Tilray, Inc. (NASDAQ: TLRY) and Aphria (NASDAQ: APHA) agreed to combine in an all-stock transaction, according to Bloomberg, citing a statement and interviews with CEOs.

The new company will trade under Tilray's ticker, and Aphria's shareholders will own 62% of Tilray's stock. Aphria will pay a 23% premium to Tilray's Dec. 15 closing price of $7.87.