Aphria (company)

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Aphria Inc.
Traded asTSXAPHA
S&P/TSX Composite Component
FoundersCole Cacciavillani
John Cervini
Key people
Vic Neufeld (Chief executive officer)

Jakob Ripshtein (Chief Commercial Officer)

Cole Cacciavillani
RevenueIncrease C$ 36.92 million[1] (2018)
C$ -5.99 million[1] (2018)
Increase C$ 29.45 million (2018)
Total assetsIncrease C$ 1.314 billion[1] (2018)
Total equityIncrease C$ 1.164 billion[1] (2018)

Aphria Inc. is a Canadian cannabis company. It is listed on the Toronto Stock Exchange and the New York Stock Exchange, and has a market capitalization of $3 billion (as of January 2018), making it one of the largest cannabis companies in the world.[2] Aphria means agreeable in Celtic.[3]


Aphria was founded in 2014 by Cole Cacciavillani and John Cervini, who were Leamington greenhouse operators.[4] Its CEO, Vic Neufeld, was formerly the CEO of Jamieson Laboratories, a Canadian vitamin company.[3] It was originally listed on the Toronto Venture Exchange. It graduated from the Toronto Venture Exchange to the Toronto Stock Exchange in March 2017,[5] and joined the S&P/TSX Composite Index in December 2017. In 2014, Aphria was granted a license to produce and sell medical cannabis by Health Canada.[4] Its first wholesale shipments were in April 2015. Also in April 2015, it announced it would double the size of its greenhouse.[6] In 2016, it announced a partnership with Tokyo Smoke, a Toronto lifestyle brand.[7] In April 2017, Aphria announced a US expansion strategy. As a result, there was some concern that Aphria might be delisted from the Toronto Stock Exchange or face other sanctions, because of the uncertain legal status of cannabis in the US.[8] In December 2017, Aphria announced that Shoppers Drug Mart, a Canadian pharmacy, would sell its production online.[9]

In January 2018, Aphria agreed to take over Broken Coast Cannabis, a Vancouver Island cannabis producer, for $230 million in cash and stock.[10] Also in January 2018, Aphria agreed to purchase Nuuvera, a Brampton-based cannabis company, for $826 million.[11] Nuuvera was acquired in part due to its market position internationally, especially in Germany and Italy. When the deal closed in March 2018, it was valued at only $425 million, due to the lower value of Aphria's stock and the reduction of the cash offer of the deal.[12] There was some controversy due to the undisclosed ownership stake of several Aphria insiders in Nuuvera, which they did not disclose.[13]

In May 2018, Aphria reached a deal with Southern Glazer's Wine & Spirits for that company to distribute Aphria's recreational cannabis products in Canada.[14] In July 2018, Aphria announced it would acquire several South American cannabis companies for about $200 million in a deal with Scythian Biosciences, a closely related company sometimes described as an acquisition arm of Aphria.[15]

In December 2018, short-seller Gabriel Grego of Quintessential Capital Management alleged that $700 million of Aphria's foreign acquisitions were "worthless", and only executed as a method to enrich company insiders. The company denied the allegations, which caused its share price to fall by 30%.[16] Partly as a result of the lower share price, Green Growth Brands, an American cannabis retailer, launched a C$2.8 billion takeover bid for Aphria, which it rejected as inadequate.[17]


Aphria runs a greenhouse to produce cannabis in Leamington, Ontario, called Aphria One. As of August 2018, Aphria One was responsible for 90% of Aphria's production, and had 300,000 square feet of production space.[18] The company is also building another greenhouse in the Leamington area, Aphria Diamond, in partnership with Double Diamond, a greenhouse operator.[19] It is backed in part by the Delavaco Group, a private equity firm.[15]

See also[edit]


  1. ^ a b c d "Aphria Inc". TMX Money. QuoteMedia.
  2. ^ "Change in U.S. marijuana policy casts uncertainty over Canadian industry". The Globe and Mail. Retrieved 2018-01-11.
  3. ^ a b "From vitamins to pot: A CEO's new growth plan". The Globe and Mail. 2014-06-03. Retrieved 2018-01-11.
  4. ^ a b "The new cash crop". Windsor Star. 2014-12-21. Retrieved 2018-01-11.
  5. ^ "Leamington medical pot producer Aphria hits TSX". CBC News. Retrieved 2018-01-11.
  6. ^ "Aphria Medical Marijuana to double its Leamington operation". CBC News. 2015-04-02. Retrieved 2018-01-11.
  7. ^ Pin, Louis (2016-10-21). "Entrepreneur wants to bring elegance to pot". Chatham Daily News. Retrieved 2018-01-11.
  8. ^ Ligaya, Armina (2018-01-10). "Pot company Aphria stands by U.S. investment, despite Trump admin. crackdown, delisting threat". The Toronto Star. ISSN 0319-0781. Retrieved 2018-01-11.
  9. ^ "Pot Grower Aphria Surges After Its Online Pharmacy Sales Pact". Bloomberg.com. 2017-12-04. Retrieved 2018-01-11.
  10. ^ "Aphria buying Broken Coast Cannabis for $230M in stock and cash | CBC News". CBC. Retrieved 2018-05-09.
  11. ^ "Aphria Buys Nuuvera for $670 Million as Pot Deals Heat Up". Bloomberg.com. 2018-01-29. Retrieved 2018-01-30.
  12. ^ "Aphria closes $425-million Nuuvera deal as international strategy takes shape". Financial Post. 2018-03-23. Retrieved 2018-04-16.
  13. ^ "Aphria, Nuuvera deal prompts questions about disclosure rule gap". The Globe and Mail. 2018-03-27. Retrieved 2018-04-16.
  14. ^ "Aphria strikes deal with Southern Glazer's on cannabis distribution - Article - BNN". BNN. 2018-05-17. Retrieved 2018-05-20.
  15. ^ a b "Aphria announces proposed acquisitions in Latin America, Jamaica worth around $200 million". Financial Post. 2018-07-17. Retrieved 2018-08-17.
  16. ^ "Cannabis producer Aphria drops 30% after short seller calls acquisitions 'worthless'". CBC. 2018-12-03.
  17. ^ "Pot Producer Aphria Rejects $2.1 Billion Green Growth Hostile Bid". Bloomberg. 2018-12-28.
  18. ^ "Aphria 2018 Annual Report" (PDF).
  19. ^ "Local pot producer Aphria announces greenhouse expansion". Windsor Star. 2018-01-30. Retrieved 2018-12-01.

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