Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Jlane3965, where did you find this? Please provide a link. So far, I have not been able to find that news article. Thanks. :)
Bank of America reinstated TLRY as a buy
Broken Coast Enters the Concentrates Category by Adding Wax to Its Product Offerings
April 26, 2021
https://aphriainc.com/broken-coast-enters-the-concentrates-category/
Broken Coast Cannabis elevates existing product portfolio by introducing high THC Wax made from premium B.C. Flower
Available in popular strains Stargazer, Muskmelon OG and Up In The Sky
LEAMINGTON, ON, April 26, 2021 – Aphria Inc. (“Aphria”, “we”, or the “Company”) (TSX: APHA and NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company, today announced that Broken Coast Cannabis Inc. (“Broken Coast“) is entering the concentrates category with the addition of Wax to its premium product lineup.
Broken Coast Wax is made from its premium B.C. flower and joins its award-winning roster of cultivars in Canada. As the latest innovation for the brand, Broken Coast’s high THC (70%+) wax offers a clear expression of each cultivar’s profile. Broken Coast uses Hydrocarbon Extraction to extract desired cannabinoids and terpenes from the flower, bringing out rich and complex aromas in the wax product.
“We’re really excited to see our cannabis made into wax. The quality and unique terpene profile of each strain really shine through! I think people are going to really enjoy experiencing their favourite strains in a concentrated form,” said Kevin Anderson, Broken Coast’s Head Grower. “It is thrilling to provide our consumers a variety of consumption options that are in line with Broken Coast’s quality.”
Broken Coast’s Wax will be available in single 1g units and will be offered in popular strains Stargazer, Muskmelon OG and Up In The Sky. This new offering is currently available online and in select retail stores nationally. It will be rolling out in other markets across the country (except Quebec) over the next few months.
This is the third innovation recently launched by Broken Coast, following its entry into the 2.0 market with the launch of 510 Vapes, and the recent announcement of a new dried flower strain, Pipe Dream.
For more information, visit: brokencoast.com
About Broken Coast
Broken Coast Cannabis, a cannabis producer based in British Columbia, is proud to be Canadian-owned and operated. Broken Coast believes that quality results from adhering to strict procedural protocol and environmental control. Through an extensive system of operating procedures, they provide the highest levels of purity, quality, and customer satisfaction. Premium cannabis is grown hydroponically in a custom-built facility, in small batches in single-strain rooms, and harvested on a rotational cycle to ensure they have a steady supply of fresh product in stock.
About Aphria Inc.
Aphria Inc. is a leading global cannabis-lifestyle consumer packaged goods company with operations in Canada, United States, Europe and Latin America, that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body and soul and invoke a sense of wellbeing. Aphria’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. Headquartered in Leamington, Ontario, Aphria cultivates, processes, markets and sells medical and adult-use cannabis, cannabis-derived extracts and derivative cannabis products in Canada under the provisions of the Cannabis Act and globally pursuant to applicable international regulations. Aphria also manufactures, markets and sells alcoholic beverages in the United States.
###
For further information please contact:
Investor Relations
investors@aphria.com
Yes indeed. Im so loaded here waiting for the big day
Im loaded on both Been loading this dips on both tickers. $25s and high 30s will come here.
RECAP--->>>This Is What Investors Need To Know From Tilray’s 8-K Filing Ahead Of Next Weeks Mega Merger Vote
EDITORIAL Apr 23, 2021 • 7:19 AM EDT
BY MICHAEL BERGER
https://technical420.com/cannabis-article/this-is-what-investors-need-to-know-from-tilrays-8-k-filing-ahead-of-next-weeks-megamerger-vote/#
Last week, Tilray, Inc. (TLRY) reported that it would reschedule the special shareholder meeting to take place April 30th and the change caught our attention.
At the meeting, Tilray shareholders will vote on the previously announced merger agreement with Aphria, Inc. (APHA.TO) (APHA) and we expect to see the transaction approved. On top of pushing back the date of the meeting, Tilray also lowered the amount of outstanding shares that need to be present to vote on the deal.
Today, Tilray filed an 8-k with the Securities and Exchange Commission (SEC) and outlined the proposal that would be voted on by shareholders. According to the filing, the proposals that will be voted on include the following:
To consider and vote on a proposal to increase the number of authorized shares of Tilray from 743,333,333 shares to 900,000,000 shares
To consider and vote on a proposal to issue Tilray Class 2 common stock to Aphria shareholders pursuant to the Arrangement Agreement
To consider and approve, on an advisory (non-binding) basis, the compensation that may be paid to Tilray’s named executive officers that is based on or otherwise relates to the transactions contemplated by the merger agreement
To approve the adjournment of the Tilray meeting to a later date or dates, if necessary or appropriate, to solicit additional proxies in the event there are not sufficient votes at the time of the special shareholder meeting
The cannabis sector has come off its 2021 highs and has recently been under pressure. Canadian Licensed Producers (LPs) have been especially impacted by this and during this time, both Aphria and Tilray have been under considerable pressure. We are bullish on the growth prospects of the combined company due to the leading leverage it would have in strategic international markets (Europe and the United States).
Once Tilray shareholders vote on the transaction, the deal should be completed shortly after and this is an event that we are closely following.
Schumer Worries Senate Marijuana Banking Vote Could Undermine Broader Legalization Push
Published 1 day ago on April 20, 2021
By Kyle Jaeger
https://www.marijuanamoment.net/schumer-worries-senate-marijuana-banking-vote-could-undermine-broader-legalization-push/
Arguably the most closely watched congressional player in the marijuana reform space this session is Senate Majority Leader Chuck Schumer (D-NY). With Democrats now in control of a chamber that for years has been run by GOP members with little to no interest in ending federal prohibition, the pro-legalization senator has found himself in a unique position to lead the charge.
Schumer doesn’t intend to miss that opportunity, as he explained to Marijuana Moment in a phone interview on the eve of the cannabis holiday 4/20. Nor does he want to risk undermining comprehensive reform by passing more modest changes—such as simply protecting banks that service the state-legal industry, as the House did on Monday—before tackling broader legalization.
Together with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ), the majority leader is working on legislation that would federally legalize marijuana—a bill that he’s said will be introduced “shortly” and placed on the floor “soon.”
But Schumer, despite his emphasis on the need to enact cannabis policy change, isn’t giving up specifics on the proposal he’s drafting just yet. What he will say, however, is that it will address social equity. It will prioritize small businesses and people most impacted by the drug war. It will incorporate things like banking protections. And, if lawmakers do their job, it will pass this Congress.
Marijuana Moment spoke to Schumer about a wide range of cannabis issues—from legislative priorities for marijuana reform to President Joe Biden’s ongoing opposition to adult-use legalization. The following interview has been lightly edited for length and clarity.
Marijuana Moment: Minutes ago, the House again approved the Secure and Fair Enforcement (SAFE) Banking Act to give federal protections to banks that work with state-legal marijuana businesses. Should the Senate follow suit, or should comprehensive legalization be addressed first?
Senate Majority Leader Chuck Schumer: I’ve always been of the view that while certainly we have to deal with the banking and financial issues that we should do them together with legalization because the [SAFE Banking Act] brings in some people who might not normally support legalization, and we want to get as broad a coalition as possible. Here in the Senate, it’s our goal—as you know, Senators Booker and Wyden and I are working on comprehensive legalization legislation.
We will hope to include things that deal with banking and finance, although we certainly think that we ought to make sure that the communities that have been most affected by these draconian laws get the benefits here, and we want to make sure that there are reinvestment initiatives and it doesn’t all go to the big shots, that smaller businesses and minority businesses get a chance to be involved once marijuana is legalized. We want to make sure, A) that they go together and B) that this just doesn’t let all the bankers, the big boys, in without taking into account that communities of color have paid the greatest price here and should get some recompense.
MM: To that point, have you had conversations with the Senate sponsors of the SAFE Banking Act about potentially merging their proposal into the legislation you and your colleagues are working on?
CS: Well, no. The first step is for for Booker and Wyden and I to come up with our bill, then we will start having conversations with them. As you know, as the floor leader and the majority leader, I get to determine what gets put on the floor, so if I make a suggestion that it would be good to combine these two pieces of legislation, I think people will pay some attention to that.
MM: Appropriations season will soon be upon us. For the past two years, the House has approved spending bills that include a rider to prevent the Justice Department from using its funds to interfere in any state or territory marijuana programs. The Senate has only signed off on amendments to protect medical cannabis states. Now that you’re in control of the chamber, do you think a temporary policy like that should be pursued while you work on a permanent fix?
CS: Our first goal is not to settle for just partial measures, even though that, obviously if we went to legalization, that would sort of be part of it. We’re first going to try to get as large a piece of legislation as we can.
MM: To what extent have you been coordinating with House leadership on broad legalization? Judiciary Chairman Jerrold Nadler (D-NY) says he plans to soon refile his Marijuana Opportunity, Reinvestment and Expungement (MORE) Act that passed the House last year—have your offices been working together?
CS: We’re talking to the House people. Obviously, a good strong bill needs to pass both houses. The House has been ahead of the Senate here only because Democratic control of the House has been two years longer than Democratic control of the Senate. But we are in definite consultation with our House colleagues.
MM: As you’re well aware, New York Gov. Andrew Cuomo (D) signed legalization into law this month. What will this mean for your home state in the long term, especially as it concerns social equity for communities most impacted by the drug war?
CS: As you know, I weighed in at a crucial time to get as strong a bill that took into account the harms done to communities of color as possible. And I think that had a real effect and New York’s bill, at the end of the day, being a very strong bill, I was very glad to see what they did on expungement. I mean, for a young man or young woman to be arrested with a small amount of marijuana in his or her pocket and then have this serious criminal record because the law was so overdone in terms of penalties.
To treat marijuana the same as cocaine or heroin or anything like that made no sense. And yet so many young people—their lives were basically ruined because they had a severe criminal record because they had a small amount of marijuana in their possession. They never should have had that severe record. So expungement is only fair and only right. They’re mainly state laws so we can’t force expungement, but it’s something that I was very glad New York did and I hope other states will follow that. And we’ll do whatever we can federally as well to encourage it.
MM: Going back to the federal level, we’ve been talking about comprehensive reform. The House only narrowly approved the MORE Act last year, and that was regarded by advocates as fairly broad policy. You need 50 or 60 votes to get the legislation passed depending on how you advance it—are the votes there?
CS: Well, we’re working as hard as we can. We’re first drafting the legislation. We’re talking to people about it. I don’t want to give out what’s in it yet because we’re in the process of doing it and talking to people. But you know, 65 percent of the American people support legalization of marijuana. I was utterly amazed and pleasantly surprised when a conservative state like South Dakota had it as a referendum and it passed so overwhelmingly. Its time has come.
And you know, all the old bugaboos that if marijuana was legalized, crime would go up and marijuana was legalized, drug use would go up. But we’ve had—you know, [U.S. Supreme Court Justice Louis Brandeis] called the states the laboratories of experimentation, and we’ve had those laboratories and they’ve been experimenting. None of these parade of horribles that the opponents of legalization, or even decriminalization, put out came to be true.
I think the American people are realizing not only the harms that have been done to communities of color, but also this this is freedom. And if marijuana is not going to have all these adverse effects—and in fact, we’ll have some positive effects in terms of dealing with legislation, dealing with making up for what has happened to communities of color, it’s a good thing. I think as the Rolling Stones say, “Time is on our side. Yes, it is.”
MM: Senator Booker said in a recent interview that he’s essentially unconcerned about President Biden’s opposition to recreational legalization because, as long as he supports decriminalization federally, he won’t be an obstacle to your pending legislation. Would you agree with that sentiment?
CS: Well, look, I never want to contradict Cory Booker, but I’m gonna keep working on the president to go the whole way. I’ve had some success in persuading him on other things—not related to marijuana, but other issues. I’d like him to understand that the world has changed, the facts have changed and full legalization is the right way to go. Obviously, it’s helpful if he moves in our direction in a significant way. That will be helpful, of course.
MM: Outside of cannabis, I wonder what your thoughts are on more broadly ending the drug war. Oregon voters approved an initiative to decriminalize possession of all currently illicit drugs—is that a policy you support as well?
CS: Certainly, we need much more in treatment. The shortage of treatment is horrible and COVID has exacerbated it. I think we have three times the opioid use than we had pre-COVID. Now we did put about $4 billion into the American rescue plan for more for treatment, but there’s not close to enough. The story I tell is, I knew a man in western New York. His son was an Iraq war veteran, came back with PTSD, became addicted on opioids—and finally his father was trying to convince him to go to treatment and finally, you know, when you hit bottom, the kids said, “Yes, I’ll go.” They went to the local places that provide treatment, and it was 23-week waiting list and the son killed himself in week 22. We need much more focus on treatment. I can’t talk about—I don’t know the specifics of any specific state law, but the focus on rehabilitation treatment is vital.
Europe sales kicks ass and the Merger is smooth then PPS movement between now and 42022
Agreed. If the merger is going to happen, every day delaying the synergy savings is wasted.
tilray is So Very Unbelievably Lucky that APHRIA chose them to partner with...
(More like took them in)
I just hope to hell tilray can bring some Game to this merger.
Christ those people are lucky.
Just count up the one third of investors with sense and forget about the other mutts.
Get this thing banging into gear.
I wish that happen but I doubt that. I load 12.60s today. $25s and more in near future
I see...
1. safe banking
2. Completed Tilray merger
3. A better financial report next quarter
4. Probable acquisitions
...in the not too far off future.
Then decriminalization or full legalization in the next 2 or so years.
In the meantime, I’m building up my war chest!
Jmo
This sounds like a hedge fund hit article to support shorting to me.
Jmo
Chuck Schumer announced yesterday that he wants cannabis legalization to occur by 4-20 of 2022.
IMO, We are not going to have a lot of cannabis PPS appreciation before then. Could be a lot of pain too.
But then ... things should become FUN
The Mega Merger Between Tilray and Aphria Could Be Off To A Rocky Start
EDITORIAL Apr 21, 2021 • 7:22 AM EDT
2 MIN READ • BY MICHAEL BERGER
https://technical420.com/cannabis-article/the-mega-merger-between-tilray-and-aphria-could-be-off-to-a-rocky-start/#
Earlier this week, the rumor mill started to imply that the merger between Aphria, Inc. (APHA.TO) (APHA) and Tilray, Inc. (TLRY) could be in trouble.
The basis of the opinion is related to how Tilray extended the date of the shareholder meeting and lowered the bar to pass amendments.
Previously, Tilray required a majority of shareholders to be present for special shareholder meetings.
Last week, Tilray’s board approved an amendment that only requires there to be one-third of voting shareholders to reach a quorum. Several media outlets and analysts tried to imply that Tilray was having a challenging time in regards to gathering enough votes to pass the mega-merger agreement.
When looking at the other side of the transaction, Aphria did not have a problem passing the mega-merger amendment at its special shareholder meeting and the vast majority of shareholders voted in favor of it.
If there was a pause on Tilray’s side, it was most likely related to Aphria’s third quarter financial results. Aphria reported quarterly earnings that came in well below expectations and the market responded negatively to it. Although the earnings missed expectations, we still consider Aphria to be an attractive partner, especially due to the recent acquisition of SweetWater Brewing Company.
We 100% expect the merger to be approved at Tilray’s special shareholder meeting and believe the recent changes to the structure of the meeting are not of significance. The combined company will have a leading position in the international cannabis market and will have a much larger market share in Canada.
Once Tilray shareholders vote on the transaction, the deal should be completed shortly after and this is an event that we are closely following. If you are interested in learning more about the closing of the merger, please send an email to support@technical420.com to be added to our distribution list.
For the fastest access to data on the merger, you can sign up for our free newsletter!
AUTHORED BY
Michael Berger
Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.
* * $APHA Video Chart 04-20-2021 * *
Link to Video - click here to watch the technical chart video
The House of Representatives approved a marijuana banking bill. The SAFE Banking Act cleared the chamber three times last Congress but got blocked in the Republican-controlled Senate. Hopes are high now that Democrats run both chambers of Congress, however.
Twenty-one governors, 51 state and territory banking associations and a group of state treasurers sent letters calling on Congress to pass the marijuana banking bill.
A new Pew Research Center poll found that 91% of Americans now support legalizing marijuana for recreational or medical use.
In a new Federal Register filing, the U.S. Postal Service is instructing hemp and CBD companies about how they can potentially apply for exemptions to a new federal law that generally bans the mailing of vaping devices.
North Carolina’s Senate president pro tempore noted strong public support for medical cannabis after the body’s Rules Committee chairman filed a bill on the issue.
/ FEDERAL
The Biden administration is reportedly considering requiring tobacco companies to lower nicotine levels in cigarettes.
A federal judge denied a company’s request for an injunction to prevent Customs and Border Protection from blocking its shipments of hemp processing machines.
The U.S. Department of Agriculture tweeted about the availability of revenue protection insurance for hemp.
Sen. Ron Wyden (D-OR) and Reps. Earl Blumenauer and Barbara Lee (D-CA) spoke about why they believe Vice President Kamala Harris will advocate behind the scenes for President Joe Biden to evolve on marijuana.
Sen. Mike Rounds (R-SD) said he has a lot of concerns about marijuana legalization.
Rep. Earl Blumenauer (D-OR) tweeted a tribute to marijuana legalization pioneer Steve Fox, who passed away last week.
Rep. Mark Pocan (D-WI) tweeted about a new poll showing support for cannabis legalization, saying, “Your 4/19 reminder that marijuana should be legalized nationwide.”
Rep. Ted Lieu (D-CA) tweeted, “Everything in politics seems impossible, until it happens. Time to remove cannabis from the schedule of controlled substances. Spending even one dime of taxpayer funds on federal marijuana investigations and prosecutions is dumb.”
Rep. Elaine Luria (D-VA) toured a CBD lab.
/ STATES
New Jersey Gov. Phil Murphy (D) conditionally vetoed a medical cannabis telehealth bill because he said it places “undue limitations” on patients.
Connecticut Gov. Ned Lamont (D) suggested that passage of a marijuana legalization bill could be delayed until next year due to disagreements among Democrats over key provisions.
Pennsylvania’s lieutenant governor will participate in a 4/20 rally at the state Capitol on Tuesday.
Alabama’s House speaker said it will likely be a few more weeks until a Senate-passed medical cannabis bill comes up for a floor vote.
Wisconsin’s House speaker said there is “substantial support” among Republicans for medical cannabis.
The California Senate Business, Professions & Economic Development Committee approved a bill to let cities and counties opt into letting the state manage marijuana regulations for them.
A Florida representative who is sponsoring a bill to enact THC potency caps on medical cannabis is conceding that it is all but dead for the session.
The Washington, D.C. Council is set to vote on a bill to let formerly incarcerated people work in the marijuana industry on Tuesday.
Ohio regulators voted to more than double the number of medical cannabis dispensaries.
New Mexico regulators are accepting applications to serve on the new Cannabis Regulatory Advisory Committee. Separately, the health secretary said medical cannabis dispensary workers should be viewed similarly to pharmacists when it comes to coronavirus vaccine eligibility, a stance that undermines the state’s position in a lawsuit about taxing the product in a way that other medicines are not.
Colorado regulators issued a health and safety advisory about potentially unsafe levels of yeast and mold and lead on medical cannabis flower produced by Primal LLC.
Nevada regulators are extending the expiration of active marijuana temporary agent registration cards until June 30.
New Hampshire regulators approved a new medical cannabis dispensary to operate.
Washington State regulators posted information about potential new rules on pesticide and heavy metal testing for marijuana. They also sent a newsletter with other cannabis information. Meanwhile, the Social Equity in Cannabis Task Force’s Licensing Workgroup will meet on Wednesday.
Minnesota regulators published updated data on participation in the medical cannabis program.
https://www.marijuanamoment.net/house-approves-cannabis-banking-bill-newsletter-april-20-2021/
The U.S. House of Representatives on Monday approved a bill to protect banks that service state-legal marijuana businesses from being penalized by federal regulators.
After receiving an initial voice vote earlier in the afternoon, members passed the legislation by a final recorded vote of 321-101.
The legislation, which was reintroduced by Rep. Ed Perlmutter (D-CO) and a long bipartisan list of cosponsors last month, was taken up under a process known as suspension of the rules, which does not allow for amendments and requires a 2/3rd supermajority to pass.
The fact is that people in states and localities across the country are voting to approve some level of cannabis use, and we need these cannabis businesses and employees to have access to checking accounts, payroll accounts, lines of credit, credit cards and more,” Perlmutter said on the House floor. “This will improve transparency and accountability, and help law enforcement root out illegal transactions to prevent tax evasion, money laundering and other white collar crime. But most importantly, this will reduce the risk of violent crime in our communities.”
Because marijuana businesses are largely precluded from accessing traditional financial institutions and have to operate on a mostly cash-only basis, that makes them targets of crime—a point that advocates, regulators and banking representatives have emphasized.
“Even if you are opposed to the legalization of cannabis, you should support this bill,” Perlmutter added. “American voters have spoken and continue to speak—and the fact is, you can’t put the genie back in the bottle. Prohibition is over.”
Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus, said “it’s time for us to address this inconsistency, it’s time for us to pass, again, the SAFE Banking Act and it’s time for us to move forward with legalization on the federal level.”
“I appreciate us being at this point—a critical first step along the path to full legalization, which I’m confident will happen this Congress, and not a moment too soon,” the congressman said.
Rep. Patrick McHenry (R-NC) spoke in opposition to the legislation, stating that “regardless of your position on this bill, I do think the fact remains that cannabis is a prohibited substance under Schedule I of the Controlled Substances Act—and let me further state, by enacting this legislation, we’re effectively kneecapping law enforcement enforcement and legalizing money laundering.”
But in a sign of the bipartisan nature of this reform, Rep. David Joyce (R-OH) took to the floor to defend the legislation. He said “I’m proud to help lead this common sense and overdue effort.”
“At a time when small businesses are just beginning to recover from the economic destruction caused by COVID-19, the federal government should be supporting them, not standing in their way,” he said.
McHenry was the only lawmaker to rise against the bill on the floor, yielding all additional opposition time to other Republican members who actually spoke in support of it.
Just before the debate started on Monday, the governors of 20 states and one U.S. territory—as well as bankers associations representing every state in the country and a coalition of state treasurers—sent letters to House leadership, expressing support for the reform legislation.
The vote marks the fourth time the House has approved the Secure and Fair Enforcement (SAFE) Banking Act. Lawmakers passed it as a standalone bill in 2019 and then twice more as part of coronavirus relief legislation. At no point did the measure move forward in the Senate under Republican control last session, however.
But this time around, advocates and industry stakeholders are feeling confident that the bill’s path will not end in the House. With Democrats now in control of both chambers and the White House, there are high expectations that the proposal will make its way through the Senate and onto the president’s desk.
The legislation would ensure that financial institutions could take on cannabis business clients without facing federal penalties. Fear of sanctions has kept many banks and credit unions from working with the industry, forcing marijuana firms to operate on a cash basis that makes them targets of crime and creates complications for financial regulators.
“For the first time since Joe Biden assumed the presidency, a supermajority of the House has voted affirmatively to recognize that the legalization and regulation of marijuana is a superior public policy to prohibition and criminalization,” NORML Political Director Justin Strekal said in a press release. “However, the SAFE Banking Act is only a first step at making sure that these state-legal markets operate safely and efficiently. The sad reality is that those who own or patronize the unbanked businesses are themselves criminals in the eyes of the federal government, which can only be addressed by removing marijuana from the list of controlled substances.”
Aaron Smith, co-founder and chief executive officer of the National Cannabis Industry Association, said the bill is “vital for improving public safety and transparency and will improve the lives of the more than 300,000 people who work in the state-legal cannabis industry.”
“It will also help level the playing field for small businesses and communities with limited access to capital,” he said. “It is time for the Senate to start considering the companion legislation without delay.”
At the beginning of Monday’s House session, prior to the formal debate on the bill, Rep. Bob Good (R-VA) voiced opposition to the legislation, arguing that it is “about legitimizing and bankrolling the marijuana industry and making legalization inevitable.”
“We’re not even directly debating our drug laws,” he said. “No, we’re cowardly debating if we should reward states that are undermining the rule of law. Despite what the swamp says, we don’t need recreational marijuana.”
House Majority Leader Steny Hoyer’s (D-MD) office first confirmed that the chamber would vote on the SAFE Banking Act on Friday.
Days after the legislation was introduced in the House last month, it was also refiled in the Senate, where Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT) are the chief sponsors. That version currently has 32 cosponsors. It remains to be seen when the bill will be scheduled for action in the chamber.
After it passed the House last Congress, advocates and stakeholders closely watched for any action to come out of the Senate Banking Committee, where it was referred after being transmitted to the chamber. But then-Chairman Mike Crapo (R-ID) did not hold a hearing on the proposal, despite talk of negotiations taking place regarding certain provisions.
Crapo said he opposed the reform proposal, but he signaled that he might be more amenable if it included certain provisions viewed as untenable to the industry, including a two percent THC potency limit on products in order for cannabis businesses to qualify to access financial services as well as blocking banking services for operators that sell high-potency vaping devices or edibles that could appeal to children.
Sen. Sherrod Brown (D-OH), who took the top seat in that panel after Democrats secured a majority in the Senate, told reporters in February that he’s “willing” to move the cannabis banking bill, “but with it needs to come sentencing reform.”
When legislative leaders announced that the SAFE Banking Act was getting a House vote in 2019, there was pushback from some advocates who felt that Congress should have prioritized comprehensive reform to legalize marijuana and promote social equity, rather than start with a measure viewed as primarily friendly to industry interests.
Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus and an original cosponsor of the bill, said last month that the plan is to pass the banking reform first this session because it “is a public safety crisis now,” and it’s “distinct—as we’ve heard from some of my colleagues—distinct from how they feel about comprehensive reform.”
Meanwhile, congressional lawmakers are simultaneously preparing to introduce legislation to end federal cannabis prohibition.
Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) are in the process of crafting a legalization bill, and they’ve already met with advocates to get feedback on how best to approach the policy change.
Schumer said last week that the legislation will be introduced and placed on the floor “soon.”
On the House side, Judiciary Chairman Jerrold Nadler (D-NY) said recently that he plans to reintroduced his legalization bill, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, which cleared the chamber last year but did not advance in the Senate under GOP control.
Actually, that is not correct...Due to insiders holding such high % of shares, they had to lower the threshold to make sure the regular votes count
Tilray Lowers the Bar for Merger With Aphria -- Barrons.com
Mentioned: APHA TLRY
Max A. Cherney
The Canadian cannabis operator Tilray may be struggling to reach the threshold of shareholder votes required to complete its proposed merger with Aphria, a Canadian conglomerate that sells alcohol and weed, and distributes medical drugs in Europe.
In December, Aphria (ticker: APHA) and Tilray (TLRY) announced a plan to merge the two businesses. Aphria would effectively conduct a reverse takeover of Tilray, taking its corporate name and its listing on the Nasdaq, with a 62% interest in the combined company. At the time, the reception to the merger was generally positive.
This week, however, it appeared as though Tilray may be having difficulty getting enough votes to approve the deal. Early Thursday, the company postponed the vote for two weeks. It was originally scheduled for Friday, but Tilray moved it to April 30.
People familiar with the matter said Thursday that Tilray had yet to garner enough votes for the deal to go ahead. In response to a query from Barron's, Tilray said it was moving the vote because the company has a large retail shareholder base, and needed time to ensure they had "every opportunity to have their voices heard and support the transaction."
Data from FactSet shows that 70% of stock is held by investors who have not disclosed their holdings. That group includes institutional investors with smaller stakes, but in the case of pot companies, many unidentified holders are retail buyers. According to Bloomberg, investment advisors hold 46% of shares outstanding, while individuals, including insiders, have 37%.
Early Friday, Tilray made a second move that will move the deal toward completion. The company issued a press release that said the board of directors was reducing the number of shareholders required to hold a special meeting to one-third of the total voting power from a majority.
Aphria shareholders overwhelmingly approved the deal Thursday.
Tilray's largest shareholder is Chief Executive Brendan Kennedy, who owns more than 10 million shares, or about 5.7% of those outstanding, according to Bloomberg data. As with many cannabis companies, several exchange-traded funds have significant stakes in the business.
Kennedy, along with Christian Groh and Michael Blue, founded the cannabis-focused private- equity company Privateer Holdings. When Tilray went public at $17 in 2018, Privateer held a controlling interest in the weed company, through its Class 1 shares. The shares held by Privateer are slowly being unlocked and released to Privateer's own investors.
Blue and Groh hold respective stakes of 2.6% and 2.2% in Tilray. The California Public Employees' Retirement System, the state's pension fund, also has a small position in Tilray, as do several long-short hedge funds, among other investors.
Shares of Tilray ticked up 0.3% Friday to $16.99, as the Cannabis ETF (THCX) fell 0.8%.
Aphria stock advanced 2.7% to $13.96 in Friday trading, but fell 15% this week after it reported disappointing fiscal third-quarter results. Most of Aphria's quarterly revenue came from its drug-distribution business. Management reported revenue of C$87 million ($69.58 million) for the segment, while Aphria sold C$51.7 million worth of cannabis and logged alcohol revenue of C$14.8 million.
Write to Max A. Cherney at max.cherney@barrons.com
(END) Dow Jones Newswires
April 16, 2021 16:12 ET (20:12 GMT)
Copyright (c) 2021 Dow Jones & Co
Apathetic morons didn't vote--->>>Tilray Board of Directors Announces Approval of Amendment to Company’s Bylaws; Aphria and Tilray Announce Waiver of
The TLRY Delay Was Sad To See
I agree, walk away if need be. IMO, TLRY needs APHA more than the other way around. IMO, APHA should actually get 1:1 "stock trade"
lol
I'm pulling for .003
I’m hoping for $5-6 by next week. We can all load up then even mote and if we’re lucky we can load up even more at $3-4 the following week! Very exciting to see cheap shares getting cheaper!!
I hope this dips to 11s Ill be waiting. Be loading more 13s hope 12s tomorrow.
Regarding the Tilray vote postponement...
I wonder if the short squeeze that the Reddit Wallstreet group played has anything to do with this. So many shares changed hands in such a short period of time. Makes me wonder if they needed the extra time to figure out who the remaining shareholders are and how many shares they still own? Maybe they had a very small percentage of votes to give a fair result?
Jmo
70% of Americans want legalization now...
https://news360.com/article/553593890
Shareholders Meeting Call transcript--->>>Aphria Inc. (APHA) CEO Irwin Simon on Shareholders Meeting - Call Transcript
Apr. 14, 2021 9:25 PM ET
Aphria Inc. (APHA)
Q3: 2021-04-12 Earnings Summary
EPS of -$0.91 misses by $0.87
Revenue of $122.28M (19.34% Y/Y) misses by $6.59M
Aphria Inc. (NASDAQ:APHA) Shareholders Meeting Conference Call April 14, 2021 4:00 PM ET
Company Participants
Irwin Simon - Chairman & Chief Executive Officer
Carl Merton - Chief Financial Officer
Christelle Gedeon - Chief Legal Officer and Corporate Secretary
Jim Meiers - Chief Operating Officer, Aphria Leamington
Denise Faltischek - Chief Strategy Officer
Lloyd Brathwaite - Senior Vice President Information Technology
Renah Persofsky - Vice Chairman
Jodi Butts - Independent Director
John Herhalt - Independent Director
David Hopkinson - Independent Director
Tom Looney - Independent Director
Walter Robb - Independent Director
Conference Call Participants
Operator
Good afternoon. Welcome to the Special Meeting of Holders of common shares of Aphria, Inc. It is now my pleasure to turn the meeting over to Irwin Simon, Chief Executive Officer and Chairperson. The floor is yours.
Irwin Simon
Thank you very much operator and good afternoon everybody. And welcome to the special meaning of holders of common shares of Aphria. To which I will refer to as the company for the duration of this meeting, I will now call this meeting to order. My name is I said, Irwin Simon, I am the Chief Executive Officer and Chairman of the Board of Aphria. In accordance with the company's bylaws, I will chair today's meeting.
It is my pleasure to welcome all our shareholders and thank you very much for being shareholders and thank you for those that are with us today. Also with us are certain directors and officers of the company and various guests that are present and I want to thank you guys for attending today also.
The person entitled to attend and vote at this meeting are the holders of common shares of the company or their validity appointed proxy nominee as at the record date. In attendance today, from Aphria are Carl Merton, the Chief Financial Officer, Christelle Gedeon, Chief Legal Officer, Jim Meiers, Chief Operating Officer, Aphria Leamington, Denise Faltischek, Chief Strategy Officer and Lloyd Brathwaite, Senior Vice President Information of Technology. Also in attendance today, from our board is Renah Persofsky, our Vice Chairman, Jodi Butts, John Herhalt, David Hopkinson, Tom Looney, and Walter Robb, Members of the Board of Directors of the company.
As you probably heard this before, because of COVID in order to proactively deal with the unprecedented public health impact of COVID and to mitigate risks to the health and safety of our employees, shareholders, community's other stakeholders, and to ensure compliance with local laws or orders restricting the size of public gatherings in response to COVID-19 this meeting is being held as a virtual meeting.
As this meeting is being held virtually through a live audio cast, we think it is necessary to set out a few rules for the orderly conduct of this meeting. First of all, for the purpose of this meeting, voting on all matters will be conducted by electronic ballot through the virtual shareholder meeting platform you have logged on to today. Only registered shareholders validate appointed proxy nominees are able to vote by electronic ballots. Voting on each business item will occur after the presentation of that business item.
Note that any votes cast by electronic ballots during the meeting will be superseded by any votes previously submitted by proxy. Therefore, we recommend that shareholders that have already voted by proxy and do not wish to change their vote do not vote on polls taken during this meeting. Those in attendance who have registered as guests are only able to listen to the meeting are not able to move motions, vote or ask questions.
When you're asked to vote, please click on vote here button on the right hand side of your screen. A voting ballot will appear on the virtual interface. Following your selection, please click submit button and votes will be submitted. We will provide you with the voting results at the end of the meeting. For a specific vote tabulation please see a free as report a voting results which will be posted to a free Sedar profile at www sedar.com, shortly after the meeting is over.
Questions or objections in respect to a motion can be submitted by any registered shareholder as [indiscernible] or any validity pointed proxy nominee using the Ask a Question box on the bottom left hand side of your screen by clicking Submit. Please note that there may be a delay of approximately 15 seconds before the moderator will be able to see a submitted question.
Therefore, at various intervals throughout the meeting, we will pause and provide you with a 15 seconds to ask your question using Ask the Question Box. If you feel 15 seconds is not enough, please indicate that you have a question using the messaging interface. We will pause the meeting until you have an opportunity to submit your question.
Although questions can be submitted through the meeting, they will be addressed at the appropriate time during the meeting. Please limit your question to topics relating to today's subject matter and keep your questions short and to the point. Thank you.
For each question we answer we will read the questions and provide our oral response. Any questions which are already answered, or that are redundant or repetitive will not be answered.
For the sake of expediency, the company has arranged for certain shareholders, namely Carl Merton, Renah Persofsky to move and second motions today respectively.
We will now proceed with the formal part of this meeting. Unless there is any objections, Carl Merton, Chief Financial Officer will act as a secretary of the meeting, and Broadridge representative, Leah Branston [ph] and [indiscernible] Fernandez will act as the scrutineer of the meeting. If you have any objections regarding the appointee of the secretary, or the scrutineer, you'll now have 15 seconds to submit your objection via Ask a Question Box.
Okay, since there was no objections, the purpose of today's meeting is set out in the joint proxy statement of the Management Information circular of the company, and Tilray Inc. dated March 12, 2021, which I'll refer to as the circular, following the documents that were sent to shareholders on March 18, and 19, 2021. Notice calling this meeting and I will free refer to as a notice, the circular and the former proxy or voting instruction form as applicable. In addition, a letter of transmittal was sent to the registered shareholders. The circular and other meeting material have been posted on the company's website at a aphriainc.com/investors and the company's profile at www.sedar.com.
I would like to reiterate key strategic rationale for the transaction that are expected to unlock significant shareholder value as outlined in the circular. First, the combination of Aphria and Tilray will create the largest global cannabis company with a pro forma revenue of US$685 million, or C$874 million for the last 12 months, as reported by each company prior to the date of the announcement of the transaction on December 16, 2020, the highest in the global cannabis industry.
The combined company is expected to have a strategic footprint and operational scale necessary to compete more effectively in today's consolidated cannabis market, with strong flexible balance sheet, strong cash balance and access to capital which Aphria and Tilray believe will give us the ability to accelerate growth, deliver long term sustainable value for its shareholders.
The demand of the combined company will be supported by low costs state of the art cultivation, proceeding and manufacturing facilities and will have a complete profile of branded cannabis 2.0 products in order to strengthen its leadership position in Canada.
Internationally, we will be well positioned to pursue growth opportunities with the combined companies, a strong medical cannabis brands, distribution network in Germany, and end to end European Union Good Manufacturing Practices supply chain, which also includes its production facilities in Portugal and Germany.
In the US, the combined company will have a strong consumer packaged presence and infrastructure with two strategic pillars, including SweetWater Brewing Company, LLC, a leading cannabis lifestyle branded craft brewer, and Manitoba Harvest USA, LLC, a pioneer in the branded hemp, CBD and wellness products that will access 70,000 stores in North America.
In the event of federal permissibility we expect to be well positioned to compete in the US cannabis market, given its existing strong brands, distribution network, in addition to its track record of growth and consumer package goods, and cannabis and drink products.
And finally, the combination of Aphria and Tilray is expected to deliver approximately $100 million or $78 million - C$100 million or US$78 million of annual pre tax cost synergies within 24 months of the completion of the transaction.
We expect to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales and marketing and corporate expenses. We appreciate all our Aphria shareholders that have voted as part of today's special meeting. And again, I want to say thank you, and on behalf of the Aphria board members, that stand by our recommendation that vote for this transaction. And thank you to both you guys.
Before we begin the formal review of voting information, I have here and the test from Broadridge Investor Communication Corporation, indicating that proper notice of the meeting has been given in accordance with the Business Corporation Act of Ontario and the bylaws of the company. I direct that a copy of such proofs of surface, the annex to the minutes of this meeting as scheduled. Unless there is any objection, I will dispense with the reading of the notice. And we'll now move to the scrutineers report and the core of the meeting.
The scrutineer has provided me with a preliminary report regarding shareholder attendance at the meeting. Number of shareholders and proxy holders that represented today is 65,699, shares represented 109 million 082, 709, and outstanding shares is 316,795,419 million [ph] which represents 34.43% of all the outstanding shares. And again, I want to thank you it is the highest turnout at any of Aphria's meetings where shareholders have turned up which shows that shareholders really are excited about this proposal, this deal and very much are in favor of this.
I've been advised by the scrutineers the sufficient shareholders here in person, or represented by a proxy to constitute a quorum. I direct the formal scrutineers report to be annexed to the minutes of this meeting as a schedule.
This meeting has properly been constituted. Now I declare that the meeting has been duly called and properly constituted for the transaction of the business. The only item for business is to consider and is deemed advisable to pass with or without variation, a special resolution, the full text of which is set forth in Appendix C to the circular to approve an arrangement pursuant to Section 182 of Business Corporation Act of Ontario involving among other things, the acquisition by Tilray Inc, of all the outstanding shares of Aphria Inc., all as more particularly described in the circular. To be effective, the arrangement resolution must be passed by an affirmative vote of at least two thirds of the votes cast by shareholders present at this virtual meeting or by a proxy at this meeting on the basis of one vote per share held. May I have a motion on this matter?
Unidentified Company Representative
Mr. Chair, I move that the special resolution regarding the arrangement as set out in Appendix C to the circular of the company be approved.
Unidentified Company Representative
Mr. Chairperson I second that motion.
Irwin Simon
Thank you. Are there any questions? You have 15 seconds to submit your question via the Ask the Question Box starting now. I would now ask shareholders and proxy holders present to vote online, please click vote here button to make sure your selection and click submit. When you have finished, we will now pause for one minute while you record your votes on this motion.
Voting on this motion has now closed. I have now been advised that the scrutineer has completed the preliminary tabulation of votes for the arrangement resolution. Based on the preliminary tabulation, I can confirm that the requisite approvals have been obtained for the approval of the arrangements. The final voting results of this meeting will be posted on the company's sedar profile at www.sedar.com after this meeting.
The formal items of business as set out in the notice now have been dealt with. If there isn't any other business we'll proceed to terminate the formal part of the meeting. If you'd like to raise any business issues at this meeting, you can do so by using Ask a Question Box. You have 15 seconds to submit any further business using Ask the Business Box.
Unidentified Company Representative
Mr. Chair, I move that the meeting be concluded.
Unidentified Company Representative
Mr. Chairperson I second that motion.
Irwin Simon
Thank you Carl and Renah. Is there any objections to the meeting being terminated? On behalf of myself, my fellow employees, the Board of Directors, I'd like to thank each and every one of you for attending and participating today. It shows me how much you care about Aphria. I also would like to say each and every one of you stay safe out there. And now we'll turn it over to the informal part to hopefully answer any questions you have. Thank you very much for your turnout.
IMO Aphria threw Tilray a life ring. Now they don't want it?
I agree.............it's BS
Tilray shareholders had a month to vote and known about the deal for months. What possible reason is there to delay? Did they wait until today to read the terms?
As an Aphria shareholder I was original against the "Tilray-Rescue-Deal". Then I came around to seeing the synergies because it was inevitable. Grudgingly I got on board.
Tilray gushed more shares out to insiders and now the delay is hurting you, me and all of both companies shareholders by delaying the combination commencement.
Bottom line, if Tilray shareholders want a better deal, I hope Aphria walks away as they did with ACB.
Aphria is the Canadian LP linchpin.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2021.
Commission File Number 001-38708
APHRIA INC.
(Translation of registrant’s name into English)
98 TALBOT ST. W.
LEAMINGTON, ONTARIO, N8H 1M8, CANADA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Form 20-F o Form 40-F ?
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
APHRIA INC.
Date: April 15, 2021
/s/ Carl Merton______________________
Carl Merton
Chief Financial Officer
INDEX TO EXHIBITS
Aphria Inc.’s Adult-Use Brands Good Supply and Solei Introduce High Potency Oils to Its Product Lineup
April 15, 2021
https://aphriainc.com/adult-use-brands-good-supply-and-solei-introduce-high-potency-oils/
Good Supply enters the oil category for the first time with THC 30:0, formulated to contain the highest allowable, cannabinoid content currently available in the Canadian market.
Solei expands successful oil lineup to include Solei Plus+ in Free and Balance Moments.
Leamington, Ontario – April 15, 2021 – Aphria Inc. (“Aphria”, “we”, or the “Company”) (TSX: APHA and NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company inspiring and empowering the worldwide community to live their best life, today announced the addition of Good Supply’s THC 30:0 and Solei Plus+ high potency oils to its award-winning adult-use brand portfolio, which join a range of other formats available, including whole dried flower, pre-rolls, oral sprays, soft gels, vapes and topicals.
Based on Headset data, high potency oils dominate the category with nine out of the top 10 bottled oils sold being high potency oils [1] in BC, Alberta, Saskatchewan and Ontario. To meet this demand, Solei and Good Supply’s new high potency oils offer consumers convenient and versatile options that are distillate-based for a virtually odourless and tasteless experience.
“At Aphria Inc. we understand the importance of offering consumers flexibility when it comes to consumption options, which is why expanding our portfolio to include high potency oils was a priority to the team,” said Irwin D. Simon, Chief Executive Officer at Aphria Inc. “We continue to make it our priority to provide Canadians with the highest quality cannabis and the addition to high potency oils is no exception.”
Good Supply
Good Supply is one of Canada’s leading cannabis brands in the vapes and flower category [2] and a favourite among budtenders [3]. For the first time, Good Supply is introducing a distillate-based oil, which is available in select markets in April 2021. Good Supply THC 30:0 is a convenient, high potency option containing the maximum allowable THC content (30mg per gram) on the market, but without the after taste.
Solei
Widely known for its success in the oils category as one of the best-selling CBD oil of 2020 [4] and KIND Magazine’s CBD Brand of the year in 2020 [5], Solei continues to build its distillate-based oil offerings, by adding the new Solei Plus+ high potency oil to its innovation lineup. Solei Plus+ is made from sungrown cannabis, which is diluted into RSPO [6] certified MCT oil. This smoke-free option has three times the cannabinoid content of Solei’s current oils. Solei Plus+ is available in two cannabinoid profiles: Balance (15mg CBD, 15mg THC) and Free (30mg CBD, 1mg THC) and is available in select markets.
About Aphria Inc.
Aphria Inc. is a leading global cannabis-lifestyle consumer packaged goods company with operations in Canada, United States, Europe and Latin America, that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body and soul and invoke a sense of wellbeing. Aphria’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. Headquartered in Leamington, Ontario, Aphria cultivates, processes, markets and sells medical and adult-use cannabis, cannabis-derived extracts and derivative cannabis products in Canada under the provisions of the Cannabis Act and globally pursuant to applicable international regulations. Aphria also manufactures, markets and sells alcoholic beverages in the United States.
###
For further information please contact:
Investor Relations
investors@aphria.com
[1] Headset Canadian Insights (AB, BC, SK, ON retail stores) – Jan to Mar 2021
[2] Headset Canadian Insights (BC, AB, SK, ON retail stores) – Jan to Mar 2021
[3] Kind Magazine Awards – Dec 2020
[4] Headset Canadian Insights (BC, AB, SK, ON retail stores) – Jan to Dec 2020
[5] Kind Magazine Awards – Dec 2020
[6] Roundtable on Sustainable Palm Oil (RSPO), https://rspo.org/
WTF--->>>Special Meeting of Tilray, Inc. Stockholders Adjourned to April 30, 2021 at 11:00 a.m. Eastern Time
April 15, 2021 at 7:00 AM EDT
https://ir.tilray.com/news-releases/news-release-details/special-meeting-tilray-inc-stockholders-adjourned-april-30-2021
NANAIMO, British Columbia--(BUSINESS WIRE)--Apr. 15, 2021-- Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today announced that the special meeting of Tilray stockholders (the “Tilray Special Meeting”) scheduled for Friday, April 16, 2021 via live webcast will be convened and then adjourned until Friday, April 30, 2021 at 11:00 a.m. Eastern time via live webcast at www.virtualshareholdermeeting.com/TLRY2021SM, allowing Tilray stockholders additional time to vote on the business combination between Aphria Inc. and Tilray (the “Transaction”).
Tilray stockholders who have already voted do not need to recast their votes. Proxies previously submitted will be voted at the reconvened meeting unless properly revoked.
All Tilray stockholders are encouraged to have their voices heard in regard to this very important matter concerning their investment in Tilray, regardless of the number of shares held. Tilray stockholders who have not already voted, or wish to change their vote, are strongly encouraged to do so. Tilray stockholders who held shares as of the March 12, 2021 record date are eligible to vote those shares at the April 30th Tilray Special Meeting.
If Tilray stockholders have questions or need additional information regarding the Transaction, Tilray stockholders are encouraged to contact Tilray’s shareholder communications advisor and proxy solicitation agent, Mackenzie Partners, Inc. by toll-free at 1-800-322-2885 or by e-mail at proxy@mackenziepartners.com.
About Tilray®
Tilray is a global pioneer in the research, cultivation, production, and distribution of cannabis and cannabinoids, currently serving tens of thousands of patients and consumers in 17 countries spanning five continents.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this communication constitutes forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. The forward-looking statements are expressly qualified by this cautionary statement. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. Any information or statements that are contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, but not limited to, statements in this communication with regards to: (i) statements relating to the strategic business combination of Aphria and Tilray and the expected timing and closing of the Transaction; the Transaction including, receipt of required shareholder approvals, court approvals and satisfaction of other closing customary conditions; (ii) estimates of pro-forma financial information of the Combined Company, including in respect of expected revenues and production of cannabis; (iii) the expected strategic and financial benefits of the business combination, including estimates of future cost reductions, synergies, including expected pre-tax synergies, savings and efficiencies; (iv) statements that the Combined Company anticipates having scalable medical and adult-use cannabis platforms expected to strengthen the leadership position in Canada, internationally and, eventually in the United States; (v) statements that the Combined Company is expected to offer a diversified and branded product offering and distribution footprint, state-of-the-art cultivation, processing and manufacturing facilities; (vi) statements in respect of operational efficiencies expected to be generated as a result of the Transaction in the amount of approximately C$100 million of pre-tax annual cost synergies; (vii) statements regarding the value and returns to shareholders expected to be generated by the business combination; (viii) expectations of future balance sheet strength and future equity; (ix) expectations regarding the Combined Company’s future M&A strategy; and (x) the expectation that the Combined Company’s shares will be listed on the Toronto Stock Exchange concurrently with, or as soon as possible after, the closing of the Transaction. Aphria and Tilray use words such as “forecast”, “future”, “should”, “could”, “enable”, “potential”, contemplate”, “believe”, “anticipate”, “estimate”, “plan”, “expect”, “intend”, “may”, “project”, “will”, “would” and the negative of these terms or similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Certain material factors or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication, including the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary shareholder and court approvals for the Transaction, the ability of the parties to satisfy, in a timely manner, the conditions to closing of the Transaction and other expectations and assumptions concerning the Transaction. Forward-looking statements reflect current beliefs of management of Aphria and Tilray with respect to future events and are based on information currently available to each respective management team including the reasonable assumptions, estimates, analysis and opinions of management of Aphria and Tilray considering their experience, perception of trends, current conditions and expected developments as well as other factors that each respective management believes to be relevant as at the date such statements are made. Forward-looking statements involve significant known and unknown risks and uncertainties. Many factors could cause actual results, performance or achievement to be materially different from any future forward-looking statements. Factors that may cause such differences include, but are not limited to, risks assumptions and expectations described in Aphria’s and Tilray’s critical accounting policies and estimates; the adoption and impact of certain accounting pronouncements; Aphria’s and Tilray’s future financial and operating performance; the competitive and business strategies of Aphria and Tilray; the intention to grow the business, operations and potential activities of Aphria and Tilray; the ability of Aphria and Tilray to complete the Transaction; Aphria’s and Tilray’s ability to provide a return on investment; Aphria’s and Tilray’s ability to maintain a strong financial position and manage costs, the ability of Aphria and Tilray to maximize the utilization of their existing assets and investments and that the completion of the Transaction is subject to the satisfaction or waiver of a number of conditions as set forth in the Arrangement Agreement. There can be no assurance as to when these conditions will be satisfied or waived, if at all, or that other events will not intervene to delay or result in the failure to complete the Transaction. There is a risk that some or all the expected benefits of the Transaction may fail to materialize or may not occur within the time periods anticipated by Aphria and Tilray. The challenge of coordinating previously independent businesses makes evaluating the business and future financial prospects of the Combined Company following the Transaction difficult. Material risks that could cause actual results to differ from forward-looking statements also include the inherent uncertainty associated with the financial and other projections a well as market changes arising from governmental actions or market conditions in response to the COVID-19 public health crisis; the prompt and effective integration of the Combined Company; the ability to achieve the anticipated synergies and value-creation contemplated by the Transaction; the risk associated with Aphria’s and Tilray’s ability to obtain the approval of the proposed transaction by their shareholders required to consummate the Transaction and the timing of the closing of the Transaction, including the risk that the conditions to the Transaction are not satisfied on a timely basis or at all; the risk that a consent or authorization that may be required for the Transaction is not obtained or is obtained subject to conditions that are not anticipated; the outcome of any legal proceedings that may be instituted against the parties and others related to the Arrangement Agreement; unanticipated difficulties or expenditures relating to the Transaction, the response of business partners and retention as a result of the announcement and pendency of the Transaction; risks relating to the value of Tilray’s common stock to be issued in connection with the transaction; the impact of competitive responses to the announcement of the Transaction; and the diversion of management time on transaction-related issues. Readers are cautioned that the foregoing list of factors is not exhaustive. Other risks and uncertainties not presently known to Aphria and Tilray or that Aphria and Tilray presently believe are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of risks and other factors, see the most recently filed annual information form of Aphria and the annual report filed on form 10-K of Tilray made with applicable securities regulatory authorities and available on SEDAR and EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and neither Aphria nor Tilray undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. This communication is being made in respect of the proposed transaction involving Aphria and Tilray pursuant to the terms of an arrangement agreement by and among Aphria and Tilray and may be deemed to be soliciting material relating to the proposed transaction.
In connection with the Transaction, Tilray has filed a joint proxy statement/management information circular (the “Circular”) containing important information about the Transaction and related matters. The Circular has also been made available by Aphria and Tilray on their respective SEDAR profiles. Additionally, Aphria and Tilray will file other relevant materials in connection with the Transaction with the applicable securities regulatory authorities. Investors and security holders of Aphria and Tilray are urged to carefully read the entire Circular (including any amendments or supplements to such documents), respectively, before making any voting decision with respect to the Transaction because they contain important information about the Transaction and the parties to the Transaction. The Circular was mailed to the Aphria shareholders and Tilray stockholders and is accessible on the SEDAR and EDGAR profiles of the respective companies.
Investors and security holders of Tilray can obtain a free copy of the Circular, as well as other relevant filings containing information about Tilray and the Transaction, including materials incorporated by reference into the Circular, without charge, at the U.S. Securities and Exchange Commission’s website (www.sec.gov) or from Tilray by contacting Tilray’s Investor Relations at (203) 682-8253, by email at Raphael.Gross@icrinc.com, or by going to Tilray’s Investor Relations page on its website at https://ir.tilray.com/investor-relations and clicking on the link titled “Financials.”
Investors and security holders of Aphria are able to obtain a free copy of the Circular, as well as other relevant filings containing information about Aphria and the Transaction, including materials incorporated by reference into the Circular, without charge, under Aphria’s profile on SEDAR at www.sedar.com or from Aphria by contacting Aphria’s investor relations at investors@aphria.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005291/en/
Media:
Berrin Noorata
news@tilray.com
Investors:
Raphael Gross
203-682-8253
Raphael.Gross@icrinc.com
Additional Investor Contact:
Bob Marese/John Bryan
212-929-5500
bmarese@mackenziepartners.com
Jbryan@mackenziepartners.com
Source: Tilray, Inc.
Aphria Inc. Shareholders Overwhelmingly Approve Proposed Arrangement With Tilray, Inc.
Leamington, Ontario – April 15, 2021 – Aphria Inc. (“Aphria”) (TSX: APHA and Nasdaq: APHA), a leading global cannabis-lifestyle consumer packaged goods company, today announced that its holders (the “Aphria Shareholders”) of Aphria’s common shares (the “Aphria Shares”) at the special meeting of Aphria Shareholders (the “Meeting”) approved the previously announced arrangement (the “Arrangement”) under the Business Corporations Act (Ontario), pursuant to which, among other things, Tilray, Inc. (“Tilray”) and following the Arrangement, the “Combined Company”) will acquire all of the issued and outstanding Aphria Shares. Pursuant to the Arrangement, the Aphria Shareholders will receive 0.8381 (the “Exchange Ratio”) of a Tilray share of class 2 common stock (the “Tilray Shares”) for each Aphria Share held, while holders of Tilray Shares (the “Tilray Stockholders”) will continue to hold their Tilray Shares with no adjustment to their holdings.
The special resolution approving the Arrangement (the “Arrangement Resolution”) was required to be passed by at least two-thirds (66 2/3%) of the votes cast at the Meeting by the Aphria Shareholders voting virtually or represented by proxy at the Meeting. A total of 108,409,367 Aphria Shares were represented by proxy at the Meeting, representing approximately 34.43% of the issued and outstanding Aphria Shares. Of the total Aphria Shares voted, 99.38% voted FOR the Arrangement.
Irwin D. Simon, Aphria’s Chairman and Chief Executive Officer, who will hold these same roles with the Combined Company, commented, “I want to thank all Aphria Shareholders for voting and approving the Arrangement. We appreciate their support, as we believe the business combination will create a Combined Company with a strong financial profile, low-cost production, market share leading brands, distribution network and unique partnerships,.The Combined Company will be increasingly well positioned to deliver a sustainable attractive return for our combined shareholder base.”
Closing of the Arrangement remains subject to certain customary closing conditions, including court approval and the approval of Tilray Stockholders.
FULL RELEASE
Aphria Shareholder Questions and Assistance
Aphria Shareholders who have questions or require further information about the Arrangement may contact Laurel Hill Advisory Group, Aphria’s proxy solicitation agent, by telephone at 1-877-452-7184 (North American Toll-Free), or 1-416-304-0211 (Outside North America), or by email to assistance@laurelhill.com.
#WeHaveAGoodThingGrowing
IMO, I think we are sitting on the ground floor of an explosive market for cannabis. $14 a share looks to be a bargain for those who are willing to take risk and don’t mind being patient for our day to come. Aphria/Tilray appears to be a force to be reckoned with now and into the future. They are in a great position to buy up complimentary businesses that will expand the company’s growth prospects in the U. S. and the world. When the day comes for legalization in the U.S., I look forward to holding a large position and seeing it go parabolic in a grand way. I believe $60-$100 a share in the next couple of years is very possible.
Jmo
I load up low 13s 14s 15s once again on this dip. Im super loaded again.even this not 4s any more less shares you can buy now $25s will arrive and higher in near future
* * $APHA Video Chart 04-13-2021 * *
Link to Video - click here to watch the technical chart video
Followers
|
330
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
16650
|
Created
|
10/02/16
|
Type
|
Free
|
Moderators |
https://aphria.ca/
PO Box 20009 269 Erie St South
Leamington, ON N8H 3C4
214 King Street West, Suite 412 Toronto,
ON M5H 3S6
Aphria is a Health Canada Licensed Producer of medical cannabis products. Our quality medical cannabis is 100% greenhouse grown.
100% Greenhouse Grown- Our plants thrive from the many benefits of natural sunlight in our state-of-the-art greenhouse.
Safe and Consistent Products- Aphria goes beyond industry standards to ensure patients receive clean, safe, and pure medical cannabis products.
Superior Patient Care- Our compassionate and knowledgeable Patient Care Team is here to assist you every step of the way.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |