An anonymous director reports

HEXO CORP. ANNOUNCES RECEIPT OF FINAL ORDER FOR ARRANGEMENT WITH TILRAY BRANDS, INC.

The Ontario Superior Court of Justice (commercial list) has granted the final order in connection with the previously announced statutory plan of arrangement under Section 182 of the Business Corporations Act (Ontario), pursuant to which Tilray Brands Inc. will acquire all of the issued and outstanding common shares and non-voting Series 1 preferred shares of the company. Holders of common shares of the company 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. As previously announced, the arrangement was approved by the common shareholders at a special meeting of the holders of common shares held on June 14, 2023.

The arrangement is expected to be completed in the coming days, subject to the delivery by the parties of customary closing deliverables.

Further information regarding the arrangement is provided in the management information circular dated May 10, 2023, a copy of which is available under the company's profile on SEDAR, EDGAR and the company's website.

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 (Toronto Stock Exchange: HEXO) and (Nasdaq: HEXO).

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