MONTREAL, Canada — Canadian cannabis companies Aphria and Tilray announced Wednesday they would merge to form the world’s biggest pot producing group based on sales.
On share prices at the close on Tuesday, the firm’s stock market value would be roughly Can$5 billion (US$3.9 billion), the companies said in a statement.
The all-stock merger comes amid a move to consolidate the relatively new but booming recreational cannabis sector in Canada, where the drug has been legal since October 2018.
The new group, which will operate under the Tilray name, will be traded on the Nasdaq. It will have a 17.3 percent share of the market in Canada, the largest of any firm.
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