Tilray
Tilray and Aphria closed a $4 billion mega-merger last week.
The vote was delayed because the companies struggled to get retail shareholders to show up and vote.
Tilray s CEO Irwin Simon said it s a new challenge for M&A in cannabis and other industries.
Irwin Simon knows a thing or two about putting together deals.
As the founder and CEO of Hain Celestial from 1993 to 2018, he pursued 55 acquisitions as he built up the health foods and supplements company, gaining a reputation on Wall Street as an expert dealmaker.
After leaving Hain Celestial in 2018, Simon joined the board of Canadian cannabis company Aphria. He took over as CEO in March 2019, then helped engineer a merger with rival Canadian cannabis giant Tilray, which closed this month.
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Trulieve is buying Harvest Health & Recreation in an all-stock deal that values the target at $2.1 billion.
The deal will make Trulieve the largest cannabis retailer in Florida and Arizona.
The combined company will be the largest US cannabis company by footprint and revenue.
New York is consuming the cannabis industry s attention. So Trulieve is looking west.
The Florida cannabis company said on Monday it will purchase Tempe, Arizona-based Harvest Health & Recreation in an all-stock deal that values Harvest at $2.1 billion. The deal will create the most profitable US cannabis company and one of the largest, rivaling industry leader Curaleaf.
This article by Hugo Gray was originally published on The Green Fund, and appears here with permission.
Conversely, the Australian Cannabis Index underperformed again last week, as investors turned their attention towards the US cannabis market.
The US cannabis market reacted in jubilation last week, after the Secure and Fair Enforcement (SAFE) Banking Act which would make it legal for insurers and banks to work with the cannabis industry was successfully passed by the House of Representatives.
Meanwhile, the recent influx of states electing to legalize cannabis prompted analysts at the investment firm Cowen Inc to revise their annual market forecast for the US recreational market to $41 billion by 2025.