The merger of Canadian cannabis producers Tilray (NASDAQ:TLRY) and Aphria (TSX:APHA) has officially closed after receiving approval from the shareholders of both companies.
Shareholders of Nanaimo, British Columbia-based Tilray voted last Friday in favour of issuing stock to Leamington, Ontario-based Aphria's shareholders. About 99% of Aphria shareholders voted in favour of the deal in April.
The two cannabis companies announced last December that they will merge under the Tilray name with Aphria Chief Executive Irwin Simon at the helm and Tilray Chief Executive Officer Brendan Kennedy joining the board. Aphria will lose its name and independent stock symbol on May 5.
The new company is expected to have revenue of $874 million and will control more than 17% of the retail cannabis market — the largest share held by any Canadian licensed producer, moving ahead of competitor Canopy Growth.
While Tilray shareholders supported the Aphria deal, they voted against increasing the company's authorized capital stock from more than 743 million shares to 900 million shares.
