Tilray Brands Inc

On* February 21, 2025,Aphria Diamond Inc. (the “Borrower”), a majority-owned subsidiary of Tilray, refinanced its existing term loan by entering into a new Credit Agreement (the “Credit Agreement”), by and among Tilray and certain other affiliates of the Borrower and Canadian Imperial Bank of Commerce, as Lender and Administrative Agent (the “Lender”). The Credit Agreement provides for term loans in an aggregate principal amount equal to CAD$53,000,000* (the “Term Loans”). The Borrower used CAD*$48,171,221* of the proceeds from the Credit Agreement to repay in full all outstanding obligations under that certain Amended and Restated Credit Agreement, dated as of* November 28, 2022,*by and among the Borrower, Bank of Montreal, as agent, and a syndicate of lenders (the “Prior Credit Agreement”).

On* March 25, 2025,the Company received written notice (the “Notice”) from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that it isnot* in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule5450(a)(1) for continued listing on The Nasdaq Global Select Market. Nasdaq Listing Rule5450(a)(1) requires listed securities to maintain a minimum bid price of*$1.00* per share, and Listing Rule5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of30 consecutive business days. The Notice doesnot impact the listing of the Company’s common stock on The Nasdaq Global Select Market at this time. In accordance with Nasdaq Listing Rule5810(c)(3)(A), the Company has180 calendar days to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company’s common stock must be at least*$1.00* per share for a minimum often consecutive business days before* September 21, 2025.*The Company is actively monitoring the closing bid price of its common stock and evaluating available options to regain compliance with the minimum bid price requirement.

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