Aphria Inc. APHA, -4.18% ca:apha said Thursday its shareholders have voted overwhelmingly in favor of its proposed merger with rival Tilray Inc., with a total of 99.38% of shares voted approving the deal. The news comes after Tilray said its shareholder meeting on the deal has been adjourned to April 30 from April 16. The meeting will be held via live webcast starting at 11.00 a.m. Eastern time. Under the terms of the proposed deal, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned. The deal is expected to create the world’s biggest cannabis company, measured by revenue.
Aphria shares were down 0.2% premarket, but are up 106% in the year to date. Tilray shares were up 1.1% premarket and have gained 111% in the year to date, while the Cannabis ETF THCX, -2.91% has gained 44% and the S&P 500 SPX, -0.41% has gained 10%.
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