Aphria Inc. (NASDAQ: APHA) is a Canadian medical cannabis producer and supplier. In November this was one of the best cannabis stock picks for its growth potential in an expanding market. Today, it is a top option again, thanks to the news that it is planning a merger with Tilray Inc. (NASDAQ: TLRY).
Bloomberg News reported on Tuesday that the two companies are in late-stage merger talks. The potential merger would see the end of the Aphria brand with the retention of the Tilray name. According to Bloomberg, Irwin Simon, current CEO of Aphria, would become the CEO of the newly merged company.
Both companies have denied requests for comment as of today, however, a merger would make sense for both businesses. Both are leaders in medical cannabis production and sales, and Tilray already operates an expansive international distribution network. The companies also produce adult-use and CBD products, two markets that are steadily growing.
Aphria stock gained 3.05% on Tuesday and was up by 7.39% in the after-hours session. Investors looking to get in while the momentum is still strong should find opportunities during the rest of this week.
- 1 Year Price Growth: 28%
- YTD Price Growth: 56%
- 3 Month Price Growth: 00%
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