Tilray and Aphria will combine to create the largest cannabis company in the world measured by revenue
The shares of Tilray Inc (NASDAQ:TLRY) are down 2.9% at $17.82 at last check, after the cannabis company announced the completion of its merger with sector rival Aphria (APHA). Today marks APHA's last day of trading under its own name, instead trading under the TLRY ticker as they combine to create the largest cannabis company in the world as measured by revenue.
On the charts, TLRY is battling continued pressure at the $19 level for most of April, though it still has support from the 140-day moving average. And though the 30-day trendline has put downward pressure on the stock since mid-March, TLRY still boasts a 116% rise in 2021.
There's a lot of hesitancy amongst the brokerage bunch. In fact, of the 15 covering the stock, 14 sport a tepid "hold" or worse rating, versus just one "strong buy" rating. In addition, TLRY's consensus 12-month price target of $19.15 is a slim 2.4% premium to last night's close.