Filed by Tilray, Inc. Pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934, as amended Subject Company: Privateer Holdings, Inc. SEC File No. of Privateer Holdings, Inc: 021-292338 __________ Pioneering the Future of Global Cannabis November 2019 ©2019 TILRA Y Filed by Tilray, Inc. Pursuant to Rule 425 under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934, as amended Subject Company: Privateer Holdings, Inc. SEC File No. of Privateer Holdings, Inc: 021-292338 __________ Pioneering the Future of Global Cannabis November 2019 ©2019 TILRA Y
Disclaimer Investors and prospective investors should rely only on the information contained in the continuous disclosure commercialize such products; risks related to future third party strategic alliances or the expansion of currently the income tax, legal, risk factors and other aspects of their investment or potential investment in the Company and filings (the “Filings”) of Tilray Inc. (the “Company”). This presentation is qualified in its entirety by reference to, and existing relationships with third parties; that the Company may not be able to successfully identify and execute should carefully consider the risks described in the Filings. must be read in conjunction with, the information contained in the Filings. An investor or prospective investor is future acquisitions or dispositions or successfully manage the impacts of such transactions on its operations; risks ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT not entitled to rely on parts of the information contained in this presentation to the exclusion of others, and the inherent to the operation of an agricultural business; that certain customer concentrations constitute a substantial Company is not authorized to provide different or additional information. Unless otherwise specified, all monetary portion of the Company’s revenues; that the Company may be unable to attract, develop and retain key personnel; In connection with the proposed merger, Tilray and Privateer have filed relevant materials with the SEC. Tilray amounts in this presentation are in United States dollars. risks resulting from significant interruptions to the Company’s access to certain key inputs such as raw materials, has filed a registration statement on Form S-4 that contains a prospectus and a proxy statement of Tilray and an electricity, water and other utilities; that the Company may be unable to transport its cannabis products to patients information statement of Privateer. Investors and security holders of Tilray and Privateer are urged to read this An investment in the securities discussed in this presentation is speculative and subject to a number of risks that in a safe and efficient manner; risks related to recalls of the Company’s cannabis products or product liability or proxy statement/prospectus, information statement and other materials because they contain important should be considered by an investor or prospective investor. Investors and prospective investors should carefully regulatory claims or actions involving the Company’s cannabis products; risks related to the Company’s reliance on information about Tilray, Privateer and the merger. The proxy statement, prospectus, information statement and consider the risks described in the Filings. This presentation does not constitute an offering of securities and the pharmaceutical distributors; that the Company, or the cannabis industry more generally, may receive unfavorable other relevant materials (when they become available), and any other documents filed by Tilray with the SEC, may information contained herein is subject to the information contained in the Company’s Filings. publicity or become subject to negative consumer or investor perception; that certain events or developments in be obtained free of charge at the SEC web site at www.sec.gov. In addition, investors and security holders may FORWARD-LOOKING INFORMATION the cannabis industry more generally may impact the Company’s reputation or its relationships with customers or obtain free copies of the documents filed with the SEC by Tilray by directing a written request to: Tilray, Inc., 1100 suppliers; that Canadian product licensure and marketing regulations further constrain the Company in promoting Maughan Road, Nanaimo, BC V9X IJ2, Attn: Dara Redler, General Counsel.Investors and security holders are urged This presentation contains “forward-looking information” within the meaning of applicable securities laws in Canada its products; risks related to the Company’s ability to comply with all safety, health and environmental regulations to read the proxy statement, prospectus, information statement and other relevant materials when they become or “forward-looking statements” made pursuant to the “safe harbour” provisions of the United States Private applicable to it; that the Company may not be able to obtain adequate insurance coverage in respect of the risks that available before making any voting or investment decision with respect to the merger. Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information it faces, that the premiums for such insurance may not continue to be commercially justifiable or that there may be may relate to the Company’s future outlook and anticipated events, plans or results, and may include information This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an coverage limitations and other exclusions which may result in such insurance not being sufficient; that the Company regarding the Company’s objectives, goals, strategies, future revenue or performance and capital expenditures, and offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation may become subject to liability arising from fraudulent or illegal activity by its employees, contractors, consultants other information that is not historical information. Particularly, information regarding the Company’s expectations of or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No and others; that the Company may experience breaches of security at its facilities or losses as a result of the theft performance, achievements, prospects or opportunities, or the markets in which the Company operates, is forward- offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of of its products; risks related to the Company’s information technology systems; that the Company may be unable looking information. Forward-looking information can often be identified by the use of terminology such as “believe, ” the Securities Act. to sustain its revenue growth and development; that the Company may be unable to expand its operations quickly “anticipate, ” “plan, ” “expect, ” “pending, ” “in process, ” “intend, ” “estimate, ” “project, ” “may, ” “will, ” “should, ” “would, ” enough to meet demand or manage its operations beyond their current scale; that the Company may be unable “could,” “can,” the negatives thereof, variations thereon and similar expressions. In addition, any statements that PARTICIPANTS IN THE SOLICITATION to secure adequate or reliable sources of necessary funding: that the Company may not generate sufficient cash refer to expectations, intentions, projections or other characterizations of future events or circumstances contain Tilray and its directors and executive officers and Privateer and its directors and executive officers may be deemed flow to service its debt obligations and fund our ordinary course business operations; risks related to, or associated forward-looking information. Statements containing forward-looking information are not historical facts but instead to be participants in the solicitation of proxies from the stockholders of Tilray in connection with the proposed with, the Company’s exposure to public company reporting requirements; risks related to conflicts of interest; risks represent management’s expectations, estimates and projections regarding future events or circumstances. transaction. Information regarding the special interests of these directors and executive officers in the merger related to third-parties’ perceived reputational risk of engaging in the cannabis industry and with the Company; risks The forward-looking information contained in this presentation is based on the Company’s opinions, estimates are included in the proxy statement/ prospectus/information statement referred to above. Additional information related to unforeseen changes in tax and accounting requirements; risks related to fluctuations in foreign currency and assumptions in light of management’s experience and perception of historical trends, current conditions and regarding the directors and executive officers of Tilray is also included in Tilray’s definitive proxy statement in exchange rates;risks related to the Company’s potential exposure to greater-than-anticipated tax liabilities and long- expected future developments, as well as other factors that management currently believes are appropriate and connection with its 2019 Annual Meeting of Stockholders filed with the SEC on April 15, 2019. These documents term effects of U.S. tax reform; risks relating to a permanent U.S. ban on entry for non-U.S. citizens who admit to reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, are available free of charge at the SEC web site (www.sec.gov) and from the Corporate Secretary of Tilray at the cannabis investing or employment; risks related to the protection and enforcement of the Company’s intellectual there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. address above. property rights, or the intellectual property that it licenses from others; that the Company may become subject to Risk factors that could cause actual results to differ materially from forward-looking information in this presentation allegations that it or its licensors are in violation of the intellectual property rights of third parties; that the Company USE OF NON-U.S. GAAP FINANCIAL MEASURES include: the Company’s ability to secure and maintain required regulatory approvals and licenses to manufacture may not realize the full benefit of the clinical trials or studies that it participates in; that the Company may not and export medical cannabis and other products derived therefrom; risks relating to evolving laws, regulations and realize the full benefit of its licenses if the licensed material has less market appeal than expected and the licenses To supplement its financial statements, the Company provides investors with information related to Adjusted guidelines applicable to medical cannabis in Canada and other countries further limiting the Company’s the business may not be profitable; risks related to our pending merger with Privateer Holdings, Inc.’s and it and Privateer’s EBITDA, which is not a financial measure calculated in accordance with generally accepted accounting principles operations; the Company’s failure to comply with applicable regulations in any jurisdiction resulting in a significant founders controlling ownership in the Company, its provision of services to the Company and its participation in the in the United States (“U.S. GAAP”). Adjusted EBITDA is calculated as net income (loss) before interest expense, change in business operations; the Company’s continued ability to export medicinal cannabis is dependent upon Company’s management and as well as any other risks that may be included in the Filings. Please see the heading net; other income, net; deferred income tax recovery, current income tax expense; foreign exchange (gain) loss, licenses and approvals outside of Canada and any failure to comply may limit the Company’s international expansion; “Risk Factors” in Tilray’s most recent Quarterly or Annual Report on Form 10-Q or Form 10-K, which are filed with net; depreciation and amortization expense; stock-based compensation expense; and acquisition and integration the effect of the legalization of adult-use cannabis in Canada on the medical cannabis industry is unknown and may the Securities and Exchange Commission and Canadian securities regulators, for a discussion of the material risk expenses. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has significantly and negatively affect the Company’s medical cannabis business; that the medical benefits, viability, factors that could cause actual results to differ materially from the forward-looking information. been provided in the financial statement tables included in the Company’s Form 10-Q, filed with the SEC on safety, efficacy, dosing and social acceptance of cannabis are not as currently expected; that adverse changes or November 13, 2019. The Company believes Adjusted EBITDA provides useful information to management and Although management has attempted to identify important risk factors that could cause actual results to differ developments affecting the Company’s main or planned facilities may have an adverse effect on the Company; that investors regarding certain financial and business trends relating to the Company’s financial condition and results of materially from those contained in the forward-looking information in this presentation, there may be other risk the medical cannabis industry and market may not continue to exist or develop as anticipated or the Company may operations. Management uses Adjusted EBITDA to compare the Company’s performance to that of prior periods factors not presently known to the Company or that the Company presently believes are not material that could also not be able to succeed in this market; risks related to market competition; risks related to the adult-use cannabis for trend analyses and planning purposes. cause actual results or future events to differ materially from those expressed in such forward-looking information industry and market in Canada including the Company’s ability to enter into or compete in such market; risks related in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and to adult-use regulations in Canada developing in a manner from current expectations, including new Canadian adult- future events could differ materially from those anticipated in such information. Accordingly, readers and viewers NO THIRD PARTY VERIFICA TION use regulations effective December 17, 2019; that the Company fails to comply with supplier standards established should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward- The information contained in the presentation, including market information from third parties, has not been by Canadian provincial or territorial distributors; that the Canadian adult-use cannabis market experiences continued looking information contained in this presentation represents the Company’s expectations as of the date of this independently verified and no representation or warranty, express or implied, is made as to, and no reliance should supply fluctuations resulting in revenue and price declines; the nascent Canadian adult-use market being subject presentation or the date indicated, regardless of the time of delivery of the presentation. The Company disclaims be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. to many of the same regulatory and early-stage growth risks as medical cannabis; enhanced legal competition any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of for Canadian adult-use market share; that the Company has a limited operating history and a history of net new information, future events or otherwise, except as required under applicable securities laws. losses and that it may not achieve or maintain profitability in the future; risks related to the Company’s current or All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary proposed international operations; risks related to the ongoing development and enforcement of U.S. and foreign statements. Investors and potential investors should consult their own professional advisors to ascertain and assess laws, including recent U.S. legalization of hemp-derived CBD products and the Company’s ability to successfully ©2019 TILRA Y | 2Disclaimer Investors and prospective investors should rely only on the information contained in the continuous disclosure commercialize such products; risks related to future third party strategic alliances or the expansion of currently the income tax, legal, risk factors and other aspects of their investment or potential investment in the Company and filings (the “Filings”) of Tilray Inc. (the “Company”). This presentation is qualified in its entirety by reference to, and existing relationships with third parties; that the Company may not be able to successfully identify and execute should carefully consider the risks described in the Filings. must be read in conjunction with, the information contained in the Filings. An investor or prospective investor is future acquisitions or dispositions or successfully manage the impacts of such transactions on its operations; risks ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT not entitled to rely on parts of the information contained in this presentation to the exclusion of others, and the inherent to the operation of an agricultural business; that certain customer concentrations constitute a substantial Company is not authorized to provide different or additional information. Unless otherwise specified, all monetary portion of the Company’s revenues; that the Company may be unable to attract, develop and retain key personnel; In connection with the proposed merger, Tilray and Privateer have filed relevant materials with the SEC. Tilray amounts in this presentation are in United States dollars. risks resulting from significant interruptions to the Company’s access to certain key inputs such as raw materials, has filed a registration statement on Form S-4 that contains a prospectus and a proxy statement of Tilray and an electricity, water and other utilities; that the Company may be unable to transport its cannabis products to patients information statement of Privateer. Investors and security holders of Tilray and Privateer are urged to read this An investment in the securities discussed in this presentation is speculative and subject to a number of risks that in a safe and efficient manner; risks related to recalls of the Company’s cannabis products or product liability or proxy statement/prospectus, information statement and other materials because they contain important should be considered by an investor or prospective investor. Investors and prospective investors should carefully regulatory claims or actions involving the Company’s cannabis products; risks related to the Company’s reliance on information about Tilray, Privateer and the merger. The proxy statement, prospectus, information statement and consider the risks described in the Filings. This presentation does not constitute an offering of securities and the pharmaceutical distributors; that the Company, or the cannabis industry more generally, may receive unfavorable other relevant materials (when they become available), and any other documents filed by Tilray with the SEC, may information contained herein is subject to the information contained in the Company’s Filings. publicity or become subject to negative consumer or investor perception; that certain events or developments in be obtained free of charge at the SEC web site at www.sec.gov. In addition, investors and security holders may FORWARD-LOOKING INFORMATION the cannabis industry more generally may impact the Company’s reputation or its relationships with customers or obtain free copies of the documents filed with the SEC by Tilray by directing a written request to: Tilray, Inc., 1100 suppliers; that Canadian product licensure and marketing regulations further constrain the Company in promoting Maughan Road, Nanaimo, BC V9X IJ2, Attn: Dara Redler, General Counsel.Investors and security holders are urged This presentation contains “forward-looking information” within the meaning of applicable securities laws in Canada its products; risks related to the Company’s ability to comply with all safety, health and environmental regulations to read the proxy statement, prospectus, information statement and other relevant materials when they become or “forward-looking statements” made pursuant to the “safe harbour” provisions of the United States Private applicable to it; that the Company may not be able to obtain adequate insurance coverage in respect of the risks that available before making any voting or investment decision with respect to the merger. Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information it faces, that the premiums for such insurance may not continue to be commercially justifiable or that there may be may relate to the Company’s future outlook and anticipated events, plans or results, and may include information This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an coverage limitations and other exclusions which may result in such insurance not being sufficient; that the Company regarding the Company’s objectives, goals, strategies, future revenue or performance and capital expenditures, and offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation may become subject to liability arising from fraudulent or illegal activity by its employees, contractors, consultants other information that is not historical information. Particularly, information regarding the Company’s expectations of or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No and others; that the Company may experience breaches of security at its facilities or losses as a result of the theft performance, achievements, prospects or opportunities, or the markets in which the Company operates, is forward- offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of of its products; risks related to the Company’s information technology systems; that the Company may be unable looking information. Forward-looking information can often be identified by the use of terminology such as “believe, ” the Securities Act. to sustain its revenue growth and development; that the Company may be unable to expand its operations quickly “anticipate, ” “plan, ” “expect, ” “pending, ” “in process, ” “intend, ” “estimate, ” “project, ” “may, ” “will, ” “should, ” “would, ” enough to meet demand or manage its operations beyond their current scale; that the Company may be unable “could,” “can,” the negatives thereof, variations thereon and similar expressions. In addition, any statements that PARTICIPANTS IN THE SOLICITATION to secure adequate or reliable sources of necessary funding: that the Company may not generate sufficient cash refer to expectations, intentions, projections or other characterizations of future events or circumstances contain Tilray and its directors and executive officers and Privateer and its directors and executive officers may be deemed flow to service its debt obligations and fund our ordinary course business operations; risks related to, or associated forward-looking information. Statements containing forward-looking information are not historical facts but instead to be participants in the solicitation of proxies from the stockholders of Tilray in connection with the proposed with, the Company’s exposure to public company reporting requirements; risks related to conflicts of interest; risks represent management’s expectations, estimates and projections regarding future events or circumstances. transaction. Information regarding the special interests of these directors and executive officers in the merger related to third-parties’ perceived reputational risk of engaging in the cannabis industry and with the Company; risks The forward-looking information contained in this presentation is based on the Company’s opinions, estimates are included in the proxy statement/ prospectus/information statement referred to above. Additional information related to unforeseen changes in tax and accounting requirements; risks related to fluctuations in foreign currency and assumptions in light of management’s experience and perception of historical trends, current conditions and regarding the directors and executive officers of Tilray is also included in Tilray’s definitive proxy statement in exchange rates;risks related to the Company’s potential exposure to greater-than-anticipated tax liabilities and long- expected future developments, as well as other factors that management currently believes are appropriate and connection with its 2019 Annual Meeting of Stockholders filed with the SEC on April 15, 2019. These documents term effects of U.S. tax reform; risks relating to a permanent U.S. ban on entry for non-U.S. citizens who admit to reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, are available free of charge at the SEC web site (www.sec.gov) and from the Corporate Secretary of Tilray at the cannabis investing or employment; risks related to the protection and enforcement of the Company’s intellectual there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. address above. property rights, or the intellectual property that it licenses from others; that the Company may become subject to Risk factors that could cause actual results to differ materially from forward-looking information in this presentation allegations that it or its licensors are in violation of the intellectual property rights of third parties; that the Company USE OF NON-U.S. GAAP FINANCIAL MEASURES include: the Company’s ability to secure and maintain required regulatory approvals and licenses to manufacture may not realize the full benefit of the clinical trials or studies that it participates in; that the Company may not and export medical cannabis and other products derived therefrom; risks relating to evolving laws, regulations and realize the full benefit of its licenses if the licensed material has less market appeal than expected and the licenses To supplement its financial statements, the Company provides investors with information related to Adjusted guidelines applicable to medical cannabis in Canada and other countries further limiting the Company’s the business may not be profitable; risks related to our pending merger with Privateer Holdings, Inc.’s and it and Privateer’s EBITDA, which is not a financial measure calculated in accordance with generally accepted accounting principles operations; the Company’s failure to comply with applicable regulations in any jurisdiction resulting in a significant founders controlling ownership in the Company, its provision of services to the Company and its participation in the in the United States (“U.S. GAAP”). Adjusted EBITDA is calculated as net income (loss) before interest expense, change in business operations; the Company’s continued ability to export medicinal cannabis is dependent upon Company’s management and as well as any other risks that may be included in the Filings. Please see the heading net; other income, net; deferred income tax recovery, current income tax expense; foreign exchange (gain) loss, licenses and approvals outside of Canada and any failure to comply may limit the Company’s international expansion; “Risk Factors” in Tilray’s most recent Quarterly or Annual Report on Form 10-Q or Form 10-K, which are filed with net; depreciation and amortization expense; stock-based compensation expense; and acquisition and integration the effect of the legalization of adult-use cannabis in Canada on the medical cannabis industry is unknown and may the Securities and Exchange Commission and Canadian securities regulators, for a discussion of the material risk expenses. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has significantly and negatively affect the Company’s medical cannabis business; that the medical benefits, viability, factors that could cause actual results to differ materially from the forward-looking information. been provided in the financial statement tables included in the Company’s Form 10-Q, filed with the SEC on safety, efficacy, dosing and social acceptance of cannabis are not as currently expected; that adverse changes or November 13, 2019. The Company believes Adjusted EBITDA provides useful information to management and Although management has attempted to identify important risk factors that could cause actual results to differ developments affecting the Company’s main or planned facilities may have an adverse effect on the Company; that investors regarding certain financial and business trends relating to the Company’s financial condition and results of materially from those contained in the forward-looking information in this presentation, there may be other risk the medical cannabis industry and market may not continue to exist or develop as anticipated or the Company may operations. Management uses Adjusted EBITDA to compare the Company’s performance to that of prior periods factors not presently known to the Company or that the Company presently believes are not material that could also not be able to succeed in this market; risks related to market competition; risks related to the adult-use cannabis for trend analyses and planning purposes. cause actual results or future events to differ materially from those expressed in such forward-looking information industry and market in Canada including the Company’s ability to enter into or compete in such market; risks related in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and to adult-use regulations in Canada developing in a manner from current expectations, including new Canadian adult- future events could differ materially from those anticipated in such information. Accordingly, readers and viewers NO THIRD PARTY VERIFICA TION use regulations effective December 17, 2019; that the Company fails to comply with supplier standards established should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward- The information contained in the presentation, including market information from third parties, has not been by Canadian provincial or territorial distributors; that the Canadian adult-use cannabis market experiences continued looking information contained in this presentation represents the Company’s expectations as of the date of this independently verified and no representation or warranty, express or implied, is made as to, and no reliance should supply fluctuations resulting in revenue and price declines; the nascent Canadian adult-use market being subject presentation or the date indicated, regardless of the time of delivery of the presentation. The Company disclaims be placed on, the fairness, accuracy, completeness or correctness of the information or opinions expressed herein. to many of the same regulatory and early-stage growth risks as medical cannabis; enhanced legal competition any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of for Canadian adult-use market share; that the Company has a limited operating history and a history of net new information, future events or otherwise, except as required under applicable securities laws. losses and that it may not achieve or maintain profitability in the future; risks related to the Company’s current or All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary proposed international operations; risks related to the ongoing development and enforcement of U.S. and foreign statements. Investors and potential investors should consult their own professional advisors to ascertain and assess laws, including recent U.S. legalization of hemp-derived CBD products and the Company’s ability to successfully ©2019 TILRA Y | 2
1 We Are a Global Pioneer in a $150B + Market Receive cultivation licenses from multiple countries We were the first cannabis company to: Achieve GMP certic fi ation Export cannabis legally from North America to Africa, Australia, Europe and Latin America Supply federally approved clinical trials in Australia, Canada and the United States Recruit majority women Board of Directors Complete an IPO on a major U.S. stock exchange 1 SOURCE: UNITED NATIONS WORLD DRUG REPORT. PROJECTIONS INCLUDE THE ILLICIT MARKET. ©2019 TILRA Y | 31 We Are a Global Pioneer in a $150B + Market Receive cultivation licenses from multiple countries We were the first cannabis company to: Achieve GMP certic fi ation Export cannabis legally from North America to Africa, Australia, Europe and Latin America Supply federally approved clinical trials in Australia, Canada and the United States Recruit majority women Board of Directors Complete an IPO on a major U.S. stock exchange 1 SOURCE: UNITED NATIONS WORLD DRUG REPORT. PROJECTIONS INCLUDE THE ILLICIT MARKET. ©2019 TILRA Y | 3
Mission Committed to Creating Shareholder Value By: Improve patients’ and consumers’ lives through the power of cannabis and hemp Growing revenue and market share globally Focusing on the biggest, long-term opportunities Brands Matter Investing aggressively now, for sustainable and profitable growth over the long-term We are building a multi-billion dollar global consumer Attracting and rewarding long-term patient packaged goods company capital, including significant insider ownership with a portfolio of medical, wellness and adult-use brands consumers love ©2019 TILRA Y | 4Mission Committed to Creating Shareholder Value By: Improve patients’ and consumers’ lives through the power of cannabis and hemp Growing revenue and market share globally Focusing on the biggest, long-term opportunities Brands Matter Investing aggressively now, for sustainable and profitable growth over the long-term We are building a multi-billion dollar global consumer Attracting and rewarding long-term patient packaged goods company capital, including significant insider ownership with a portfolio of medical, wellness and adult-use brands consumers love ©2019 TILRA Y | 4
We Are a Trusted Partner Legitimizing Cannabis 10 Clinical Trials 3 Strategic Partnerships Medical Advisory Board International Advisory Board Governor Michael Steele Lloyd Axworthy Joschka Fischer Jaime Gama Howard Dean Orrin Devinsky, Abraham Catherine Elizabeth K. MD, Chairman Chachoua, MD Lord, PhD Hale, MD Alexander John Donald McKinnon James O’Brien Dr. Lorna Marsden Gosse Downer ©2019 TILRA Y | 5We Are a Trusted Partner Legitimizing Cannabis 10 Clinical Trials 3 Strategic Partnerships Medical Advisory Board International Advisory Board Governor Michael Steele Lloyd Axworthy Joschka Fischer Jaime Gama Howard Dean Orrin Devinsky, Abraham Catherine Elizabeth K. MD, Chairman Chachoua, MD Lord, PhD Hale, MD Alexander John Donald McKinnon James O’Brien Dr. Lorna Marsden Gosse Downer ©2019 TILRA Y | 5
We Are Building a Global Platform for the Long-Term Global Distribution Footprint Cannabis — 13 Countries UNITED KINGDOM IRELAND GERMANY Hemp — 21 Countries CANADA CZECH REPUBLIC CROATIA PORTUGAL CYPRUS 1, 2, 3 UNITED STATES Pharmaceutical Distributor Supply Agreements Clinical T rials PERU Tilray Licensed BRAZIL Production Facility AUSTRALIA CHILE High Park Licensed Production Facility SOUTH AFRICA ARGENTINA TM Manitoba Harvest Facility NEW ZEALAND TM Manitoba Harvest Products 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION 2 PENDING REGULATORY APPROVAL 3 ©2019 TILRA Y FACILITY UNDER CONSTRUCTION | 6We Are Building a Global Platform for the Long-Term Global Distribution Footprint Cannabis — 13 Countries UNITED KINGDOM IRELAND GERMANY Hemp — 21 Countries CANADA CZECH REPUBLIC CROATIA PORTUGAL CYPRUS 1, 2, 3 UNITED STATES Pharmaceutical Distributor Supply Agreements Clinical T rials PERU Tilray Licensed BRAZIL Production Facility AUSTRALIA CHILE High Park Licensed Production Facility SOUTH AFRICA ARGENTINA TM Manitoba Harvest Facility NEW ZEALAND TM Manitoba Harvest Products 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION 2 PENDING REGULATORY APPROVAL 3 ©2019 TILRA Y FACILITY UNDER CONSTRUCTION | 6
Team of Industry Experts Brendan Kennedy Mark Castaneda Woody Pastorius Adine Carter Dara Redler Andrew Pucher President & Chief Financial Officer Chief Revenue Officer Chief Marketing Officer General Counsel Chief Corporate Chief Executive Officer Development Officer Rita Seguin Greg Christopher Kristina Adamski Charlie Cain Catherine Jacobson, PhD Executive Vice President, Executive Vice President, Executive Vice President, Vice President, Retail Vice President, Regulatory Human Resources Operations Corporate Affairs & Medical Affairs ©2019 TILRA Y | 7Team of Industry Experts Brendan Kennedy Mark Castaneda Woody Pastorius Adine Carter Dara Redler Andrew Pucher President & Chief Financial Officer Chief Revenue Officer Chief Marketing Officer General Counsel Chief Corporate Chief Executive Officer Development Officer Rita Seguin Greg Christopher Kristina Adamski Charlie Cain Catherine Jacobson, PhD Executive Vice President, Executive Vice President, Executive Vice President, Vice President, Retail Vice President, Regulatory Human Resources Operations Corporate Affairs & Medical Affairs ©2019 TILRA Y | 7
Strategic, Global Production Footprint Our total production area is 3.4 million square feet as of November 2019 TM High Park CANADA PORTUGAL FARMS PROCESSING GARDENS WINNIPEG STE. AGATHE TOTAL NANAIMO, B.C. CANTANHEDE / ESPORÃO ENNISKILLEN, ON LONDON, ON LEAMINGTON, ON WINNIPEG, MB STE. AGATHE, MB PARCEL SIZE 218KSQFT 11.5MSQFT 4.4MSQFT 215KSQFT 784KSQFT 38KSQFT 300KSQFT 17.5MSQFT PHASE I 60KSQFT 2.7MSQFT 626KSQFT 56KSQFT 155KSQFT 15KSQFT 35KSQFT 3.6MSQFT DEVELOPMENT COMPLETE MAX 80KSQFT 10.2MSQFT 3.5MSQFT 122KSQFT 660KSQFT 14.7MSQFT DEVELOPMENT INDOOR/ CULTIVATION GREENHOUSE/ INDOOR GREENHOUSE/ GREENHOUSE FORMAT OUTDOOR OUTDOOR ©2019 TILRA Y | 8Strategic, Global Production Footprint Our total production area is 3.4 million square feet as of November 2019 TM High Park CANADA PORTUGAL FARMS PROCESSING GARDENS WINNIPEG STE. AGATHE TOTAL NANAIMO, B.C. CANTANHEDE / ESPORÃO ENNISKILLEN, ON LONDON, ON LEAMINGTON, ON WINNIPEG, MB STE. AGATHE, MB PARCEL SIZE 218KSQFT 11.5MSQFT 4.4MSQFT 215KSQFT 784KSQFT 38KSQFT 300KSQFT 17.5MSQFT PHASE I 60KSQFT 2.7MSQFT 626KSQFT 56KSQFT 155KSQFT 15KSQFT 35KSQFT 3.6MSQFT DEVELOPMENT COMPLETE MAX 80KSQFT 10.2MSQFT 3.5MSQFT 122KSQFT 660KSQFT 14.7MSQFT DEVELOPMENT INDOOR/ CULTIVATION GREENHOUSE/ INDOOR GREENHOUSE/ GREENHOUSE FORMAT OUTDOOR OUTDOOR ©2019 TILRA Y | 8
Portfolio of Appealing Products Supported by Extensive Distribution Capabilities Broad Array of Products Available Online and in 13,000 Stores in to Address Consumer Needs the USA and 3,600 Stores in Canada2 Hemp Hearts Protein Powder Hemp Oil Granola & Bars (1) Coming Soon CBD 1 PRODUCT PACKAGING NOT FINAL 1 HEMP FOOD DISTRIBUTION ©2019 TILRA Y | 9Portfolio of Appealing Products Supported by Extensive Distribution Capabilities Broad Array of Products Available Online and in 13,000 Stores in to Address Consumer Needs the USA and 3,600 Stores in Canada2 Hemp Hearts Protein Powder Hemp Oil Granola & Bars (1) Coming Soon CBD 1 PRODUCT PACKAGING NOT FINAL 1 HEMP FOOD DISTRIBUTION ©2019 TILRA Y | 9
Portugal is Our International Production Hub 2.5 million square feet Low costs (climate and labor) Import raw material from other countries Export finished goods Tariff-free access to EU Capacity to manufacture 3-4x current cultivation output Strategic alliance with agricultural leader Esporão Final GMP certifications by end of 2019 1 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 10Portugal is Our International Production Hub 2.5 million square feet Low costs (climate and labor) Import raw material from other countries Export finished goods Tariff-free access to EU Capacity to manufacture 3-4x current cultivation output Strategic alliance with agricultural leader Esporão Final GMP certifications by end of 2019 1 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 10
1 Well-Positioned for the EU We have established cultivation, distribution agreements, and sales offices 1,2 in the European Union to capture the €36B European market opportunity EU Germany UK Cornerstones of EU Strategy 3 3 3 Germany Portugal UK 14X 2.2X 1.79X Cultivation Market Growth Distribution Gained approval to Low-cost production POPULATION POPULATION POPULATION Largest expected 1 OF CANADA OF CANADA OF CANADA bulk import Tilray (climate and labor) market opportunity products in June 2019 Tariff-free export to Insurance coverage other EU countries Expanding access to medical cannabis 6 distribution partners 2.5 million through advocacy 3 3 3 square feet Sales staff Conducting clinical 11X 2.3X 1.63X trials that will lead to commercial advantage GDP OF CANADA GDP OF CANADA GDP OF CANADA 6 registered products 1 SEE DISCLAIMER: FORWARD LOOKING INFORMATION 2 SOURCE: PROHIBITION PARTNERS. PROJECTIONS BASED ON FULLY LEGAL AND REGULATED MARKET IN EUROPE. 3 ©2019 TILRA Y | SOURCE: BASED ON STATISTICS PROVIDED BY THE INTERNATIONAL MONETARY FUND AND UNITED NATIONS 111 Well-Positioned for the EU We have established cultivation, distribution agreements, and sales offices 1,2 in the European Union to capture the €36B European market opportunity EU Germany UK Cornerstones of EU Strategy 3 3 3 Germany Portugal UK 14X 2.2X 1.79X Cultivation Market Growth Distribution Gained approval to Low-cost production POPULATION POPULATION POPULATION Largest expected 1 OF CANADA OF CANADA OF CANADA bulk import Tilray (climate and labor) market opportunity products in June 2019 Tariff-free export to Insurance coverage other EU countries Expanding access to medical cannabis 6 distribution partners 2.5 million through advocacy 3 3 3 square feet Sales staff Conducting clinical 11X 2.3X 1.63X trials that will lead to commercial advantage GDP OF CANADA GDP OF CANADA GDP OF CANADA 6 registered products 1 SEE DISCLAIMER: FORWARD LOOKING INFORMATION 2 SOURCE: PROHIBITION PARTNERS. PROJECTIONS BASED ON FULLY LEGAL AND REGULATED MARKET IN EUROPE. 3 ©2019 TILRA Y | SOURCE: BASED ON STATISTICS PROVIDED BY THE INTERNATIONAL MONETARY FUND AND UNITED NATIONS 11
Multiple Paths for Revenue Growth Global Global Global Adult-Use Medical Hemp/CBD 41 Countries 50+ Countries 2 Countries Including U.S. Canada & Uruguay ©2019 TILRA Y | 12Multiple Paths for Revenue Growth Global Global Global Adult-Use Medical Hemp/CBD 41 Countries 50+ Countries 2 Countries Including U.S. Canada & Uruguay ©2019 TILRA Y | 12
Adult-Use Brands Proven T rack Record Sequentially increased Canadian adult-use revenue Q1 Q2 Q3 Coast to coast distribution in Canada 6 brands, more than 50 SKU’s Minority investments in 3 retailers, and definitive Retail Partners agreement to acquire FOUR20 retail business 3 licensed facilities Processing capacity exceeds cultivation capacity, consistent with long-term vision of supply/demand dynamics ©2019 TILRA Y | 13Adult-Use Brands Proven T rack Record Sequentially increased Canadian adult-use revenue Q1 Q2 Q3 Coast to coast distribution in Canada 6 brands, more than 50 SKU’s Minority investments in 3 retailers, and definitive Retail Partners agreement to acquire FOUR20 retail business 3 licensed facilities Processing capacity exceeds cultivation capacity, consistent with long-term vision of supply/demand dynamics ©2019 TILRA Y | 13
Adult-Use Brands Future Milestones1 Introduce new form factors: – Vapes – Edibles – Beverages Beverages Launch additional brands Launch ABInBev JV products Launch Fluent CBD beverages in market Continue research in THC-beverages Next Legal Markets? Expand production capacity Expect 3–4 additional countries to legalize by end of 2020 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 14Adult-Use Brands Future Milestones1 Introduce new form factors: – Vapes – Edibles – Beverages Beverages Launch additional brands Launch ABInBev JV products Launch Fluent CBD beverages in market Continue research in THC-beverages Next Legal Markets? Expand production capacity Expect 3–4 additional countries to legalize by end of 2020 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 14
Medical Established Medical Brand Proven T rack-Record Products available in 13 countries on 5 continents 12 pharmaceutical distributor relationships, including global agreement with Sandoz 10 clinical trials GMP certified Pharmaceutical Partners ©2019 TILRA Y | 15Medical Established Medical Brand Proven T rack-Record Products available in 13 countries on 5 continents 12 pharmaceutical distributor relationships, including global agreement with Sandoz 10 clinical trials GMP certified Pharmaceutical Partners ©2019 TILRA Y | 15
Medical Next Legal Markets? Future Milestones1 Import raw material from other countries to Portugal Obtain final GMP certifications in Portugal Expand product offerings in existing markets Complete exports from Portugal to additional international markets Extend pharmaceutical partnerships to additional countries and regions Supply additional clinical trials 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 16Medical Next Legal Markets? Future Milestones1 Import raw material from other countries to Portugal Obtain final GMP certifications in Portugal Expand product offerings in existing markets Complete exports from Portugal to additional international markets Extend pharmaceutical partnerships to additional countries and regions Supply additional clinical trials 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 16
Hemp/CBD Partnership Acquisition Proven T rack-Record Distribution in 20 countries Hemp ~17,000 stores in North America Products 30,000+ acres of hemp under contract 100+ SKU’s Signed revenue sharing agreement CBD with Authentic Brands Group Retailers Launched Manitoba Harvest CBD products in the U.S. Completed Smith & Sinclair acquisition Achieved GRAS for Manitoba Harvest CBD products ©2019 TILRA Y | 17Hemp/CBD Partnership Acquisition Proven T rack-Record Distribution in 20 countries Hemp ~17,000 stores in North America Products 30,000+ acres of hemp under contract 100+ SKU’s Signed revenue sharing agreement CBD with Authentic Brands Group Retailers Launched Manitoba Harvest CBD products in the U.S. Completed Smith & Sinclair acquisition Achieved GRAS for Manitoba Harvest CBD products ©2019 TILRA Y | 17
Hemp/CBD CBD Products Future Milestones1 Launch CBD products with Authentic Brands Group Launch new CBD brands in the U.S. Launch Smith & Sinclair CBD products in the U.S. Other Cannabinoids Launch cannabinoid seed and oil based Cannabinoid Potential Therapeutic Indication products in the EU CBN Sleep disorders, Glaucoma, Anti-cancer New products THCV Obesity, PTSD, Parkinson’s disease, Osteoporosis CBDV Epilepsy, Fracture healing, Osteoporosis New markets CBG Anxiety, Bladder dysfunctions, Colon cancer, IBD, Cachexia Add retailers CBC Pain IBD, Emesis, Breast cancer, Osteoarthritis CBCV Epilepsy, Depression Delta8-THC Emesis , PTSD 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 18Hemp/CBD CBD Products Future Milestones1 Launch CBD products with Authentic Brands Group Launch new CBD brands in the U.S. Launch Smith & Sinclair CBD products in the U.S. Other Cannabinoids Launch cannabinoid seed and oil based Cannabinoid Potential Therapeutic Indication products in the EU CBN Sleep disorders, Glaucoma, Anti-cancer New products THCV Obesity, PTSD, Parkinson’s disease, Osteoporosis CBDV Epilepsy, Fracture healing, Osteoporosis New markets CBG Anxiety, Bladder dysfunctions, Colon cancer, IBD, Cachexia Add retailers CBC Pain IBD, Emesis, Breast cancer, Osteoarthritis CBCV Epilepsy, Depression Delta8-THC Emesis , PTSD 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 18
1 Cannabis—Disruption is Underway FUNCTIONAL FOOD PHARMACEUTICALS ALCOHOL GENERAL CPG RETAIL TOBACCO & BEVERAGES DEAL ANNOUNCED: OCTOBER 15, 2019 DEAL ANNOUNCED: DECEMBER 19, 2018 DEAL ANNOUNCED: FEBRUARY 8, 2018 DEAL ANNOUNCED: JANUARY 15, 2019 DEAL ANNOUNCED: MARCH 19, 2018 FRAMEWORK AGREEMENT: DECEMBER 18, 2018 DEAL ANNOUNCED: JULY 25, 2019 DEAL ANNOUNCED: JANUARY 19, 2018 DEAL ANNOUNCED: OCTOBER 30, 2017 DEAL ANNOUNCED: SEPTEMBER 13, 2019 DEAL ANNOUNCED: DECEMBER 7, 2018 DEAL ANNOUNCED: AUGUST 1, 2018 BOXES INDICATE PARTIES WITH PUBLICLY ANNOUNCED CURRENT INVOLVEMENT OR PARTNERSHIPS IN THE CANNABIS INDUSTRY 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 191 Cannabis—Disruption is Underway FUNCTIONAL FOOD PHARMACEUTICALS ALCOHOL GENERAL CPG RETAIL TOBACCO & BEVERAGES DEAL ANNOUNCED: OCTOBER 15, 2019 DEAL ANNOUNCED: DECEMBER 19, 2018 DEAL ANNOUNCED: FEBRUARY 8, 2018 DEAL ANNOUNCED: JANUARY 15, 2019 DEAL ANNOUNCED: MARCH 19, 2018 FRAMEWORK AGREEMENT: DECEMBER 18, 2018 DEAL ANNOUNCED: JULY 25, 2019 DEAL ANNOUNCED: JANUARY 19, 2018 DEAL ANNOUNCED: OCTOBER 30, 2017 DEAL ANNOUNCED: SEPTEMBER 13, 2019 DEAL ANNOUNCED: DECEMBER 7, 2018 DEAL ANNOUNCED: AUGUST 1, 2018 BOXES INDICATE PARTIES WITH PUBLICLY ANNOUNCED CURRENT INVOLVEMENT OR PARTNERSHIPS IN THE CANNABIS INDUSTRY 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 19
1 Cannabis—Disruption is Underway FUNCTIONAL FOOD PHARMACEUTICALS ALCOHOL GENERAL CPG RETAIL TOBACCO & BEVERAGES DEAL ANNOUNCED: OCTOBER 15, 2019 DEAL ANNOUNCED: DECEMBER 19, 2018 DEAL ANNOUNCED: FEBRUARY 8, 2018 DEAL ANNOUNCED: JANUARY 15, 2019 DEAL ANNOUNCED: MARCH 19, 2018 FRAMEWORK AGREEMENT: DECEMBER 18, 2018 DEAL ANNOUNCED: JULY 25, 2019 DEAL ANNOUNCED: JANUARY 19, 2018 DEAL ANNOUNCED: OCTOBER 30, 2017 DEAL ANNOUNCED: SEPTEMBER 13, 2019 DEAL ANNOUNCED: DECEMBER 7, 2018 DEAL ANNOUNCED: AUGUST 1, 2018 BOXES INDICATE PARTIES WITH PUBLICLY ANNOUNCED CURRENT INVOLVEMENT OR PARTNERSHIPS IN THE CANNABIS INDUSTRY 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 201 Cannabis—Disruption is Underway FUNCTIONAL FOOD PHARMACEUTICALS ALCOHOL GENERAL CPG RETAIL TOBACCO & BEVERAGES DEAL ANNOUNCED: OCTOBER 15, 2019 DEAL ANNOUNCED: DECEMBER 19, 2018 DEAL ANNOUNCED: FEBRUARY 8, 2018 DEAL ANNOUNCED: JANUARY 15, 2019 DEAL ANNOUNCED: MARCH 19, 2018 FRAMEWORK AGREEMENT: DECEMBER 18, 2018 DEAL ANNOUNCED: JULY 25, 2019 DEAL ANNOUNCED: JANUARY 19, 2018 DEAL ANNOUNCED: OCTOBER 30, 2017 DEAL ANNOUNCED: SEPTEMBER 13, 2019 DEAL ANNOUNCED: DECEMBER 7, 2018 DEAL ANNOUNCED: AUGUST 1, 2018 BOXES INDICATE PARTIES WITH PUBLICLY ANNOUNCED CURRENT INVOLVEMENT OR PARTNERSHIPS IN THE CANNABIS INDUSTRY 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 20
Quarterly Revenue Growth 2017 2018 2019 Revenue 60,000 409% growth 371% 50,000 $51,101 growth C$67,787 $45,904 C$60,905 40,000 30,000 195% growth 204% $23,038 20,000 growth C$30,547 86% 95% $15,531 55% growth C$20,920 growth growth 10,000 $10,047 $9,744 $7,808 C$12,961 $5,406 $5,113 C$13,657 $5,027 $4,992 C$9,932 C$6,749 C$6,728 C$6,656 C$6,653 0 Q1 Q2 Q3 Q4 1 BASED ON TILRAY’S INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTERS ENDED MARCH 31, 2017/2018/2019 THE SIX MONTHS ENDED, JUNE 30, 2017/2018/2019, THE NINE MONTHS ENDED SEPTEMBER 30, 2017/2018/2019, AND THE AUDITED FINANCIALS YEARS ENDED DECEMBER 31, 2017/2018. ©2019 TILRA Y | 21 USD $ in thousandsQuarterly Revenue Growth 2017 2018 2019 Revenue 60,000 409% growth 371% 50,000 $51,101 growth C$67,787 $45,904 C$60,905 40,000 30,000 195% growth 204% $23,038 20,000 growth C$30,547 86% 95% $15,531 55% growth C$20,920 growth growth 10,000 $10,047 $9,744 $7,808 C$12,961 $5,406 $5,113 C$13,657 $5,027 $4,992 C$9,932 C$6,749 C$6,728 C$6,656 C$6,653 0 Q1 Q2 Q3 Q4 1 BASED ON TILRAY’S INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTERS ENDED MARCH 31, 2017/2018/2019 THE SIX MONTHS ENDED, JUNE 30, 2017/2018/2019, THE NINE MONTHS ENDED SEPTEMBER 30, 2017/2018/2019, AND THE AUDITED FINANCIALS YEARS ENDED DECEMBER 31, 2017/2018. ©2019 TILRA Y | 21 USD $ in thousands
1 Historical Financial and Operating Performance Revenue Kilogram Equivalents Sold vs Harvested 120,000 30,000 35,366 $120,043 KG equivalents sold C$159,284 KG harvested 100,000 25,000 20,000 80,000 19,448 15,000 60,000 10,000 40,000 11,022 $43,130 C$56,428 $12,644 6,779 5,000 6,478 3,024 20,000 C$16,749 $20,538 2,216 4,526 C$26,638 0 0 2016 2017 2018 YTD 3Q 2019 Q1 2019 2016 2017 2018 YTD 3Q 2019 Gross Margin Selling Price vs COGS Per Gram Avg cost per gram sold Avg net selling price per gram 60% $7.00 $5.41 55% 50% C$7.30 $6.00 $6.52 $6.61 $4.03 40% C$8.42 C$8.59 C$6.66 $5.00 30% $4.00 33% $4.04 28% $3.70 20% $3.00 C$5.34 C$4.80 21% $2.95 $2.84 $2.00 C$5.20 10% C$3.72 $1.00 0% $0.00 YTD 3Q 2019 Q1 2019 2016 2017 2018 2016 2017 2018 YTD 3Q 2019 Q1 2019 1 BASED ON TILRAY’S AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016, 2017 AND 2018 AND UNAUDITED STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019. INCOME STATEMENT FIGURES ARE CONVERTED AT THE SPOT RATE FOR EACH MONTH. ©2019 TILRA Y | 22 USD $ in thousands USD $1 Historical Financial and Operating Performance Revenue Kilogram Equivalents Sold vs Harvested 120,000 30,000 35,366 $120,043 KG equivalents sold C$159,284 KG harvested 100,000 25,000 20,000 80,000 19,448 15,000 60,000 10,000 40,000 11,022 $43,130 C$56,428 $12,644 6,779 5,000 6,478 3,024 20,000 C$16,749 $20,538 2,216 4,526 C$26,638 0 0 2016 2017 2018 YTD 3Q 2019 Q1 2019 2016 2017 2018 YTD 3Q 2019 Gross Margin Selling Price vs COGS Per Gram Avg cost per gram sold Avg net selling price per gram 60% $7.00 $5.41 55% 50% C$7.30 $6.00 $6.52 $6.61 $4.03 40% C$8.42 C$8.59 C$6.66 $5.00 30% $4.00 33% $4.04 28% $3.70 20% $3.00 C$5.34 C$4.80 21% $2.95 $2.84 $2.00 C$5.20 10% C$3.72 $1.00 0% $0.00 YTD 3Q 2019 Q1 2019 2016 2017 2018 2016 2017 2018 YTD 3Q 2019 Q1 2019 1 BASED ON TILRAY’S AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016, 2017 AND 2018 AND UNAUDITED STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019. INCOME STATEMENT FIGURES ARE CONVERTED AT THE SPOT RATE FOR EACH MONTH. ©2019 TILRA Y | 22 USD $ in thousands USD $
1 Long-Term Financial Targets Estimate as a % of Revenue Gross Margin 50%+ 25%+ Adjusted EBITDA 20%+ Operating Income 1 SEE DISCLAIMER: FORWARD LOOKING INFORMATION AND USE OF NON-U.S. GAAP FINANCIAL MEASURES. ©2019 TILRA Y | 231 Long-Term Financial Targets Estimate as a % of Revenue Gross Margin 50%+ 25%+ Adjusted EBITDA 20%+ Operating Income 1 SEE DISCLAIMER: FORWARD LOOKING INFORMATION AND USE OF NON-U.S. GAAP FINANCIAL MEASURES. ©2019 TILRA Y | 23
1 Path to Profitability Short-Term Increase scale, thereby decreasing costs Expand leadership in higher-margin international medical markets Launch higher-margin products and form factors such as vapes, edibles, etc. Leverage Manitoba Harvest infrastructure to launch U.S. CBD Build brand awareness of portfolio of brands Long-Term Increase distribution of high-margin, value-added branded products globally in medical and adult-use markets Continue R&D to drive product development and improvement in product mix 1 SEE DISCLAIMER: FORWARD LOOKING INFORMATION ©2019 TILRA Y | 241 Path to Profitability Short-Term Increase scale, thereby decreasing costs Expand leadership in higher-margin international medical markets Launch higher-margin products and form factors such as vapes, edibles, etc. Leverage Manitoba Harvest infrastructure to launch U.S. CBD Build brand awareness of portfolio of brands Long-Term Increase distribution of high-margin, value-added branded products globally in medical and adult-use markets Continue R&D to drive product development and improvement in product mix 1 SEE DISCLAIMER: FORWARD LOOKING INFORMATION ©2019 TILRA Y | 24
Backed by Long-Term, Patient Capital Extended Lock-Up Provides for Orderly Release of Largest Stockholders’ Shares • Enables capital raising & strategic M&A • Increases liquidity to attract a broader investor base Benet fi s • Post downstream merger, Tilray CEO and two • Enables orderly share distribution to Tilray other co-founders will own 30%+ of Tilray Downstream merger of Privateer into Tilray, expected to close by year-end Lock-up expires over two-years Year One TM At Tilray’s discretion, marketed offerings and/ or block trades to institutional investors or stock sales to strategic investors 23% Tilray Controls Year Two Distribution of 77% Privateer Shares Remaining shares subject to a staggered release Shares owned by Privateer per-transaction 1 REFER TO RULE 425 LEGEND ©2019 TILRA Y | 25Backed by Long-Term, Patient Capital Extended Lock-Up Provides for Orderly Release of Largest Stockholders’ Shares • Enables capital raising & strategic M&A • Increases liquidity to attract a broader investor base Benet fi s • Post downstream merger, Tilray CEO and two • Enables orderly share distribution to Tilray other co-founders will own 30%+ of Tilray Downstream merger of Privateer into Tilray, expected to close by year-end Lock-up expires over two-years Year One TM At Tilray’s discretion, marketed offerings and/ or block trades to institutional investors or stock sales to strategic investors 23% Tilray Controls Year Two Distribution of 77% Privateer Shares Remaining shares subject to a staggered release Shares owned by Privateer per-transaction 1 REFER TO RULE 425 LEGEND ©2019 TILRA Y | 25
It’s Day One in the Cannabis Industry 1 We Will Win Because We Are: $150B + Opportunity Global Pioneers Brand Builders Early Days in the Beginning of a Global Paradigm Shift The Trusted Partner 41/196 countries have legalized medical Talented Management 2/196 countries have legalized adult-use Investing Aggressively Now for Long-Term Profitability Backed by Long-Term, Patient Capital 1 SOURCE: UNITED NATIONS WORLD DRUG REPORT. PROJECTIONS INCLUDE THE ILLICIT MARKET. ©2019 TILRA Y | 26It’s Day One in the Cannabis Industry 1 We Will Win Because We Are: $150B + Opportunity Global Pioneers Brand Builders Early Days in the Beginning of a Global Paradigm Shift The Trusted Partner 41/196 countries have legalized medical Talented Management 2/196 countries have legalized adult-use Investing Aggressively Now for Long-Term Profitability Backed by Long-Term, Patient Capital 1 SOURCE: UNITED NATIONS WORLD DRUG REPORT. PROJECTIONS INCLUDE THE ILLICIT MARKET. ©2019 TILRA Y | 26
Appendix ©2019 TILRA Y | 27Appendix ©2019 TILRA Y | 27
1 Financial Performance Consolidated Statement of Net Loss (USD $ in thousands) THREE MONTH THREE MONTH THREE MONTH ENDED MARCH 31, ENDED JUNE 30, ENDED SEPT 30, YEAR ENDED DECEMBER 31, 2019 2019 2019 2016 2017 2018 $23,038 $45,905 $51,101 Revenue $ 12,644 $ 20,538 $ 43,130 17,653 33,631 32,248 Cost of Sales 9,974 9,161 28,855 5,385 12,273 15,853 Gross Profit 2,670 11,377 14,275 23% 27% 31% Gross Margin % 21% 55% 33% 1,048 1,528 2,315 Research and Development Expense 1,136 3,171 4,264 7,821 14,366 16,974 Sales and Marketing Expenses 3,599 7,164 15,366 14,659 18,850 19,978 General and Administrative Expense 4,890 8,401 31,307 - - 1,837 Loss from Equity Method Investments - - - 5,306 7,585 8,315 Stock-Based Compensation Expense 94 139 20,988 4,424 2,464 (13,454) - - - Acquisition-Related (income) Expense, Net (27,873) (32,520) (23,302) Operating Loss (7,049) (7,498) (57,650) 1 Tilray Sources of Revenue (USD $ in thousands) NINE MONTHS ENDED YEAR ENDED DECEMBER 31, SEPTEMBER 30, 2019 2016 % of Revenue 2017 % of Revenue 2018 % of Revenue 2019 % of Revenue Dried Cannabis $11,324 89.6% $16,260 79.2% $21,674 50.3% $62,214 51.8% Cannabis Extracts 1,107 8.8% 3,965 19.3% 21,179 49.1% 16,172 13.5% Accessories 213 1.7% 313 1.5% 277 0.6% 490 0.4% Hemp Products - 0.0% - 0.0% - 0.0% 41,167 34.3% Total 12,644 100% 20,538 100% 43,130 100% 120,043 100% 1 BASED ON TILRAY’S AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016/2017/2018, AND UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND SIX MONTHS ENDED JUNE 30, 2019, AND NINE MONTHS ENDED SEPTEMBER 30, 2019. ©2019 TILRA Y | 281 Financial Performance Consolidated Statement of Net Loss (USD $ in thousands) THREE MONTH THREE MONTH THREE MONTH ENDED MARCH 31, ENDED JUNE 30, ENDED SEPT 30, YEAR ENDED DECEMBER 31, 2019 2019 2019 2016 2017 2018 $23,038 $45,905 $51,101 Revenue $ 12,644 $ 20,538 $ 43,130 17,653 33,631 32,248 Cost of Sales 9,974 9,161 28,855 5,385 12,273 15,853 Gross Profit 2,670 11,377 14,275 23% 27% 31% Gross Margin % 21% 55% 33% 1,048 1,528 2,315 Research and Development Expense 1,136 3,171 4,264 7,821 14,366 16,974 Sales and Marketing Expenses 3,599 7,164 15,366 14,659 18,850 19,978 General and Administrative Expense 4,890 8,401 31,307 - - 1,837 Loss from Equity Method Investments - - - 5,306 7,585 8,315 Stock-Based Compensation Expense 94 139 20,988 4,424 2,464 (13,454) - - - Acquisition-Related (income) Expense, Net (27,873) (32,520) (23,302) Operating Loss (7,049) (7,498) (57,650) 1 Tilray Sources of Revenue (USD $ in thousands) NINE MONTHS ENDED YEAR ENDED DECEMBER 31, SEPTEMBER 30, 2019 2016 % of Revenue 2017 % of Revenue 2018 % of Revenue 2019 % of Revenue Dried Cannabis $11,324 89.6% $16,260 79.2% $21,674 50.3% $62,214 51.8% Cannabis Extracts 1,107 8.8% 3,965 19.3% 21,179 49.1% 16,172 13.5% Accessories 213 1.7% 313 1.5% 277 0.6% 490 0.4% Hemp Products - 0.0% - 0.0% - 0.0% 41,167 34.3% Total 12,644 100% 20,538 100% 43,130 100% 120,043 100% 1 BASED ON TILRAY’S AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2016/2017/2018, AND UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND SIX MONTHS ENDED JUNE 30, 2019, AND NINE MONTHS ENDED SEPTEMBER 30, 2019. ©2019 TILRA Y | 28
1 Clinical Trial Strategy Build halo around the Tilray brand Earn credibility with medical community and governments Build government relationships and enter new markets Generate data to inform treatment and expand the addressable market Create optionality to register or license medicines if they are found to be safe and efficacious Partner with government and research institutions with existing capital for research expenses 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 291 Clinical Trial Strategy Build halo around the Tilray brand Earn credibility with medical community and governments Build government relationships and enter new markets Generate data to inform treatment and expand the addressable market Create optionality to register or license medicines if they are found to be safe and efficacious Partner with government and research institutions with existing capital for research expenses 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION ©2019 TILRA Y | 29
Clinical Trials 1 Participation in clinical trials furthers our reputation as the most trusted brand in the industry No. Of Completion IP Owner Clinical Tilray 1 1 1 Country Indication Research Partners Drug Product Phase Patients Start Date Date Trial Drug IP Owner Study Results Role/Obligations Australia Chemotherapy-Induced Nausea NSW Government, Capsule; combination II & III Phase II: 80 Phase II: Q4 2016 Phase II: Q4 2018 Tilray Institution (with Tilray rights Study drug supplier and Vomiting (CINV) University of Sydney, Chris drug product Phase III: 250 Phase III: Q1 2019 Phase III: Q1 2021 to use data, and Tilray option only O’Brien Lifehouse (CBD & THC) to acquire exclusive rights for market approval or insurance reimbursement) Australia Severe Behavioral Problems Murdoch Children’s Oral solution; II 10 TBD TBD Tilray Institution (with Tilray rights to Study drug supplier in Children with Intellectual Research Institute combined drug the data) only Disabilities product (CBD & THC) 2 Spain Glioblastoma Grupo Español de Oral solution; Ib 30 Q3 2018 Q4 2019 Tilray Institution (with Tilray rights to Study drug supplier Investigación en combination drug use data) only Neuroocología (GEINO) product (CBD & THC) USA Essential Tremor University of California, Capsule; combination IIa 16 Q1 2019 Q2 2020 Tilray Institution (with Tilray right to Study drug supplier; San Diego (UCSD) drug product (CBD & use data) $20,000 USD research THC) support USA Alcohol Use Disorder (AUD) New York University Capsule; drug II 40 Q3 2019 Q2 2020 Tilray Institution (with Tilray rights to Study drug supplier, School of Medicine product (CBD) use data) provider of funding ($67,500 USD) USA Post-Traumatic Stress New York University Capsule; drug II 60 Q3 2019 Q2 2020 Tilray Institution (with Tilray rights to Study drug supplier, Disorder (PTSD) with Alcohol School of Medicine product (CBD) use data) provider of funding Use Disorder ($67,500 USD) USA Taxane-Induced Peripheral Columbia University Irving Capsule; combination I TBD Q4 2019 TBD Tilray Tilray Study drug supplier Neuropathy (TIPN) Medical Center (CUIMC) drug product (CBD & THC) 2 Canada HIV/AIDS; Inflammation McGill University Capsule solution; II 26 TBD TBD Tilray Institution (with Tilray rights to Study drug supplier combined drug the data) only product (CBD & THC) Canada Pediatric Epilepsy Toronto’s Hospital for Sick Oral solution; I Open-label 20 Q4 2017 Q1 2018 Tilray Institution (with Tilray option Study drug supplier, Children (SickKids) combination drug (complete) to acquire exclusive rights for and provider of funding product (CBD & THC) market approval or insurance (C$147,000 committed) reimbursement) Canada Post-Traumatic Stress Disorder University of British Vaporized dried II 42 Q4 2016 Q2 2019 Tilray Tilray Regulatory sponsor, (PTSD) Columbia cannabis study drug supplier and provider of funding (C$228,000 committed) 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION 2 REGULATORY APPROVAL PENDING ©2019 TILRA Y | 30Clinical Trials 1 Participation in clinical trials furthers our reputation as the most trusted brand in the industry No. Of Completion IP Owner Clinical Tilray 1 1 1 Country Indication Research Partners Drug Product Phase Patients Start Date Date Trial Drug IP Owner Study Results Role/Obligations Australia Chemotherapy-Induced Nausea NSW Government, Capsule; combination II & III Phase II: 80 Phase II: Q4 2016 Phase II: Q4 2018 Tilray Institution (with Tilray rights Study drug supplier and Vomiting (CINV) University of Sydney, Chris drug product Phase III: 250 Phase III: Q1 2019 Phase III: Q1 2021 to use data, and Tilray option only O’Brien Lifehouse (CBD & THC) to acquire exclusive rights for market approval or insurance reimbursement) Australia Severe Behavioral Problems Murdoch Children’s Oral solution; II 10 TBD TBD Tilray Institution (with Tilray rights to Study drug supplier in Children with Intellectual Research Institute combined drug the data) only Disabilities product (CBD & THC) 2 Spain Glioblastoma Grupo Español de Oral solution; Ib 30 Q3 2018 Q4 2019 Tilray Institution (with Tilray rights to Study drug supplier Investigación en combination drug use data) only Neuroocología (GEINO) product (CBD & THC) USA Essential Tremor University of California, Capsule; combination IIa 16 Q1 2019 Q2 2020 Tilray Institution (with Tilray right to Study drug supplier; San Diego (UCSD) drug product (CBD & use data) $20,000 USD research THC) support USA Alcohol Use Disorder (AUD) New York University Capsule; drug II 40 Q3 2019 Q2 2020 Tilray Institution (with Tilray rights to Study drug supplier, School of Medicine product (CBD) use data) provider of funding ($67,500 USD) USA Post-Traumatic Stress New York University Capsule; drug II 60 Q3 2019 Q2 2020 Tilray Institution (with Tilray rights to Study drug supplier, Disorder (PTSD) with Alcohol School of Medicine product (CBD) use data) provider of funding Use Disorder ($67,500 USD) USA Taxane-Induced Peripheral Columbia University Irving Capsule; combination I TBD Q4 2019 TBD Tilray Tilray Study drug supplier Neuropathy (TIPN) Medical Center (CUIMC) drug product (CBD & THC) 2 Canada HIV/AIDS; Inflammation McGill University Capsule solution; II 26 TBD TBD Tilray Institution (with Tilray rights to Study drug supplier combined drug the data) only product (CBD & THC) Canada Pediatric Epilepsy Toronto’s Hospital for Sick Oral solution; I Open-label 20 Q4 2017 Q1 2018 Tilray Institution (with Tilray option Study drug supplier, Children (SickKids) combination drug (complete) to acquire exclusive rights for and provider of funding product (CBD & THC) market approval or insurance (C$147,000 committed) reimbursement) Canada Post-Traumatic Stress Disorder University of British Vaporized dried II 42 Q4 2016 Q2 2019 Tilray Tilray Regulatory sponsor, (PTSD) Columbia cannabis study drug supplier and provider of funding (C$228,000 committed) 1 SEE DISCLAIMER: FORWARD-LOOKING INFORMATION 2 REGULATORY APPROVAL PENDING ©2019 TILRA Y | 30
Established Medical Brand We believe patients choose Tilray because we are a scientifically rigorous brand known for producing pure, precise and predictable medical-grade products CBD-dominant THC-dominant THC & CBD balanced Clinical Products Whole Flower Full Spectrum Capsules Ground Flower Purified Oil Full Spectrum Oil ©2019 TILRA Y | 31Established Medical Brand We believe patients choose Tilray because we are a scientifically rigorous brand known for producing pure, precise and predictable medical-grade products CBD-dominant THC-dominant THC & CBD balanced Clinical Products Whole Flower Full Spectrum Capsules Ground Flower Purified Oil Full Spectrum Oil ©2019 TILRA Y | 31
Global Medical Opportunity Australia & New Zealand 41 countries have authorized medical use. Completed multiple exports Our products are in 13 countries. to both countries ARGENTINA GREECE ROMANIA Two pharmaceutical distribution agreements AUSTRALIA IRELAND SLOVENIA Two government contracts AUSTRIA ISRAEL SOUTH AFRICA 1 BRAZIL ITALY SOUTH KOREA Latin America CANADA JAMAICA SPAIN Signed strategic agreement with CHILE LUXEMBOURG SRI LANKA pharmaceutical importer and distributor serving Argentina, Brazil, Chile and Peru COLOMBIA MACEDONIA SWITZERLAND COSTA RICA MEXICO THAILAND Completed exports to Argentina and Chile CROATIA NETHERLANDS TURKEY CYPRUS NEW ZEALAND UNITED KINGDOM U.S. & Mexico CZECH REPUBLIC NORWAY UNITED STATES Mexico on the path to legalize adult-use 1 DENMARK PERU URUGUAY U.S.: 33 medical-use states; FINLAND POLAND VANUATU 11 adult-use states GERMANY PORTUGAL ZIMBABWE Farm Bill passed in December 2018 1 TILRAY PRODUCTS NOT CURRENTLY AVAILABLE IN THESE COUNTRIES ©2019 TILRA Y | 32Global Medical Opportunity Australia & New Zealand 41 countries have authorized medical use. Completed multiple exports Our products are in 13 countries. to both countries ARGENTINA GREECE ROMANIA Two pharmaceutical distribution agreements AUSTRALIA IRELAND SLOVENIA Two government contracts AUSTRIA ISRAEL SOUTH AFRICA 1 BRAZIL ITALY SOUTH KOREA Latin America CANADA JAMAICA SPAIN Signed strategic agreement with CHILE LUXEMBOURG SRI LANKA pharmaceutical importer and distributor serving Argentina, Brazil, Chile and Peru COLOMBIA MACEDONIA SWITZERLAND COSTA RICA MEXICO THAILAND Completed exports to Argentina and Chile CROATIA NETHERLANDS TURKEY CYPRUS NEW ZEALAND UNITED KINGDOM U.S. & Mexico CZECH REPUBLIC NORWAY UNITED STATES Mexico on the path to legalize adult-use 1 DENMARK PERU URUGUAY U.S.: 33 medical-use states; FINLAND POLAND VANUATU 11 adult-use states GERMANY PORTUGAL ZIMBABWE Farm Bill passed in December 2018 1 TILRAY PRODUCTS NOT CURRENTLY AVAILABLE IN THESE COUNTRIES ©2019 TILRA Y | 32
Global Medical Partnerships In order to efficiently and rapidly increase our scale, we are partnering with established pharmaceutical distributors and pharmacy retailers GLOBAL GERMANY CANADA ©2019 TILRA Y | 33Global Medical Partnerships In order to efficiently and rapidly increase our scale, we are partnering with established pharmaceutical distributors and pharmacy retailers GLOBAL GERMANY CANADA ©2019 TILRA Y | 33
Board of Directors The first women-led board of a major cannabis company Brendan Kennedy Christine St.Clare Rebekah Dopp Scotty Greenwood Michael Auerbach Chief Executive Officer Retired Partner Principal Chief Executive Officer Senior Vice President ©2019 TILRA Y | 34Board of Directors The first women-led board of a major cannabis company Brendan Kennedy Christine St.Clare Rebekah Dopp Scotty Greenwood Michael Auerbach Chief Executive Officer Retired Partner Principal Chief Executive Officer Senior Vice President ©2019 TILRA Y | 34
International Advisory Board Nine internationally-renowned business and government leaders who advise Tilray on global expansion Governor Howard Dean Michael Steele Lloyd Axworthy Joschka Fischer Jaime Gama Former DNC Chairman and Former RNC Chair and Former Canadian Minister of Former German Foreign Former Portuguese Minister of Governor of Vermont Lt. Governor of Maryland Foreign Affairs Minister and Vice Chancellor Foreign Affairs and Speaker of the Parliament Alexander John Gosse Downer Donald McKinnon James O’Brien Dr. Lorna Marsden Former Australian Former New Zealand Former U.S. Special Former Canadian Senator Foreign Minister Foreign Minister and Presidential Envoy Deputy Prime Minister ©2019 TILRA Y | 35International Advisory Board Nine internationally-renowned business and government leaders who advise Tilray on global expansion Governor Howard Dean Michael Steele Lloyd Axworthy Joschka Fischer Jaime Gama Former DNC Chairman and Former RNC Chair and Former Canadian Minister of Former German Foreign Former Portuguese Minister of Governor of Vermont Lt. Governor of Maryland Foreign Affairs Minister and Vice Chancellor Foreign Affairs and Speaker of the Parliament Alexander John Gosse Downer Donald McKinnon James O’Brien Dr. Lorna Marsden Former Australian Former New Zealand Former U.S. Special Former Canadian Senator Foreign Minister Foreign Minister and Presidential Envoy Deputy Prime Minister ©2019 TILRA Y | 35
Medical Advisory Board The Medical Advisory Board participates in our clinical trial selection process and provides Tilray with additional credibility as a clinical trial participant Highly accomplished researchers and physicians Orrin Devinsky, Abraham Catherine Elizabeth K. MD, Chairman Chachoua, MD Lord, PhD Hale, MD Director Associate Director Professor and Director Clinical Associate Professor Comprehensive Perlmutter Center for Autism and Epilepsy Center Cancer Center the Developing Brain Dermatology NYU Langone NYU Langone Cornell and Columbia NYU Langone Universities Co-Founder CompleteSkinMD ©2019 TILRA Y | 36Medical Advisory Board The Medical Advisory Board participates in our clinical trial selection process and provides Tilray with additional credibility as a clinical trial participant Highly accomplished researchers and physicians Orrin Devinsky, Abraham Catherine Elizabeth K. MD, Chairman Chachoua, MD Lord, PhD Hale, MD Director Associate Director Professor and Director Clinical Associate Professor Comprehensive Perlmutter Center for Autism and Epilepsy Center Cancer Center the Developing Brain Dermatology NYU Langone NYU Langone Cornell and Columbia NYU Langone Universities Co-Founder CompleteSkinMD ©2019 TILRA Y | 36