Tilray, Inc. and Aphria Inc. have officially completed the previously announced merger. The combined company, which will be known as Tilray, is considered to be the leading cannabis-focused consumer packaged goods company with the largest global geographic footprint in the industry. The combined company had a market cap of approximately $8.2 billion based on the closing stock prices on April 30, 2021.
“Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy,” said Irwin D. Simon, the company’s Chairman and Chief Executive Officer. “Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. As these markets begin to re-open, Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders.”
The new Tilray logo blends both Aphria and legacy Tilray’s branding into a design that reflects the new company’s growing portfolio of brands across cannabis-lifestyle and wellness product categories, including medical, adult-use, hemp foods, and beverages. The continued use of “Tilray” as the Company’s name evokes hard work and hope – til shortened from tilling the soil and ray as in a ray of sunshine. Tilray is a pioneer navigating toward the end of prohibition and built to deliver on the collective wellbeing of the company’s employees, consumers, patients, partners, and local communities.
Tilray’s class 2 common stock will continue to trade on the Nasdaq Global Select Exchange (NDAQ) under the ticker symbol “TLRY” and will begin trading on the Toronto Stock Exchange under the ticker symbol “TLRY” on May 5, 2021. Each Aphria shareholder received 0.8381 of a Tilray Share for each Aphria common share held on April 30, 2021, the effective time of the transaction. Existing shareholders of Tilray will continue to hold their Tilray shares with no adjustment as a result of the transaction.
The senior management team will now be the following:
- Irwin D. Simon, Chairman and Chief Executive Officer
- Carl Merton, Chief Financial Officer
- Denise Faltischek, Head of International and Chief Strategy Officer
- Jim Meiers, President, Canada
- Jared Simon, President, Manitoba Harvest and Tilray Wellness
- Rita Seguin, Chief Human Resources Officer
- Dara Redler, Interim Chief Legal Officer and Corporate Secretary
- Berrin Noorata, Chief Corporate Affairs Officer
- Lloyd Brathwaite, Chief Information Officer
- Freddy Bensch, Chief Executive Officer, SweetWater
Mr. Simon continued, “Our global team is laser-focused on turning potential into performance and addressing consumer and patient needs for safe, innovative, and high-quality products. We are eager to get to work and want to thank both the Aphria and the Tilray Boards of Directors and especially Brendan Kennedy for his spirit of partnership and irrepressible belief in the art of ‘what’s possible.’ We will benefit enormously from his legacy and continued service on the Tilray Board.”