(Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38594 TILRAY, INC. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation or organizati ...

Financial Data and Key Metrics Changes - For the full year 2020, total revenue increased by 26% to $210.5 million, driven by significant growth in International Medical and Canadian Adult Use businesses [15][58] - Q4 2020 total revenue was $56.6 million, up 21% year-over-year, with robust growth in International Medical, Adult Use, and Canadian medical channels [57][79] - Adjusted EBITDA for Q4 2020 was positive $2.2 million, a significant improvement from an adjusted EBITDA loss of $35.6 million in Q4 2019 [79][80] - Gross margin for Q4 2020 increased to 29% from negative 121% in the same period last year, and 36.4% when excluding inventory valuation adjustments [73][74] Business Line Data and Key Metrics Changes - Canadian Adult Use revenue grew 50% to $83.8 million for the full year 2020, with Q4 revenues reaching $25.4 million, a 27% sequential increase [18][15] - International Medical sales revenue increased by 153% for the full year, reaching $33.9 million, with Q4 revenue up 44% to $11.7 million [28][58] - Manitoba Harvest revenue increased by 28% to $76.9 million for the full year, but Q4 revenue decreased by 18% to $15.3 million [40][63] Market Data and Key Metrics Changes - The Canadian Adult Use market saw a 50% year-over-year growth, with a significant increase in retail store count to 1,319 by the end of 2020 [19][25] - International Medical growth was primarily driven by performance in Germany and Australia, with expectations for further market share gains as the market expands [28][29] - The average net selling price per gram of cannabis in Q4 2020 was $5.97, a 118% increase from $1.88 in the same period in 2019 [66][69] Company Strategy and Development Direction - The company is focused on combining with Aphria to create the world's largest global cannabis company by revenue, emphasizing scale and product leadership [6][43] - The strategy includes expanding the product portfolio across all major cannabis categories and enhancing the presence in the U.S. market through established brands [48][49] - The company aims to leverage its European platform for international growth opportunities, particularly in the medical cannabis sector [47][38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the adult use market, believing that temporary hurdles will not impede long-term growth [25][26] - The company is well-positioned to capitalize on the ongoing shift from the illicit market to the legal market, supported by increased accessibility and consumer acceptance [26][39] - Management highlighted the importance of operational improvements and cost-cutting measures that have positioned the company for future growth [13][78] Other Important Information - The company achieved approximately $57 million in annualized savings compared to Q4 2019, surpassing its original goal of $40 million [14][78] - The company ended Q4 2020 with cash and cash equivalents of approximately $189.7 million, an increase from $155.2 million at the end of Q3 2020 [82] - The company is committed to achieving approximately CAD$100 million in pre-tax synergies following the merger with Aphria [84] Q&A Session Summary Question: Focus on recreational business and sales trajectory - Management noted that growth was led by flower products, with good growth across all product lines, and emphasized the importance of maintaining relationships with provincial boards [92][93][95] Question: Management changes at Manitoba Harvest - Management explained that the shift to private label by a major customer impacted sales and margins, but they remain optimistic about regaining market share and expanding the CBD segment [99][100][106] Question: Forward commentary on Q1 sales and EBITDA - Management refrained from providing specific guidance due to the uncertainties related to COVID-19 but expressed bullishness about the business's current position and future opportunities [110][111] Question: Price points and market traction in adult use - Management indicated that high potency products continue to drive sales, with successful new product launches contributing to growth [114][115] Question: Stickiness in export markets - Management reported strong brand loyalty and market share growth in international markets, attributing this to the unique purchasing process in pharmaceutical markets [120][123]

Tilray, Inc. (NASDAQ:TLRY) Q3 2020 Earnings Conference Call November 9, 2020 5:00 PM ET Company Participants Raphael Gross - Investor Relations Brendan Kennedy - Chief Executive Officer Michael Kruteck - Chief Financial Officer Conference Call Participants Pablo Zuanic - Cantor Fitzgerald Aaron Grey - Alliance Global Partners Vivien Azer - Cowen Graeme Kreindler - Eight Capital Scott Fortune - ROTH Capital Partners Mike Hickey - The Benchmark Company Andrew Carter - Stifel Glenn Mattson - Ladenburg Bill Kir ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38594 Tilray, Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or or ...

Aphria, Inc. (APHA) Q1 2021 Earnings Conference Call October 15, 2020 9:00 AM ET Company Participants Tamara Macgregor - Investor Relations Irwin Simon - Chief Executive Officer Carl Merton - Chief Financial Officer Conference Call Participants Andrew Carter - Stifel Aaron Gray - Alliance Global Partners Pablo Zuanic - Cantor Fitzgerald Tamy Chen - BMO Capital Markets John Zamparo - CIBC Graeme Kreindler - Eight Capital Operator Good morning. My name is Mariana and I will be your conference operator today. ...

Tilray, Inc. (NASDAQ:TLRY) Q2 2020 Earnings Conference Call August 10, 2020 5:00 PM ET Company Participants Raphael Gross - ICR Brendan Kennedy - Chairman & CEO Michael Kruteck - CFO Conference Call Participants Vivien Azer - Cowen and Company Rupesh Parikh - Oppenheimer Pablo Zuanic - Cantor Fitzgerald & Co. Aaron Grey - Alliance Global Partners Michael Lavery - Piper Sandler & Co. Graeme Kreindler - Eight Capital Tamy Chen - BMO Capital Markets Operator Greetings, and welcome to the Tilray Second Quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38594 Tilray, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-4310622 (State or other jurisdiction of inco ...

| --- | --- | |----------------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pioneering the Future of Global Cannabis June 2020 | | | | | | | | | ©2020 TILRAY | | Disclaimer Although management has attempted to identify important risk factors that could cause actual results to expected; that adverse changes or developments affecting the Company's main or planned facilities may Investors and prospective investors should rely only on the information cont ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 Delaware 82-4310622 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1100 Maughan Road Nanaimo, BC, Canada, V9X IJ2 (Address of principal executive offices) (Zip Code) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38594 TILRAY, INC. (Exact name of Registrant as specified in its Charter) Delaware 82-4310622 (State or other jurisdiction of incorpo ...