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Here’s why Tilray’s stock jumped 22% today

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What happened

Actions of Tilray (NASDAQ: TLRY) have been in tears since the start of 2021. The stock has gained more than 121% in the past two weeks, including a 22% hike on Thursday, at 3:45 p.m. EST.

So what

Today’s jump comes after another Canadian pot producer and fusion partner Aphria (NASDAQ: APHA) this morning announced its results for the second quarter of fiscal 2021. On December 16, 2020, Aphria and Tilray announced their intention to merge, creating what will be the world’s largest cannabis company by revenue.

marijuana buds and canadian money

Image source: Getty Images.

Now what

Aphria reported 33% net sales growth in the second quarter compared to the prior year period. The company said net cannabis sales nearly doubled, and each of its three revenue categories (cannabis, distribution and alcoholic beverages) grew sequentially from the previous quarter and sold 28% by weight of more than the first fiscal quarter of 2021. The cash cost of drying each gram of product decreased for the fifth consecutive quarter to 0.79 in Canadian dollars ($ 0.62), down 9% from the previous quarter .

Aphria CEO Irwin Simon will lead the merged company when it merges with Tilray. Simon said in a statement that the companies are on track to complete the transaction by the end of June 2021. He added that the merger will include more than C $ 100 million in pre-tax synergies.

Aphria shares are up almost 20% today. Tilray shareholders will retain their shares upon closing of the transaction, while Aphria shareholders will receive 0.8381 Tilray share for each Aphria share.

Aphria shareholders will own approximately 62% of the outstanding Tilray shares once the transaction is completed.



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