Then the company deactivated his account. +0.33% Second, Aphria also now owns Sweetwater Brewing. Unfortunately, at this point in the growth of Canadian cannabis, its pretty much impossible to take managements word for it (even though I do respect Aphria head Irwin Simon). In addition, the new board will be made of seven Aphria members and just two Tilray board members. At TLRY stock's current price, that would put shares at around $15.25. Copyright 2023 MarketWatch, Inc. All rights reserved. Talking of marijuana stocks, they have started to look very overvalued at their peaks even if we discount all of the positives. This means be patient and look to average costs into TLRY stock. From the initial momentum that saw these two marijuana stocks go up after the merger announcement, to the long-term effects itll have on the new companys balance sheet and operations, you can expect far-reaching effects. These businesses have to start growing at some point. This move by the two Canadian marijuana firms is a strong signal that the sector has begun to consolidate. 1125 N. Charles St, Baltimore, MD 21201. The required two-thirds majority of Aphria shareholders backed a motion to approve the deal at the company's shareholders meeting on Wednesday. Aphria (@aphriainc) said 99.38% of its shareholders voted to approve its merger with Tilray (@tilray). Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. It claims to now be the world's largest marijuana company in terms of both trailing-12-month revenue, and says it has "the largest global geographic footprint in history," for a cannabis business. Current share. Adjusted EBITDA did rise modestly but thanks to a $4.7 million increase from a full quarter of Sweetwater, for which Aphria paid $300 million. 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). On the date of publication, Vince Martin did not have (either directly or indirectly) any positions in the securities mentioned in this article. Given that both companies are unprofitable, and we still do not know how both companies latest quarters have performed, TLRY stock might still drop from here. You must be 21 years or older to view and purchase products featured on this site. Aphria shareholders voted in favor of the proposed merger with rival Tilray, which will create the world's largest cannabis company by revenue. Investors confidence will certainly be boosted by the merger once it goes through in 2021. Aphria will also benefit from having a robust beverage partner and access to emerging European markets. But the pro forma revenue of $693 million cited in December includes two revenue streams that might not be as valuable. Aphria shareholders will receive 0.8381 of a Tilray share for each Aphria share they own, while Tilray shareholders will have no adjustments made. Aphria (APHA) and Tilray (NASDAQ:TLRY) are merging.Combined, the two companies are likely to save money - the main focus of the press releases - but it will take some time until those savings . Article printed from InvestorPlace Media, https://investorplace.com/2021/04/apha-stock-hard-pass-ahead-tilray-merger/. 2023 InvestorPlace Media, LLC. 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. After all, there is always the possibility that it could fall through. shareholders voted to approve the Canadian cannabis company's proposed merger with Aphria Inc. Uber reversed its decision and reactivated the driver after being contacted by MarketWatch. This is why Aphria's merger with Tilray is so critical. These symbols will be available throughout the site during your session. By using stonersrotation.com, you agree to these terms before purchasing from this website. Even with a sharp pullback of late, APHA has nearly quadrupled from where it sat in early March of last year. They're going by trailing 12-month revenue and I don't know if going forward that's sustainable. 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. The combined company also will be a leader in cannabis-infused drinks. When it does exist, it could become the world's biggest cannabis company eclipsing Canopy Growth by market cap.. Aphria is already close to Canopy on revenue, with $160 million in its most recent . Aphrias shareholders have already voted and approved the merger on April 15. Is there still an arbitrage opportunity available before the merger is complete? Offers may be subject to change without notice. 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. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. at a special meeting on Friday, according to media reports, paving the way for the creation of the world's biggest cannabis company measured by revenue. 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. The Cannabis ETF The news comes one business day after shareholders of the previous version of Tilray voted in favor of the deal. 7 Sorry Pharma Stocks to Sell in April Before Its Too Late, Louis Navellier and the InvestorPlace Research Staff, 5 Penny Stocks With Explosive 5X Potential, Another Rare Bullish Indicator Flashed Last Week, 7 Stocks to Sell in April Before They Crash and Burn, Mullen Files to Resell Up to 2.1 Billion Shares of MULN Stock. For Aphria and Tilray, the deal positions the companies to take advantage of potential U.S. federal legalization as well as the prospect of more legalization in Europe. As of Wednesday, 30th December 2020, market capitalization for Tilray and Aphria was at $1.31 billion and $2.195 billion respectively. The combined U.S. operations will focus on Sweetwater and Manitoba Harvest, which makes branded hemp and CBD products. Corey Goldman covers spot news, finance, capital markets and economics for TheStreet. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Tilray Stock Will Fall Following the Aphria Merger on April 30. Thats not cheap, either. I think that's a good move because I think Tilray has a slightly stronger brand name and recognition. Tilray Inc. TLRY, -4.35% shareholders voted to approve the Canadian cannabis company's proposed merger with Aphria Inc. apha ca:apha at a special meeting on Friday, according to media reports . In its release, Tilray also said that the two companies have mutually agreed to waive the condition of the merger. No wonder both the stocks rallied after the merger was announced. What's happening with the TLRY and APHA merger? So it's building its brand recognition in advance of the company being actually able to put weed in the stuff. Cost basis and return based on previous market day close. The two Canadian cannabis giants had been in talks . These symbols will be available throughout the site during your session. Written by All told, Im not sure the story here is materially better than it was when APHA was at $5 or less. 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). have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion. Aphria's CEO Irwin Simon is taking over that role with the reconstituted Tilray, and has also become the chairman of the new company's board of directors. 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. 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. The merger will also generally offer the new company access to capital and improved funding. Another indicator that the deal will go through is that independent proxy advisory firms have recommended the deal to institutional shareholders. Key details about the Aphria-Tilray merger. +2.93% Merger Details The deal, should it be approved, will go as follows. 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. The stocks continued to rise in 2021 after the Senate runoff. Overall,Aphriastock scoresaModerate Buyconsensus ratingbased on3Buysand6Holds. Create your Watchlist to save your favorite quotes on Nasdaq.com. According to executives from both Aphria and Tilray, the merger is targeted at cost savings and creating synergy. Whats happening with the Tilray and Aphria merger? Aphrias pending merger with Tilray (NASDAQ:TLRY) admittedly makes some sense. Nasdaq 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. The spread has since narrowed to less than 2%. All rights reserved. Whats the TLRY-APHA merger date? Copy and paste multiple symbols separated by spaces. Which is not exactly a cannabis-infused beer because it's sold in the States. Meanwhile, the combined company would have a market capitalization of around $7 billion at the current APHA stock price. ca:apha The deal will mean that the combined company will be the largest cannabis operator (based on revenues). (See Tilray stock analysis on TipRanks). When two companies announce a merger, the two stocks tend to trade according to their merger ratio. Tilray and Aphria stocks rose when the companies announced the merger in 2020. 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. They project that the combined company will command a 20% market share via their subsidiaries and brands. Theres no reason to believe that Tilray shareholders wont approve the merger as well. Invest better with The Motley Fool. Business-wise, the Tilray-Aphria merger is a win-win for both enterprises. The combined company is taking the Tilray name. However, since then, both TLRY and APHA have fallen sharply amid the sell-off in marijuana stocks. Regardless, the merger should save a lot of money. Deal Details Under the deal terms, Aphria shareholders will obtain 0.8381 shares of Tilray while owning 62% of the new equity. For example Aphria has -- when I glance over here I'm always looking at my cheat sheets, sorry. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. 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). Aphria(APHA)andTilray(TLRY)first announcedtheir proposeddealin December of last year. 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. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? Copyright 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. For a number of legal reasons, you can't do that but it's got the aroma and the flavor of marijuana. However, the arbitrage opportunity has since come down greatly. Markets welcomed the news as a sign of consolidation in the. All products available for purchase through this website are intended for hemp-derived products with less than 0.3% concentration of THC by dry weight, as well as other legal herbs. All Rights Reserved. Meanwhile, Tilray had $271 million loss. You can still play the arbitrage in the Tilray-Aphria merger even if it isn't as juicy as it was two weeks ago. Another nice thing about this merger that shareholders in both companies should be happy about, it's a comprehensive company [together]. However, for the merger to be confirmed, it would have to be approved by TLRY stockholders. Aphria said that the reverse-acquisition of Tilray was approved by 99.38% of the shares represented at its shareholders' meeting. 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. Probably tells you something about Aphria too. After Tilray's ( TLRY) shareholders voted in favor of the proposed merger Aphria ( APHA) last Friday, the two cannabis companies announced today the completion of the transaction. As for APHA stockholders, they will get 0.8381 Tilray shares for each Aphria share that they hold. TipRanks->. Ive been a fan of Aphria (NASDAQ:APHA) stock in the past. Learn More. However, there has been a sell-off since then. Type a symbol or company name. This game-changing merger will ultimately make the new company more attractive for cannabis stock investors. Aphria and Tilray Join Forces in Cannabis-Infused Mega Merger. Tilray and Aphria are joining in what is being called a pot stock megamerger. The merger arbitrage has come down heavily over the last few weeks. On Friday after the markets closed, Tilray filed a joint preliminary. Balsky is bullish on the business and expects progress from the government to legalize marijuana at the federal level. Reddit group WallStreetBets also pumped up some marijuana stocks. The Motley Fool has no position in any of the stocks mentioned. 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. Thanks to the crazy Reddit-driven rallies in February, the spread between TLRY and APHA ballooned. 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. 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. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? Eric Volkman has no position in any of the stocks mentioned. Eventually, on the merger date, APHA stocks would get converted to TLRY stocks based on the merger ratio. Some investors might want to wait to see if the merger goes through. Volkman: Yeah. In this video from Motley Fool Live from Dec. 22, longtime Fool contributor Eric Volkman and healthcare and cannabis bureau chief Corinne Cardina break down the particulars of this intriguing deal. Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray (TLRY). 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. If that doesnt happen, as is often the case, more jittery and short-term oriented shareholders could move out. Combined, Tilray and Aphria will make $874 million in revenue compared to $842 million by runner-up Curaleaf (OTCMKTS:CURLF). Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. if you are considering starting a new position in either Tilray or Aphria stock right now, APHA stock gives you a little bit . Learn More. Aphrias CEO Irwin D. Simon will lead the company. Thats true, technically. 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. They might be waiting for some kind of pop in the stock. Locked in or trapped? At times, the arbitrage is because the market expects the merger deal to fall through. That move was also expected to make it easier for the deal to be approved. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Aphria management chalked the quarter up to an unforeseen and temporary pause in demand. All told, nothing here really stands out. The deal is expected to close in the second quarter. Aphria shareholders will also own 68% of the new company, leaving 38% for existing Tilray marijuana stock subscribers. I have also written about the potential merger synergies with both companies. has gained 9%. apha Whats the TLRY-APHA merger date and is there still an arbitrage opportunity available before the merger is complete? All rights reserved. Based on April 16 closing prices, APHA trades at 0.822x of what TLRY trades at, which is similar to the merger ratio. Per the companys earnings releases, low-margin distribution revenue has totaled nearly $290 million over the past four quarters. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. However, the meeting of Tilray stockholders was postponed. Will More Tobacco Giants Invest in Marijuana Stocks? The company is profitable, but not amazingly so. Since then it has more than doubled to $18.36 as of April 29. However, the company moved the meeting to April 30. 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 . Aphrias two German assets - a distribution center for medical prescriptions and a cultivation facility - were particularly attractive. Please verify your age to enter. In the all-stock merger, Aphria shareholders will receive 0.8381 shares of TLRY stock for each share of APHA they own. Are Canadian Pot Stocks Headed for Another Crash? 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. It's nice for investors who are interested in playing this sector and understand and accept all of its risks. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. It was a juicy merger arbitrage opportunity that has since come down. For a start, this merger is expected to create a combined equity value of $3.9 billion. The two companies see $79 millionin cost synergies achievable within two years. Management might be correct. Read on to find out. Through Tuesdays close, Tilray shares have fallen 54% in 2020, while Aphrias have risen 56%. Yet Aphria is the business that needs to do more of the heavy lifting post-merger. Valuation is acceptable, but not compelling. On Monday, Tilray announced that its "business combination" with peer Aphria (APHA) had been completed, and the two are now one. 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. Although Tilray is down by around 50% year to date, Aphria is up by 72% this year. It's worth taking a look at. December 16, 2020 10:38 am The marijuana industry got a jolt Wednesday morning following the announcement of a reverse merger of Aphria Inc. ( NASDAQ: APHA) and Tilray Inc. ( NASDAQ: TLRY). 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. 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. TLRY stock was at $7.87 on Dec. 15, the day before the merger announcement. Moreover, vaporizing does not necessarily eliminate toxins. On Monday, Tilray. Even assuming pandemic impacts led to weaker performance in 2020, Sweetwater still accounts for a high-single-digit percentage of pro forma revenue. Net cannabis revenue plunged by nearly one-fourth quarter-over-quarter. As such, these devices are not designed to cure or treat disease. That firm generated revenue of $67 million in 2019. There will also be significant. The pro-form enterprise value of the company is listed at $3.9 billion. 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. To mark the new phase of its existence, Tilray has also changed its corporate logo. Aphria has a company called CC Pharma based in Germany, which is very active and quite strong on the German medical marijuana market. Aphria shareholders will also own 68% of the new . Results for the fiscal third quarter (ending Feb. 28) were not promising on that front. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. SPX, 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. Finally, consolidation is a welcome step in the marijuana industry. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Aphria Stock Looks Like a Hard Pass Ahead of the Tilray Merger. Adding an estimated $352 million in net debt to calculate enterprise value, post-merger TLRY stock trades for about 10.5x EV/revenue. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Combined, [Aphria and Tilray] have a strong portfolio and other stuff, edibles, traditional dried flower, of course. 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. Also, there are significant synergies on the cost front as well as the sales and distribution side. 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. May 3, 2021 8:29 AM EDT. Any user reviews on this site are related to the users own personal experiences, and are not endorsed by stonersrotation.com. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The average analystprice target of C$22.05impliesupsidepotential of about24.6%to current levels. The average analyst price target of $24.29 implies an upside potential of about 33% from current levels. But again relatively speaking, they're going to be a big player in marijuana, they're going to be hard to ignore, they're going to be the largest Canadian marijuana company by far. That admittedly is cheap by cannabis standards. It also expects that combining Aphria and Tilray will result in around $81 million in pre-tax cost synergies every year. 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. 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. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. Exactly what we want to see in a rational market that trades away merger arb: $APHA +12%$TLRY +2%. By browsing this site, you agree to our cookies. First of all, economies of scale. Copy and paste multiple symbols separated by spaces. 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. Invest better with The Motley Fool. *Average returns of all recommendations since inception. Looking at the ratio, APHA's stock price was 0.734x of TLRYs stock price. But Aphria, they bought not long ago SweetWater Brewing. 13 min read. +5.49% For most investors then, the best course would be to wait, although I do expect the merger will eventually be approved. Back that out and the legacy business saw profit fall nearly 40%, even with lower losses from businesses under developments. A driver spent $180,000 to start an Uber Black business. Eric Volkman has no position in any of the stocks mentioned. Last week, Aphria stockholders approved the deal overwhelmingly. In reality, this is Aphria taking over Tilray. This will help reduce their combined losses. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The steep fall in TLRY stock from the peaks ensured that the arbitrage evaporated. Stoners Rotation is an ecommerce for smoking devices and accessories. Investors in marijuana stocks will also see this as a positive sign for the industry. For one, this will make the combined company the largest cannabis company by revenue, as described on page 5 of their investor presentation. We use cookies to improve your experience. 5 Hypergrowth Stocks With 10X Potential in 2023, Transaction Overview on page 4 of the slide deck. A deviation in stock prices can lead to merger arbitrage. After all that, Aphria is going to own something like 62, 63 -- the numbers are a little bit fuzzy -- but like 62, 63% of the combined entity, which is going to be known as Tilray. However, given the fragmented nature of the marijuana industry, I dont see any real regulatory hurdle for the merger. Both stocks beat the rise of the S&P 500 on Tuesday, with Tilray closing 6.8% higher and Aphria rising by almost 3.1%. Charles St, Baltimore, MD 21201 APHA ballooned some sense Second.. Has more apha tilray merger details doubled to $ 18.36 as of April 29 merger goes through than. Market day close its corporate logo Aphria management chalked the quarter up to an unforeseen and temporary in. For example Aphria has -- when I glance over here I 'm always looking at the federal.. Performance in 2020, Sweetwater still accounts for a high-single-digit percentage of pro revenue. All-Stock merger, Aphria is acquiring Tilray because after the markets closed, also. Also benefit from having a robust beverage partner and access to emerging European markets Tilray ] have a strong and... 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