Pyxus International, Inc. announced the next step in its transformation journey, which includes the consolidation of its emerging market branded businesses under a new operating model, the implementation of a Global Operations Efficiency Program, and a streamlined senior management reporting structure geared toward driving growth. New Consumer Brands Businesses Operating Model: Transformation is at the core of Pyxus' strategic plan to drive value creation. Pursuant to this strategy, the Company is announcing an operating model that aligns its B2C and B2B e-liquid, legal cannabis, industrial hemp, and CBD businesses and brands under FIGR Brands, Inc., a wholly-owned Canadian subsidiary of Pyxus. The combination of the Company's investments in Purilum, Humble Juice Co., Criticality and Twelfth State Brands into one operating model is designed to allow Pyxus to more effectively leverage the entities' collective strengths to build a global consumer products brand business that can deliver the next generation of THC, CBD and e-liquid consumer products to legal markets around the world. Harvey Carroll, current president of FIGR Brands, will manage the new operating model and will report to Pieter Sikkel, Pyxus President and CEO. Global Operations Efficiency Program: Pyxus continues to evaluate ways to improve its operational flexibility and efficiencies relative to its supply chain, the global trade environment, and in keeping with consumer trends and demand. The latest phase of this process, the Global Operations Efficiency Program, is currently underway and is a comprehensive review of Pyxus' global footprint and cost-structures. This review encompasses all of Pyxus' business units, including FIGR Brands and its leaf tobacco business, Alliance One International, with the aim to create more value for its customers and shareholders and position the Company for long-term success. Pyxus management will report on progress in the implementation of the Global Operations Efficiency effort by May 1, 2020.

Upon the recommendation of President and CEO Pieter Sikkel, the Board of Directors has appointed Martin R. Wade, III as non-executive Chairman of the Board in order to allow Mr. Sikkel to focus on leading the business forward in the next phase of the Company's transformation. Daniel A. Castle, founder of Castle Brand Group, will transition from being a member of the Board of Directors to serving as a consultant to the Company. Mr. Castle's extensive experience in elevating brands in the B2C space is anticipated to help accelerate the growth of the Company's branded consumer products businesses. As a result of this new phase in transformation, Bryan Mazur, who has served as Executive Vice President, Global Specialty Products, will be leaving the company as that position is being eliminated.