger arbitrage has come down heavily over the last few months makes perfect sense stake the! Now is off 19 % from pre-earnings levels had to be sure, this a... Tilray makes perfect sense prescriptions and a cultivation facility - were particularly attractive a facility. Age or older to view and purchase products featured have not been directly by... About this merger is complete Bath & Beyond ( BBBY ) stock in the year to date goes! 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The story here is materially better than it was when APHA was $...