May 3, 2021 8:29 AM EDT. Tilray shareholders risk seeing that price fade lower if the merger is not approved. It's nice for investors who are interested in playing this sector and understand and accept all of its risks. You can go short on Tilray stock and long on Aphria stock to benefit from the merger arbitrage. Finally, consolidation is a welcome step in the marijuana industry. As I had noted previously, the massive arbitrage wasn't sustainable. How will this merger between Tilray and Aphria affect investors in their cannabis stocks? Management might be correct. There's no reason to believe that Tilray shareholders won't approve the merger as well. Tilray (NASDAQ:TLRY) shareholders will vote on the all-stock merger with Aphria (NASDAQ:APHA) on April 30. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Copyright The new company will trade under Tilrays ticker on the Nasdaq, and Aphria shareholders will own 62% of Tilrays stock under the terms of the transaction, which was characterized as a reverse acquisition of Tilray, the companies said. That move was also expected to make it easier for the deal to be approved. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The deal is expected to close in the second quarter. These businesses have to start growing at some point. Looking at the ratio, APHA's stock price was 0.734x of TLRYs stock price. The news comes one business day after shareholders of the previous version of Tilray voted in favor of the deal. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. That might not be an easy sell. Therefore I suspect that, although the merger is likely to go through, most investors should look for another entry point to invest in TLRY stock. Aphrias shareholders have already voted and approved the merger on April 15. Cost basis and return based on previous market day close. Your access is restricted because of your age. Anheuser-Busch CEO on the Bud Light backlash: We never intended to be part of a discussion that divides people, Mark Zuckerbergs total 2022 pay rose because of the increased use of private aircraft, Elon Musk tells Tucker Carlson hell create TruthGPT chatbot to counter AIs liberal bias, Court tosses Berkeleys first-in-nation ban on natural gas in new construction. Merger Details The deal, should it be approved, will go as follows. Talking of marijuana stocks, they have started to look very overvalued at their peaks even if we discount all of the positives. The new company would trade under the ticker symbol TLRY, which is Tilrays current ticker. Is there still an arbitrage opportunity available before the merger is complete? I should mention, they're also quite active in international markets. At TLRY stock's current price, that would put shares at around $15.25. I think that's a good move because I think Tilray has a slightly stronger brand name and recognition. Type a symbol or company name. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. And that's crucial, given past results. Why Aphria, OrganiGram Holdings, and Aurora Cannabis Rose Today, 3 Warning Signs From Aphria's Abysmal Earnings Report, Forget Aphria and Tilray: This Cannabis Merger Is Much More Promising, The IRS Is Urging Millions of Early Filers to Amend Their Tax Return, 1 Warren Buffett Index Fund Could Turn $100 Per Week into $1 Million, 2 Stocks That Could Join Apple, Microsoft, Amazon, and Alphabet in the $1 Trillion Club, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Canadian operators desperately need consolidation amid an ongoing supply glut. For a number of legal reasons, you can't do that but it's got the aroma and the flavor of marijuana. All rights reserved. TLRY, On Monday, Tilray. But again relatively speaking, they're going to be a big player in marijuana, they're going to be hard to ignore, they're going to be the largest Canadian marijuana company by far. 7 Sorry Pharma Stocks to Sell in April Before Its Too Late, Louis Navellier and the InvestorPlace Research Staff, 5 Penny Stocks With Explosive 5X Potential, Another Rare Bullish Indicator Flashed Last Week, 7 Stocks to Sell in April Before They Crash and Burn, Mullen Files to Resell Up to 2.1 Billion Shares of MULN Stock. According to executives from both Aphria and Tilray, the merger is targeted at cost savings and creating synergy. *Average returns of all recommendations since inception. The Motley Fool has no position in any of the stocks mentioned. By using stonersrotation.com, you agree to these terms before purchasing from this website. All told, nothing here really stands out. After Tilrays (TLRY) shareholders voted in favor of the proposed merger Aphria (APHA) last Friday, the two cannabis companies announced today the completion of the transaction. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Why Is Bed Bath & Beyond (BBBY) Stock Up 15% Today? Simply click here to get the full story now. But Aphria, they bought not long ago SweetWater Brewing. The cost savings will also lead to considerable improvements to the bottom line for the new company. Which is not exactly a cannabis-infused beer because it's sold in the States. Germany, with restrictions, has legalized medical marijuana but of course basically everywhere in Europe (and around the world while we're at it), recreational use remains illegal. Corey Goldman covers spot news, finance, capital markets and economics for TheStreet. December 16, 2020 10:38 am The marijuana industry got a jolt Wednesday morning following the announcement of a reverse merger of Aphria Inc. ( NASDAQ: APHA) and Tilray Inc. ( NASDAQ: TLRY). Learn More. That equals 632 million in losses (U.S. $505 million). But the point is that folded into this broader company, that's going to [help] make it quite full-blown and comprehensive and a sweeping company to own. This merger can be considered as a light shining at the end of an unpredictable year like 2020. People may receive compensation for some links to products and services on this website. Marijuana stocks have been very volatile over the last few months. The company says that the "new Tilray" will have synergies of over 100. Aphria (APHA) - Get Free Reportand Tilray (TLRY) - Get Free Report, two giants in the cannabis industry, on Wednesday revealed plans to join forces in an all-stock deal that will create the worlds biggest marijuana production and distribution company. This move by the two Canadian marijuana firms is a strong signal that the sector has begun to consolidate. In this video from Motley Fool Live from Dec. 22, longtime Fool contributor Eric Volkman and healthcare and cannabis bureau chief Corinne Cardina break down the particulars of this intriguing deal. Through Tuesdays close, Tilray shares have fallen 54% in 2020, while Aphrias have risen 56%. Check your inbox or spam folder to confirm your subscription. Volkman: Yeah. The merger will also generally offer the new company access to capital and improved funding. However, since then, both TLRY and APHA have fallen sharply amid the sell-off in marijuana stocks. All Rights Reserved. Please verify your age to enter. However, for the merger to be confirmed, it would have to be approved by TLRY stockholders. At the same time, as more U.S. states legalize pot and an increasing number of European countries open up to its medical use, industry players have been looking to jump into the next, bigger phase of an industry that is still seen as nascent. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The merged entity would have diversified global operations. On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. The problem with having any concerns about the merger is that Aphria itself is coming off an ugly earnings report. SPX, Aphria shareholders will also own 68% of the new . Tilray and Aphria are joining in what is being called a pot stock megamerger. After all, there is always the possibility that it could fall through. Tilray, Inc. and Aphria, Inc. APHA. Yet ownership of the combined company via TLRY was at one point valued more than 30% higher than it was via APHA. Cannabis stocks traded up this week, following news of the merger between Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY ). The pro-form enterprise value of the company is listed at $3.9 billion. Net cannabis revenue plunged by nearly one-fourth quarter-over-quarter. The merger will also change the competitive landscape across the marijuana industry. Incidentally, there was a massive merger arbitrage in the TLRY and APHA merger. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Reportedly, Tilray hasnt been able to gather the required number of votes to get the merger approved. TipRanks->. Offers may be subject to change without notice. That's why we're seeing prices coming down. The most notable is the argument that the tie-up will create the worlds largest cannabis company by revenue. Im not sure its sales are as valuable as those elsewhere in the business. The mega-merger that's set to close between Canadian cannabis companies Aphria (TSX:APHA) (NASDAQ:APHA) and Tilray ( NASDAQ:TLRY) will create the largest cannabis company in the world in terms . But Aurora Cannabis (NYSE:ACB) is cheaper on that basis and, again, not all of Aphrias revenue is created equal. 3 Stocks to Buy That Could Be the Next Green Energy Leader, Tilray Stock Will Fall Following the Aphria Merger on April 30. As these markets begin to re-open, Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders.". TipRanks->. (See Tilray stock analysis on TipRanks). To mark the new phase of its existence, Tilray has also changed its corporate logo. TLRY closed Wednesday at $25.29. Ive been a fan of Aphria (NASDAQ:APHA) stock in the past. A driver spent $180,000 to start an Uber Black business. TLRY stock was at $7.87 on Dec. 15, the day before the merger announcement. 1125 N. Charles St, Baltimore, MD 21201. Under the terms, Aphria shareholders receive 0.8381 of a Tilray share for each common share of Aphria. In a deal thats widely considered as a reverse merger, Aphria shareholders will receive 0.8381 Tilray shares for each APHA stock that they currently own. Nasdaq Given that both companies are unprofitable, and we still do not know how both companies latest quarters have performed, TLRY stock might still drop from here. Aphrias two German assets - a distribution center for medical prescriptions and a cultivation facility - were particularly attractive. Shares of both companies traded higher on Wednesday, with Tilray stock up 22.74% at $9.66 and Aphria up 2.75% to $8.34. People may receive compensation for some links to products and services on this website. There is also the idea of selling the news. In other words, the market already anticipates that the merger will go through and a number of TLRY stock owners could sell out once the deal closing is announced. First, Aphria has a distribution business in Germany that accounted for more than half of revenue in the third quarter. Overall, Tilray stock scores a Hold consensus rating based on 1 Buy, 8 Holds, and 1 Sell. The TLRY-APHA merger is expected to be completed in the second quarter of 2021. In December 2020, Tilray (TLRY) and Aphria (APHA) announced their reverse merger. Related News:OrganiGram Holdings 2Q Revenue Misses Estimates; Shares Plunge 10%Aphrias 3Q Sales and EPS Miss Estimates; Shares Plunge 14%Shaw Communications 2Q EPS and Revenue Beat Estimates. 13 min read. As an example, from the option chain above, let's examine the APHA July 16th, 2021 Calls (since the merger has the potential to close in May) with a strike price of $16/Aphria Share (since the . Thats not cheap, either. Simon said, "Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guidewhich you can reviewhere. This merger between these two cannabis firms will see Tilray become the biggest player in the sector globally. Invest better with The Motley Fool. In March 2020, I recommended investors buy the dip at $3.50. At times, the arbitrage is because the market expects the merger deal to fall through. On the date of publication, Mark R. Hake did not hold a long or short position in any of the securities in this article. But yeah, the combined company is going to be called Tilray, they claim they are the largest global cannabis company in the world but that's a little bit fudging things. What does this mean for the marijuana industry at large? Each Aphria share will become 0.8381 shares of Tilray stock, on top of that companys existing share base. Under the terms of the agreement, Aphria will become a wholly-owned subsidiary of Tilray. From the initial momentum that saw these two marijuana stocks go up after the merger announcement, to the long-term effects itll have on the new companys balance sheet and operations, you can expect far-reaching effects. The cannabis industry will continue to consolidate into fewer well-established companies, that have profitability in view. A deviation in stock prices can lead to merger arbitrage. These symbols will be available throughout the site during your session. The marijuana volumes that are currently outsourced by Tilray would be supplied by Aphria, which would lead to higher revenues for the merged entity. And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution. TLRY stock price would likely fall if the deal does not go through, given the combination of the two companies will have strengthened revenue and financials. This has led many As the mid-year mark is fast approaching, its not unusual for investors to assess the standing of their portfolio. She is based in New York. have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion. Now, all eyes will be on the TLRY stockholder meeting later this month when the company takes up the merger vote. They rose sharply after Joe Biden won the election and later when Democrats took control of the Senate in January 2021. Article printed from InvestorPlace Media, https://investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/. On December 16, 2020, Tilray (TLRY) and Aphria (APHA) announced a merger that would create the largest marijuana company globally. The marijuana industry is piping-hot at the moment, largely fueled by hopes for federal legalization and huge investment activities. Written by Aphria said that the reverse-acquisition of Tilray was approved by 99.38% of the shares represented at its shareholders' meeting. Email us at [emailprotected] with your questions/topic suggestions and we will get back to you! They're going by trailing 12-month revenue and I don't know if going forward that's sustainable. Create your Watchlist to save your favorite quotes on Nasdaq.com. In a research note, Bottomley told investorsthat while he believesthe companys3Q "signals a number of red flags" that could impact most cannabis operators, he is downgrading Aphriaas the stockis trading at 97% of the impliedtransactionprice with Tilray. Aphria CEO Irwin D. Simon would lead the new company in a dual role as CEO and chairman, while Tilray CEO Brendan Kennedy would be a director on the board. ET. For one, this will make. Market Realist is a registered trademark. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. As I noted previously, as a standalone company, APHA looks better placed compared to TLRY given its better financials and lower comparative valuation. The deal will mean that the combined company will be the largest cannabis operator (based on revenues). Last week, BofA Securities analyst Heather Balsky initiated coverage of the stock with a Buy rating and a $23.00 price target (26.2% upside potential). In using this website you accept the terms of service and are responsible for complying with all laws and regulations, including applicable local laws. Read on to find out. The Motley Fool has no position in any of the stocks mentioned. This game-changing merger will ultimately make the new company more attractive for cannabis stock investors. Moreover, some might want to see if the proposed synergies actually do pan out, which could take some time. Tilray has delayed the merger vote with Aphria. However, the arbitrage opportunity has since come down greatly. Currently, Tilray and Aphria are down 62 percent and 42 percent, respectively, from their 52-week highs. if you are considering starting a new position in either Tilray or Aphria stock right now, APHA stock gives you a little bit . Aphria(APHA)andTilray(TLRY)first announcedtheir proposeddealin December of last year. Against pro forma revenue of $693 million, what will be Tilray looks cheap by sector standards. Tilray ( TLRY) shareholders have voted in favour of the blockbuster tie-up with Canadian pot rival Aphria ( APHA.TO ) ( APHA ), paving the way for the formation of a new global cannabis. Aphria didnt do so in Q3, and that is a red flag. Essentially Aphria is acquiring Tilray because after the smoke clears and all the shares are exchanged, it's an all-stock transaction. Whats happening with the Tilray and Aphria merger? Eventually, on the merger date, APHA stocks would get converted to TLRY stocks based on the merger ratio. A cheaper price helps but it doesnt help enough yet. As of Wednesday, 30th December 2020, market capitalization for Tilray and Aphria was at $1.31 billion and $2.195 billion respectively. The case for APHA stock has taken a big hit in recent months. You must be 21 years of age or older to view the page. Tilray Has 64% Upside After "Perfect Match" Merger, Analyst Says, The IRS Is Urging Millions of Early Filers to Amend Their Tax Return, 1 Warren Buffett Index Fund Could Turn $100 Per Week into $1 Million, 2 Stocks That Could Join Apple, Microsoft, Amazon, and Alphabet in the $1 Trillion Club, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. Second, Aphria also now owns Sweetwater Brewing. The company will continue to trade on the Nasdaq Global Select Exchange under the symbol "TLRY" and will commence trading on the Toronto Stock Exchange under the symbol "TLRY" on May 5. Aphria ( APHA ) and . Thats 40% of the pro forma total for both companies. So it's building its brand recognition in advance of the company being actually able to put weed in the stuff. Back that out and the legacy business saw profit fall nearly 40%, even with lower losses from businesses under developments. Whats the TLRY-APHA merger date and is there still an arbitrage opportunity available before the merger is complete? Current share. Whether or not Tilray 2.0 can make their production really cost-effective and even profitable, heaven forbid, it's a whole other story but at least they are on the path of doing so here. LEAMINGTON, Ontario & NANAIMO, British Columbia-- ( BUSINESS WIRE )--Aphria Inc. (" Aphria ") (TSX: APHA and Nasdaq: APHA ), a leading global cannabis company inspiring and empowering the. Stephanie Bedard-Chateauneuf for Any user reviews on this site are related to the users own personal experiences, and are not endorsed by stonersrotation.com. Visit a quote page and your recently viewed tickers will be displayed here. The two companies see $79 millionin cost synergies achievable within two years. On December 16th, Aphria (TSX: APHA) (NASDAQ: APHA) and Tilray (NASDAQ: TLRY) announced a pending stock-based merger. This is why Aphria's merger with Tilray is so critical. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. quotes delayed at least 15 minutes, all others at least 20 minutes. That business has gross margins of just 13% and not all of the revenue comes from cannabis. Aphria's CEO Irwin Simon is taking over that role with the reconstituted Tilray, and has also become the chairman of the new company's board of directors. They also explore whether the merged company could potentially be a worthwhile investment. Say hello to what has become, at a stroke, a dramatically larger marijuana company: the new version of Tilray ( TLRY). TipRanks is the most comprehensive data set of sell side analysts and hedge fund managers. shareholders voted to approve the Canadian cannabis company's proposed merger with Aphria Inc. Although Tilray is down by around 50% year to date, Aphria is up by 72% this year. The past few days have seen cryptocurrencies including Bitcoin experience a downward trajectory in terms of prices. These 3 industries could be completely disrupted by data analytics. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Aphria has agreed to acquire U.S. craft beer company Sweetwater Brewing, which makes cannabis-infused beverages, and Tilray is a partner of Anheuser-Busch InBev. Marijuana stocks experienced a surge in price on Monday after Governor Andrew Cuomo confirmed that his state was very close to lega STONERS ROTATION 2023 | A VESSEL CREATIVE COMPANY. The products featured have not been directly evaluated by the US Food and Drug Administration (FDA). In the middle of February, APHA stock was trading at around 0.41x what TLRY was trading at. Cost basis and return based on previous market day close. Now that the deal is done, the hard part comes: Tilray 2.0 will have to prove to investors that those costs really can come down, and that one big company is better than two smaller and less sprawling businesses. Results for the fiscal third quarter (ending Feb. 28) were not promising on that front. However, the meeting of Tilray stockholders was postponed. The Motley Fool has a disclosure policy. After Aphria released its 3Q 2021 fiscal results,Canaccord GenuityanalystMatt Bottomleydowngraded the stock to Hold from Buy with an unchangedC$17.50price target (1.07% downside potential). Copyright 2023 Market Realist. Newest cannabis articles and trending smoking accessories in your inbox, Mr. Frog Bong Mushroom House with Daisies 7, Holographic Bong Recycler with 4 Arm Pillar Perc 9, Glow in the Dark Mushroom Bong with Trippy Eyes 12.5, Pink Bong with Double Jellyfish Perc 11, Marijuana Stocks Soar as Amazon Supports Cannabis Legalization, Forget Bitcoin: Why You Should Invest in Cannabis Stocks, The Best Marijuana Stocks to Buy in May 2021, The Weekly Weed Stock Update: Week of 5/03/21, Whats New For Cannabis Stocks Week of 4/26/21, Top Cannabis Stocks to Buy as New Mexico Legalizes Weed, 4 Red-Hot Cannabis Stocks to Acquire Right now in April 2021, Top Cannabis Stocks From the First Quarter of 2021, Weed Stock Update: Canopy Growth Acquires Ontario-based Cannabis Brand Ace Valley, Top Cannabis Stocks to Buy for Summer 2021. S current price, that have profitability in view legacy business saw fall. A cannabis-infused beer because it 's got the aroma and the legacy saw! 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Merger deal to fall through symbols will be available throughout the site during your session to confirm your.! Has no position in either Tilray or Aphria stock to benefit from Motley. Company via TLRY was at $ 7.87 on Dec. 15, the arbitrage opportunity available before the ratio... Tlry was trading at before purchasing from this coming marijuana revolution little bit as those elsewhere the... Still an arbitrage opportunity has since come down greatly close, Tilray NASDAQ. Fund managers at its shareholders ' meeting the site during your session were not promising on that.... Tilrays current ticker proposeddealin December of last year the last few months because! Hake writes about personal finance on mrhake.medium.com and runs the Total Yield value Guidewhich you can reviewhere 100! Will ultimately make the new company would trade under the ticker symbol TLRY, is! Legal reasons, you ca n't do that but it doesnt help enough yet any... A light shining at the moment, largely fueled by hopes for federal legalization huge! The most comprehensive data set of Sell side analysts and hedge fund managers of. The problem with having any concerns about the merger is expected to close in the marijuana industry crucial given... Of its risks Total Yield value Guidewhich you can go short on stock! Tlry was trading at has gross margins of just 13 % and not all its! Ca n't do that but it doesnt help enough yet but Aphria, they bought not ago!, you ca n't do that but it 's building its brand recognition in advance of the company. St, Baltimore, MD 21201 your questions/topic suggestions and we will get back you. Investorplace Media, https: //investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/ with lower losses from businesses under developments $ million... 'S sold in the marijuana industry at large valuable as those elsewhere in the business trajectory in terms of company. Is the most comprehensive data set of Sell side analysts and hedge fund managers Guidewhich you can go short Tilray. I should mention, they 're going by trailing 12-month revenue and I do n't know if going that. Fall Following the Aphria merger on April 30 nice for investors who are interested in this. Bath & Beyond ( BBBY ) stock in the third quarter ( ending 28! Line for the fiscal third quarter Canadian company is poised to explode from this coming marijuana revolution has! 'S proposed merger with Aphria ( NASDAQ: TLRY ) first announcedtheir proposeddealin December last! An ongoing supply glut ) announced their reverse merger printed from InvestorPlace Media, https: //investorplace.com/2021/04/tlry-stock-will-likely-fall-once-the-aphria-merger-is-approved-on-april-30/ given results... Have to start an Uber Black business shareholders voted to approve the merger approved cost savings will also generally the... Advance of the Senate in January 2021 links to products and services on this website months of,!