PRESS RELEASE

Tilray, Inc. Reports 2020 Third Quarter Results

Total Revenue of $51.4 Million was Flat Versus Q3 2019 and Up 2.0% Compared to Q2 2020 - Excluding Bulk Sales in the Prior Year Period, Total

Revenue Increased 25%

Total Annualized Savings of Approximately $55 Million to be Achieved by Q4 2020

Net Loss of $(2.3) Million Versus Net Loss of $(36.4) Million in Q3 2019 and $(81.7) Million in Q2 2020

Adjusted EBITDA Loss Narrowed to $(1.5) Million Compared to $(12.3) Million in Q2 2020

Q3 2020 Ending Cash Balance of $155.2 Million with $209 Million Remaining Available on ATM

NANAIMO, BRITISH COLUMBIA Tilray, Inc. ( Tilray or the Company ) (Nasdaq: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, reports financial

results for the third quarter ended September 30, 2020. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Our third quarter results demonstrate the significant progress we have made throughout the organization despite the unprecedented

challenges presented by the COVID-19 pandemic. We realized solid year over year revenue growth in our core businesses and have achieved a significantly more focused, efficient and competitive cost structure,

all of which position Tilray for future success. We look forward to building on these accomplishments and remain focused on our goal of achieving break-even or positive Adjusted EBITDA in the fourth quarter, said Brendan Kennedy, Tilray s

Chief Executive Officer.

Third Quarter 2020 Financial Highlights

Recent Business Developments

Given the broad based improvements we have achieved through the third quarter of 2020, we believe we are poised to deliver positive or break even

Adjusted EBITDA in the fourth quarter of 2020. Looking to 2021 we are optimistic about the prospects for our core businesses including:

Our diversified product offerings and geographical footprint set Tilray apart. These strategic advantages provide us a foundation from which we

see ample and continued opportunity to strengthen our position as the most trusted cannabis and hemp company during 2021.

As COVID-19 continues to spread around the world,

and governments and businesses take unprecedented measures in response, the actions taken, or that may be taken, have or may materially adversely affect our business, results of operations, financial condition and stock price. Due to COVID-19, governments have imposed restrictions on travel and business operations, temporarily closed businesses, and implemented quarantines and

shelter-in-place orders. Consequently, the COVID-19 pandemic has negatively impacted global economic activity, caused significant

volatility and disruption in global financial markets, and generally introduced significant uncertainty and unpredictability throughout the world.

Our business has been negatively impacted during 2020, due to the restrictions on, or temporary closure of, retail outlets, and the challenges faced by patients accessing clinics and doctors for prescriptions for our products and

due to the vast majority of our employees working remotely. We continue to operate our manufacturing facilities at normal production levels while our administrative offices remain closed. We have taken all recommended actions to protect public

health and the health and safety of employees and continue to work on safely re-opening our offices, subject to local rules and regulations.

We are unable to predict the future impacts of COVID-19 on our operational and financial performance.

The nature and extent of any impacts are very uncertain and depend on many factors outside our control, including, the timing, extent, and duration of the pandemic, the development and availability of effective treatments and vaccines, the

imposition of protective public safety measures, and the impact of the pandemic on the global economy and demand for our products.

Tilray will host a conference call to discuss these results today at 5:00 p.m. ET. Investors interested in participating in the live call can

dial 877-407-0792 from the U.S. and 201-689-8263 internationally.

There will also be a simultaneous, live webcast available on the Investors section of the Company s website at www.tilray.com. The webcast

will also be archived after the call concludes.

Tilray (Nasdaq: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently

serving tens of thousands of patients and consumers in 15 countries spanning five continents.

Forward Looking Statements

This press release contains forward-looking statements , which may be identified by the use of words such as,

may , would , could , will , likely , expect , anticipate , believe, intend , plan , forecast , project ,

estimate , outlook and other similar expressions, including statements regarding our growth potential, the sustainability of growth, the optimization of our facilities and estimated net savings, our ability to become Adjusted

EBITDA positive by the end of 2020, demand for our products and the medical and Adult-Use cannabis markets, anticipated plans for strategic partnerships and acquisitions, and future sales of our common stock. Forward-looking statements are not a

guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management s experience and perception of trends, current conditions and expected developments, as well as other factors that

management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions. Actual results, performance or achievement could differ materially from that expressed in, or implied

by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant

risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward-looking statements. Please see the heading Risk Factors in

Tilray s Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on November 9, 2020, for a discussion of the material risk factors that could cause actual results

to differ materially from the forward-looking information. Tilray does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

Use of Non-U.S. GAAP Financial Measures

To supplement its financial statements, the Company provides investors with information related to Adjusted EBITDA and Adjusted Gross Margin,

both of which exclude inventory valuation adjustments, which are financial measures that are not calculated in accordance with generally accepted accounting principles in the United States ( U.S. GAAP ).

Adjusted EBITDA is calculated as net income (loss) before inventory valuation adjustments;

interest expenses, net; other expenses (income), net; deferred income tax (recoveries) expenses, current income tax expenses (benefit); foreign exchange gain (loss), net; depreciation and amortization expenses; stock-based compensation expenses;

loss from equity method investments; finance income from ABG; loss on disposal of property and equipment; amortization of inventory step-up; severance costs; impairment of assets; and change in fair value of

warrant liability. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Gross margin, excluding inventory valuation

adjustments, is calculated as revenue less cost of sales adjusted to add back inventory valuation adjustments and amortization of inventory step-up, divided by revenue. A reconciliation of Gross margin,

excluding inventory valuation adjustments, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

The Company believes these non-GAAP financial measures provide useful information to management and

investors regarding certain financial and business trends relating to the Company s financial condition and results of operations. Management uses these non-GAAP financial measures to compare the

Company s performance to that of prior periods for trend analyses and planning purposes. These non-GAAP financial measures are also presented to the Company s Board of Directors.

Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures

calculated in accordance with U.S. GAAP. Non-U.S. GAAP measures exclude significant expenses that are required by U.S. GAAP to be recorded in the Company s financial statements and are subject to inherent

For further information:

Media: Tilray Media Team,

+1-833-206-8161, news@tilray.com

Investors: Raphael Gross, +1-203-682-8253, Raphael.Gross@icrinc.com

Condensed Consolidated Statements of Net Loss and Comprehensive Loss

(in thousands of United States dollars, except for share and per share data, unaudited)

Condensed Consolidated Balance Sheets

thousands of United States dollars, except for share and par value data, unaudited)