Sold for 19.50CDN on FridayI bought back in a bit at 20CDN last March and had intended to stick around until CIBCs Zamparo prediction of 24CDN (equivalent in Tilray dollars).
However, on Friday after listening to the call I was somewhat confused as to whether Tilray would be listed on the TSX and I did not wish to get into any complications in terms of CDN/USD; nor the apparent dead zone of a few days while the stock was frozen. I decided to take the loss and sell.
I find the whole process far more confusing than it needed to be...and was quite surprised by the lack of PR on Friday.
I bought back in last March anticipating a good quarter (it was not), some progress on the SAFE and MORE Acts (the term 'soon' is becoming tedious), and this merger. In hindsight I wish I sold when Tilray delayed the vote by two weeks. That was a clear signal the two companies, despite being on the verge of merging, were not in synch. How could APHA have a default to 'yes' and Tilray a default to 'no'. It has been a bit misleading by Aphria to state shareholders 'overwhelmingly' voted in favour when I suspect most of the votes were defaulted to yes.
I fully anticipated APHA would cease trading on both the NASDAQ and TSX as of today. But there it is on the TSX, racking up a six percent decline. I am relieved to have sold Friday...even though at a loss. This whole thing did not turn out as I thought it would in the short term.
I think I am done with this sector for the time being. When the Jamaica operation was sold back to Marigold (no doubt at a huge loss to shareholders) I was painfully reminded there is a whole LATAM operation sitting out there that will likely go down the same hole and have to be written off. Andy D. certainly made out like a bandit at our expense on that one.
Those of you anticipating a moonshot with Tilray...I wish you all the best and hope it comes to pass. Your perseverance should be rewarded. I will be the first to come on this board and congratulate you. But I have moved on. There are potential riches to be made in this sector...but what a minefield!