International Investing

The New TLRY Changes the Map

Endless effort over the years has been wasted trying to evaluate “the cannabis map” in terms of state-by-state regulatory developments, but the real map for investors shows the major players and their market share.

That map was too fragmented to be attractive. But this week changed those dynamics in a constructive direction as two of the biggest spaces on the map combined into a single industry leader.

Yes, Aphria Corp. is gone. APHA is no longer a useful ticker symbol anywhere. And while Tilray Corp. (TSE:TLRY) inherits APHA’s substantial assets and sales base, it is no longer a U.S. stock.

The new TLRY only trades on the NASDAQ as a demonstration of goodwill. The old TLRY that made waves years ago is now only a piece of the company in front of us now.

This is a great thing. I’ve argued for years that there were too many lookalike stocks in the cannabis field robbing each other of the resources they needed to attract shareholder capital and the scale they need to succeed in the long term.

While I loved APHA, I’m happy to see it go under these conditions. And I’m excited to see where the industry goes from here.

I take a portfolio-focused approach to IPO Edge, where cannabis is only a small piece of a unified buy list. We’re like a venture capital fund in that way, confident that triple-digit-percentage wins will more than compensate for a few missed swings along the way.

Hilary Kramer

Hilary Kramer is an investment analyst and portfolio manager with 30 years of experience on Wall Street. The Financial Times describes Ms. Kramer as “A one-woman financial investment powerhouse” and The Economist distinguishes her as “one of the best-known investors in America”. Ms. Kramer is often quoted in publications such as the Wall Street Journal, New York Post, Bloomberg, and Reuters. She is a frequent guest commentator on CNBC, CBS, Fox News and Bloomberg, providing investment insight and economic analysis. Ms. Kramer was an analyst and investment banker at Morgan Stanley and Lehman Brothers. Ms. Kramer founded and ran a long-short hedge fund and has been chief investment officer overseeing debt and equity portfolios. Since 2010, Ms. Kramer’s financial publications have provided stock analysis and investment advice to her subscribers. Her products include GameChangers, Value Authority, High Octane Trader, Triple-Digit Trader, 2-Day Trader, IPO Edge and Inner Circle. Ms. Kramer, a Certified Fraud Examiner, has also testified as an expert in investment suitability, risk management, compliance, executive compensation, and corporate governance. Ms. Kramer received her MBA from the Wharton School at the University of Pennsylvania and her BA with honors from Wellesley College. Ms. Kramer has provided testimony regarding investment policy to the U.S. Senate and is a frequent speaker on the markets, portfolio management and securities fraud and compliance. Ms. Kramer is also the author of “Ahead of the Curve” (Simon & Schuster 2007) and “The Little Book of Big Profits from Small Stocks” (Wiley 2012).