Shares of cannabis play Aphria (APHA) - Get Report soared in after-hours trading Thursday after Xanthic Biopharma launched a bid to purchase all the outstanding shares of Aprhia it doesn't already own for stock.

Xanthic says it's offering 1.5714 of its Canadian listed shares for each share of Aphria.

Aphria, which trades in both the U.S. and Canada, saw its U.S.-listed shares rise $1.12, or 20%, in after-hours trading to $6.60.

Xanthic, which does business under the name of Green Growth Brands, said its offer values Aphria at C$2.8 billion, or $2.1 billion, based on a valuation of C$7 per Xanthic share. It said it plans to complete a brokered financing of C$300 million to fund the business growth of the combined company.

Aphria listed its shares on the NYSE in October.

Separately, Aphria said it had appointed Irwin D. Simon, who founded The Hain Celestial Group, as independent chair of its board of directors.