Filed by Tilray, Inc.

Pursuant to Rule 425

under the Securities Act of 1933, as amended

and deemed filed pursuant to Rule 14d-2

under the Securities Exchange Act of 1934, as amended

Subject Company: Tilray, Inc.

(Commission File No. 001-38594)

The following transcript was made available in connection with the business combination of Tilray, Inc. (“Tilray”) and Aphria Inc. (“Aphria”) on December 16, 2020.

Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

CORPORATE PARTICIPANTS

OTHER PARTICIPANTS

MANAGEMENT DISCUSSION SECTION

Operator: Good morning and welcome to today’s conference to discuss the Strategic Business Combination of Aphria and Tilray. At this time, all participants are currently in a listen-only mode. The call will be open for your questions following the management’s remarks and instructions will be given at that time.

I would now like to turn the conference over to Carl Merton, Aphria Chief Financial Officer. Mr. Merton, please go ahead.

Carl A. Merton

Chief Financial Officer, Aphria, Inc.

Thank you. Good morning, everyone. And thank you for joining us to discuss Aphria and Tilray’s announcement to strategically enter into a business combination, creating a leading global cannabis company. By now, everyone should have access to the business combination press release we issued jointly this morning. The press release and supplemental presentation are available on the Investor section of Aphria’s website at www.aphriainc.com and Tilray’s website at www.tilray.com. For further information on the terms and conditions of Aphria and Tilray’s definitive arrangement agreement, pursuant to a plan of arrangement, please refer to the agreement in its entirety, which will be available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov.

Joining me on today’s call from Aphria are Irwin, our Chairman and CEO. From Tilray, their CEO, Brendan Kennedy; and CFO, Michael Kruteck.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

Before we begin, please remember that during the course of this call, management may make forward-looking statements. These statements are based on management’s current expectations and beliefs and involve known and unknown risks and uncertainties which may prove to be incorrect, and actual results could differ materially from those described in these forward-looking statements. Please note the text of Aphria and Tilray’s press release issued today for a discussion on risks and uncertainties associated with such forward-looking statements.

And now, I’d like to turn the call over to Irwin.

Irwin David Simon

Chairman & Chief Executive Officer, Aphria, Inc.

Thank you very much, Carl, and welcome Brendan and Michael, and good morning, everyone. Thank you for joining us today and especially on a short notice. You know, this is an exciting day for both companies including our 2,500 employees around the world and for the cannabis industry and for patients and consumers. We’re bringing together two world-class companies that share a culture of innovation, brand development and cultivation to enhance our strong Canadian, US and international scale as we pursue opportunities for accelerated growth with the strength and flexibility of our balance sheet and our access to capital. This business combination creates the largest global cannabis company with an attractive financial profile. On a combined basis, we’ll have a pro forma revenue approaching CAD 900 million for the last 12 months reported by each company, which is the highest in the global cannabis industry. And together, Aphria and Tilray, will have great financial strength and flexibility.

In Canada, we’ll extend Aphria’s strong foundation as a leading license producer when combined with Tilray. We will create the leading adult-use cannabis company with gross revenue of nearly CAD 300 million for the last 12 months reported for each – by each company. We believe it is a key competitive strength for our combined companies given the rapid developing opportunities for growth in the Canadian adult-use in the medical cannabis marketplace.

You heard me say before, what a difference a couple of years makes at Aphria and it’s true. We’ve extended our leadership position in Canada, enhanced our operations in Germany and Greater Europe and most recently with the acquisition of SweetWater Brewing Company, we have positioned us well in the consumer-packaged goods and beverage business.

Now, with today’s announcement on the business. We are strengthening ourselves again and the foundation in Canada, adding greater capabilities in the US and internationally. We’re poised for continued growth across multiple geographies and increasingly well-positioned in the US, Europe and for potential, which will happen one day, legalization of cannabis.

We are connecting with new and existing consumers where and when they want to shop whether it’s brick-and-mortar locations via e-commerce and even in food service and for certain products.

Focusing on the Aphria and Tilray business combination in more detail. We’re excited about the opportunity for approximately CAD 100 million in annual pre-tax cost synergies within 24 months following the completion of this transaction. This will also be a positive platform for future business accretion as we integrate our two businesses together.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

Our business combination with Tilray aligns with our strategic focus and emphasis on our highest return priorities as we strive to generate value for all our stakeholders. The combined company supported by low-cost state-of- the-art cultivation processing manufacturing facilities will enhance Aphria existing complete portfolio of carefully curated brands for Cannabis 2.0 across all our consumer segments that are sold through our distribution partners. Internationally, the combined company will be well positioned to pursue our growth opportunity with Aphria’s medical cannabis and distribution footprint in Germany and Tilray’s EU-GMP low-cost cannabis production facility in Portugal, which has export capabilities and tariff-free access to the European Union to meet increasing global demand for medical cannabis.

In the US, the combined company will have a strong consumer packaged goods presence and infrastructure with two strategic pillars, including most recent acquired SweetWater Brewing Company, a cannabis lifestyle branded craft brewer, and Manitoba Harvest, a pioneer in the branded hemp CBD and wellness products. These two businesses represent over CAD 120 million in US sales. We look to build upon our existing distribution partnerships in the US and internationally.

From a financial perspective, Aphria has generated positive adjusted EBITDA over the last six quarters providing a robust platform for future profitability and cash flow generation for the combined companies together. This collectively with the strength of the combined company’s balance sheet, cash balance, and access to capital is expected to help accelerate global growth and deliver attractive returns for our stockholders.

We’ve provided an overview of the transaction structure, initial announcement of the governance of the company, and the path forward in closing this transaction in our Investor Day. The stock-for-stock business combination has been unanimously approved by Aphria and Tilray Board of Directors. Once the business combination is complete, Aphria shareholders will own approximately 62% of the outstanding shares of the combined company on a fully diluted basis. In addition, upon completion of the business combination, I will become Chairman of the Board and CEO of the combined company. My friend and partner, Brendan Kennedy, current CEO of Tilray, who you’ll hear from today shortly, will be joining the combined company’s Board of Directors. Brendan is a pioneer in the global cannabis industry, and it has been a tremendous pleasure getting to know him and working with him. I will look forward to working with him and their teams to execute our corporate strategy and integrate the two company’s culture.

The combined company Board of Directors will consist of nine members, seven, which including myself are current Aphria directors and two from Tilray, including Brendan and a director to be designated. Together, with approximately 2,500 employees around the world and being sold in more than 10 countries, we will bring cultivation, manufacturing scale, product breadth, and market-leading brands to consumers and patients globally. We’re fortunate to have a best-in-class management team and Board of Directors with strong track records in consumer-packaged goods and cannabis experience internationally.

The combined company will have principal offices in Canada, Toronto, Leamington, Vancouver Island, the United States, New York and Seattle, Portugal and Germany. We expect to operate under the Tilray corporate name. We expect the business combination to close in the second quarter of calendar year 2021 following the receipt of regulatory approval and shareholder approvals from both companies.

Now, I’d like to review a few of the strategic financial and business rationale for our business combination in more detail. Then, I’ll turn it over to Brendan to review a few additional reasons why we find this business combination so exciting and compelling.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

First, as I mentioned earlier today, together Aphria and Tilray will be the leading adult-use cannabis Canadian licensed producer based on revenue for the last 12 months reported by each company by combining their respective brands, distribution networks and world-class facilities. In Canada’s CAD 3.1 billion adult-use retail market, the combined company will have the lowest cost production with a state-of-the-art facilities. In addition, the combined companies will have a portfolio of carefully created brands across all consumer segments that are sold through its distribution partners.

On a pro forma basis for the period of August to October 2020, the combined company will have a market share approaching 20%, the largest share held by any single licensed producer in Canada and 700 basis points higher than the next closest competitor. While we’re pleased to be in this position, together, we are striving to be at least a 30% market share or better over time.

We expect to achieve this growth with new products, brand innovation and strong growth across our existing products and brand. For example, expansion to edibles, gummies, chocolates and beverages and taking share away from the illicit market. In the United States, the combined company will have a strong consumer packaged goods presence, an infrastructure with two strategic pillars including SweetWater as I mentioned before, a cannabis and lifestyle branded craft brewer and Manitoba Harvest, a pioneer in the branded hemp, CBD and wellness product with access to 17,000 stores in North America.

The combined company is expected to leverage SweetWater’s craft beer manufacturing and distribution network to build brand awareness for the combined companies’ leading brands be its craft beers, hard seltzers, and other beverages as we seek to take advantage of the opportunities for both the adult-use and health and well-being beverages, which is a 200-plus-billion-dollar market. We also expect to pursue the opportunity to expand with newer existing CBD or other cannabinoid products leveraging Manitoba Harvest’s strong hemp and wellness product platform.

In the US, when regulators allow the combined company expects that we – expects to be well positioned to compete in the US cannabis market given its existing strong brands and distribution system in addition to his track records of growth in our consumer-packaged goods world. The US is expected to be the largest market opportunity globally. Our combined company will be ready. It’s amazing to think about how we are ready in the market in the US with our combined hemp beverage offerings. We’re building our brands. We expect to introduce our combined cannabis lifestyle brands in the US ahead of legalization, and we’re doing this without even touching the plant.

We believe we have a great opportunity for continued growth in the US and the Canadian beverage industries by leveraging SweetWater’s innovation knowledge and expertise to introduce adult-use cannabis brands via craft beers and other beverages. This includes leveraging Aphria and Tilray’s proven distribution network to sell SweetWater’s 420 cannabis lifestyle brands in Canada.

We also hope to leverage opportunities through Tilray’s already well-established relationship with InBev. As I mentioned, earlier, as noted in today’s press release and supplemental presentations, our teams identified approximately $100 million of annual pre-tax cost synergies, which we will know we’ll get over the next 24 months. We expect to achieve these cost synergies in key areas of cultivation, production supply chain cannabis production purchasing, sales and marketing and corporate expenses. This is projected to include the opportunities for Aphria Leamington, Ontario operations to provide additional volume for Tilray’s brands and to replace the need for Tilray to purchase wholesale cannabis from other licensed producer.

Tilray’s London, Ontario facility will also provide Aphria with excess capacity to increase its production of additional form factors including their branded edibles and beverages. We are considering to utilize Tilray’s existing Nanaimo, British Columbia facility for Aphria’s premium Broken Coast brand. And let me tell you something, we need that production for Broken Coast which has tremendous consumer demand.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

On a combined basis, our company plans to capitalize on growth opportunities throughout the broadened product offerings and additional factors with the aim of increasing adult-use cannabis brand availability across certain Canadian provinces to expand customer base with the combined company’s scalable infrastructure.

Internationally, the combined company will have the opportunity to reach additional pharmacies and patients via our distribution relationship. The combined company is expected to unlock significant shareholder value. We believe Aphria and Tilray complementary scalable medical adult-use cannabis business will help strengthen our leadership position in Canada and expand our reach in the US and internationally through our world-class cultivation and manufacturing, as well as our diversified product portfolio and distribution footprint.

We are incredibly excited about this opportunity to work together to create the largest global cannabis company in line with our mission to inspire, empower the worldwide community to live their very best life. I look forward to leading the talented teams of both Aphria and Tilray with a portfolio of medical, wellness and adult-use brands that consumers love.

With that, I’d like to now turn the call over to Brendan. Thank you. Brendan.

Brendan Kennedy

Chief Executive Officer & Director, Tilray, Inc.

Thank you, Irwin. Good morning, everyone. Thanks for joining us on the call and webcast today. I’m excited to be speaking with you all and to share the news that’s been in the making for some time. As Irwin mentioned, this transaction brings together two leading cannabis companies, creating a clear global leader, strengthening our global footprint, and positioning the new Tilray for further growth. I believe this transaction is truly in the best interest of Tilray and Aphria, and for our shareholders, customers and employees.

At this nascent stage of development expansion of the global cannabis market, we believe companies with the leading geographic scale, product range, and brand expertise are most likely to benefit long term. We have pioneered in this industry for the past decade by being opportunistic and assessing ways to strengthen our platform and better deliver on our mission. This transaction is aligned with these goals and presents an excellent outcome for our stockholders through the opportunity to realize a significant value creation through the largest company in the cannabis industry.

At the highest level, the respective positions of our two companies in the market means that we will have a unique opportunity to leverage our combined strengths and capabilities. In turn, we expect to be able to meet the needs of consumers more effectively all over the world in advanced patient care. With a strong financial profile, low-cost production, leading brands, distribution network and unique partnerships, we believe the combined company will be well positioned to deliver sustainable attractive returns for stockholders. Irwin and I have had the opportunity to get to know one another well over the past 12 months. We share a similar vision and mission for global growth and innovation while ensuring we’re enhancing the lives of our consumers and patients. I look forward to working with Irwin and the combined company’s management team to make our consumer products more accessible around the world.

With the combined company, we expect to leverage both Aphria’s and Tilray’s commitment and culture of innovation and brand building. The combined company will serve clients with a strong portfolio at Cannabis 2.0 products, and sales and service infrastructure supported by leading distribution partners. Aphria and Tilray’s complementary brands will be available across economy, value, core, premium and premium plus product offerings.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

In addition, the combined company will have a complete breath of products in every major cannabis category including flower, pre-rolls, oil, capsules, vapes, edibles and beverages. Our product portfolio including the breadth and depth of our brands is expected to position the combined company with a more streamlined supply and distribution chain allowing for more consistency in in-stock positions for all provinces, retailers and consumers.

In Europe, we believe our combined operations helps us to establish an unrivalled European platform. Our combined company will be well-positioned to pursue growth opportunities with our end-to-end EU-GMP supply and distribution chain, which includes Aphria’s German medical cannabis distribution footprint, and Tilray’s European EU-GMP low-cost cannabis cultivation and production facility in Portugal.

In Germany, Aphria’s wholly owned subsidiary, CC Pharma, will provide the combined company with distribution capabilities for the Aphria and Tilray medical cannabis brand to more than 13,000 pharmacies.

In Portugal, Tilray’s EU-GMP cultivation and production facility will provide the combined company with the capacity to cultivate and produce medical cannabis products in order to meet international demand and have export capabilities, which provides tariff-free access to the EU.

The combination of Aphria and Tilray will create the global leader in the cannabis industry upon completion of the business transaction. I truly believe that this transaction is a winning combination of Tilray’s global pioneering roots and Aphria’s culture for innovation. We look forward to achieving greater growth together through our worldwide scale and leading portfolio of adult-use cannabis and medical brands, as well as the many transformative opportunities this business combination will bring.

I would now like to turn the call back to Irwin for closing remarks. Irwin.

Irwin David Simon

Chairman & Chief Executive Officer, Aphria, Inc.

Thank you, Brendan. I love that Brendan already [ph] got me (00:21:38) skipping questions and answers. But, Brendan, I think what we’ll do right now is turn it over. Carl, you and I are going to answer some great questions out there from our analysts.

Operator, could you start the question, please?

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

QUESTION AND ANSWER SECTION

Operator: Yes. Thank you. [Operator Instructions] Your first question comes from the line of Vivien Azer of Cowen. Your line is open.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

Sure. That makes perfect sense. And then into my real question, just on the potential cost synergies. Can you talk about the phasing over the 24 months in terms of the three kind of buckets of opportunity? Thanks.

So, you know from a standpoint, I think there’s at least in low-hanging fruit from a public company cost, they’ll go away immediately, as you heard me say before. The good news is, a lot of Tilray’s production today as they buy cannabis from other growers is a big opportunity as we move that into Aphria. It’s about 35,000 kilos a year that will move into our facility. It’s from a low cost, from a cost standpoint there.

In regards to sales and marketing, combining our sales force, combining our marketing, in regards to just bolstering our marketing, where we’re both competing against each other is big. And then last but not least in our international, combining our two international facilities together and being able to sell through [ph] other (00:25:04) CC Pharma.

So, I would say at least half of it in year one and half in year two. And not that I would commit to more, but we think there is beyond CAD 100 million of synergies and savings. And the big thing maybe with this here, with the Canadian LP is to find CAD 100 million synergies and savings. So, that was pretty difficult with the growth. So, what we will create in accretion and valuation to these combined companies for our shareholders is a big, big part of why this deal makes a lot of sense.

Understood. Thanks so much.

Thank you.

Operator: Your next question comes from Andrew Carter of Stifel. Your line is open.

Thanks. Good morning. I guess I wanted to ask at this stage of the Canadian market developments, are there really scale benefits accruing to the larger players. I mean we’ve seen the smaller players continue to get listings of the price competitions. Are the provinces showing any real deference to companies with a full product solution or inclinations of working to more profitably manage the category. And one more question within that, your both companies use a brokered sales force. Is there any thought of investing to internalize those capabilities? Thanks.

So, Brendan, do you want to go first, and I can follow up on that.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

Good morning. Thanks for taking my question and congrats on the merger. So, I guess just to start out. So, maybe a question for you, Irwin. You’ve obviously done a ton of M&A in your career and this is a very complex, I think, combination of the two enterprises. So, what’s your confidence in being able to execute on this synergy front and being able to drive that shareholder value over time?

Well, I think step back and a real good question. If you come back and look over two years what has happened at Aphria where we have created seven or eight brands, we have really done a great job on our cultivation, our growth facilities in Leamington, in Vancouver, and now in Germany. With that, we’ve taken a lot of cost to becoming that low-cost producer.

With that, we’ve had set up the infrastructure in regards to our systems, our finance group, our people have built a world-class team. So, we’ve had those pillars in place today and now taking Tilray and putting that together with it. And there’s a lot of great things that Tilray has done in regards to their Portugal facility, in regards to their Cannabis 2.0. And one of the big things that I really liked about this deal it’s not like we’re left with all these growth facilities that we have to close. And like you heard me say there’s 35,000 kilos that we will move into our facilities where a low-cost producer will get the ability and there’s lot of additional overhead that we will absorb.

So, the combination of the teams, the brands, the strategy, the growth, and taking a CAD 100 million of costs out of that and just putting a multiple on that just think of the value that we create with that. So, why I feel good? Got a great team around me. Got some great brands. We’re in a really growing, fast growing industry. And last but not least, you know, between SweetWater and Manitoba Hemp, and guys legalization is going to come. And who else is better prepared for it than us.

Okay. Great. And then, maybe just one final question. Just in terms of the brand, so it seems like the plan is to create – to maintain both company’s brands. But how do you guys think about maybe while the brands are small maybe like consolidating under maybe the leading brands of both companies versus keeping this pretty broad brand architecture.

Listen, it’s a great point. And I think there is always complexity in brand consolidation, and that’s something that we’ll look to do. And the thing about this business, there’s some fragmentation in the provinces, what’s strong in Quebec versus Ontario. And we’ll absolutely look at that is what are the best brands for the different provinces out there. And, you know, kind of what I did at Hain we had 50 brands and kind of – what were the best brands. And one was a blocker, and one wasn’t, and one was there was a high low. So, there’s different strategies that we’re going to look at for different brands out here.

And the big thing just to talk about, Tilray has an excellent medical business that will help us tremendously. And I just see so many opportunities in users today, in looking for medical cannabis and not so much going to the doctors and the clinics going into retail and looking for products that’s going to help them sleep. That’s going to

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

drug dealer or illicit market out there. So, it’s like buying an alcoholic drink, buying a pack of tobacco. You want to buy your brand because you can trust it. You know it is a tested product. You know from a regulatory standpoint it’s gone through all this regulation.

And with that, I think again if you come back and you decriminalize the market out there in the US, then you’ve got to legalize it because if you decriminalize it, it just says, okay, I’m going to go buy it from the illicit market. And why is the US giving up all these tax dollars? Where it will be sold and how it’s going to be sold, I don’t know yet. But we will be ready because we’ll be selling into the alcohol trade. We’ll be selling into the consumer trade. And between both companies, we’ll have close to 15 different brands, different strains, different products that we’ll be able to sell into the US. And hopefully, we could import products or export products into the US market.

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Aphria, Inc. (APHA.CA) Aphria and Tilray Merger Call

Listen, in summary, this is an exciting step forward for Aphria and Tilray, as well as our employees, our investors, our customers. And last but not least, the consumers and patients. We really believe this business combination will create significant value for our stakeholders and will lead to increased accessibility of our products market and which we talked a lot about today, our brands that will be leading brands and be well-known over the next several years.

Our scale and infrastructure in the cannabis industry is expected to set forth us apart from competitors and accelerate our growth. I’m proud of our Aphria and Tilray employees. And I got to tell you, they have worked hard to get to where we are today from both company standpoint. And they’ve worked hard to get this completion across the line of these two companies. I look forward to working with them and executing on the expanded potential of both companies together.

Thank you once again for joining us on this short notice. We look forward to working all together. What I’d like to do is wish everybody happy holidays. Be safe out there. And look forward to our next call that we can continuously give you updates on everything. Thank you very much and have a good day.

Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.

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Additional Information and Where to Find It

In connection with the proposed transaction, Aphria will file a management information circular, and Tilray will file a proxy statement on Schedule 14A containing important information about the proposed transaction and related matters. Additionally, Aphria and Tilray will file other relevant materials in connection with the proposed transaction with the applicable securities regulatory authorities. Investors and security holders of Aphria and Tilray are urged to carefully read the entire management information circular and proxy statement (including any amendments or supplements to such documents), respectively, when such documents become available before making any voting decision with respect to the proposed transaction because they will contain important information about the proposed transaction and the parties to the transaction. The Aphria management information circular and the Tilray proxy statement will be mailed to the Aphria and Tilray shareholders, respectively, as well as be accessible on the SEDAR and EDGAR profiles of the respective companies.

Investors and security holders of Tilray will be able to obtain a free copy of the proxy statement, as well as other relevant filings containing information about Tilray and the proposed transaction, including materials that will be incorporated by reference into the proxy statement, without charge, at the SEC’s website (www.sec.gov) or from Tilray by contacting Tilray’s Investor Relations at (203) 682-8253, by email at Raphael.Gross@icrinc.com, or by going to Tilray’s Investor Relations page on its website at https://ir.tilray.com/investor-relations and clicking on the link titled “Financials.”

Participants in the Solicitation

Tilray and Aphria and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of Tilray proxies in respect of the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Tilray stockholders in connection with the proposed transaction will be set forth in the Tilray proxy statement for the proposed transaction when available. Other information regarding the participants in the Tilray proxy solicitation and a description of their direct and indirect interests in the proposed transaction, by security holdings or otherwise, will be contained in such proxy statement and other relevant materials to be filed with the SEC in connection with the proposed transaction. Copies of these documents may be obtained, free of charge, from the SEC or Tilray as described in the preceding paragraph.

Notice Regarding Forward-Looking Statements

Certain information in this communication constitutes forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. The forward-looking statements are expressly qualified by this cautionary statement. Any information or statements that are contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements, including, but not limited to, statements in this communication with regards to: (i) statements relating to Aphria’s and Tilray’s strategic business combination and the expected terms, timing and closing of the Arrangement including, receipt of required regulatory approvals, shareholder approvals, court approvals and satisfaction of other closing customary conditions; (ii) estimates of pro-forma financial information of the Combined Company, including in respect of expected revenues and production of cannabis; (iii) estimates of future costs applicable to sales; (iv) estimates of future capital expenditures; (v) estimates of future cost reductions, synergies including pre-tax synergies, savings and efficiencies; (vi) statements that the Combined Company anticipates to have scalable medical and adult-use cannabis platforms expected to strengthen the leadership position in Canada, United States and internationally; (vii) statements that the Combined Company is expected to offer a diversified and branded product offering and distribution footprint, world-class cultivation, processing and manufacturing facilities; (viii) statements in respect of operational efficiencies expected to be generated as a result of the Arrangement in the amount of more than C$100 million of pre-tax annual cost synergies; (ix) expectations of future balance sheet strength and future equity; (x) that the Combined Company is expected to unlock significant shareholder value; and (xi) statements under the heading “Strategic and Financial Benefits” of this communication. Aphria and Tilray use words such as “forecast”, “future”, “should”, “could”, “enable”, “potential”, “contemplate”, “believe”, “anticipate”, “estimate”, “plan”, “expect”, “intend”, “may”, “project”, “will”, “would” and the negative of these terms or similar expressions to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Various assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements reflect current beliefs of management of Aphria and Tilray with respect to future events and are based on information currently available to each respective management including based on reasonable assumptions, estimates, internal and external analysis and opinions of management of Aphria and Tilray considering their experience, perception of trends, current conditions and expected developments as well as other factors that each respective management believes to be relevant as at the date such statements are made. Forward-looking statements involve significant known and unknown risks and uncertainties. Many factors could cause actual results, performance or achievement to be materially different from any future forward-looking statements. Factors that may cause such differences include, but are not limited to, risks assumptions and expectations described in Aphria’s and Tilray’s critical accounting policies and estimates; the adoption and impact of certain accounting pronouncements; Aphria’s and Tilray’s future financial and operating performance; the competitive and business strategies of Aphria and Tilray ; the intention to grow the business, operations and potential activities of Aphria and Tilray; the ability of Aphria and Tilray to complete the Arrangement; Aphria’s and Tilray’s ability to provide a return on investment; Aphria’s and Tilray’s ability to maintain a strong financial position and manage costs, the ability of Aphria and Tilray to maximize the utilization of their existing assets and investments and that the completion of the Arrangement is subject to the satisfaction or waiver of a number of conditions as set forth in the Arrangement Agreement. There can be no assurance as to when these conditions will be satisfied or waived, if at all, or that other events will not intervene to delay or result in the failure to complete the Arrangement. There is a risk that some or all the expected benefits of the Arrangement may fail to materialize or may not occur within the time periods anticipated by Aphria and Tilray. The challenge of coordinating previously independent businesses makes evaluating the business and future financial prospects of the Combined Company following the Arrangement difficult. Material risks that could cause actual results to differ from forward-looking statements also include the inherent uncertainty associated with the financial and other projections; the prompt and effective integration of the Combined Company; the ability to achieve the anticipated synergies and value-creation contemplated by the proposed transaction; the risk associated with Aphria’s and Tilray’s ability to obtain the approval of the proposed transaction by their shareholders required to consummate the proposed transaction and the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all; the risk that a consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; the outcome of any legal proceedings that may be instituted against the parties and others related to the Arrangement Agreement; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; risks relating to the value of Tilray’s common stock to be issued in connection with the transaction; the impact of competitive responses to the announcement of the transaction; and the diversion of management time on transaction-related issues.

For a more detailed discussion of risks and other factors, see the most recently filed annual information form of Aphria and the annual report filed on form 10-K of Tilray made with applicable securities regulatory authorities and available on SEDAR and EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and neither Aphria nor Tilray undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.