HEXO Announced Receipt of Final Order for Arrangement With Tilray Brands

HEXO Corp. (TSX:HEXO, NASDAQ:HEXO) (“HEXO” or the “Company”) announced today that the Ontario Superior Court of Justice (Commercial List) (the “Court”) has granted the final order (the “Final Order”) in connection with the previously announced statutory plan of arrangement under section 182 of the Business Corporations Act (Ontario) (the “Arrangement”), pursuant to which Tilray Brands, Inc. (“Tilray”) will acquire all of the issued and outstanding common shares (the “Common Shares”) and non-voting Series 1 Preferred Shares of the Company. Holders of Common Shares of the Company (the “Common Shareholders”) will receive 0.4352 of a share of Tilray common stock (the “Tilray Shares”) 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 Common Shareholders 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.