Tilray Brands, Inc. — Director's Dealing 2021

May 15, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Tilray, Inc. (TLRY)
CIK: 0001731348
Period of Report: 2021-05-12

Reporting Person: Merton Carl A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-12	Class 2 Common Stock	S	89000	$14.82	Disposed	169105	Direct

Footnotes

F1: The shares were sold to satisfy tax obligations of the reporting person incurred in connection with the closing of the plan of arrangement (the "Arrangement") between Tilray, Inc. and Aphria Inc. on April 30, 2021, pursuant to which each common share of Aphria Inc. was exchanged for 0.8381 of a share of Class 2 common stock of Tilray, Inc.. The Arrangement was considered a taxable event for Canadian shareholders of Aphria Inc.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from CAD $17.80 to CAD $18.10, inclusive. The reporting person undertakes to provide to Tilray, Inc. any security holder of Tilray, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (1). The weighted average price reported above was converted from the Canadian weighted average price of CAD $17.9857 to USD using an exchange rate of CAD $1.2133=USD $1.00.