Mr. Irwin Simon reports

TILRAY BRANDS TO ACQUIRE FOUR CRAFT BEER BREWERIES FROM MOLSON COORS BEVERAGE COMPANY

Tilray Brands Inc. has entered into a definitive agreement to acquire four craft breweries from Molson Coors Beverage Company. The acquisition includes Hop Valley Brewing Company, Terrapin Beer Co., Revolver Brewing and Atwater Brewery.

Tilray's beverage business is poised for even greater success with the latest addition of sought-after craft beer brands, known for their unique portfolio of beers. With the pending acquisition of these breweries, Tilray's portfolio will expand across key beer markets, adding 30 per cent new beer-buying accounts. The Tilray Beverages portfolio boasts a range of leading craft beer, spirits and non-alcohol beverages, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company, Green Flash Brewing Company, Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewing Company, Widmer Brothers Brewing, Square Mile Cider Company, HiBall Energy and Happy Flower CBD sparkling cocktails. This strategic acquisition is expected to position Tilray for continued growth and expansion in the beverage industry.

Irwin D. Simon, chairman and chief executive officer of Tilray Brands, said: "Tilray Brands is proud to be driving the most compelling and unique growth story in the craft beer industry. With the acquisition of these four craft breweries from Molson Coors, we are marking another strategic milestone in Tilray Brands' growth plan. Our team's expertise in operational excellence will enable us to unlock the full potential of these brands and businesses. We are confident in our ability to drive revenue, generate cost synergies and expand national distribution, reinforcing our leadership position in craft beer resulting in tremendous growth opportunities for our global beverage business."

Mr. Simon added: "Tilray Brands plans to continue to invest in the future of these craft breweries, accelerating their growth and capturing a wide range of new market opportunities. Tilray Brands is a beacon for craft brands, and we are committed to driving their growth and success within our portfolio. Our proven track record of integrating acquisitions and driving profitable growth gives us the confidence to deliver incredible value for our shareholders."

Molson Coors chief commercial officer Michelle St. Jacques added how the transaction supports Molson Coors's long-term strategic ambitions as well. "Last fall, we set a clear portfolio premiumization ambition, and achieving it is going to require tighter focus on the segments we believe have the highest growth potential for our business," Ms. St. Jacques said. "While we love these craft breweries and the people behind them, this move allows us to do exactly that -- focus our time, energy and resources behind the initiatives we believe will best help us meaningfully grow our U.S. above-premium portfolio in beer and beyond beer."

Ty Gilmore, president, Tilray Beverages, North America, stated: "We are excited to welcome the employees and distributors behind these craft beer brands which will play a pivotal role in the growth of Tilray Beverages. Through this acquisition, our beer business is expected to grow to 15 million cases annually, cementing Tilray Beverages as the No. 1 craft brewer in the Pacific Northwest, No. 1 in Georgia and anchors Tilray's craft brands in two key beer states -- Texas and Michigan. As we move forward, we will leverage our extensive expertise in product innovation and distribution to unlock the full potential of these brands, strengthen their sales and operations, and expand their reach into key markets across the U.S."

Craft brands with a loyal consumer base

Hop Valley Brewing Company is a craft brewery based in Eugene, Ore., that was founded in 2009. It is known for crafting beers that reflect the flavours and spirit of the Pacific Northwest. Hop Valley includes one brewery and two taprooms. The brand is currently sold in 12 states with core markets, including Oregon, Washington, Idaho, Arizona, northern California, Nevada, Wisconsin and Minnesota, and it has approximately 43,000 points of distribution.

Terrapin Beer Company is a craft brewery based in Athens, Ga. Founded in 2002, Terrapin is committed to brewing unique, flavourful beers that push the boundaries of traditional brewing techniques. With a passion for experimentation, Terrapin has become one of the most respected and sought-after breweries in the region. Terrapin includes one brewery and one taproom and is currently sold in 13 states with approximately 47,000 points of distribution. Core markets for Terrapin include Georgia, Florida, Wisconsin, North Carolina, South Carolina, Tennessee and Alabama.

Revolver Brewing is a craft brewery in Granbury, Tex. Established in 2012, Revolver is committed to producing high-quality, handcrafted beers using traditional brewing techniques and innovative brewing methods. From its flagship Blood & Honey American Ale to its seasonal offerings, Revolver's beers are known for their bold flavours and unique character. Revolver Brewing includes one brewery and one taproom and approximately 12,000 points of distribution across Texas, Oklahoma and Louisiana.

Atwater Brewery is a craft brewery based in Detroit, Mich. Founded in 1997, Atwater is dedicated to brewing high-quality, handcrafted beers using traditional brewing techniques and innovative brewing methods. From its flagship Dirty Blonde Ale to its seasonal offerings, Atwater's beers are known for their bold flavours and unique character. Atwater includes one brewery and three taprooms. The brand is sold in approximately 10,000 points of distribution across six states, including Michigan, Wisconsin, Illinois, Indiana, Ohio and Kentucky.

Advisers

TD Securities acted as financial adviser and DLA Piper LLP (United States) acted as external legal counsel to Tilray Brands.

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. Tilray's mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and wellness and create memorable experiences. Tilray's unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

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