HEXO Corp. announced that it has entered into a transition agreement (the “Agreement”) with Adam Arviv and his fund, Kaos Capital, to refresh the Company's board of directors (the “Board”), effective immediately. The new Board will stand for election at the Company's upcoming annual and special meeting of shareholders to be held on March 8, 2022 (the “Meeting”).

The new Board is composed of seven directors, all of whom are independent, being: Mark Attanasio (Chair), Rose Marie Gage (Vice-Chair and Chair of the ESG Committee), Vincent Chiara, Hélène F. Fortin (Chair of the Audit Committee), Rob Godfrey, Peter Montour and William Montour. The Company has also agreed to appoint an eighth director to the Board and reasonably acceptable to the Board after the Meeting. As part of the changes February 22, 2022, John Bell has also announced that he has decided to step down as Chair of the Board of Directors, effective immediately.

In connection with the terms of the Agreement, the Company confirms certain changes to the nominees for election to the Board to be considered at the Meeting, as in the Company's management information circular dated February 3, 2022 (the Circular). In connection with the Agreement, John Bell, Emilio Imbriglio, Adam Miron and Scott Cooper (the Resigning Directors) have resigned from the Board effective February 22, 2022 and Mark Attanasio, Rob Godfrey (the New Directors) and Hélène F. Fortin have been appointed to the Board.