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Tilray (TLRY) stock rose by as much as 6% this morning. The reason is that Aphria said today its shareholders have voted overwhelmingly in favor of its proposed merger with rival Tilray.

Under the terms, Aphria shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria share owned. But this merger still needs to be approved by the court and voted by Tilray shareholders. Tilray said today that the special meeting of its stockholders scheduled for Friday, April 16, 2021 via live webcast will be convened and then adjourned until Friday, April 30, 2021 that allowing Tilray stockholders additional time to vote on the business combination with Aphria. 

The merger of the two companies is expected to create the world's biggest cannabis company. The companies said in a statement that the combined company's 12-month annual sales of $697 million exceed those of companies such as Curaleaf Holdings CURLF and Canopy Growth.

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