May 3, 2021
Tilray-Aphria deal closes, company to control biggest share of Candian pot market
The Canadian Press
Aphria's Q3 sales suffer amid increased pandemic lockdowns
NANAIMO, B.C. -- Tilray Inc. and Aphria Inc. say their merger deal has now closed after receiving approval from shareholders of both companies.
Tilray shareholders voted Friday in favour of issuing stock to Aphria's shareholders, but the Nanaimo, B.C.-based company has yet to reveal how many supported the proposal.
About 99 per cent of Aphria shareholders voted in favour of the deal in April.
The two cannabis companies announced in December that they will merge under the Tilray name with Aphria CEO Irwin Simon at the helm and Tilray CEO Brendan Kennedy joining the board.
The new company is expected to have a pro forma revenue of $874 million and will control more than 17 per cent of the retail cannabis market -- the largest share held by any Canadian licensed producer.
While Tilray shareholders at Friday's meeting supported the Aphria deal, they voted against increasing the company's authorized capital stock from more than 743 million shares to 900 million shares.