Weed producers Aphria & Tilray to merge in U.S. expansion play.
Canadian pot producer Aphria Inc said it will merge with rival Tilray Inc, creating the world’s largest cannabis producer by sales and giving it a foothold in the fast-growing U.S. market.
Like several of the North American producers to emerge in recent years, Aphria and Tilray have struggled to fulfill the expectations created by Canada’s move to legalize cannabis use fully last year.
Joe Biden’s win in the U.S. presidential election and state level reforms, however, have renewed hopes that the U.S. market is finally ready to open up, boosting deal-making in the sector.
The merger will result in a company holding a whopping 17% share of the Canadian Cannabis Market.
The combined company is set to operate under the name "Tilray" and trade under Tilray's ticker, "TLRY"on the Nasdaq Index.
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