Canadian cannabis company Tilray Inc.
said Monday its shares will continue to trade on Nasdaq under the ticker symbol “TLRY” after its merger with fellow Canadian cannabis company Aphria Inc.
which shareholders approved on Friday, and will start to trade on the Toronto Stock Exchange under the same ticker from May 5. The companies are expecting the new combined company, the world’s biggest cannabis company measured by revenue, to generate pretax cost-saving synergies of $81 million with 18 months of closing. Irwin D Simon, currently Aphria’s CEO and chairman, will lead the new Tilray, with Tilray’s current CEO joining the board. Tilray’s U.S.-listed shares were up 1.3% premarket, and have gained 122% in the year to date, while the Cannabis ETF
has gained 47% and the S&P 500
has gained 11%.