LEAMINGTON, ONT. — Aphria Inc. and Tilray Inc. say they will combine to become the world’s largest cannabis company based on revenue.
The companies say through their agreement Leamington, Ont.-based Aphria will receive 0.8381 shares of Tilray for each Aphria common share, while Nanaimo-based Tilray’s shareholders will see no adjustment to its holdings.
Once the deal is complete Aphria’s shareholders will own about 62 per cent of the outstanding Tilray shares on a fully diluted basis.
Aphria’s current chairman and chief executive Irwin D. Simon will lead the combined company, while Tilray chief executive Brendan Kennedy will join the new company’s board.
The two companies will operate under the Tilray name with shares trading on the Nasdaq under the ticker symbol TLRY.
The deal is expected to be completed in the second quarter of 2021.
This report by The Canadian Press was first published Nov. 16, 2020.
