MONTAUK BREWING EXPANDS DISTRIBUTION BEYOND THE NORTHEAST

Montauk’s Easy-Drinking and Best-Selling Craft Beers Are Now Available at Major Retailers, Restaurants and Bars Across Georgia

NEW YORK CITY – September 14, 2023 – Montauk Brewing Company (“Montauk Brewing” or “Montauk”), the leading and fastest-selling craft brewer in Metro New York[1], known for its exceptional craft beers and a subsidiary of Tilray Brands, Inc. (“Tilray” or the “Company”) (NASDAQ: TLRY and TSX: TLRY), announced today the beginning of a highly-anticipated expansion beyond the Northeast that will begin in Georgia, and continue to other major markets in the U.S. later this year

“This is a huge moment for Montauk Brewing, as we begin a sustainable path to becoming a national brand. Since Montauk Brewing was founded 11 years ago, the buzz around its innovative, easy-drinking beers has spread far beyond New York. Consumers and retailers across the country constantly ask us when Montauk will be available in their cities, and we’re excited that we can now show them why Montauk is the top craft brewer in New York,” said Ty Gilmore, President of U.S. Beer at Tilray.

Montauk’s best-selling styles of its drinkable craft beers are now available in both cans and kegs, including:

• Wave Chaser India Pale Ale (IPA) [6.4% Alcohol By Volume (ABV)]: A super clean and refreshing ale brewed with Chinook, Azacca, Columbus and El Dorado hops that deliver a wave of tropical and pine aromas.

• Cold Day IPA (6.7% ABV): Inspired by Montauk’s icy winds and frosty waters in the winter, the slightly hazy IPA was brewed with Amarillo and Strata that deliver crisp juice notes that warm the spirit.

• Driftwood Ale (6% ABV): A well-balanced English Pale Ale known for its dark copper color and easy drinkability, thanks to its Victory malts, which deliver terrific toasty, nutty and biscuity flavors.

• Box of Montauk: A rotating variety pack filled with Montauk’s best seasonal and flagship beers, featuring Wave Chaser IPA, The Surf Beer, Juicy IPA, and Tropical IPA for Fall 2023.

Montauk’s best-selling craft beers are now available across major retailers, restaurants, and bars throughout Georgia.

About Montauk Brewing Company

Montauk Brewing Company (“Montauk Brewing”), founded in 2012 by longtime friends, embraces the motto “Come as You Are,” honoring adventure and passion for the simple pleasures in life. Today, according to Nielson data, the beloved brand is the #1 fastest selling Craft Brewery in Metro New York and is a subsidiary of Tilray Brands (Nasdaq: TLRY; TSX: TLRY).

Montauk Brewing invites you to visit their red Brew Barn in downtown Montauk, open year-round for fresh beer needs, located just steps from the surf – right where it belongs.

Montauk Brewing is a subsidiary of Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life.   

For further information about Montauk Brewing Company, please visit www.montaukbrewingco.com and follow @montaukbrewco.

About Tilray Brands

Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), is a leading global cannabis lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering a worldwide community to live their very best life, enhanced by moments of connection and wellbeing. Tilray’s mission is to be the most responsible, trusted, and market-leading cannabis and consumer products company in the world with a portfolio of innovative, high-quality, and beloved brands that address the needs of the consumers, customers, and patients we serve. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we open a world of well-being, visit www.Tilray.com and follow @tilray on all social platforms.

Forward-Looking Statements

Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. 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, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by 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, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations.  Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information:

SweetWater Brewing Company Media:

Chris Hong, christopher.hong@rygr.us, (970) 924 - 0704 ext. 2103,

Tilray Brands Media: Berrin Noorata, news@tilray.com

Tilray Brands Investors: Raphael Gross, (203) 682-8253, Raphael.Gross@icrinc.com

[1] Nielsen xAOC & Food 2022