Tilray Secures Victory in HEXO Shareholder Lawsuit Dismissal

Tilray Successfully Prevails with Dismissal of Hexo Shareholder Lawsuit

Vancouver, British Columbia – Tilray, a leading cannabis company, announced today that it has successfully prevailed in a shareholder lawsuit filed by a group of Hexo shareholders. The lawsuit, which was dismissed by the court, claimed that Tilray's acquisition of Hexo was unfair and that the company's shareholders were misled.

The lawsuit was filed in 2021, shortly after Tilray completed its acquisition of Hexo. The plaintiffs claimed that Tilray's offer price was too low and that the company's management had failed to disclose material information to shareholders. However, the court disagreed and dismissed the lawsuit, finding that Tilray had acted in good faith and that the acquisition was fair.

"We are pleased that the court has dismissed the lawsuit and recognized the fairness and reasonableness of our acquisition of Hexo," said Irwin D. Simon, Tilray's Chairman and CEO. "We believe that the acquisition has been a successful one, and we are excited about the opportunities that it presents for our company and our shareholders."

Tilray's acquisition of Hexo was a significant transaction in the cannabis industry, as it created one of the largest cannabis companies in the world. The acquisition has given Tilray a stronger presence in the Canadian market and has provided the company with a broader range of products and services to offer to its customers.

The dismissal of the lawsuit is a significant victory for Tilray and its shareholders, as it removes a potential cloud over the company's financial performance and allows it to focus on its future growth and development.