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彼得·泰爾收購Tilray公司,涉足大麻產業

Anne Sraders 2019年06月13日

這項合并表明投資者不僅對Tilray抱有信心,對整個大麻市場也有信心。

Tilray首席執行官布倫丹·肯尼迪攝于公司的納奈莫總部。圖片來源:Photograph by Spencer Lowell for Fortune

大麻產業炙手可熱。

加拿大大麻公司Tilray在周一宣布了一項交易,將與大股東Privateer合并,Privateer是一家以大麻為中心的私人股本控股公司,背后是億萬富翁彼得·泰爾。

這筆交易將可阻止Privateer向公眾放出7500萬持股(約占Tilray在外流通股的77%), Tilray可以在合同的第一年里酌情將該筆股份逐步出售給機構和戰略投資者以及其他公司。

對Tilray股東來說,合并可以防止Tilray股票大量涌入市場拉低股價。“這筆交易實際上將把出售股票的控制權從Privateer轉移到Tilray,并可以提高Tilray管理公眾持股的能力。”Cowen公司的分析師薇薇安·阿澤爾在周一發布報告稱。“此外,延長鎖定期和交易相關條件可以降低因公眾持有Tilray股份快速增長帶來的風險。”

對Privateer投資者來說,這筆交易則可能帶來更高的回報。

Privateer的執行合伙人邁克爾·布魯在新聞稿中表示,合并后投資者可以通過“節稅的方式”實現“整體回報最大化”。但眾所周知,Tilray的股票一直都是空頭的目標。此前,許多投資者都樂觀地認為,如果Privateer最終售出全部7500萬股股票,空頭頭寸也就無關緊要了。但合并交易宣布后,可能得靜觀其變。

雖然Tilray的股價已經從去年9月200美元的高點暴跌至目前的40美元左右,但合并消息傳出后提振了投資者的看漲情緒,周一收盤股價大漲約11%。

而且對大麻市場上的其他人來說,該項合并說明投資者不僅對Tilray抱有信心,對整個大麻市場也有信心。

“大麻行業不是在玩‘拉高出貨’——雖然很多人都這么以為,但整個市場還是有巨大的潛力。” 專注于大麻領域的加拿大投資公司Nabis Holdings的總裁馬克·克里蒂克說道。

“這筆交易能讓我們加大對公眾持股的控制權,還可以把股票交給長期投資者或戰略投資者,而不只是讓股票進入市場。”Tilray的首席財務官馬克·卡斯塔內達在周一對彭博社說道。

在克里蒂克眼中,該筆交易顯示了Tilray獨特的戰略。

“這種戰略就是跟‘聰明錢’結盟,‘聰明錢’不會想在突然獲得15%到20%的收益然后拋售股票。”克里蒂克說道。“這顯然說明Privateer對Tilray抱有信心,想發展成長期品牌。”

鑒于許多大公司都想要涉足大麻市場,Tilray此舉應該經過深思熟慮。事實上,飲料巨頭百威英博最近已經與這家加拿大的大麻公司合作,研究用四氫大麻酚和大麻二酚生產飲料。

Tilray希望戰略投資者和其他公司接收其出售的股票,可能意味著該公司有意跟飲料和藥品巨頭達成更多交易。“如果百威英博想要進行大規模投資,我們現在就有了更好的方法,即分為初級和次級股票。而且很可能會有其他公司直接投資Tilray,例如快速消費品公司、藥草公司或制藥公司等。”卡斯塔內達于周一向彭博社說道。

通過此次合并,Tilray似乎已經準備好通過戰略合作伙伴吸引更大的投資者,以及希望投資大麻領域的大公司。克里蒂克認為,投資者將發現許多“跨州的不同運營商聯合起來,甚至還會有機構和投資者加入其中”。

雖然Tilray此舉主要以機構投資者為目標,但克里蒂克認為,個人投資者也可能從中受益。

“與六個月前相比,目前市場正在下跌,因此這項交易能提振某些人的士氣,以免他們緊張兮兮地覺得投資Tilray過早。”克里蒂克說道。“該交易確實顯示大股東決心長期支持Tilray,對散戶和小投資者有所幫助,因為他們看到連大股東都愿意鎖定股票并相信公司發展,那么或許(他們)也應該保持信心。”

不過,該筆鎖定交易仍然需要經過Tilray和Privateer雙方股東的批準,然后才能完成合并。

換而言之,還算不上板上釘釘。(財富中文網)

譯者:Feb

Pot is hot.

Canadian cannabis company Tilray announced Monday a deal to merge with majority shareholder Privateer, a cannabis-centric private equity holding company backed by billionaire Peter Thiel.

The deal would prevent Privateer from releasing their 75 million shares (some 77% of Tilray’s outstanding shares) to the public, and instead will allow the shares to be slowly unloaded to institutional and strategic investors as well as companies during the first year of the contract, at Tilray’s discretion.

For Tilray shareholders, the merger would prevent Tilray’s shares from flooding the market and potentially pushing its stock price down. “The transaction effectively flips the control of a stock sale from Privateer to TLRY, and provides TLRY increased ability to manage its public float,” Cowen analyst Vivien Azer told clients in a note on Monday. “In addition, the extended lock-up and conditions associated with the transactions reduces the risk associated with an excessive increase in TLRY’s public float.”

For Privateer investors, the deal means returns could get even higher.

The merger would allow investors to “maximize overall returns” in a “tax-efficient manner,” according to Michael Blue, Managing Partner of Privateer, in a press release. Still, Tilray’s stock has notoriously been a target for short-sellers. Many of these investors were optimistic for a short position if Privateer ended up unloading all 75 million shares. But with the merger, they may have to bide their time.

Although the stock’s price has plunged from highs in the $200 range last September to its current price around $40, investors were feeling bullish on the announcement, pushing the stock up some 11% on Monday as of market close.

Still, for others in the cannabis market, the merger signals a show of confidence in cannabis on the whole, as well as in Tilray.

“This isn’t just a pump and dump industry – a lot of people are saying the industry is, but there’s still a huge upside potential in all the markets,” Mark Krytiuk, President of Nabis Holdings, a Canadian investment company focused on the cannabis space, said.

“This transaction gives us more control over the public float and allows us to put it with long-term investors or strategic investors as opposed to just having these shares hit the market,” Tilray’s Chief Financial Officer Mark Castaneda told Bloomberg on Monday.

And to those like Krytiuk, Tilray’s merger shows a distinct strategy.

“It’s also aligning yourself with smart money that isn’t going to suddenly get a 15% to 20% return and then dump shares,” Krytiuk said. “It definitely shows the confidence Privateer has in Tilray and developing it into a long-term brand.”

Given the slew of big companies looking to get in on cannabis, Tilray’s move appears calculated. In fact, beverage powerhouse Anheuser-Busch InBev (AB InBev) – the makers of Budweiser – recently partnered with the Canadian cannabis company to research making beverages with tetrahydrocannabinol (THC) and cannabidiol (CBD).

By targeting strategic investors and companies to pick up their stock release, Tilray appears to be pushing for more deals involving beverage and drug heavy-hitters. “So if AB InBev wanted to make a large investment we now have a better way to handle that investment with primary and secondary shares, and there could likely be others like CPG companies or tobacco companies or pharmaceutical companies that invest directly into Tilray,” Castaneda told Bloomberg on Monday.

With the merger move, Tilray seems positioned to attract even bigger investors through strategic partners and large companies seeking to invest in the cannabis space. Krytiuk thinks investors will see a lot of “different multistate operators that are joining forces, and even institutions and investors.”

But while Tilray’s move seems largely targeted at institutional investors, Krytiuk believes there may be benefits even for individual investors.

“Compared to six months ago, the market right now is down so it helps boost people that are maybe nervous that are saying they got into Tilray early,” Krytiuk said. “It really emphasizes that the major shareholder is committed to Tilray and to a long-term place. It almost helps the retail and smaller investors because they’re seeing that if these big guys are willing to lock up their shares and believe in this company, maybe [they] should too.”

Still, the lock-up deal awaits shareholder approval from both Tilray and Privateer before the merger can be completed.

In other words, it’s not quite legal yet.

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