Mr. Irwin Simon reports

TILRAY BRANDS AND THE CARLSBERG GROUP ENTER INTO AN EXCLUSIVE MULTI-YEAR U.S. BREWING AND COMMERCIAL PARTNERSHIP

Tilray Brands Inc. has entered into an exclusive licensing agreement starting Jan. 1, 2027, with the Carlsberg Group, one of the world's premier brewing organizations and among the largest globally by revenue.

Under the terms of the agreement, Tilray has been granted a multiyear licence to produce, market, sell and distribute Carlsberg, Carlsberg Elephant, 1664 and Kronenbourg 1664 Blanc branded beers across all channels in the United States, beginning Jan. 1, 2027. The agreement has an initial five-year term, with an automatic renewal for an additional five years subject to performance criteria.

Tilray will leverage its brewing facilities, sales and marketing team, and commercial expertise in the U.S. to locally manufacture and increase Carlsberg's market share of premium and mainstream imported beers within the U.S., which is recognized as the world's second-largest beer market. The partnership further strengthens Tilray's position as a scaled, diversified beverage platform.

Irwin D. Simon, chairman and chief executive officer of Tilray Brands, said: "This partnership brings together two highly complementary organizations and underscores the strength of Tilray's beverage platform. By combining Carlsberg's iconic global brands and proven brewing heritage with Tilray Beverages' U.S. operational scale, quality standards and national commercial team, we are well positioned to expand Carlsberg's presence in the premium European segment and drive long-term growth in the U.S. beer market. Beer is here to stay, and this agreement reinforces our strategy of partnering with best-in-class brands and maximizing the value of our beverage operations."

Strengthens Tilray's leadership and scale in U.S. beer

• Delivers immediate scale and revenue accretion upon contract commencement beginning Jan. 1, 2027, as the globally recognized Carlsberg portfolio is expected to drive volume growth, expand shelf presence, and accelerate revenue;

• Adds Carlsberg's globally recognized brand families to Tilray's U.S. beverage portfolio, enhancing product mix, strengthening distributor positioning, expanding national chain offerings and reinforcing category leadership.

Enhances asset utilization

• Leverages Tilray's operational footprint across brewing, sourcing, packaging and logistics infrastructure to drive cost-efficiencies, strengthen supply chain resilience and expand margin contribution.

Founded in 1847 by brewer J.C. Jacobsen, the Carlsberg Group is one of the world's leading brewing companies, with a broad portfolio of beer and beverage brands. The company employs more than 37,000 people, has breweries in more than 30 countries and has a presence in more than 150 markets worldwide, guided by its purpose of brewing for a better today and tomorrow.

About Tilray Brands Inc.

Tilray Brands is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness and entertainment, elevating lives through moments of connection.

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