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TILRAY . MedMen Exhibit 99.1 TILRAY ACQUIRES MAJORITY POSITION IN AMENDED MEDMEN CONVERTIBLE NOTES Investment Provides Tilray a Potential Accelerated Path into U.S. Cannabis Market Upon Federal Legalization Amendment and Extension of Convertible Notes Enables MedMen to Reshape Balance Sheet and Further Accelerate its Growth Trajectory Tilray and MedMen CEOs to Host a Conference Call and Webcast at 5:00 PM Eastern Time NEW YORK and LOS ANGELES - August 17 , 2021 - Tilray , Inc. ( “ Tilray ” ) ( Nasdaq 1 TSX : TLRY ) , a leading global cannabis - lifestyle and consumer packaged goods company , and MedMen Enterprises Inc. ( " MedMen ” ) ( CSE : MMEN ) ( OTCQX : MMNFF ) , a premier American cannabis retailer , today announced that Tilray has acquired the majority of the outstanding senior secured convertible notes ( the " Notes " ) of MedMen that were originally held by certain funds affiliated with Gotham Green Partners , LLC and other funds ( collectively , “ GGP ” ) . The acquisition provides Tilray with a path , subject to necessary regulatory approvals , to obtain a significant equity position in MedMen through conversion of the Notes and exercise of associated warrants ( the " Warrants " ) following U.S. cannabis legalization ( or Tilray's waiver of such condition ) . In connection with the sale of the Notes , MedMen and GGP amended the restrictive covenants and extended the debt maturity to 2028 to provide MedMen the flexibility to execute on its growth priorities and explore additional strategic opportunities . In addition , MedMen separately announced today a significant equity investment from a private placement of MedMen Shares ( as defined below ) and warrants to a group of investors . MedMen is a leading cannabis retail brand in the U.S. , holding 21 licenses and 25 retail locations across key urban centers , including the Bay Area , Los Angeles , Boston , Chicago , and Las Vegas , and a significant position in California , the world's largest market . Prior to U.S. federal legalization of cannabis , and subject to compliance with applicable laws and stock exchange rules , MedMen will actively explore opportunities to expand MedMen's footprint across international markets . Irwin D. Simon , Tilray's Chairman and CEO , said , “ Backed by accelerating trends towards legalization globally , we are focused on building the world's leading cannabis - focused consumer branded company with a goal of $ 4 billion of revenue by the end of our fiscal 2024. The investment we are announcing in MedMen securities today , one of the most recognized brands in the $ 80 billion U.S. cannabis market , is a critical step towards delivering on our objective as we work to enable Tilray to lead the U.S. market when legalization allows . " Mr. Simon continued , “ Our ability to maximize value from this game - changing transaction rests on the support of our shareholders at the upcoming Special Meeting to vote on our Authorized Shares Proposal , which will increase the number of authorized shares Tilray has available to not only complete this transaction , but also to execute on other strategic acquisitions . I cannot stress enough the importance of making our shareholders ' voices count to enable us to maximize our potential to create substantial value for our shareholders in the near - term and in the future . "