Adjournment of Special Meeting
A special meeting
of the Tilray, Inc. (Tilray) stockholders (the Tilray Special Meeting) was scheduled for 11:00 a.m. Eastern time on Friday, April 16, 2021, to be held virtually at www.virtualshareholdermeeting.com/TLRY2021SM, to
consider matters related to the previously announced business combination between Tilray and Aphria Inc. (Aphria). On April 15, 2021, Tilray announced that it intends to adjourn the Tilray Special Meeting until 11:00 a.m. Eastern
time on Friday, April 30, 2021, to also be held virtually at www.virtualshareholdermeeting.com/TLRY2021SM.
On April 15, 2021, Tilray issued a
press release announcing its intention to adjourn the Tilray Special Meeting. The press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this communication constitutes forward-looking information or forward-looking statements (together, forward-looking
statements) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the
safe harbor created by such sections and other applicable laws. The forward-looking statements are expressly qualified by this cautionary statement. Forward-looking statements are provided for the purpose of presenting information about
managements current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. Any information or statements that are contained in this communication that are not
statements of historical fact may be deemed to be forward- looking statements, including, but not limited to, statements in this communication with regards to: (i) statements relating to the strategic business combination of Aphria and Tilray
and the expected timing and closing of the proposed business combination (the Transaction); Transaction including, receipt of required shareholder approvals, court approvals and satisfaction of other closing customary conditions;
(ii) estimates of pro-forma financial information of the Combined Company, including in respect of expected revenues and production of cannabis; (iii) the expected strategic and financial benefits of
the business combination, including estimates of future cost reductions, synergies, including expected pre-tax synergies, savings and efficiencies; (iv) statements that the Combined Company anticipates
having scalable medical and adult-use cannabis platforms expected to strengthen the leadership position in Canada, internationally and, eventually in the United States; (v) statements that the Combined
Company is expected to offer a diversified and branded product offering and distribution footprint, state-of-the-art cultivation,
processing and manufacturing facilities; (vi) statements in respect of operational efficiencies expected to be generated as a result of the Transaction in the amount of approximately C$100 million of
pre-tax annual cost synergies; (vii) statements regarding the value and returns to shareholders expected to be generated by the business combination; (viii) expectations of future balance sheet
strength and future equity; (ix) expectations regarding the Combined Companys future M&A strategy; and (x) the expectation that the Combined Companys shares will be listed on the Toronto Stock Exchange concurrently with, or
as soon as possible after, the closing of the Transaction. Aphria and Tilray use words such as forecast, future, should, could, enable, potential, contemplate,
believe, anticipate, estimate, plan, expect, intend, may, project, will, would and the negative of these terms or similar
expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Certain material factors or assumptions were used in drawing the conclusions contained in the forward-looking statements
throughout this communication, including the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary shareholder and court approvals for the Transaction, the ability of the parties to satisfy, in a timely
manner, the conditions to closing of the Transaction and other expectations and assumptions concerning the Transaction. Forward-looking statements reflect current beliefs of management of Aphria and Tilray with respect to future events and are based
on information currently available to each respective management team including the reasonable assumptions, estimates, analysis and opinions of management of Aphria and Tilray considering their experience, perception of trends, current conditions
and expected developments as well as other factors that each respective management believes to be relevant as at the date such statements are made. Forward-looking statements involve significant known and unknown risks and uncertainties. Many
factors could cause actual results, performance or achievement to be materially different from any future forward-looking statements. Factors that may cause such differences include, but are not limited to, risks assumptions and expectations
described in Aphrias and Tilrays critical accounting policies and estimates; the adoption and impact of certain accounting pronouncements; Aphrias and Tilrays future financial and operating performance; the competitive and
business strategies of Aphria and Tilray; the intention to grow the business, operations and potential activities of Aphria and Tilray; the ability of Aphria and Tilray to complete the Transaction; Aphrias and Tilrays ability to provide
a return on investment; Aphrias and Tilrays ability to maintain a strong financial position and manage costs, the ability of Aphria and Tilray to maximize the utilization of their existing assets and investments and that the completion
of the Transaction is subject to the satisfaction or waiver of a number of conditions as set forth in the Arrangement Agreement. There can be no assurance as to when these conditions will be satisfied or waived, if at all, or that other events will
not intervene to delay or result in the failure to complete the Transaction. There is a risk that some or all the expected benefits of the Transaction may fail to materialize or may not occur within the time periods anticipated by