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Cannabis Summary for May 3, 2021

2021-05-03 20:20 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 8.68 to 205.83, while the CSE Composite Index added 14.29 to 856.97. Canada's Aphria Inc. (APHA), down $1.35 to $17.53 on 4.39 million shares, and Tilray Inc. (U.TLRY), down $1.32 (U.S.) to $17.02 (U.S.), have closed their all-share megamerger, creating the world's largest cannabis company by revenue. The combined firm will keep the Tilray name but will be led by Aphria chief executive officer Irwin Simon. It is retaining its Nasdaq listing and taking over Aphria's TSX listing, under the new symbol TLRY, effective May 5.

Tilray's shareholders approved the deal on Friday. This was two weeks later than they were originally supposed to vote on the deal, a delay that likely reflected Tilray's anxiety that not enough shareholders would show up. Only one-third of Aphria's shareholders had bothered to vote at the Aphria meeting a few weeks ago. Following Aphria's meeting, Tilray postponed its own meeting and slashed the quorum requirement so it would not have to worry about low turnout. The manoeuvring clearly worked. Tilray is still keeping a lid on the actual turnout, with no voting report filed on SEDAR as of this writing.

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