: Aphria was historically recognized for its low-cost production model and better profit margins compared to peers. Historical Context & Legal Background

Aphria Inc. (APHA) no longer exists as a standalone tradable stock; it completed a business combination with in May 2021. As a result, Aphria was delisted from the TSX and NYSE, and its shares were converted into Tilray shares. To gain exposure to the former Aphria business, investors now buy Tilray Brands, Inc. (TLRY) . Investment Thesis: Tilray Brands (Successor to Aphria)

: The company holds a significant share of the Canadian adult-use market.