After Aphria Inc. (APHA.TO) (APHA) shareholders voted to approve the merger with Tilray Inc. (TLRY), the business combination is almost complete.

The next step in the merger approval process will take place on April 30^th which is when Tilray plans to hold a special shareholder meeting to vote in favor or against the merger.

We expect Tilray shareholders to overwhelmingly vote in favor of the business combination and are bullish on the combined company for the following reasons:

1. The combined company will be the largest cannabis company in the world with leading exposure to strategic international markets
2. The combined product portfolio will capture an additional market share of Canada’s medical and recreational cannabis market
3. Both operators add strategic US assets to the combined company which will be prepared to capitalize on the market once regulations allow for it
4. The balance sheet of the combined company is much stronger and leaves the business is a position to make additional acquisitions
5. The expertise of the combined management team is diverse and we are favorable on the potential avenues for growth

During the last month, the Canadian cannabis sector has been recording volatile price movements. Both Aphria and Tilray have been impacted by the volatility and have been trending to the downside.

We believe the combined company is well-positioned to capture additional market share in strategic cannabis markets and expect it to be an industry leader. We believe the transaction served as a catalyst for the cannabis merger and acquisition market and find this to be an attractive trend.

Once Tilray shareholders vote on the transaction, the deal should be completed shortly after and this is an event that we are closely following.