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TLRY

Tilray

$77.14

-6.17 (-7.41%)

07:02
01/22/19
01/22
07:02
01/22/19
07:02

Tilray to acquire Natura Naturals for up to C$70M

Tilray announced it has entered into a definitive agreement pursuant to which Tilray, through a wholly-owned subsidiary, will acquire all of the issued and outstanding securities of Natura Naturals Holdings, the parent company of a licensed cultivator of cannabis. As a result of the acquisition, if completed, Tilray will obtain Natura's 662,000 square-foot greenhouse cultivation facility, of which 155,000 square-feet are currently licensed, and all subsequent cannabis output from this facility. Natura, through a wholly-owned subsidiary located in Leamington, Ontario, is a licensed cultivator under the Cannabis Act specializing in the greenhouse cultivation of cannabis. Under the terms of the definitive agreement and subject to certain customary adjustments, Tilray will deliver C$35 million at closing, comprised of C$15 million in cash and C$20 million in Tilray Class 2 common stock. Natura shareholders will receive their pro rata portion of the C$15 million closing cash amount, after the deduction of certain transaction expenses incurred by Natura and subject to applicable withholding taxes. Upon Natura reaching certain quarterly production milestones over the following twelve-month period, up to C$35 million of Tilray common stock may become payable resulting in a total purchase price of C$70 million if fully achieved.

TLRY Tilray
$77.14

-6.17 (-7.41%)

12/18/18
COWN
12/18/18
NO CHANGE
COWN
Outperform
Cowen sees Sandoz deal as reinforcing Tilray's competitive positioning
Tilray's (TLRY) expanded global partnership with Novartis (NVS) division Sandoz can not only help expand its reach with pharmacists, physicians and distributors, it can also help Tilray capture early share in new medical cannabis markets as they come online, Cowen analyst Vivien Azer tells investors in a research note. Further, the analyst believes the partnership also helps legitimize cannabis in international markets, which could help influence countries considering medical cannabis legalization. Azer estimates international will represent 15% of Tilray's revenue in fiscal 2020 and 22% in fiscal 2021. Not only does the deal allow Tilray to expand geographic reach, but also to grow at scale, says Azer. And most notably, the Sandoz deal reinforces Tilray's competitive positioning, adds the analyst, who keeps an Outperform rating on the shares with a $150 price target. The stock in morning trading is up 9%, or $5.98, to $71.87.
01/09/19
PIPR
01/09/19
INITIATION
Target $90
PIPR
Overweight
Tilray initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Michael Lavery initiated coverage of Tilray with an Overweight rating and $90 price target. The analyst expects "strong" industry growth long-term, and believes Tilray is well positioned to be one of several likely winners given its relationships in medical, in the U.S., and in beverages. Lavery consider the company's initial public offering lock-up expiry to be a near-term risk, especially with 77% insider ownership, but his 12-month Overweight view is based on its fundamental outlook. He pegs Tilray's market opportunity at $15B-$50B in the near-term, and potentially $250B-$500B over the longer term.
01/09/19
PIPR
01/09/19
INITIATION
PIPR
Overweight
Piper Jaffray rolls out bullish research coverage on Canopy Growth, Tilray
Piper Jaffray analyst Michael Lavery initiated coverage of Canopy Growth (CGC) and Tilray (TLRY) with Overweight ratings and price targets of $40 and $90, respectively. The analyst believes the global Cannabis market has the potential to reach $250B-$500B over the long term and $15B-$50B in the near term. The industry's long-term growth opportunities are significant, both from transitioning illicit trade to legal sales and from transitioning sales in health and wellness categories to cannabidiol-infused products, Lavery tells investors in a research note. The analyst expects recreational use to source from illicit trade and alcohol, medical use to source from other medical treatments, and non-psychoactive CBD-infused cannabis products to source users from food, beverage, and personal care categories. Over 25 countries have legal marijuana use today, he points out. Lavery believes federal legalization in the U.S. could potentially come in the next five years. Further, the analyst expects capital flow into the sector will likely continue.
01/16/19
PIPR
01/16/19
NO CHANGE
Target $90
PIPR
Overweight
Piper confident in Tilray strategy after management meeting
After meeting with management at the ICR conference, Piper Jaffray analyst Michael Lavery remains confident in Tilray's long-term strategy. Global regulatory momentum favoring legalization of medical and recreational cannabis products is continuing, and Tilray looks well positioned from a brand perspective with its latest partnership with Authentic Brands Group, which includes many readily recognizable brands, Lavery tells investors in a research note. The analyst expects strong industry growth in the long-term and we believes Tilray is well positioned to be one of several likely winners. He keeps an Overweight rating on the shares.

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