Tilray, Inc. (NASDAQ: TLRY) and Aphria, Inc. (NASDAQ:APHA) have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion. The two Canadian cannabis giants had been in talks since December with Aphria’s current CEO Irwin Simon to create a new enterprise. In April, Aphria shareholders finally voted in favor of the merger. Tilray shareholders followed suit and approved the transaction on Friday. The Merger Deal: Under the deal, each Aphria shareholder received 0.8381 of a Tilray share for each Aphria common share held on April 30. The resulting company, which is expected to generate roughly $81 million in annual pre-tax cost synergies within the next eighteen months, kept the Tilray name and will continue to trade on Nasdaq Global Select Exchange under the ticker symbol TLRY.