Shaping the Future: An Economic Forecast for the USA in 2024

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The economic landscape is ever-evolving, influenced by a multitude of factors, including policy changes, global events, and technological advances. As we approach the year 2024, it's natural to wonder what lies ahead for the United States' economic prospects.

In this post, we will examine the economic forecast for the USA in 2024, taking into account current trends, potential challenges, and areas of growth.

Economic Indicators:

Gross Domestic Product (GDP): The GDP is a key indicator of a nation's economic health. As of now, the US GDP has been steadily recovering from the shocks of the COVID-19 pandemic, and this trend is expected to continue into 2024. With the boost from government spending and a resilient private sector, GDP growth is likely to remain positive.

Employment: The US job market is showing resilience, with unemployment rates declining steadily. While new technologies and automation are transforming the employment landscape, job creation is expected to outpace these challenges. In 2024, the focus may shift towards improving the quality of jobs and income inequality.

Inflation: Inflation has been a topic of concern recently. It's expected that central banks will continue to monitor and address rising inflation, making interest rate adjustments if necessary. The key will be to strike a balance between controlling inflation and supporting economic growth.

Trade and Global Relations: The USA's economic forecast is also tied to global factors. Trade relationships, especially with major partners like China, will play a pivotal role in shaping the economy. The resolution of trade disputes and the opening of new markets could have a significant impact.

Challenges and Concerns:

1. Inequality: Income inequality remains a pressing concern. As the economy recovers, efforts to address this issue will likely take center stage, potentially leading to changes in tax policies, wage legislation, and social programs.

2. Infrastructure: The condition of the nation's infrastructure has long been a topic of debate. In 2024, government initiatives to modernize infrastructure may stimulate economic growth and job creation, especially in construction and related sectors.

3. Technological Disruption: The rapid pace of technological innovation is a double-edged sword. While it promises increased efficiency and productivity, it can also lead to job displacement. Preparing the workforce for a digital future is a critical task.

Areas of Growth:

1. Renewable Energy: The transition to cleaner, renewable energy sources is expected to continue. The green economy, including solar, wind, and electric vehicle industries, is likely to see robust growth, creating jobs and opportunities for innovation.

2. Healthcare and Biotechnology: The healthcare and biotechnology sectors will remain vital. The aging population, advances in medical technology, and the ongoing battle against pandemics will drive growth in these areas.

3. E-Commerce and Technology: The digital realm is here to stay. E-commerce, fintech, and other technology-driven sectors will continue to thrive, providing a platform for entrepreneurial endeavors and creating jobs.

Conclusion: The economic forecast for the USA in 2024 is promising, with steady GDP growth, job creation, and efforts to address economic inequality. Nevertheless, challenges such as income inequality, technological disruption, and inflation require thoughtful and responsive policies. Identifying areas of growth, including renewable energy, healthcare, and technology, will be crucial in shaping a thriving economic landscape.

While uncertainties exist, the resilience and adaptability of the American economy will continue to be a driving force in the years to come, setting the stage for a dynamic economic future.

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Cryptocurrency Online Training Course That Can Return 10x Month After Month When You Follow The Steps

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Join the blockchain revolution now! Crypto Quantum Leap is a step-by-step video course showing you how to get started with cryptocurrencies even if you know nothing about technology. You can use cryptocurrency, a kind of digital money, to pay for products and services. Cryptocurrencies depend on an incredibly intricate internet ledger for safe transactions. 

To profit from these uncontrolled currencies, millions of people from all over the world have been investing. Bitcoin is the most well-known cryptocurrency of all of these. It was introduced in 2009 by Satoshi Nakamoto, an enigmatic figure. 

 Users are recommended not to invest all of their money in a single cryptocurrency and to steer clear of doing so during the zenith of the bubble. It has been noted that during the height of the cryptocurrency bubble, the price has abruptly fallen. 

Given that the bitcoin market is unstable, Crypto Quantum Leap: What is it? An online course called Crypto Quantum Leap teaches students all there is to know about Bitcoin and other cryptocurrencies. Anyone interested in this course, taught by Marco Wutzer, can benefit from it regardless of their level of experience in the field. How come? 

Marco Wutzer is the co-founder and chief investment officer of Second Renaissance Investments. The investor invites everyone to get engaged, publicly expressing his goal to be an early adopter of cryptocurrencies. In actuality, he uses his position to assist institutional, HNWI, and UHNWI clients in developing and putting into practice cryptocurrency investment plans.

Check Out His Training Course Click Here 

On the other side, he hopes to provide everyone the chance to become financially independent through Crypto Quantum Leap, a path that gradually encourages inclusivity. According to his LinkedIn page, Marco is involved in numerous cryptocurrency-related projects and investments, which makes this course a novel addition. He is a driven individual, and having someone who is passionate about this field would surely draw in more students.

Everything volatile has something new to reveal every time. Detailed instructions for creating an exchange account, procedures for making payments and carrying out trades. choosing between several cryptocurrency wallets, their features, and how user-friendly they are.

The importance of storing a backup copy of a cryptocurrency wallet. The "4 Ages of Money" and how they will lead to the biggest change in the financial system.

Crypto Quantum Leap

Join the blockchain revolution now! Crypto Quantum Leap is a step-by-step video course showing you how to get started with cryptocurrencies even if you know nothing about technology.

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Will This Be Your A Life Changer!

Jim Cramer Host Of Mad Money Most Recent Investments

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Jim Cramer is a financial analyst and television personality. He is best known as the host of the CNBC show "Mad Money with Jim Cramer." Cramer is known for his outspoken and often controversial views on the stock market. Cramer's investment portfolio is not publicly disclosed, but he has discussed some of his holdings on his show. 

Some of the stocks that Cramer has recently invested in include: Monster Beverage (MNST) EOG Resources (EOG) UnitedHealth Group (UNH) Johnson & Johnson (JNJ) Microsoft (MSFT) Apple (AAPL) Alphabet (GOOGL) Cramer is a value investor, which means that he looks for stocks that he believes are undervalued by the market. He also likes to invest in companies with strong fundamentals, such as good earnings growth and strong cash flow. It is important to note that Cramer is not a perfect investor. He has made some bad calls over the years. 

However, he is one of the most well-known and respected financial analysts on Wall Street. Here are some additional tips for investing based on Jim Cramer's advice: Focus on the long term. Don't try to time the market. Instead, focus on investing in companies with strong fundamentals that you believe in for the long term. Do your own research. Don't just buy stocks because Cramer recommends them. Do your own research to make sure that you understand the company and the risks involved. Diversify your portfolio. Don't put all your eggs in one basket.

 Spread your investment across multiple sectors and asset classes. Investing can be a great way to build wealth over time, but it is important to do your research and understand the risks involved before you start investing.

What Price Will Oil Be By 2024?

 The forecast for oil prices in 2023 and beyond is mixed. Some analysts believe that oil prices will continue to rise, while others believe that they will fall.

The US Energy Information Administration (EIA) is forecasting that Brent crude oil spot prices will average $84.09 per barrel in 2023 and $94.91 per barrel in 2024. The EIA expects that global oil demand will continue to grow in 2023 and 2024, while global oil production will remain relatively flat. This imbalance between supply and demand is expected to put upward pressure on oil prices.

However, some analysts believe that oil prices could fall in 2023 and beyond. This is due to a number of factors, including:

• A potential recession in the global economy, which would lead to a decrease in oil demand.
• Increased production of oil from outside of OPEC+.
• The development of alternative energy sources, such as renewable energy and electric vehicles.

Overall, the forecast for oil prices in 2023 and beyond is uncertain. However, the EIA's forecast suggests that oil prices are likely to remain relatively high in the near term.

Here are some additional factors that could affect oil prices in the future:

• Geopolitical tensions, such as the war in Ukraine, could disrupt oil supply and lead to higher prices.
• OPEC+ policy decisions could also have a significant impact on oil prices.
• Technological advances could lead to new and more efficient ways to produce and consume oil, which could affect prices.

It is important to note that oil prices are volatile and can fluctuate significantly in the short term. Investors should carefully consider their own risk tolerance and investment goals before making any investment decisions.

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What Is The Best Digital Currency Investment Strategy?

The best way to invest in digital currency depends on your individual circumstances and investment goals. 

However, here are some general tips: Do your research. Before you invest in any cryptocurrency, it is important to understand the underlying technology and the project's team and goals. There are many scams and fraudulent projects in the crypto space, so it is important to be discerning. 

Start small. You don't need to invest a lot of money to get started with cryptocurrency. Even a small investment can give you exposure to the potential upside of the asset class. Invest for the long term. Cryptocurrency is a volatile asset class, so it is important to have a long-term investment horizon. 

Don't expect to get rich quick. Diversify your portfolio. Don't put all your eggs in one basket. Spread your investment across multiple cryptocurrencies and other asset classes. 

Here are some specific steps you can take to invest in digital currency: Choose a cryptocurrency exchange. There are many different cryptocurrency exchanges to choose from. Some of the most popular include Coinbase, Binance, and Kraken. Consider factors such as security, fees, and the variety of cryptocurrencies available when choosing an exchange. 

Create an account and deposit funds. Once you have chosen an exchange, you will need to create an account and deposit funds. You can deposit funds using a variety of methods, such as bank transfer, credit card, or debit card. Buy cryptocurrency. 

Once you have deposited funds, you can start buying cryptocurrency. Most exchanges allow you to buy cryptocurrency using fiat currency (such as USD or EUR) or other cryptocurrencies. Store your cryptocurrency. Once you have bought cryptocurrency, you will need to store it in a secure wallet. 

There are two main types of wallets: hot wallets and cold wallets. Hot wallets are connected to the internet, while cold wallets are not. Cold wallets are more secure, but they can be more difficult to use. It is important to note that cryptocurrency is a volatile asset class and there is a high risk of loss. 

You should only invest what you can afford to lose. Here are some additional tips for investing in digital currency: Invest only what you can afford to lose. 

Cryptocurrency is a volatile asset class, so it is important to only invest money that you can afford to lose. Don't invest based on hype. There are many scams and fraudulent projects in the crypto space. Do your own research before investing in any cryptocurrency. 

Don't panic sell. When the cryptocurrency market takes a downturn, it can be tempting to sell your coins out of fear. However, this is usually the worst thing you can do. Instead, try to stay calm and focused on your long-term investment goals. 

Investing in digital currency can be a great way to build wealth over time, but it is important to do your research and understand the risks involved before you start investing.

The Best Stocks For Small Investors Today In The USA and Canada

The best stock investment for small investors today depends on a number of factors, including your risk tolerance, investment goals, and time horizon. However, some general tips for small investors include: Invest in low-cost index funds or ETFs. This is a great way to get diversified exposure to the stock market without having to spend a lot of money on fees. Invest for the long term. 

Don't try to time the market or pick individual stocks. Instead, focus on investing regularly over time and building a diversified portfolio. Rebalance your portfolio regularly. This means selling some of your winners and buying more of your losers to maintain your desired asset allocation. 

 Here are a few specific stock investments that may be good for small investors in 2023: Consumer staples: Consumer staples companies sell products that people need to buy regardless of the economic climate. 

Examples include companies like Procter & Gamble (PG), Coca-Cola (KO), and PepsiCo (PEP). Healthcare: The healthcare industry is growing rapidly as the population ages. Examples of healthcare companies that small investors may want to consider include Johnson & Johnson (JNJ), UnitedHealth Group (UNH), and CVS Health (CVS). Technology: Technology is another important sector that is constantly evolving. 

Examples of technology companies that small investors may want to consider include Microsoft (MSFT), Apple (AAPL), and Alphabet (GOOGL). It is important to note that past performance is not indicative of future results. 

All investments carry risk, and you should carefully consider your own investment goals and risk tolerance before making any investment decisions. In addition to the above, here are a few more tips for small investors: 

 Start small. You don't need a lot of money to start investing. Even if you can only invest $50 or $100 per month, that will add up over time. Automate your investments. This is a great way to make sure that you are investing regularly and consistently. 

You can set up a recurring investment plan with your brokerage firm to have money automatically transferred from your checking account into your investment account each month. Don't panic sell. 

When the stock market takes a downturn, it can be tempting to sell your stocks out of fear. However, this is usually the worst thing you can do. Instead, try to stay calm and focused on your long-term investment goals.

 Investing can be a great way to build wealth over time, but it is important to do your research and understand the risks involved before you start investing.

Scr Sold To Penn

 Penn National Gaming to Acquire Score Media and Gaming, Creating North America’s Leading Digital Sports Content, Gaming and Technology Company

Transaction fortifies Penn National’s bespoke digital media and gaming strategy, creating a complete one-stop destination

Addition of theScore's fully integrated betting and media platform into existing ecosystem will lead to best-in-class engagement and retention

Brings theScore’s cutting-edge technology in-house, providing Penn with full ownership of product roadmap

Establishes strong commitment to Canada; Levy Family will continue to oversee theScore, including workforce expansion and Ontario operations

Provides adjusted EBITDA accretion by Year 2, an incremental $200mm+ medium term adjusted EBITDA, and $500mm+ of incremental long term adjusted EBITDA upside

 

 

WYOMISSING, Penn. and TORONTO, Canada (August 5, 2021) - Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or the “Company”) and Score Media and Gaming, Inc. (TSX: SCR; Nasdaq: SCR) (“theScore”) announced today that they have entered into a definitive agreement whereby Penn National will acquire theScore, a leading digital media and sports betting and technology company, for approximately US$2.0 billion in cash and stock.

 

Under the terms of the agreement, theScore shareholders will receive US$17.00 in cash and 0.2398 shares of Penn National common stock for each theScore share, which implies a total purchase consideration of US$34.00 per theScore share based on Penn National’s 5-day volume weighted average trading price as of July 30, 2021.  The transaction has been unanimously approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2022.  Upon completion of the transaction, current Penn National and theScore shareholders will hold approximately 93% and 7% respectively, of the Company’s outstanding shares. Penn National expects to fund the approximately US$1 billion cash portion of the consideration using existing cash on its balance sheet.

 

Jay Snowden, President and Chief Executive Officer of Penn National, commented, “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America.  theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.”  

 

Mr. Snowden continued, “We are now uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that doesn’t currently exist.  Users will enjoy a unique mobile sports betting and iCasino platform with highly customized bets and enhanced in-gaming wagering opportunities, along with highly engaging, personalized sports and entertainment content, and real time scores and stats.  We believe this powerful new flywheel will result in best-in-class engagement and retention.

 

“Importantly, the transaction provides us with a path to full control of our own tech stack.  theScore has developed a state-of-the-art player account management system and is finalizing the development of an in-house managed risk and trading service platform.  This should lead to significant savings in third party platform costs and allow us to broaden our product offerings – providing the missing piece for operating at what we expect to be industry leading margins.  In addition to the synergies, we’ll be gaining access to theScore’s deep pool of product and engineering talent and data-driven user analytics which will help drive our customer acquisition, engagement, retention strategies and cash flows,” said Mr. Snowden.

 

“Operators that have achieved early online market share have done so primarily through first mover advantage, leveraging existing customer databases and significant marketing spend.  We believe the long-term winners will be defined by best-in-class products, bespoke content, efficient customer acquisition, multi-platform reach and broad market access,” concluded Mr. Snowden.

 

John Levy, Chairman and Chief Executive Officer of theScore, commented, “This deal brings together two companies that share a vision for how media and gaming intersect, and we could not be more excited to join the Penn National family. I’m proud of theScore team and all of our accomplishments, and believe the time is right to take the next step and align with a company in Penn National with the resources and scale to accelerate our business.  We are excited to join forces with Penn to form the most powerful media and gaming company in North America.

 

“We’ve built an innovative, technology-led integrated media and gaming business that has us poised for success across North America, including the highly anticipated upcoming rollout of commercial sports betting in Canada,” continued Mr. Levy.  “With Penn’s support, we will continue to invest in building our Canadian operations, growing our footprint and expanding our workforce.  On a personal note, Benjie and I are very much looking forward to continuing to head up theScore as part of the new combined company.

 

“We have been strategic partners with Penn National since 2019 and have come to realize that they have the same strong culture and appreciation for how to grow a business.  Jay and his team have done a tremendous job building an exceptional retail business and online gaming platform in partnership with Barstool Sports and we are confident that by combining our leading sports media brand and proprietary technology, we will solidify Penn National as a market leader,” concluded Mr. Levy.

 

Jon Kaplowitz, Head of Penn Interactive, commented, “This is a significant milestone for Penn Interactive and Penn National.  With the acquisition of theScore, we will have greater ability to innovate and offer a best-in-class product to our customers.  Personally, I am excited to join forces with John, Benjie, and the rest of theScore team who have proven to be great partners and amazing thought leaders in our industry.”

 

Benjie Levy, President and Chief Operating Officer of theScore, commented, “The combination of theScore and Penn National creates a first-of-its-kind vertically integrated media and omni-channel gaming business, which brings together world-class technology, highly engaging sports content and unparalleled reach. With our accomplished team in place, this deal bolsters our ability to grow our already strong North American presence from our base in Canada and primes us even further to capitalize on the huge upcoming betting opportunity in our home country. Over time, we’ve built our loyal user base and relationship with fans by authentically delivering deeply personalized products. That is an approach that seamlessly fits with Penn’s current strategy and digital offerings and will provide for material long-term benefits as we collaborate to even more deeply integrate across our platforms.

 

“The transaction will provide theScore with immediate scale and resources, the benefits of which will enable employees to better execute on the combined companies' business plan and deliver enhanced integrated product offerings to our customers,” continued Mr. Levy.  “The transaction also provides theScore shareholders immediate liquidity at a substantial premium and an opportunity to participate in any future upside of the combined company.”

 

Compelling Strategic and Financial Benefits:

Penn National anticipates that the acquisition of theScore will provide adjusted EBITDA accretion by Year 2, an incremental $200mm+ medium term adjusted EBITDA, and $500mm+ of incremental long term adjusted EBITDA upside.

 

Bringing Technology In-House:

The acquisition of theScore will allow Penn National to better manage all critical aspects of its technology stack, leading to greater control over its product development roadmap, reduced costs, and an enhanced customer experience. It will also allow Penn National to drive margin expansion by eliminating fees and expenses currently being paid to third party technology and service providers.

 

Strong Commitment to Canada:

Penn National believes the Canadian gaming market represents a compelling opportunity for growth. Penn National intends to operate theScore as a stand-alone business, headquartered in an expanded Toronto office, that will continue to be led by the Levy family with the same operating philosophy that has driven the company’s success to date. The business will continue to utilize ‘theScore’ app and brand that consumers have come to trust.

 

Penn National was attracted to theScore, in part, for its ready access to a deep pool of Canadian engineering and technology expertise. Penn National expects to leverage Canada’s world class technology talent pool to expand theScore’s engineering and production workforce based in Ontario as the business scales.

 

Volumetric Cost Savings:

The transaction will create a further scaled North American sports, online gaming and media business. This broader reach will provide volumetric savings for content fees, payment expenses, and other services, including the elimination of public company costs.

 

Enhanced Customer Acquisition and Retention:

theScore is the third largest sports app in North America and number one in Canada, with highly engaged users spending 113 minutes per month in-app*.  Early results show the power of theScore’s integrated media and betting ecosystem to better engage and retain users; theScore Bet users with theScore media app compared to theScore Bet users who do not have theScore media app produce 88% higher handle/user, place 3x the number of bets/user, and generate a 91% increase in day 30 retention**. This increased cross-promotion ecosystem between theScore and Barstool is expected to lead to higher revenue. 

 

Expansion Into New Verticals:

This acquisition underscores Penn National’s focused, disciplined investment strategy which positions us at the epicenter of sports, media, gaming and technology and provides us with multiple channels for future growth.  In addition, this transaction accelerates Penn National’s strategy to enter into other adjacencies that leverage the Barstool and theScore brands and consumer appeal, such as the highly coveted esports media vertical.

 

Financing:

Penn National will fund the acquisition through a mix of cash on hand and common stock.  We expect the transaction, at the time of close, to be leverage neutral to our lease-adjusted net leverage of 4.0x as of June 30, 2021.

 

theScore Shareholder Support

Penn National has entered into voting support agreement with the directors of theScore, John Levy and Benjamin Levy, and Relay Ventures, a significant shareholder of theScore, under which they have agreed, subject to certain termination rights, to vote all of the theScore shares held by them in favor of the transaction, which represents in total approximately 30 percent of the existing voting shares of theScore.

 

Advisors

Goldman, Sachs & Co. LLC and Code Advisors LLC are acting as financial advisors and Wachtell, Lipton, Rosen & Katz and Blake, Cassels & Graydon LLP are acting as legal advisors to Penn National in connection with the transaction. Morgan Stanley & Co. LLC and Canaccord Genuity Group are acting as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and McCarthy Tétrault LLP are acting as legal advisors to theScore in connection with the transaction. Greenhill & Co. Canada, Ltd. is acting as independent financial advisor to theScore’s board of directors.

 

Osler, Hoskin & Harcourt LLP is acting as legal advisor to the Levy Family in connection with this transaction.

 

Additional Transaction Details

theScore’s board of directors unanimously concluded that the transaction is in the best interests of theScore and recommend that theScore shareholders vote in favor of the transaction.

 

Greenhill & Co. Canada, Ltd. (“Greenhill”), independent financial advisor to theScore’s board of directors, has delivered a fairness opinion to theScore’s board of directors stating that, as of the date thereof and, based upon and subject to the assumptions, qualifications, and limitations stated in such opinion and such other matters Greenhill considered relevant, the consideration to be received by shareholders of theScore pursuant to the transaction is fair, from a financial point of view, to shareholders of theScore (other than the Levy family shareholders signing voting support agreements, Penn National and its affiliates). Pursuant to its engagement letter with theScore’s board of directors, Greenhill will receive a fixed fee for the delivery of the fairness opinion. No fees payable to Greenhill are contingent on the conclusions reached in the fairness opinion or on the outcome of the arrangement.

 

The transaction is structured as an arrangement under the Business Corporations Act (British Columbia) and is subject to customary closing conditions, including approval of the shareholders of theScore, the approval of applicable gaming authorities, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act, approval under the Investment Canada Act and other customary closing conditions as set forth in the arrangement agreement. The transaction is not subject to any financing condition. theScore is subject to customary non-solicitation provisions under the arrangement agreement. The agreement also includes a termination fee payable in certain circumstances.

 

Eligible Canadian shareholders of theScore will be able to elect to receive exchangeable shares in a Canadian subsidiary of Penn National, which will be exchangeable into Penn National shares, instead of the Penn National shares to which they would otherwise be entitled.     

 

Shareholder Meeting Materials

Further information regarding the transaction will be included in an information circular to be mailed to theScore shareholders. A meeting of theScore shareholders is expected to be scheduled in mid-October to consider the transaction.     

 

PENN Second Quarter 2021 Earnings Results

In a separate press release issued today, Penn National announced its Second Quarter 2021 financial results. To access the earnings release, please visit here.

 

Conference Call and Webcast

Penn National and theScore will host a conference call and simultaneous webcast today, August 5, 2021 at 9:00 a.m. ET to review the transaction and host a question and answer session.  The conference call number is 212/231-2907; please call five minutes in advance to ensure that you are connected prior to the presentation.  Interested parties may also access the live call on the Internet at www.pngaming.com or theScore’s website at http://scoremediaandgaming.com; allow 15 minutes to register and download and install any necessary software.  Questions and answers will be reserved for call-in analysts and investors.  A replay of the call can be accessed for thirty days on the Internet at www.pngaming.com or theScore’s website at http://scoremediaandgaming.com. During the conference call and webcast, management will review a presentation summarizing the proposed transaction which can be accessed at www.pngaming.com.  

 

About Penn National

With the nation's largest and most diversified regional gaming footprint, including 43 properties across 20 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive division, Penn Interactive Ventures, LLC, operates retail sports betting across the Company's portfolio, as well as online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, Inc. (“Barstool”) whereby Barstool will exclusively promote the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company's omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 24 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offerings, experiences, and service levels in the industry.

 

About theScore

theScore empowers millions of sports fans through its digital media and sports betting products. Its media app ‘theScore’ is one of the most popular in North America, delivering fans highly personalized live scores, news, stats, and betting information from their favorite teams, leagues, and players. The Company’s sports betting app ‘theScore Bet’ delivers an immersive and holistic mobile sports betting experience and is currently available to place wagers in New Jersey, Colorado, Indiana and Iowa. theScore also creates and distributes innovative digital content through its web, social and esports platforms.

Aphria and Tilray Close the Deal To Swallow Up ALL Aphria Shares at .8381

 Tilray’s Shares Will Continue Trading on the NASDAQ Under Symbol “TLRY”; Starting May 5, 2021, Tilray’s Shares Will Commence Trading on the Toronto Stock Exchange Under Symbol “TLRY”

NEW YORK & LEAMINGTON, Ontario -- (Business Wire)

Tilray, Inc. (“Tilray”) and Aphria Inc. (“Aphria”) today announced the completion of the previously announced business combination, ushering in a new era in the global cannabis industry. The combined company, which will operate as Tilray (the “Company”), brings together two highly complementary businesses to create the leading cannabis-focused consumer packaged goods (“CPG”) company with the largest global geographic footprint in the industry. The combined company had a market cap of approximately US$8.2 billion based on the closing stock prices on April 30, 2021.

The Company’s class 2 common stock (“Tilray Shares”) will continue to trade on the Nasdaq Global Select Exchange under the ticker symbol “TLRY” and will commence trading on the Toronto Stock Exchange under the ticker symbol “TLRY” on May 5, 2021. As previously announced, each Aphria shareholder received 0.8381 of a Tilray Share for each Aphria common share (each an “Aphria Share”) held on April 30, 2021, the effective time of the transaction. Holders of Tilray Shares prior to the completion of the transaction continue to hold their Tilray Shares with no adjustment as a result of the transaction. An early warning report in respect of the Company’s acquisition of all of the outstanding Aphria Shares pursuant to the transaction will be filed on SEDAR and will be ‎available under Aphria’s issuer profile at www.sedar.com.‎

Irwin D. Simon, the Company’s Chairman and Chief Executive Officer, commented, “Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. As these markets begin to re-open, Tilray is poised to strike and transform the industry with our highly scalable operational footprint, a curated portfolio of diverse medical and adult-use cannabis brands and products, a multi-continent distribution network, and a robust capital structure to fund our global expansion strategy and deliver sustained profitability and long-term value for our stakeholders.”

Mr. Simon continued, “Our global team is laser-focused on turning potential into performance and addressing consumer and patient needs for safe, innovative, and high-quality products. We are eager to get to work and want to thank both the Aphria and the Tilray Boards of Directors and especially Brendan Kennedy for his spirit of partnership and irrepressible belief in the art of ‘what’s possible.’ We will benefit enormously from his legacy and continued service on the Tilray Board.”

We expect that the business combination will provide, among others, the following financial and strategic benefits:

World’s Largest Global Cannabis Company. The combination of Aphria and Tilray brings together two highly complementary businesses to create the leading cannabis-focused CPG company with the largest global geographic footprint in the industry.

Strategic Footprint and Operational Scale. We believe that the Company has the strategic footprint and operational scale necessary to compete more effectively in today’s consolidating cannabis market with a strong, flexible balance sheet, strong cash balance, and access to capital, which we believe will give the Company the ability to accelerate growth and deliver long-term sustainable value for stockholders.

Low-cost, State-of-the-Art Production & the Leading Canadian Adult-Use Cannabis Producer. The demand for the Company’s products will be supported by low-cost state-of-the-art cultivation, processing, and manufacturing facilities, and it will have a complete portfolio of branded cannabis 2.0 products to strengthen its leadership position in Canada.

Positioned to Pursue an Accelerated International Growth Strategy. The Company is well-positioned to pursue international growth opportunities with its strong medical cannabis brands, distribution network in Germany, and end-to-end European Union Good Manufacturing Practices (“EU-GMP”) supply chain, which includes its production facilities in Portugal and Germany.

Enhanced Consumer Packaged Goods Presence and Infrastructure in the U.S. In the United States, Tilray has a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater, a leading cannabis lifestyle branded craft brewer, and Manitoba Harvest, a pioneer in branded hemp, CBD and wellness products with access to 17,000 stores in North America. In the event of federal permissibility, the Company expects to be well-positioned to compete in the U.S. cannabis market given its existing strong brands and distribution system in addition to its track record of growth in consumer-packaged goods and cannabis products.

Substantial Synergies. The Company expects to deliver approximately US$81 million (C$100 million) of annual pre-tax cost synergies within eighteen months and plans to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales, and marketing, and corporate expenses.

Tilray’s new leadership team and board of directors will provide a strong foundation for the Company to accelerate growth and capitalize on the business combination’s many benefits.

Effective on closing, the senior management team and Board of Directors of the Company were reconstituted as follows:

• Irwin D. Simon, Chairman and Chief Executive Officer
• Carl Merton, Chief Financial Officer
• Denise Faltischek, Head of International and Chief Strategy Officer
• Jim Meiers, President, Canada
• Jared Simon, President, Manitoba Harvest and Tilray Wellness
• Rita Seguin, Chief Human Resources Officer
• Dara Redler, Interim Chief Legal Officer and Corporate Secretary
• Berrin Noorata, Chief Corporate Affairs Officer
• Lloyd Brathwaite, Chief Information Officer
• Freddy Bensch, Chief Executive Officer, SweetWater

Board of Directors:

• Irwin D. Simon, Chairman
• Renah Persofsky, ICD.D, Vice-Chair (Lead Director) and Chair of the Nominating and Governance Committee, Independent Director
• Jodi Butts, Nominating & Governance Committee Member, Independent Director
• David Clanachan, Newly Appointed Independent Director
• John M. Herhalt Chair of the Audit Committee, Independent Director
• David Hopkinson, Nominating and Governance Committee & Compensation Committee Member, Independent Director
• Brendan Kennedy, Current Director and Former CEO, Tilray
• Tom Looney, Audit Committee & Compensation Committee Member, Independent Director
• Walter Robb, Chair of the Compensation Committee & Audit Committee Member, Independent Director

New Tilray Branding

The new Tilray logo blends both Aphria and legacy Tilray’s branding into a design that reflects the new Company’s growing portfolio of brands across cannabis-lifestyle and wellness product categories, including medical, adult-use, hemp foods, and beverages. The continued use of “Tilray” as the Company’s name evokes hard work and hope – til shortened from tilling the soil and ray as in a ray of sunshine. Tilray is a pioneer navigating toward the end of prohibition and built to deliver on the collective wellbeing of the Company’s employees, consumers, patients, partners, and local communities.

Advisors

Jefferies LLC served as financial advisor, and DLA Piper LLP (US), DLA Piper (Canada) LLP, and Fasken Martineau Dumoulin LLP acted as legal counsel to Aphria. Cowen served as financial advisor, and Cooley LLP and Blake, Cassels, and Graydon LLP acted as legal counsel to Tilray.

About Tilray

Tilray Inc. is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.

For more information on how we open a world of wellbeing, visit Tilray.com.