Aphria and Tilray merge in an all-stock deal as demand for cannabis grows

Aphria and Tilray are merging in an all-stock deal to form the largest cannabis company by revenue. Aphria shareholders will own 62 percent of Tilray’s stock and the combined company will trade under Tilray’s ticker on the Nasdaq. Aphria CEO Irwin Simon and Tilray CEO Brendan Kennedy join ‘Closing Bell’ to talk about the growth of consumer demand for cannabis in the U.S. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Shares of Tilray surged more than 20% after the cannabis company and peer Aphria reached an agreement to combine businesses, creating a new giant in the growing industry. The all-stock deal will result in a combined company valued at about $3.9 billion.

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