An anonymous director reports

TILRAY BRANDS ANNOUNCES IMPLEMENTATION OF PREVIOUSLY APPROVED 1-FOR-10 REVERSE STOCK SPLIT

Tilray Brands Inc. will implement a one-for-10 reverse stock split of the company's common stock, as previously approved at the special meeting of stockholders held on June 10, 2025.

The reverse stock split is expected to be effective at 4:01 p.m. Eastern Time on Dec. 1, 2025, and shares of the company's common stock will begin trading on a split-adjusted basis under the same symbol (TLRY) when the markets open on Dec. 2, 2025, with the new Cusip No. 88688T 20 9.

As previously disclosed, Tilray's stockholders approved, at a special meeting of stockholders held on June 10, 2025, a proposal authorizing an amendment to the company's fifth amended and restated certificate of incorporation to effect a reverse stock split of its common stock at a ratio within the range of not less than one-for-10 and not more than one-for-20, as set by the board of directors.

The reverse stock split is expected to achieve several objectives, including:

• Aligning Tilray's number of shares outstanding with companies of similar size and scope;
• Making Tilray more attractive to institutional shareholders;
• Reducing expenditures associated with Tilray's annual meeting of stockholders, resulting in up to $1-million in cost savings on an annual run rate basis.

As of the effective date, every 10 issued and outstanding shares of common stock will be automatically combined and converted into one share, reducing the number of shares of the company's outstanding common stock from approximately 1.16 billion shares to 116 million shares. Fractional shares will not be issued. Instead, stockholders will receive cash in lieu of any fractional shares that would have been created by the reverse stock split. The reverse stock split is not expected to affect any stockholder's ownership percentage of the company's common stock, except to the extent that it would result in any stockholder owning a fractional share.

Pacific Stock Transfer will act as the paying agent for the reverse stock split and will provide stockholders with a transaction statement that reflects their postsplit shareholdings. Stockholders owning shares via a broker, bank, trust or other similar organization will have their positions automatically adjusted to reflect the reverse stock split, subject to such organization's particular processes, and will not be required to take any action in connection with the reverse stock split.

For answers to frequently asked questions regarding the reverse stock split, investors are encouraged to visit the company's dedicated FAQ (frequently asked questions) page on its website.

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 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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