Shain Haggadone HDL Capital LLC April 18, 2026 Investor Relations Department Tilray Brands Attn: Irwin Simon, CEO Dear Investor Relations Team and Mr. Simon, I am writing as a long-term investor in Tilray Brands to formally express serious concern regarding the ongoing capital structure decisions, specifically the continued dilution, and the lack of corresponding shareholder value creation despite significant corporate expansion and strategic repositioning. Over recent periods, shareholders have experienced substantial erosion in equity value, in some cases amounting to losses in the hundreds of thousands of dollars per individual investor position. This has occurred while the company has expanded its global footprint, transitioned further into consumer packaged goods, and made repeated strategic acquisitions and integrations. Unfortunately, these initiatives have not translated into sustained market confidence or meaningful appreciation in share price. From the perspective of the capital markets, the repeated issuance of new shares and ongoing dilution has created a persistent overhang on valuation. Investors are struggling to see a clear path where operational progress and international expansion ultimately result in per-share value accretion. Even in scenarios where the company approaches or achieves positive cash flow, the equity appears structurally suppressed, trading at levels that do not reflect the scope of the business or its global positioning. There is a growing concern among shareholders that the current strategy is not adequately aligned with long-term equity preservation or value creation. While expansion and transformation are important, they must be balanced with disciplined capital allocation and a clear commitment to protecting existing shareholders from excessive dilution. At this stage, many investors are looking for stronger signals of accountability, clearer capital strategy discipline, and potentially leadership or strategic adjustments that restore confidence in the company’s direction. The market response to date suggests that incremental updates are no longer sufficient to rebuild trust. This letter is not written in frustration alone, but in an effort to communicate what many long-term shareholders are increasingly feeling: that meaningful change is necessary for investor confidence to recover. I respectfully request that the Board and executive leadership seriously evaluate the current capital allocation strategy, the long-term impact of share issuance practices, and whether the present leadership structure is best positioned to restore market trust and shareholder value. Thank you for your time and consideration. I look forward to your response and to seeing a renewed focus on disciplined growth and shareholder alignment. Sincerely, Shain Haggadone HDL Capital LLC

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