Company PresentationApril 2020

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: 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 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 COVID-19 nationally and globally which could have a material adverse impact on Aphria’s business, operations and financial results, including disruptions in cultivation and processing, supply chains and sales channels, as well as a deterioration of general economic conditions including national and/or global recessions and the response of governments to the COVID-19 pandemic in respect of the operation of retail stores; general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving cannabis or otherwise affecting Aphria’s business or its consumers generally; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the cannabis industry in Canada generally; income tax and regulatory matters, including delays in the issuance of licenses; the sale and distribution of vapes; the ability of Aphria to meet its liquidity requirements to fund ongoing operations; the ability of Aphria to implement its business strategies; competition; crop failure; safety of derivative cannabis products; currency and interest rate fluctuations, and the other risks discussed under the heading “Risk Factors” in Aphria's most recent Annual Information Form and under the heading “Industry Trends and Risks” in Aphria’s Management’s Discussion and Analysis for the three and nine months ended February 29, 2020. 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 medical and adult-use cannabis 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.

NON-IFRS MEASURES: In this Presentation, reference is made to adjusted EBITDA, which is not a measure of financial performance under International Financial Reporting Standards (IFRS). This metric and measure is not a recognized measure under IFRS does not have meanings prescribed under IFRS and is as a result unlikely to be comparable to similar measures presented by other companies. This measure is provided as information complimentary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, this measure should not be considered in isolation or in lieu of review of our financial information reported under IFRS. Definitions and reconciliations such measure can be found in Aphria’s Management’s Discussion and Analysis for the three and nine months ended February 29, 2020, filed on SEDAR and EDGAR.

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.

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Disclaimer

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Aphria at a Glance

Aphria (TSX:APHA) (NYSE:APHA) is a leading global CPG and wellness leader

Product Innovation

Physical Infrastructure / Scale

Internationally Respected Medical Platform

Segmented Brands Consistent Financial Performance

Well Capitalized

Winning Canada + Focused International Strategy = Global Differentiated Cannabis Wellness Leader

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Well Positioned to Benefit from Industry Growth Drivers

Legalization of Adult-Use

Markets

Currently only legal in a few

countries

Growing opportunity over

next 5 years

Legalization of Medical Markets

and New Research Uncovered

Increasing number of countries

legalizing medical use nationally

New research published

Progress with Pending U.S. Legislation

Safe Banking Act

States Act

Marijuana Reform Act

Conversion from Illicit to Legal

Formats

Access

Quality

Price

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Execution for Success in Canada

Aphria has a deliberate strategy to grow market share across Canada

Leamington

Focus on strengthening Aphria’s position in Canada

Financial results set us apart from peers – adjusted EBITDA positive in last four quarters

Carefully curated brands and segments

Medical cannabis market backed by clinical research and supporting compassionate care and veterans

Extensive distribution network in all provinces through partnerships with Shoppers Drug Mart and Great North Distributors

State-of-the-art facilities in Leamington, ON (Aphria One, Aphria Diamond); Duncan, BC (Broken Coast); Brampton, ON (Avanti RX)

EU GMP certified for bulk product at Aphria One and for finished product at Avanti RX

Duncan

Brampton

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Segmented Approach to Customer Brands

Our Brands Have Been Created Through a Thoughtful Research Process, Including Focus Groups, to Cater to Distinct Segments of Consumers, From First-Timers to the Most Experienced Users and Those in Between

Mainstream ($$) – Relaxers / Novices

Value ($) – Enthusiasts

Mainstream ($$) – Urban Culture

Premium ($$$) – Connoisseur

Our Products Won 7 Awards in 2019

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7 Canadian Cannabis Awards in 2019

Innovation of the Year: Solei Renew CBN Oil

Top Master Grower: Kevin Anderson, Head Grower

Top Hybrid Pre-roll: Sense Pre-roll

Top High CBD Bottled Oil: CBD 25:1 Oil

Top Sativa Dominant Pre-roll: Jean Guy Pre-roll

Top Indica Dominant Pre-roll: Subway Scientist Pre-roll

Top Hybrid Flower: Ruxton (Sour OG)

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Product Mix Evolution Into Derivative Products Supports Accretive Margin

FLOWER PRE-ROLLS CONCENTRATES VAPES

TINCTURESFAST ACTING ENHANCERS EDIBLE OIL CAPSULES TOPICALS

GUMMIES HARD CANDY

CHOCOLATES BEVERAGE

Adult Use

Robust portfolio of differentiated brands supports variety of product categories & formulations without cannibalization.

MedicalPortfolio shifts from flower to non-inhalable alternatives in dose controlled formats.

Wellness

CBD-focused portfolio, clinical trials in place to support claims focused around largest opportunities.

Margin accretive portfolio as product mix shifts from flower to derivative products Leverages in-house extraction R&D expertise Utilizes significant extraction capacity via Extraction Centre of Excellence Value-engineering across the supply chain drives COGS down

In-Market Fiscal H1 2021 In Development

Extensive Distribution Model in Canada

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Partner of choice for leading cannabis distribution players in Canada

Agreement with Great North Distributors (Southern Glazer’s Wine & Spirits subsidiary)

Two way exclusivity agreement (manufacturer and customer) for adult-use cannabis products throughout Canada

Extensive distribution network covers 99.8% of Canadian population

Canadian retail pharmacy chain with more than 1,300 stores in nine provinces and two territories

Aphria was the first licensed producer to partner with Shoppers

Provides access to Aphria’s products through Shoppers’ wide reaching ecommerce platform

Longer term – Potential to dispense in stores throughout Canada

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State-of-the-art, purposely built facilities

Up to 255,000 kg Licensed Annual Canadian Production

Aphria One

Leamington, ON1,100,000 sq. ft.

Aphria Diamond

Leamington, ON1,300,000 sq. ft.

Broken Coast

Duncan, BC45,000 sq. ft.

Industrial Scale Cultivation and Automation

Derivatives Strategy Initially Focused Around Vapes

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20%-30%Vapes’ projected

share of the adult-use Canadian market

Launched Over 30 New Vape SKUs in Q3

Partnership with PAX labs to provide

premium cannabis extracts in pods

Manufacturing and distribution

agreement with dosist

Sources: Aphria internal models.

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Targeting a $200B+ Disruptive Global OpportunityFigures in USD

Adult-Use and Medical

Medical only

Adult-Use and Medical (U.S.)

Medical only (U.S.)

Estimated Canadian cannabis opportunity

$18B

Estimated global cannabis opportunity

$200B

Adult-Use cannabis

$150BMedical cannabis

$50B

Sources: Wall Street Research.

Focused Global Strategy

LATAMGermanyCanada

Canadian adult-use market opportunity of $6B+ by 2024

Launched vape portfolio in December 2019

EU GMP certified at Aphria One and at Avanti

One of most sought after cannabis ready markets

Population: ~2.3x the Canadian market

(83MM)

Market Opportunity: ~6x+ the Canadian medical

market due to payor reimbursement opportunity

German medical market is larger than the Canadian adult-

use + medical market combined

Population:~18x the Canadian market (650+

MM)

Market Opportunity:~54x+ the Canadian medical

market due to payor reimbursement opportunity

Leverage lower wage and production costs

Brazil approved sale of medical cannabis in December 2019

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Canada

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Comprehensive Strategy to Win Germany

Germany

DensbornDensborn

Malta

Valetta

Multi-faceted German strategy with domestic cultivation, GMP certified facilities in Canada for export and import license and large distribution infrastructure

Brampton processing

Avanti facility EU GMP certified

Valetta processing / distribution

EU GMP lab ready for incremental processing which provides access to international markets

Bad Bramstedt

Bad Bramstedt storage

State-of-the-art GMP ready cannabis vault in Bad Bramstedt for import of cannabis flowers and oil from Canada, Australia and Denmark

Densborn distribution

Purchased CC Pharma in 2019, a leading importer and distributor to more than 13,000 (out of ~19,000) pharmacies in Germany

Neümunster cultivation

Granted 5 / 13 lots for medical cannabis cultivation, the maximum output from the German tender process

Only licensed producer with the permission to grow all three strains of medical cannabis

Leamington cultivation

Aphria One EU GMP certified

Neümunster

BramptonLeamington

LatAm: Infrastructure and Strategy

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Adult-Use and Medical

Medical only

Argentina

Wholly-owned subsidiary ABP S.A., a pharmaceutical import and distribution company

Recent government approval of insurance bulk purchasing Partnership with Hospital Garrahan (running clinical study focused on

children with epilepsy)

Exclusive supply agreement with Insumos Medicos, S.A., to provide medical cannabisParaguay

Colombia

Regional hub for South America Cultivation license through Colcanna Partnership with Colombian Medical Federation

(community of over 70,000 doctors and professionals)

Brazil Approved sale of medical cannabis in December 2019 Option to purchase and right of first offer & refusal on a license

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Aphria Financials at a Glance

Largest Cash Balance In The Cannabis Industry Without The Dilution Of A Strategic Partner

Equity raise of $100 million further strengthens the balance sheet

Raised USD$350 million through a convertible notes offering in April 2019

~$515 million cash as of February 29, 2020

Continues to be a Leader in Measurable Financial Performance

Already Achieved Positive Adjusted EBITDA with Strong Growth Prospects Going Forward

Fourth consecutive quarter of positive adjusted EBITDA

Adult-use cannabis growth of 54% quarter-over-quarter

7.2

18.520.0

29.0

44.7

Q3 19 Q4 19 Q1 20 Q2 20 Q3 20

Quarterly Adult-Use Sales (Millions) (CAD$)

Capital Allocation

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Repatriated cash by divesting non-core assets

Strong liquidity with ~$515M cash(1)

Continuous cost management to increase profitability

Focus on sustainable and profitable growth to create value for shareholders

Disciplined spending and capital allocation

Note: All dollars in CAD unless otherwise stated.1) As of February 29, 2020.

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Good Corporate Citizenship

Aphria’s social impact strategy formalized to guide company’s investments in and commitment to community, social and environmental impact while helping to drive overall business objectives and results.

Established Aphria’s Values, as well as a framework that allows activities to be tracked, managed, measured and reported on the shared value being delivered.

Entered into a charter agreement with Drug Free Kids Canada to help educate Canadians on youth drug-use prevention.

Administered the creation of custom-made cannabis oil for Jorja Emerson, a little girl in the UK battling life-threatening epilepsy to ensure she receives uninterrupted treatment.

Launched Aphria’s social impact campaign, Plant Positivity, to increase awareness about the power that plants have to improve people’s everyday well-being.

Developed and launched a robust education campaign with stakeholders and retailers for patients & consumers.

Environmental, Social and Governance (ESG) Benchmarking underway.

We are committed to strengthening local communities around the world, including LATAM where we worked with the Universidad de Caldas to complete a sociodemographic characterization and partnered with the local government to facilitate initiatives focused on education, career development, and health and safety.

Committed to reporting on CSR & Sustainability initiatives end of FY2020

We Put People First

We Lead By Example

Why Values MatterValues are essential to developing a shared

language to define the standards of behaviour in

our company. They drive and define culture and

decision-making across all parts of the business.

At Aphria, we’re proud of who we are, what we stand for and where we’re going, together.

We’re passionate about pushing our industry

forward. Our commitment to innovation means

we’re always on the lookout for new

opportunities, that we attract those who share

our outlook, and

that we never stop focusing and imagining on

what’s coming next.

We’re committed to the needs of our patients

and consumers whether they are looking for

natural options for medical needs, exploring the

options in wellness, or seeking alternatives to

their lifestyle. We’re driven by a desire to help

others live their best life.

We Respect the EarthAs a conscientious company, we pride ourselves

on providing a natural product for our patients

and consumers. We’re committed to ensuring that

our actions and those of our employees have a

positive impact on the environment around us, no

matter where we operate.

We Take Responsibility toHeartWe believe it is our responsibility to protect the safety

of our employees, patients, consumers, and society.

Our partnerships and programs reflect our ongoing

commitment to the safety of our communities through

education, responsible use, and meaningful corporate

citizenship.

Our Values

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