Aphria, Tilray Combine to Create Biggest Cannabis Company (3)

Tilray Inc. and Aphria Inc. agreed to combine their operations, forming a new giant in the fast-growing cannabis industry.

The all-stock deal, which puts together two of the market’s best known names, will create an entity with an equity value of about C$4.8 billion ($3.8 billion), according to a statement and interviews late Tuesday with Tilray and Aphria leaders. The combined group’s 12-month sales of C$874 million surpasses that of industry leaders such as Curaleaf Holdings Inc. and Canopy Growth Corp.

The new company will keep Tilray’s name and trade under its ticker on the Nasdaq, and Aphria shareholders ...