Investor PresentationApril 2019

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The offering to which this presentation (the "Presentation") relates will be made pursuant to an offering

memorandum. Before you invest, you should read the offering memorandum and other documents

incorporated by reference therein for more complete information. This Presentation shall not constitute

an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any

state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or

qualification under the securities laws of such state or jurisdiction. The securities discussed in this

Presentation have not been registered under the U.S. Securities Act of 1933, as amended (the

“Securities Act”), and are being offered only to qualified institutional buyers as defined in Rule 144A

under the Securities Act or outside the United States to non-U.S. persons in reliance on Regulation S

under the Securities Act. The securities may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of the Securities Act.

This Presentation about Aphria Inc.’s (“Aphria”) activities current as of April 15, 2019. It is information

in a summary form and does not purport to be complete. It is not intended to be relied upon as advice

to investors or potential investors and does not take into account the investment objectives, financial

situation or needs of any particular investor. These should be considered, with or without professional

advice, when deciding if an investment is appropriate.

The information contained in this Presentation is derived solely from management of Aphria and

otherwise publicly available information concerning Aphria and does not purport to be all-inclusive or

to contain all the information that an investor may desire to have in evaluating whether or not to make

an investment in Aphria. The information has not been independently verified and is subject to

material updating, revision and further amendment, and is qualified entirely by reference to Aphria’s

publicly disclosed information.

No representation or warranty, express or implied, is made or given by or on behalf of Aphria or any of

its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the

information or opinions contained in this Presentation and no responsibility or liability is accepted by

any person for such information or opinions. Aphria does not undertake or agree to update this

Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become

apparent. No person has been authorized to give any information or make any representations other

than those contained in this Presentation and, if given and/or made, such information or

representations must not be relied upon as having been so authorized. The information and opinions

contained in this Presentation are provided as at the date of this Presentation. The contents of this

Presentation are not to be construed as legal, financial or tax advice. Each prospective investor should

contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial

or tax advice.

Certain statements in this Presentation may constitute forward-looking information, including future-

oriented financial information and financial outlooks, within the meaning of applicable securities laws.

Forward-looking information may relate to Aphria’s future outlook and anticipated events or results and

may include statements regarding Aphria’s financial results, future financial position, expected growth

of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes,

plans, objectives, potential synergies, industry trends and growth opportunities.

Often but not always, forward-looking information can be identified by the use of words such as

“anticipate”, “believe”, “expect”, “project”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “might”,

“target”, “plan” and other similar expressions or variations (including negative variations) of such words

and phrases.

Forward-looking information contained in this Presentation is based on certain assumptions regarding

expected growth, results of operations, performance, industry trends and growth opportunities. While

management considers these assumptions to be reasonable, based on information available, they

may prove to be incorrect. Forward-looking statements involve known and unknown risks,

uncertainties and other factors which may cause the actual results, performance or achievements of

Aphria to be materially different from any future lts, performance or achievements expressed or

implied by the forward-looking statements.

These risks, uncertainties and other factors include, but are not limited to risks associated with general

economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and

regulatory developments involving cannabis; inability to access sufficient capital from internal and

external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry

in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its

business strategies; competition; crop failure; currency and interest rate fluctuations, and the other

risks discussed under the heading “Industry trends and risks” in Aphria’s Management’s Discussion &

Analysis dated April 15, 2019. The foregoing factors are not intended to be exhaustive.

Although Aphria has attempted to identify important factors that could cause actual actions, events or

results to differ materially from those described in forward-looking statements, there may be other

factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are made as of the date hereof and Aphria and its

directors, officers and employees disclaim any obligation to update any forward-looking statements,

whether as a result of new information, future events or results or otherwise. There can be no

assurance that forward-looking statements will prove to be accurate, as actual results and future

events could differ materially from those anticipated in such statements. Accordingly, you should not

place undue reliance on forward-looking statements due to the inherent uncertainty therein. All

forward-looking information is expressly qualified in its entirety by this cautionary statement.

Forward-looking information and other information contained herein concerning management’s

general expectations concerning the marijuana industry are based on estimates prepared by

management using data from publicly available industry sources as well as from market research and

industry analysis and on assumptions based on data and knowledge of this industry which

management believes to be reasonable. However, this data is inherently imprecise, although generally

indicative of relative market positions, market shares and performance characteristics. While

management is not aware of any misstatements regarding any industry data presented herein,

industry data is subject to change based on various factors.

This Presentation may not be reproduced, further distributed or published in whole or in part by any

other person. Neither this Presentation nor any copy of it may be taken or transmitted into or

distributed in any other jurisdiction which prohibits the same except in compliance with applicable

laws. Any failure to comply with this restriction may constitute a violation of applicable securities law.

Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions

and Aphria does not accept liability to any person in relation thereto.

Safe Harbor Statement

We have a good thing growing.

Our Mission & Vision

Led by our passion for customers and consumers, Aphria’s mission

is to be the premier global cannabis company through an unrelenting

commitment to our people, product quality and innovation.

Aphria’s vision is to be the best performing cannabis company

globally, providing investors with access to one of the most accretive

cannabis opportunities around the world.

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Aphria at a GlanceDifferentiated Global Cannabis Leader

Strong Brand Positioning1

Extensive Distribution Model in Canada2

Product Innovation3

Industrial Scale Cultivation and Automation4

Medical-Use Leadership5

Strategic Global Platform6

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Targeting a $150B+ Disruptive Global Opportunity

Adult-Use and Medical

Medical only

Adult-Use and Medical (U.S.)

Medical only (U.S.)

Estimated global

cannabis market by

2025(1)

$150B

Estimated Canada

market for cannabis

by 2024(2)

$9B

Adult-Use

cannabis

$6BMedical cannabis

$3B

(1) Source: Grand View Research.

(2) Source: Eight Capital Research.

Adult-Use

cannabis

$50BMedical cannabis

$100B

In US dollars

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The Potential Expansion and Evolution of Cannabis

Aphria is at the Forefront of R&D Aimed at Disrupting New Industries (e.g. Wellness)

Current Segment

MedicalConsumer Profile

Medical prescription (Rx)

Used with HCP guidance

Benefit driven – symptom treatment

Quality source, dosing precision and

safety are critical

Prefer not to smoke

Sales Channels

Direct to patient

Pharmacy(1) (when available)

Example Products

Prescription Drugs

Tinctures

Softgels

Suppositories

Oral strips

Transdermal patches

Future Segment

WellnessConsumer Profile

Health & appearance conscious

Self-educate & medicate

Benefit driven – therapeutic &/or cosmetic

Seeking natural alternatives to pharmaceuticals &

enhancement to wellness regime

Open to complementary functional ingredient

Sales Channels

Traditional retail – Bricks and mortar and online

Natural food stores

Pharmacies

Alternative locations (i.e. gym, yoga studios,

wellness retreats)

Example Products:

Cannabinoid focus is

CBD (cannabis or hemp

derived)

Infused water

Sports drinks

(nutrition,

enhancement and

recovery)

Personal care and

cosmetics

Topical relief products

Teas & Beverages

Supplements

Tinctures

Oral care

Current Segment

Adult-UseConsumer Profile

Seeks psychoactive effect

Potency important (+ or - )

Taste important

CBD used in concert with THC

Sales Channels

Brick and mortar shops (licensed retail)

Online (licensed retail)

Example Products

Dried flower

Pre-rolls

Cannabis oil &

oral sprays

Vapes

Concentrates

(shatter, wax,

resin)

THC infused

beverages

Edibles

Dabs

(1) Pharmacy only applicable outside of Canada.

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Strong Brand Positioning

Thoughtful Research Process

Extensive year-long and three-phased

research process identified key consumer

segments to optimize brand positioning

Each of Our Brands Has Been Created to Delight Distinct Segments of Consumers, From First-

Timers to the Most Experienced Users and Those in Between

Our Brands are Designed to Target Most

Profitable Customer Segments

We leverage our data and consumer insights

to design our in-house and licensed brands in

order to meet the needs of the most

profitable consumer segments

Distinct and profitable target segments

Range of retail prices

Diversified product offering

Backed by strong marketing and research support

Value

($)

Mainstream

($$)

Premium

($$$)

Enthusiasts

Passive Risk Takers

Relaxers

Novices

Cultivated

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Extensive Distribution Model in Canada

Medical distribution with

one of the top retail

pharmacies in Canada

Provides access to online

sales channel (Direct to

Consumers)

Supply agreements with every

Canadian province and the

Yukon Territory

Powerful reach with access to

99.8% of Canadians

North America’s largest wine

and spirits distributor

Great North Distributors

(subsidiary) is a national

sales broker for legalized

adult-use cannabis

Exclusive distribution

partnership

Ability to leverage

operations in every province

across Canada and

potentially benefit from

operations in the U.S.

(Southern Glazer operates

in 44 states plus the District

of Columbia), and the

Caribbean

Adult-Use Medical

Direct-to-patient sale

through telephone and

e-commerce

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Product Innovation

(1) When permitted by law.

Leading Producer of High Quality Flower

Allows Us to Deliver Derivative Products

at Superior Margins

Partners In R&D And Analysis

Clinical Research & University Partners

Infrastructure and Partnerships for Category Must Haves(1)

Partnership to Create and

Develop Tongue Strips

Medical Delivery Systems

License Agreement to Develop

Cannabis Patches

EdiblesSoftgels CosmeticsBeveragesVapes Concentrates

In-House

Extraction Centre of Excellence

VERVE DYNAMICS specializes in innovative and proprietary

technologies for the nutraceutical and phyto-extraction

Acquisition of German

Pharmaceutical Distributor

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Industrial Scale Cultivation and Automation

(1) These figures are considered forward-looking information and are based on the Company’s experience in growing cannabis, and data available concerning the wide variety of strains under the growing conditions maintained at its facilities. Material assumptions to

derive capacity at full completion include, but are not limited to: the number of plants expected to occupy each facility, the number of harvest cycles and average yield per harvest cycle per year for the strains expected to be grown at each facility.Subject to Health

Canada approval.

(2) 800,000 sq. ft. was approved by Health Canada in March 2019, the Company anticipates full crop rotation in May 2019. The current capacity cannot be reached until the Company is in full crop rotation.

(3) Subject to Health Canada approval.

(4) Medical cultivation license will no longer be provisional provided no opposition arises on or before April 16 th, 2019.

Fully

Licensed(2)

Facility

Type

of Facility

Aphria

One

Aphria

Diamond

Broken

Coast

110,000 kg/yr

cultivation(2)

NA

5,000 kg/year

cultivation

Greenhouse1,100,000

sq. ft.(2)

4,500

sq. ft.

Current

Size

Awaiting

Approval

License

Expansion

Under Way

Current

Capacity(1)

Expected

Capacity(1)

License

Status

110,000 kg/yr

cultivation

5,000 kg/year

cultivation

140,000 kg/year

cultivation

1,300,000

sq. ft.Greenhouse

Indoor

Indoor NAConditionally

Awarded(4)

Aphria

Deutschland

65,000

sq. ft.

7,000 kg/yr

cultivation

Outdoor17,000 kg/yr

cultivation

License

ApprovedJamaica

150,000

sq. ft.

17,000 kg/yr

cultivation

255,000 kg Combined

Annual Canadian

Production(3)

One Of The Largest

Cultivation Footprints

In The Industry

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Industrial Scale Cultivation and Automation

Currently Implemented

Automation Processes

Part IV Part V

Cutting-Edge Technology

Cutting Plants Transferring Plants

De-budding Process Trimming Process

Waste Disposal Bud Distribution

Transplanting Cuttings Growth Cycle Evaluation

Plant Quality Testing Nutrient Supply

Monitoring Growth Cycle Transporting Plants

Bringing Industrial Horticulture Technology Into the Cultivation of Cannabis Within a Greenhouse

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Aphria is Committed to Responsible Drug Practices, Evidence-Based

Treatment and Advancing Cannabis Science

Partner Country Aphria Contribution Indication

CanadaSupplying dried flower and cannabis oil

productsChronic cancer-related pain

AustraliaProducing and supplying high-yield cannabis

extractsIntractable pain in oncology patients

Australia Supplying cannabis oil Chronic pain in cats and dogs

Argentina Rideau CBD oil Refractory epilepsy in children

Medical-Use Leadership

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Aphria Has Invested in Building a Strategic Presence in More than 10 Countries

Well-Positioned to Capitalize on Global Cannabis Demand Led by Medical-Use Markets

Foothold in the Largest Cannabis Ready Markets

Strategic Global Platform

(1) Medical cultivation license in Germany will no longer be provisional provided no opposition arises on or before April 16 th, 2019.

(2) Signed LOI for exclusive supply agreement.

Canada

Germany(1)

Colombia

Argentina

Paraguay (2)

Lesotho

Malta

Australia

Denmark

Italy

Jamaica

Distribution

Medical

License / Cultivation

Research

Partnership

Medical and Adult-Use

License / Processing

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Awarded Provisional(1) Medical Cannabis Cultivation License by the

German Federal Institute of Drugs and Medical Devices

Germany: Three Pillar Strategy to Drive Growth

Partnership with Berlin-based

Schöneberg Hospital(2)

Pain treatment centers

Digital health care

Aphria is well positioned to become a leader in the German cannabis market

Germany represents one of the most highly sought-after medical cannabis markets in the world

Germany has a population ~2.3x the Canadian market (83 MM) and an insurance-sponsored medical cannabis program

Demand Supply Distribution

Received provisional licenses to

cultivate cannabis in Germany(1)

Schroll Flowers partnership

Imports

Acquisition of CC Pharma; access

to approximately 13,000 active

pharmacy accounts

(1) Medical cultivation license will no longer be provisional provided no opposition arises on or before April 16 th, 2019.

(2) Obtained 25.1% ownership stake in Berlin-based Schöneberg Hospital.

Appendix

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Net Revenue $73,582 $21,668 $10,267

Revenue from Cannabis Produced $17,862 $22,738 $10,267

Distribution Revenue $57,599 $1,146 NA

Other Revenue $545 $640 NA

Excise Taxes ($2,424) ($2,856) NA

Gross Profit $17,295 $5,983 $8,570

Adjusted Gross Profit(1) $13,366 $10,157 $7,912

Adjusted Gross Margin(1) 18.2% 46.9% 77.1%

Adjusted Gross Margin from

Cannabis Operations(1) 36.3% 49.8% 77.1%

Three months ended

February 28, 2018

Three months ended

February 28, 2019

Quarterly Financial Summary

Three months ended

November 30, 2018

In thousands of Canadian dollars, unless otherwise noted

(1) Non-IFRS measure

Note: Aphria Inc. acquired CC Pharma in January 2019 which largely contributed to the increase in distribution revenue.

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Well-Capitalized Balance Sheet

Common Share Outstanding 250,700,023 98.0%

Options 4,203,760 1.6%

Warrants 1,028,087 0.4%

Total Fully Diluted Shares 255,931,870(1)

$135 MILLION CASH &

NEAR CASH POSITION(2)

WORKING CAPITAL

$131 MILLION

INVENTORY

12,126 KILOGRAMS

(OR KILOGRAM

EQUIVALENTS)

In Canadian dollars, unless otherwise noted

(1) Exercisable and in-the-money.

(2) Includes cash and cash equivalents & marketable securities as disclosed in the Management Discussion & Analysis released on April 15, 2019.

As of February 28, 2019

As of April 12, 2019

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Foothold in Key Markets

AFRICA:Lesotho: JV and off-take agreement with Verve Dynamics

SOUTH AMERICA:Acquisition of LATAM Holdings Inc., providing access to Colombia, Argentina, Jamaica

Paraguay: Signed LOI for exclusive supply agreement with Insumos Medicos, S.A., to provide medical cannabis

PAN ASIA:Australia:

25% ownership of public licensed producer Althea

Supply agreement for clinical drug trials with MedLab and one other company

NORTH AMERICA:Canada: Supply agreements with every Canadian province and the Yukon Territory, strategic partnerships establishing

wholesale supply agreements

EUROPE:Germany: Acquired CC Pharma with access to over 13,000 pharmacies; one of only 3 cultivation licenses

Italy: One of only 7 cannabis import licenses

Malta: Owns ASG Pharma, a high-capacity lab

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Net Revenue $73,582 $21,668 $10,267

Gross Profit $17,295 $5,983 $8,570

Fair Value Adjustment on Sale of

Inventory(1) $5,542 $8,328 $3,443

Fair Value Adjustment on Biological

Assets(2) ($9,471) ($4,154) ($4,101)

Adjusted Gross Profit $13,366 $10,157 $7,912

Adjusted Gross Margin 18.2% 46.9% 77.1%

Three months ended

February 28, 2018

Three months ended

February 28, 2019

Reconciliation to Non-IFRS Figures

Three months ended

November 30, 2018

In thousands of Canadian dollars, unless otherwise noted

(1) Fair value adjustment on sale of inventory is part of the Company’s cost of sales due to IFRS standards relating to agriculture and biological assets (i.e. living plants or animals). This line item represents the effect of the non-cash fair value adjustment of inventory sold in the period.

(2) Fair value adjustment on growth of biological assets is part of the Company’s cost of sales due to IFRS standards relating to agriculture and biological assets (i.e. living plants or animals). This line item represents the effect of the non-cash fair value adjustment of biological assets (medical cannabis) produced in the period.

Reconciliation of IFRS Gross Profit to Adjusted Gross Profit

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Revenue from Cannabis Produced $17,862 $22,738 $10,267

Excise Taxes ($2,424) ($2,856) NA

Cannabis Net Revenue $15,983 $19,882 $10,267

Productions Costs ($10,175) ($9,971) ($2,355)

Adjusted Gross Profit from Cannabis

Operations$5,808 $9,911 $7,912

Adjusted Gross Margin from

Cannabis Operations36.3% 49.8% 77.1%

Three months ended

February 28, 2018

Three months ended

February 28, 2019

Reconciliation to Non-IFRS Figures (Cont.)

Three months ended

November 30, 2018

In thousands of Canadian dollars, unless otherwise noted

Reconciliation from Revenue from Cannabis Produced to

Adjusted Gross Profit from Cannabis Operations