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Company PresentationJuly 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 annual Management’s Discussion and Analysis for the year ended May 31, 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 annual Management’s Discussion and Analysis for the year ended May 31, 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.

Disclaimer

Aphria Inc. at a Glance

Aphria Inc. (TSX:APHA) (NASDAQ: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

Value Premium Premium + CoreEconomy

Bra

nd

DN

A

Find Your Moment

Solei helps

consumers

discover a path to

seeing the world

through moments

related to their

activities

Approachable,

simple, welcoming,

brightening.

Elevate.

Collaborate.

Create.

Not your

conventional

cannabis brand.

We are a brand by

creatives for

creatives

An unconventional

brand, fueled by

creativity and

collaboration

Quality Bud. No

B.S.

Embrace the goodness of classic cannabis culture.

Good Supply is an insider brand that speaks your language and reminds you of when you first fell in love with cannabis.

West Coast,

Naturally – The

best bud in the

world

Authentic and

effortless build on

small batch growing

techniques / craft

approach.

Broken Coast’s

reputation for its

high quality flower;

aroma, bud

composition, and

heavy trichome

appearance delivers

an incredible

experience.

Unmistakably

Quebecoise

P’tite Pof is inspired

by Québécois

culture, casse-

croûte signage and

your local

dépanneur.

Straightforward,

functional, bold,

charming and

iconic. Our

traditional blue and

red with a modern

twist.

*Quebec Regional

brand

FY 2021 – Recreational Brand Portfolio

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Find Your Moment

Target Audience

Relaxers and Novice who look

for a simplified cannabis

experience

Elevate. Collaborate. Create.

Target Audience

Male focused segment with a

strong interest in exploring

different formats available in

high-THC

Quality Bud. No B.S.

Target Audience

The every-day Enthusiast who

wants good weed at a good price.

West Coast, Naturally – The

best bud in the world

Target Audience

The Connoisseur cannabis

consumer who wants the best.

Unmistakably Quebecoise

Target Audience

The Québécois enthusiast

consumer looking for value.

$ $$$

Segmented Approach to Customer Brands:The right brand & product for the right consumer

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.

Our Brands Won 7 Awards in 2019

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)

Our Brands Continue to Grow Sales and Gain Share Nationally (ON, AB, BC)

+234%vs PriorQuarter

+30%vs Prior Quarter

+5%vs Prior Quarter

Top Premium+

Flower

F20-Q4

Flower

+437%vs PriorQuarter

+12%vs Prior Quarter

~0%vs Prior Quarter

NEW LAUNCH!

Pre-Roll

Source: Headset Canadian Insights for retail sales of adult-use cannabis - data represented is for provinces of ON, AB, BC (May 2020 / June 2020)

TBDVapes#1 Vape Brand

June 2020

Growth in Share

Jun vs May 2020

#4 Vape Brand

June 2020

Product Mix Evolution Into Derivative Products Supports Accretive Margin

FLOWER PRE-ROLLS CONCENTRATES VAPES

TINCTURESFAST ACTING ENHANCERS EDIBLE OIL CAPSULES TOPICALS

GUMMIES HARD CANDY

CHOCOLATESLIQUID

ENHANCER

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

Margin accretive portfolio as product mix shifts from flower to derivative products Leverages in-house extraction R&D expertise Value-engineering across the supply chain drives COGS down

In-Market Fiscal H1 2021 In Development

Conversion from Illicit to Legal = Winning Canada

Formats Access Quality Price

Execution for Success in Canada

Aphria Inc. 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 five quarters

Carefully curated brands and segments

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

Extensive distribution network in all provinces through partnerships with Shoppers DrugMart 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

Extensive Distribution Model in Canada

Partner of choice for leading cannabis distribution players in Canada

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

Two-way exclusivity agreement (manufacturer andcustomer) for adult-use cannabis productsthroughout Canada

Extensive distribution network covers 99.8% ofCanadian population

Canadian retail pharmacy chain with more than1,300 stores in nine provinces and two territories

Aphria Inc. was the first licensed producer topartner with Shoppers

Provides access to Aphria’s products throughShoppers’ wide-reaching ecommerce platform

Longer term – Potential to dispense in stores throughout Canada

Approachable taste profiles for those looking for

cannabis effects with great flavour.

20 SKUs

High potency, 100% cannabis giving you the closest-

to-cannabis experience on a vape.

6 SKUs

True to cannabis taste that you can use everyday

13 SKUs

Vapes are projected to represent between 20% and 30% of Adult-use cannabis sales in Canada

*Source: OCS data – for the month of July 2020

Aphria Vape Portfolio: Winning with 29.34% Market Share*

Launching more than 25 new vape SKUs in FY2021

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 total 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 expected to be larger than the Canadian adult-use + medical

market combined

Population:~18x the Canadian market (650+

MM)

Market Opportunity:~24x+ the Canadian medical

market due to payor reimbursement opportunity

Leverage additional supply capabilities in Canada to import into South America on a short-

term basis

Canada

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 German tender winner with the permission to grow all three strains of medical cannabis

Leamington cultivation

Aphria One EU GMP certified

Neümunster

Brampton

Leamington

LATAM: Infrastructure and Strategy

Adult-Use and Medical

Medical only

Argentina

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

Recent government approval allowed ABP to ship,distribute and deliver medical cannabis under theArgentinean "Compassionate Use" national law for patientswith refractory epilepsy.

Partnership with Hospital Garrahan which recentlypublished favourable preliminary results in refractoryepileptic patients following treatment with Aphria products

Exclusive supply agreement with InsumosMedicos, 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 andprofessionals)

Aphria Inc. Financials at a Glance

Largest Cash Balance In The Canadian Cannabis Industry Without The Dilution Of A

Strategic Partner

~$500 million cash as of May 31, 2020

Continues to be a leader in measurable financial performance

Already Achieved Positive Adjusted EBITDA with Strong Growth Prospects Going Forward

Fifth consecutive quarter of positive adjusted EBITDA

Adult-use cannabis growth of 27% quarter-over-quarter

7.2

18.520.0

29.0

44.7

56.7

Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20

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

Capital Allocation

Repatriated cash by divesting non-core assets

Strong liquidity with ~$500M 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 May 31, 2020.

Good Corporate Citizenship

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

Established Aphria’s Values, as well as a framework that allows activities tobe tracked, managed, measured and reported on the shared value beingdelivered.

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

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

Launched Aphria’s social impact campaign, Plant Positivity, to increaseawareness about the power that plants have to improve people’s everydaywell-being.

Developed and launched a robust education campaign with stakeholdersand 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 tocomplete a sociodemographic characterization and partnered with thelocal government to facilitate initiatives focused on education, careerdevelopment, and health and safety.

Committed to reporting on CSR & Sustainability initiatives

We Put People First

We Lead By Example

Why Values Matter

Values 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 Earth

As 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 toHeart

We 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