(Updated - December 15, 2020 4:50 PM EST)

Tilray, Inc. (NASDAQ: TLRY) and Aphria (NASDAQ: APHA) are in advanced talks to merge, according to BNN Bloomberg Television, citing sources.

A deal could be announced as early as this week.

Under the deal terms, Aphria shareholders are expected to own about 60% of the company, although negotiations are ongoing and this could change.