Hot news made Tilray Inc (TLRY) shares boom in the After-Hours Session

A report Tuesday night claimed that Canadian cannabis companies Tilray Inc (TLRY) and Aphria Inc (APHA) are deep into merger talks, which skyrocketed shares of the companies.

Following the report’s release, Tilray Inc (TLRY) stock increased by over 23.76% to $9.78 in after-hours trading.

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Bloomberg cited the unnamed sources, said Aphria (APHA), and Tilray (TLRY), could announce a merger this week and plan on bringing the new company to the U.S. The same news source reported during the summer that Aphria was negotiating a merger deal with Aurora Cannabis Inc. ACB; however, that partnership did not come to fruition.

According to the report, Aphria will be the dominant entity in the merger, with a 60% ownership stake in the combined entity. The report indicates that Aphria CEO Irwin Simon would retain his executive role. At the same time, Tilray CEO Brendan Kennedy would likely become a member of the board instead of holding an executive role but adds that it is still possible that the deal falls through.

After Canada became the first industrialized nation to legalize pot’s recreational sale, cannabis stocks spiked in value, still, they then started falling sharply when the companies failed to meet outsized expectations. The shares have been continuing to rise in the last month as expectations of legalization in the U.S. have grown after the November election.

In early 2019, several of Aphria’s top executives were replaced after short-sellers publicly questioned some of the deals the company’s top executives had made. In the summer of 2018, Tilray became the first major marijuana company to go public on a U.S. exchange, with shares peaking at more than $100 before falling significantly.

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