Tilray (TLRY) and Aphria Complete Merger to Create the World's Largest Cannabis Company by Revenue

May 3, 2021 11:41 AM EDT

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Tilray and Aphria announced today they completed a merger to create a new company, a “new Tilray,” to create the leading cannabis-focused consumer packaged goods company with the largest global geographic footprint in the industry.

Based on the stock price of two previous companies, a new company will have a market cap of about $8.2 billion. TLRY will continue to trade on NASDAQ under the same ticker, while shares of the new company will commence trading on the Toronto Stock Exchange under the ticker symbol “TLRY” on May 5.

“Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets,” Irwin Simon, the Company’s Chairman and Chief Executive Officer, commented.

A merger will yield $81 million in cost-saving synergies, two companies said in a statement.

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