Tilray-Aphria deal closes, company to control biggest share of Cdn pot market

Brendan Kennedy, CEO and founder of British Columbia-based Tilray Inc., poses next to his company's logo at Nasdaq where the company's IPO (TLRY) opened, Thursday, July 19, 2018, in New York. THE CANADIAN PRESS/AP/Bebeto Matthews
Brendan Kennedy, CEO and founder of British Columbia-based Tilray Inc., poses next to his company's logo at Nasdaq where the company's IPO (TLRY) opened, Thursday, July 19, 2018, in New York. THE CANADIAN PRESS/AP/Bebeto Matthews

NANAIMO, B.C. - Tilray Inc. and Aphria Inc. say their merger deal has now closed after receiving approval from shareholders of both companies.

Tilray shareholders voted Friday in favour of issuing stock to Aphria's shareholders, but the Nanaimo, B.C.-based company has yet to reveal how many supported the proposal.

About 99 per cent of Aphria shareholders voted in favour of the deal in April.

The two cannabis companies announced in December that they will merge under the Tilray name with Aphria CEO Irwin Simon at the helm and Tilray CEO Brendan Kennedy joining the board.

The new company is expected to have a pro forma revenue of $874 million and will control more than 17 per cent of the retail cannabis market — the largest share held by any Canadian licensed producer.

While Tilray shareholders at Friday's meeting supported the Aphria deal, they voted against increasing the company's authorized capital stock from more than 743 million shares to 900 million shares.

This report by The Canadian Press was first published April 30, 2021.

Companies in this story: (TSX:APHA)