Tilray Inc. (TLRY) stock plunges by 12.22% in the current market trading. Tilray is a pioneer in cannabis discovery, production, manufacturing, and distribution around the world. By creating the world’s most trusted cannabis and hemp business, they hope to lead, legitimize, and shape the future of their industry. TLRY is the first GMP-certified medicinal cannabis manufacturer in the world, supplying cannabis flower and extract products to tens of thousands of patients, doctors, clinics, hospitals, governments, and researchers across five continents.
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What is happening?
This quarter, Aphria and Tilray TLRY, -12.35 percent will complete their merger, creating the world’s largest cannabis firm by sales. Aphria said the combined business would expand into the United Kingdom, Sweden, Poland, Luxembourg, and China, with talks in India continuing. Tilray will begin selling in Luxembourg in a few weeks at the earliest, with Aphria and Tilray businesses moving into Poland by the third quarter of this year.
Due to this merger, both stocks fell after Aphria’s weak fiscal 2021 third-quarter results were released before the market opened on Monday.
Aphria missed analysts’ third-quarter top- and bottom-line projections by a wide margin. The net sales of the Canadian cannabis manufacturer fell 6% year over year to 153.6 million Canadian dollars. Aphria recorded an adjusted net loss of CA$47.9 million in the third quarter, significantly higher than the prior-year period’s adjusted net loss of CA$9.8 million. The organization attributed the lower-than-expected results to the COVID-19 pandemic. Sales were harmed by lockdowns in Canada, especially in Ontario, and Germany.
Aphria shareholders will vote on the merger with Tilray at a special meeting on Wednesday of this week. The agreement is most likely to be accepted. The deal is scheduled to close in the second quarter of 2021, assuming there are no regulatory roadblocks. The merged business will be the largest cannabis operator in the world. Merging with TLRY, on the other hand, would not solve Aphria’s problems. The good news is that Aphria’s fortunes can improve as coronavirus fears fade as COVID-19 vaccines become more widely available.