Tilray Hosts 2021 Annual Meeting of Shareholders

Chairman and CEO Erwin de Simon affirms global growth strategy, driven by strong position across the European Union, Canada and the United States

Tilray’s leading European footprint and market leadership in Germany positions the company to seize the opportunity of recreational cannabis

NEW YORK, November 22, 2021 (GLOBE NEWSWIRE) – Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ | TSX: TLRY), a global leader in cannabis research, cultivation, production and distribution, today held its first annual shareholder meeting under the “new” Tilray name, the leading cannabis lifestyle and consumer packaged goods company that It has the largest global geographic footprint in the industry.

Erwin de Simon, Chairman and CEO, said: “In just six months, we have made tangible and measurable progress in integrating our operations while capitalizing on rapidly growing consumer demand for consumer health care and lifestyle products. Our assets provide in the pursuit of this goal – a group Highly desirable and quality brands, large operating scale, broad global distribution footprint, and commitment to operational excellence – clear and distinct advantages as we plan to build long-term, sustainable value for our shareholders.”

He continued, “Meanwhile, in fiscal year 2021, our brand platform delivered positive adjusted earnings for depreciation and amortization with the added benefit of enhancing operational efficiencies, infrastructure, production facilities, and distribution networks to take advantage of the long-term growth opportunities that come with continued cannabis legalization.” “Current Value Plus Height” is the backbone of our pursuit of our goal of $4 billion in revenue by the end of fiscal year 2024. I remain very optimistic about the future.”

Strong presence in the European Union: In the European Union, a market where nearly twice the population of the United States is growing, Tilray expects to generate $1 billion in revenue by the end of fiscal year 2024 with a mix of organic growth and acquisitions. The company has state-of-the-art growing facilities in Portugal and Germany that supply pharmaceutical grade medical cannabis across international markets, as well as sales and distribution arrangements to supply cannabis through major drug distribution channels. Furthermore, we believe Tilray’s reputation for product quality places it in an excellent position to seize the opportunity to legalize adult use in the EU when the time comes.

Last week, leaders of Germany’s upcoming coalition government made significant progress toward legalizing recreational cannabis in that market. Tilray is ideally positioned when legalization occurs based on its market leadership in medical cannabis, production capacity, and strength in brand building.

Building on the leadership position in Canada through the strength of the Brand Portfolio: In Canada, Tilray continues to be the number one licensed producer in the C$4.62 billion cannabis market, driven by a carefully curated portfolio of brands across the Medical, Wellness and Hemp 2.0 segments and its capacity to process and distribute. Five brands in the Tilray portfolio are ranked among the top five for sales across adult use categories based on HiFyre sales data from August through October 2021. The company is making strategic investments in sales and distribution to increase its market share to a target of 30% by the end of fiscal year 2024. It also expanded its medical business in Canada with the Tilray-branded cannabis eaters and launch of its Symbios brand to provide patients with a broader range of cannabis forms and cannabis ratios at a better price.

focused on Developing brand recognition and deepening the American footprint: In order to drive current revenue generation while positioning the business for accelerated future growth, Tilray is building its US business on several fronts. In 2020, Tilray acquired Sweetwater 11NS The largest brewery in the United States. We plan to further increase Sweetwater by expanding distribution, building awareness, and developing new products. Tilray is also committed to growing our business in Manitoba Harvest, a leader in branded cannabis and wellness products, with access to 17,000 stores in North America. Together, Sweetwater and Manitoba are valued at over $100 million and have exciting potential for future growth, including in the CBD market today and over time in THC-based products. Additionally, to further enhance its ability to seize the US market opportunity when federal legislation permits, Tilray has acquired the majority of transferable notes from MedMen, a leading cannabis brand.

Commitment to Operational Excellence: Since completing the merger with Aphria, Tilray’s leadership team has increased reported quarterly sales and made synergy commitments to the company to drive bottom line results.

  • In the fiscal year ending May 31, 2021, Tilray generated $513 million in revenue, an increase of 27% over the prior year, and in the first quarter of fiscal 2022, revenue growth increased to 43% year-over-year.

  • Tilray delivered adjusted EBITDA of more than $40 million in the fiscal year ended May 31, 2021, and 10NS Consecutive quarter of positive adjusted EBITDA in the first quarter of fiscal year 2022.

  • Tilray achieved $55 million in synergies on an operating rate basis through the end of the first quarter of fiscal year 2022. The company currently expects to deliver approximately $80 million in pre-tax annual synergies costs by one year from now, ahead of its original plan.

About Tilray
Tilray, Inc. (Nasdaq: TLRY; TSX: TLRY) is a leading global lifestyle cannabis and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that works to change people’s lives for the better – one person at a time – by inspiring and empowering the community. around the world to live their best life by providing them with products that meet the needs of their mind, body and soul and evoke a sense of well-being. Tilray’s mission is to be the trusted partner for its patients and customers by providing them with a cultivated experience, health and well-being through premium quality brands and innovative products. A leader in cannabis research, cultivation and distribution, Tilray’s unparalleled production platform supports more than 20 brands in more than 20 countries, including comprehensive hemp offerings, hemp-based foods and alcoholic beverages.

For more information about Tilray, visit www.Tilray.com

forward-looking statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under the Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act. Fiscal Year 1934, as amended, which is supposed to be subject to the “safe harbor” established by those divisions and other applicable laws. Forward-looking statements may be identified by words such as “expect,” “future,” “should,” “could,” “enable,” “likely,” “believe,” “expect,” “estimate,” “plan,” “anticipate,” “intends”, “may”, “project”, “will”, “will” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, objectives, expectations or assumptions have been used to derive the conclusions contained in the forward-looking statements during this communication. Forward-looking statements include statements regarding our intentions, beliefs, expectations, expectations, analyzes or current expectations relating to, among other things: The Company’s ability to become the world’s leading cannabis-focused, consumer-branded company with our goal of $4 billion in revenue by 2024; The company’s position and plans to be the #1 Canadian LP in total sales on a consolidated basis; The management’s projected growth in market share and revenue in the EU cannabis market and its businesses in Sweetwater and Manitoba Harvest; and expectations regarding the company’s achievement of synergy goals. Many factors could cause actual results, performance or achievement to differ materially from any forward-looking statements, and other risks and uncertainties that are not currently known to the Company or which the Company considers to be immaterial may also cause actual results or events to differ materially from those expressed in the forward-looking statements. contained here. For a more detailed discussion of these risks and other factors, see Tilray’s most recent annual information form and annual report on Form 10-K (and other periodic reports submitted to the Securities and Exchange Commission) of Tilray prepared with the Securities and Exchange Commission and available on Edgar . The forward-looking statements included in this communication are made as of the date of this communication and the Company undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

Contacts
For media inquiries, please contact:
Brian Norata
news@tilray.com

For investor inquiries, please contact:
Rafael Gross 203-682-8253
Raphael.Gross@icrinc.com

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