Tilray and Aphria Surge on Merger Plans, Pot Stock Peers Gain

Dec. 16, 2020, 9:27 AM

Pot stocks rallied after Tilray Inc. and Aphria Inc. agreed to combine their operations, creating a cannabis industry giant.

Aphria gained as much as 15% in premarket trading, while Tilray rose as much as 26% after the pair agreed to an all-stock merger which will create an entity with an equity value of around C$4.8 billion ($3.8 billion), according to a statement and interviews with the Tilray and Aphria chief executive officers. BNN Bloomberg reported Tuesday that both companies were in advanced deal discussions.

Other cannabis stocks also jumped premarket, with Sundial Growers Inc. gaining 6.6% and Aurora Cannabis Inc. ...

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