Major Impartial Proxy Advisory Companies, ISS and Glass Lewis, Endorse Shareholders Vote FOR the Proposed Aphria and Tilray Business Mix

NANAIMO, British Columbia–(Business enterprise WIRE)–Apr 5, 2021–

Tilray, Inc. (NASDAQ: TLRY), a world wide pioneer in cannabis exploration, cultivation, creation, and distribution, these days declared the two Institutional Shareholder Companies Inc. (“ ISS ”) and Glass Lewis and Co., LLC (“ Glass Lewis ”) have encouraged that holders (the “ Shareholders ”) of Tilray typical shares (the “ Shares ”) vote FOR the proposals to complete the enterprise combination amongst Aphria Inc. and Tilray (the “ Transaction ”). ISS and Glass Lewis are the world’s major independent proxy advisory firms that give voting suggestions to institutional shareholders. Tilray Shareholders who held Shares as of the March 12, 2021 record day are suitable to vote individuals Shares at the April 16, 2021 Tilray particular assembly. All Shareholders are inspired to have their voices read in regard to this incredibly critical issue concerning their financial commitment in Tilray, irrespective of the number of Shares held.

Favorable ISS and Glass Lewis Tips

In reaching its conclusion, ISS famous, in element:

The strategic rationale seems sound, as TLRY would be superior positioned to retain a strong money profile as opposed to the standalone circumstance. The put together business is predicted to have a sturdy money situation and need to be able to grow far more profitably specified improved scale, APHA’s favourable adjusted EBITDA, and the probable price synergies. In addition, the consideration indicates a top quality to TLRY shares’ trading variety prior to the announcement, and the fairness sort of thought allows shareholders to participate in the upside likely of the merged company. As these kinds of, assist for the proposed transaction is warranted .”

In achieving its conclusion, Glass Lewis observed, in element:

“We obtain the proposed merger is strategically and economically powerful and structured in a fair and fair way for Tilray and its shareholders. The board appears to have sufficiently thought of the Company’s strategic solutions in gentle of the rapidly evolving marketplace and regulatory situations in the hashish current market as well as growing competition and rising consolidation in the business. In light-weight of the strategic compatibility of the respective corporations in both of those North The usa and the EU, we believe that the merger represents a unique option to build a leading hashish company with a strong CPG portfolio that is far better positioned to capitalize on emerging possibilities in the cannabis industry about the globe. Merged, the corporations stand to gain from bigger operational and monetary scale, a additional diversified solution and brand portfolio, condition-of-the-artwork services and greater conclusion-to-conclude management of the provide chain, as well as the opportunity to create incremental benefit from charge cost savings and other synergies.”

Distinctive Meeting of Shareholders

The Tilray specific meeting of shareholders (the “ Assembly ”) will just take area through reside audio webcast at on April 16, 2021, at 11:00 AM (Japanese time).

YOUR VOTE IS Significant – Remember to VOTE Nowadays
The proxy voting deadline for telephone and Internet is
11:59 PM (Japanese time) on Thursday, April 15, 2021

The Tilray board of administrators unanimously endorses that shareholders vote
“FOR” each individual of the proposals to be voted on at the Assembly.

How to Vote

Your vote is important regardless of the variety of Shares you very own. Registered and effective Shareholders may vote making use of the pursuing strategies:

  • Internet: Go to and enter the 16-digit command selection printed on the sort of proxy or voting instruction sort to obtain the internet site and abide by the guidance on the display screen.
  • Phone: Phone the toll-cost-free phone amount presented on the variety of proxy or voting instruction sort and abide by the prompted voting recommendations. You will need to have to enter the 16-digit handle number printed on the sort of proxy or voting instruction type.

If you maintain your Shares as a result of a broker, investment dealer or other intermediary, you should follow the guidelines on the voting instruction variety provided by this sort of broker, expenditure dealer or other intermediary to be certain that your vote is counted at the Conference.

Shareholder Inquiries

If you have queries or need more info about the Transaction, please get hold of Tilray’s shareholder communications advisor and proxy solicitation agent, Mackenzie Companions, Inc. by toll-cost-free at 1-800-322-2885 or by e-mail at [email protected].

About Tilray®

Tilray is a worldwide pioneer in the research, cultivation, production, and distribution of cannabis and cannabinoids, at this time serving tens of hundreds of people and customers in 17 nations spanning 5 continents.

CAUTIONARY Notice Relating to Ahead-Searching STATEMENTS

Specific information and facts in this communication constitutes forward-wanting info or forward-wanting statements (together, “forward-searching statements”) beneath Canadian securities laws and inside the this means of Section 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Exchange Act of 1934, as amended, which are intended to be protected by the protected harbor made by this kind of sections and other relevant laws. The ahead-looking statements are expressly experienced by this cautionary assertion. Forward-wanting statements are delivered for the reason of presenting information about management’s latest anticipations and plans relating to the long term, and audience are cautioned that this sort of statements may not be acceptable for other functions. Any information or statements that are contained in this conversation that are not statements of historical simple fact may possibly be considered to be forward-hunting statements, including, but not restricted to, statements in this communication with regards to: (i) statements relating to the strategic enterprise blend of Aphria and Tilray and the envisioned timing and closing of the Transaction the Transaction which includes, receipt of required shareholder approvals, courtroom approvals and fulfillment of other closing customary ailments (ii) estimates of pro-forma money information and facts of the Blended Business, which include in regard of anticipated revenues and generation of cannabis (iii) the anticipated strategic and economical added benefits of the enterprise combination, such as estimates of long term expense reductions, synergies, like predicted pre-tax synergies, savings and efficiencies (iv) statements that the Put together Enterprise anticipates having scalable professional medical and grownup-use cannabis platforms expected to reinforce the leadership placement in Canada, internationally and, ultimately in the United States (v) statements that the Merged Firm is expected to provide a diversified and branded products featuring and distribution footprint, state-of-the-artwork cultivation, processing and production amenities (vi) statements in respect of operational efficiencies expected to be produced as a outcome of the Transaction in the total of roughly C$100 million of pre-tax yearly charge synergies (vii) statements pertaining to the value and returns to shareholders expected to be generated by the company blend (viii) anticipations of long run stability sheet strength and potential fairness (ix) expectations about the Combined Company’s future M&A system and (x) the expectation that the Merged Company’s shares will be outlined on the Toronto Inventory Trade concurrently with, or as before long as attainable immediately after, the closing of the Transaction. Aphria and Tilray use phrases this kind of as “forecast”, “future”, “should”, “could”, “enable”, “potential”, contemplate”, “believe”, “anticipate”, “estimate”, “plan”, “expect”, “intend”, “may”, “project”, “will”, “would” and the destructive of these phrases or identical expressions to establish forward-wanting statements, whilst not all ahead-seeking statements contain these determining text. Specified material things or assumptions were used in drawing the conclusions contained in the forward-searching statements all through this communication, including the potential of the get-togethers to acquire, in a well timed method and on satisfactory conditions, the necessary shareholder and courtroom approvals for the Transaction, the capability of the parties to satisfy, in a well timed fashion, the disorders to closing of the Transaction and other expectations and assumptions about the Transaction. Ahead-on the lookout statements mirror latest beliefs of administration of Aphria and Tilray with regard to foreseeable future events and are primarily based on facts at the moment offered to just about every respective management group together with the reasonable assumptions, estimates, analysis and viewpoints of administration of Aphria and Tilray contemplating their working experience, notion of trends, current situations and anticipated developments as very well as other variables that just about every respective management thinks to be related as at the day these types of statements are manufactured. Ahead-looking statements entail major recognized and unfamiliar hazards and uncertainties. Numerous components could cause precise outcomes, effectiveness or accomplishment to be materially diverse from any potential forward-wanting statements. Variables that may perhaps lead to this kind of variations include things like, but are not limited to, challenges assumptions and anticipations described in Aphria’s and Tilray’s significant accounting guidelines and estimates the adoption and effect of certain accounting pronouncements Aphria’s and Tilray’s upcoming money and functioning effectiveness the competitive and enterprise methods of Aphria and Tilray the intention to increase the company, functions and prospective things to do of Aphria and Tilray the means of Aphria and Tilray to comprehensive the Transaction Aphria’s and Tilray’s capability to offer a return on investment decision Aphria’s and Tilray’s skill to keep a powerful financial place and manage prices, the skill of Aphria and Tilray to improve the utilization of their present assets and investments and that the completion of the Transaction is subject to the satisfaction or waiver of a number of ailments as established 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 situations will not intervene to hold off or outcome in the failure to comprehensive the Transaction. There is a chance that some or all the expected advantages of the Transaction could fall short to materialize or could not come about in just the time periods predicted by Aphria and Tilray. The challenge of coordinating previously unbiased enterprises would make assessing the enterprise and future financial potential clients of the Put together Firm subsequent the Transaction tough. Product risks that could lead to actual effects to differ from forward-looking statements also involve the inherent uncertainty associated with the financial and other projections a properly as marketplace changes arising from governmental actions or marketplace conditions in response to the COVID-19 public wellness disaster the prompt and efficient integration of the Mixed Company the ability to obtain the predicted synergies and worth-generation contemplated by the Transaction the danger connected with Aphria’s and Tilray’s potential to attain the acceptance of the proposed transaction by their shareholders demanded to consummate the Transaction and the timing of the closing of the Transaction, like the hazard that the disorders to the Transaction are not satisfied on a well timed basis or at all the hazard that a consent or authorization that could be expected for the Transaction is not obtained or is received matter to disorders that are not expected the end result of any lawful proceedings that might be instituted against the get-togethers and many others related to the Arrangement Arrangement unanticipated problems or expenditures relating to the Transaction, the reaction of small business companions and retention as a final result of the announcement and pendency of the Transaction dangers relating to the worth of Tilray’s widespread stock to be issued in link with the transaction the impression of competitive responses to the announcement of the Transaction and the diversion of management time on transaction-associated challenges. Audience are cautioned that the foregoing list of aspects is not exhaustive. Other threats and uncertainties not presently regarded to Aphria and Tilray or that Aphria and Tilray presently feel are not material could also bring about precise success or functions to differ materially from all those expressed in the ahead-seeking statements contained herein. For a more comprehensive dialogue of pitfalls and other factors, see the most a short while ago submitted annual details variety of Aphria and the once-a-year report filed on form 10-K of Tilray made with applicable securities regulatory authorities and offered on SEDAR and EDGAR. The ahead-seeking statements involved in this conversation are manufactured as of the day of this communication and neither Aphria nor Tilray undertake any obligation to publicly update these types of ahead-wanting statements to replicate new facts, subsequent activities or usually unless of course necessary by applicable securities guidelines.

Extra Data ABOUT THE TRANSACTION AND In which TO Come across IT

This conversation is not intended to and does not constitute an offer to promote or the solicitation of an present to subscribe for or obtain or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable legislation. This interaction is staying created in respect of the proposed transaction involving Aphria and Tilray pursuant to the terms of an arrangement arrangement by and among the Aphria and Tilray and may well be considered to be soliciting content relating to the proposed transaction.

In link with the Transaction, Tilray has submitted a joint proxy statement/administration info round (the “Circular”) containing critical facts about the Transaction and similar issues. The Round has also been made available by Aphria and Tilray on their respective SEDAR profiles. Furthermore, Aphria and Tilray will file other pertinent elements in connection with the Transaction with the applicable securities regulatory authorities. Buyers and stability holders of Aphria and Tilray are urged to meticulously read through the complete Circular (such as any amendments or nutritional supplements to this sort of paperwork), respectively, right before generating any voting final decision with respect to the Transaction simply because they comprise significant facts about the Transaction and the functions to the Transaction. The Round will be mailed to the Aphria Shareholders and Tilray Stockholders and is accessible on the SEDAR and EDGAR profiles of the respective providers.

Investors and security holders of Tilray can attain a free of charge copy of the Round, as very well as other related filings containing information about Tilray and the Transaction, like supplies included by reference into the Round, without having charge, at the U.S. Securities and Trade Commission’s web site ( ) or from Tilray by making contact with Tilray’s Investor Relations at (203) 682-8253, by email at [email protected], or by likely to Tilray’s Investor Relations web page on its web page at and clicking on the url titled “Financials.”

Traders and stability holders of Aphria are able to receive a cost-free duplicate of the Circular, as perfectly as other suitable filings containing information and facts about Aphria and the Transaction, including elements incorporated by reference into the Round, without the need of cost, below Aphria’s profile on SEDAR at or from Aphria by getting in touch with Aphria’s trader relations at [email protected].

Check out supply model on

Get hold of: Media:

Berrin Noorata

[email protected]

Raphael Gross


[email protected] Trader Contact:

Bob Marese/John Bryan


[email protected]

[email protected]

Key word: NORTH The united states CANADA

Industry Key phrase: Different Medicine AGRICULTURE Wellbeing Natural Methods

Source: Tilray, Inc.

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PUB: 04/05/2021 07:30 AM/DISC: 04/05/2021 07:30 AM