An anonymous director reports

HEXO CORP.'S SHAREHOLDERS APPROVE ACQUISITION BY WAY OF ARRANGEMENT WITH TILRAY BRANDS, INC.

Hexo Corp.'s common shareholders approved the previously announced arrangement agreement, as amended, with Tilray Brands Inc., at the special meeting of its common shareholders held earlier today, whereby Tilray will acquire, by way of court-approved plan of arrangement, all of the issued and outstanding common shares of the company. Common shareholders will receive 0.4352 of a share of Tilray common stock for each whole common share held, while holders of the recently issued non-voting Series 1 preferred shares will receive a fraction or a number of Tilray shares based on the preferred share exchange ratio set out in the company's press release issued on June 1, 2023.

The arrangement required the approval of 66-2/3 per cent of votes cast by the company's common shareholders and the approval of a simple majority of the votes cast by minority common shareholders of the company. At the special meeting, the arrangement was approved by approximately 93.7 per cent of all votes cast, as well as by approximately 93.7 per cent of the common shares voted by shareholders on the majority of the minority vote required under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

Completion of the arrangement remains subject to closing conditions as set forth in the arrangement agreement, as amended, including approval of the Ontario Superior Court of Justice (commercial list). The company anticipates returning to the court on June 19, 2023, to seek a final order of the court approving the arrangement. Assuming that the conditions to closing are satisfied or waived, it is currently expected that the arrangement will be completed by June 30, 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.

We seek Safe Harbor.