An anonymous director reports

HEXO CORP. ANNOUNCES RECEIPT OF INTERIM ORDER IN RESPECT OF ARRANGEMENT WITH TILRAY BRANDS, INC.

In connection with Hexo Corp.'s previously announced arrangement agreement with Tilray Brands Inc. for a transaction whereby Tilray has agreed to acquire all of the issued and outstanding common shares of the company by way of a court-approved plan of arrangement, Hexo has obtained an interim order from the Ontario Superior Court of Justice (commercial list) providing for, among other things, the holding of a special meeting of the holders of common shares of Hexo to approve the arrangement under the Business Corporations Act (Ontario). The special meeting is scheduled to be held on June 14, 2023, at 10 a.m. Eastern Time, and the record date for determining shareholders entitled to receive notice of and vote at the special meeting has been fixed as the close of business on May 5, 2023.

The company expects that the management information circular and related materials in respect of the special meeting will be mailed to shareholders, and will be filed and available under Hexo's profile on SEDAR and on EDGAR in the coming days. The management information circular and related materials will provide details of the special meeting and how shareholders or their duly appointed proxyholders can attend, access and participate in the special meeting.

The completion of the arrangement is subject to certain conditions, including the receipt of the requisite approval from the shareholders, the final approval of the Ontario Superior Court of Justice (commercial list) at an application which is scheduled for June 19, 2023, and other closing conditions customary in transactions of this nature. If all necessary approvals are obtained and the conditions to the completion of the arrangement are satisfied or waived, it is currently anticipated that the arrangement will be completed before the end of June, 2023.

About Hexo Corp.

Hexo is an award-winning licensed producer of premium products for the global cannabis market. Hexo delivers a thoughtfully curated portfolio of both recreational and therapeutic cannabis products that inspire customer loyalty. Hexo's brands include Hexo, Redecan, Original Stash, Bake Sale and T 2.0, as well as medical cannabis products.

Hexo's world-class Canadian grow sites are unmatched in size, technological advantage and yield of high-quality cannabis, driving innovation through every step of the process. Hexo operates three major grow sites in Ontario and Quebec, including one of the largest growth facilities in North America. Hexo is a publicly traded company under the tickers HEXO (Toronto Stock Exchange) and HEXO (Nasdaq).

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