Canadian companies Aphiria Inc and Tilray Inc reached an agreement on Monday to become a single company, this union makes this consortium now the largest cannabis company in the world.
It is hoped that this combination can generate tax savings of at least $81 million for the company – which will be called only Tilray – within 18 months.
Tilray shareholders voted in favor of the deal on Friday of the previous week. Aphiria shareholders received 0.8381 of one share of Tilray for each share of Aphiria common stock. The former CEO and president of Aphiria, will lead the new Tilray. These shares will continue to be listed on the Nasdaq under the ticker “TLRY” and will soon be listed on the Toronto Stock Exchange starting Wednesday.
“Our focus is now on executing our highest return priorities, including business integration, and accelerating our global growth strategy. Covid-19-related lockdowns have presented unique challenges in the Canadian and German markets,” Simon said in a statement.