Creating a Preeminent Global Cannabis Company

2

DisclaimerCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in contained in this presentation constitutes forward-looking statements under applicablesecurities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward lookingstatements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this presentation include, but are not limited to, statements with respect to accretive earnings, anticipated benefits associated with the acquisition of MedReleaf(herein the “Transaction”), statements with respect to the pro forma effect of the Transaction on the combined company and its strategy going forward, the completion of any capitalproject or expansions, the timing for the completion of the Transaction; the consideration to be received by shareholders of MedReleaf, which may fluctuate in value due to Auroracommon shares forming the consideration; statements with respect to the funded production capacity which may not be achieved or realized within the time frames stated or at all, theanticipated size and or revenue associated with the adult consumer market in Canada and the global market for medical marijuana, the satisfaction of closing conditions including,without limitation (i) required Aurora and MedReleaf shareholder approvals; (ii) necessary court approval in connection with the plan of arrangement, (iii) receipt of any requiredapprovals under the Competition Act; (iv) certain termination rights available to the parties under the Arrangement Agreement; (v) Aurora obtaining the necessary approvals from the TSXfor the listing of its common shares in connection with the Transaction; and (vi) other closing conditions, including, without limitation, compliance by Aurora and MedReleaf with variouscovenants contained in the Arrangement Agreement. In particular, there can be no assurance that the Transaction will be completed or completed on the terms described in thispresentation. Forward looking statements are based on certain assumptions regarding Aurora and MedReleaf, including expected growth, results of operations, performance, industrytrends and growth opportunities. While Aurora and MedReleaf consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.Recipients are cautioned not to place undue reliance on forward-looking statements contained herein. Forward-looking statements also necessarily involve known and unknown risks,including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficientcapital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the early stage of the cannabis industry in Canada generally, realization offunded production estimates, income tax and regulatory matters; the ability of Aurora to implement its business strategies; competition; currency and interest rate fluctuations; the riskof difficulties in the integration of Aurora and MedReleaf, the estimated size of the adult consumer market for cannabis in Canada, the estimated size of the global medical cannabismarket and other risks.

Recipients are cautioned that the foregoing risks are not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be noassurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation,may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this presentation are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject tochange thereafter. Aurora and MedReleaf disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future eventsor otherwise, except as required by law. Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters referred to aboveand elsewhere in Aurora’s andMedReleaf’s public filings and the material change reports that will be filed in respect of this Transaction, which are, or will be, available on SEDAR.

3

Meeting the Critical Success Factors for Accelerated Growth

Industry Leading Scale

Extensive Distribution Channels in Canada and Internationally

Enhanced Capital Markets Profile

Proven Execution & Agility Across Value

Chain

Innovation and R&D Excellence

Low ProductionCosts and Industry

Leading Yields

Award Winning Product Lines Support

Brand Leadership

$

Enhanced Diversification

The Opportunity

5

Canadian Adult Consumer Use Market

Source: Deloitte Recreational Marijuana: Insights and Opportunities

Canadian Medical and Adult Consumer

Use Demand will outstrip supply until

2021

Potential Upside

Ancillary Market

Base Market

Population of Adult

Consumers

Annual Consumption Volume in Grams per

Consumer

Price per Gram of Marijuana

Growers Infused Product Makers

Testing Labs Security

Tourism Revenue

Business Taxes License Fees Paraphernalia

$9+ bn

$23 bn

Base Retail Market Value

Base + Ancillary

Canada is 3-4 years ahead of any other country in terms of building a federally legal, commercial

scale, cannabis cultivation industry

According to Deloitte, sales in the

Canadian adult consumer use

market could be ~$5bn to ~$9bn per

annum

$9+ bn

Base Retail Market Value

$14+ bn

With Ancillary Multiplier

Potential

Upside to Base and

Ancillary Markets

6

Global Medical Opportunity

Source: Eight Capital 2018 Outlook: Legalization Will Lead to Globalization

North American

Market Size:

~4.0 million kg

South American

Market Size:

~2.0 million kg

EuropeMarket Size:

~4.0 million kg

AustraliaMarket Size:

~0.2 million kg

Africa

Market Size:

~0.5 million kg

• Total addressable

market size of

~C$180 bn at

maturity

• Total implied

demand greater

than

10 million kg per

year

• This market will

remain

undersupplied for

the foreseeable

future

AsiaMarket Size:

Unknown

The Company

8

Industry Leading Scale11 Production Facilities

AURORA AURORA AURORA AURORA AURORA AURORA AURORA AURORA MEDRELEAF MEDRELEAF MEDRELEAF Total TGOD(1) TGOD(1)

FacilityAlberta

(Mountain)

Quebec

(Vie)

Quebec (Lachute)

Sask. (Saskatoon)

CanniMed

Alberta

(Sky)

Denmark

(Odense)

Denmark

(Nordic)

Alberta

(Sun)

Ontario (Markham)

Ontario (Bradford)

Ontario

(Exeter)

Alberta, Ontario, Quebec,

Sask., Denmark

Ontario(Hamilton)

Quebec(Valleyfield)

Footprint (sq.ft) 55,000 40,000 48,000 97,000 800,000 100,000 1,000,000 1,200,000 55,000 210,000 1,000,000 4,505,000 150,000 820,000

Status

Operating since 2015

Complete and

licensed in Nov 2017

Completion in early

calendar 2018

Working on GMP

certification

Expansion started

Licensed in January

2018

Completion by mid-

2018

Retrofitting in progress

Cultivation to

commence in summer

2018

Recently announced

facility

First planting in H1 2019

Completion in H2 2019

Operating since 2014

Yields 300 g / sq. ft.

Expected to be fully

operational by mid-

2018

First harvest in Q1 2019

Adjacent land with space for

~1.5mm sq. ft. facility

Expected completion in Q4 2018

Expected completion in

Q2 2019

Funded Capacity

(kg / yr)

4,800 4,000+ 4,500+ 19,000 100,000+ 8,000 120,000+ 150,000+ 7,000 28,000 105,000 570,000+ 14,000 102,000

Estimated Completion Date

Nov-14 Apr-17 Nov-17 Mar-18 H2 2018 H2 2018 H2 2019 H2 2019 2014 H2 2018 H1 2019(3) Q4 2018 Q2 2019

1. Aurora has the option to incrementally increase its ownership interest in TGOD to over 50% upon TGOD achieving certain operational milestones.

2. The sum of Aurora and MedReleaf’s announced funded capacity is 430,000+ kg and 140,000+ kg per year, respectively; total funded capacity of Aurora includes proportionate share of TGOD (23,000 kg per annum).

3. Based on first harvest.

(2)

Rapid Conversion of Remaining Funded Capacity Into Production Capacity By End of 2019

9

Aurora Sky• 100,000+ kg per year at full capacity

• Anticipated production costs <$1 per gram

• Closed system

• Highly Automated

• Complete control over environmental conditions

• Customized irrigation and nutrition systems

• Specialty glass

• Advanced disease, pest and plant stressprevention systems

• Strategically located at Edmonton International Airport

10

AfricaMarket Size:

~0.5 million kgsCayman

Islands

First ever sale of commercial cannabis oils

Germany

Sells cannabis through Pedanios(1), Aurora’s wholly owned wholesale importer / exporter / distributer

Allows Aurora to capture full margin to pharmacies

Introducing CanvasRxmodel to seed and accelerate growth

Germany

Supply agreement with Cannamedical Pharma

Denmark(1)

Owns 51% of Aurora Nordic where a 1,000,000 sq ft facility is being built and a 100,000 sq ft retrofit greenhouse

Extensive Distribution Channels in Canada and Internationally

South Africa

Definitive agreement to supply cannabis products to Akula Trading 2 Pty Ltd.

Australia

22.9% interest in Cann Group, first Australian company licensed to cultivate medical cannabis

First ever shipment of commercial cannabis oils through CanniMed

Australia

JV partner Indica received cannabis cultivation and production license

Italy

Sells cannabis to the Italian government through Pedanios; completed first ever private export from Canada in April-18

Aurora

MedReleaf

Both Aurora & MedReleaf

Brazil

Completed first ICH-GMP certified commercial export and the country’s first import of cannabis-oil

European Union

LOI with Creso Pharma Ltd. to market CMED medical cannabis brands

Canada (Combined)

Operates 9 facilities

Established key distributor relationships (SAQ, Shoppers, PharmaChoice and more)

Significant Opportunity for Cross-selling Through Complementary Distribution Networks

1. Aurora Nordic will focus on the cultivation and sales of cannabis in Denmark, Sweden, Norway, Finland and Iceland through Aurora’s wholly-owned subsidiary, Pedanios.

11

11

82 million population Germany

>400 millionpopulation EU

• Largest medical cannabis distributor in EU (100% owned)

• EU GMP certified for import, release and distribution of cannabis

• Currently servicing >2,000 pharmacies in Germany (exclusive suppliers of patients)

• Access to single largest federally legalized medical cannabis market with population > 82 million

• Broad insurance coverage for prescribed medical cannabis

• Won first public tender to supply Italian system

• Aurora’s European hub for market expansion Cornerstone acquisition for European expansion strategy

Pedanios – Aurora’s Gateway to the EU Cannabis Market

12

Innovation and R&D Excellence

A Science Driven Approach

• Thousands of data records collected over 10 years drive enhanced patient experience

• Clinical research with well-recognized research centers and leadership, including 11 peer-reviewed publications

• Developing a Medical Cannabis Centre of Excellence

• Strong scientific leadership team with proven track-record in product development

Innovative Product Development

• Innovative and diverse product lines, including topical creams and capsules

• First LP to bring capsules, topical cream and variety-specific softgelcapsules to market

Science-based Approach Resonates with Medical Professionals and Contributes to Broader Product

Recognition and Brand Strength

Developing Marketable IP to DeliverProducts for Medical and Adult Consumer Use Markets

13

Innovation – Access to Technology

RADIENT TECHNOLOGIES – disruptive extraction technology for cannabis oil production

CTT PHARMACEUTICALS – Sub-lingual wafer technology

NAMASTE - exclusive white label use for patient education and registration portal

MICRON WASTE TECHNOLOGIES – low-cost environmentally friendly treatment of organic waste

INNOVATION-DRIVEN PARTNERSHIPS

14

Select Brands Awards

• Combined company will have a more comprehensive portfolio of medical and recreational brands

• Combined company won 17 Lift Canadian Cannabis Awards in 2017

0%

5%

10%

15%

20%

25%

0% 5% 10% 15%

THC

Va

lue

(%

)

CBD Value (%)

Top Licensed Producer - Winner

Top High CBD Oil - Winner

Top Indica Flower - Winner

Top High CBD Flower - Winner

Top High THC Flower - Winner

Top Licensed Producer Customer Service – Finalist (#2)

Top Licensed Producer Compassionate Pricing – Finalist(#2)

Top Licensed Producer Packaging – Finalist (#2)

Top Hybrid Flower – Finalist (#2)

Top Sativa Flower – Finalist (#3)

Top High THC Oil – Winner

Top Social Media Account Facebook – Winner

Top High CBD Oil – Finalist (#2)

Top High THC Flower – Finalist (#3)

Top Sativa Flower – Finalist (#2)

Top Social Media Account Twitter – Finalist (#3)

Top Licensed Producer Compassionate Pricing – Finalist(#3)

Award Winning Product Lines Support Brand Leadership

Comprehensive Genetics Offering

Brands and Strains Recognized with a Combined 17 Lift Canadian Cannabis Awards

15

--

$10

$20

$30

Dec-

14

Jun-

15

Dec-

15

Jun-

16

Dec-

16

Jun-

17

Dec-

17

Qu

art

erly

Re

ve

nu

e (

C$

mm

)

Proven Execution & Agility

• Fastest ramp up, execution and sales growth achieved relative to other licensed producers

• High pace of execution enhances early mover advantage and rapid capitalization on opportunities

Quarterly Revenue Development

(1)

1. Aurora (Pro Forma CanniMed) and MedReleaf.

Competitor 2

Competitor 1

16

Proven Execution & Agility Across the Value Chain

Acquisitions

Branding /

Strategic

Investments

14-Dec-16

Signs JV MOU with

Radient

8-June-17

Strategic Investment

in HempCo,

Food and Fiber

30-Mar-17

Strategic Investment in

Australia through

investment in

Cann Group

5-Jan-18

Strategic

Investment in TGOD

15-Jan-18

Strategic

Investment in

Micron Waste

22-Feb-18

Strategic

Investment in

Liquor Stores N.A.

9-Feb-18

Introduces

San Rafael '71

6-Mar-18

Adds the Woodstock

brand

3-Apr-18

Launched Premium

Cannabis Brand,

AltaVie

2-Oct-17

Acquires

B.C. Northern Lights

Urban Cultivator

6-Mar-17

Acquires

Pelaton

Pharmaceuticals

26-May-17

Acquires

Pedanios in Germany, a

wholesale importer, exporter,

and distributor of medical

cannabis in the E.U.

18-Aug-16

Acquires

CanvasRx,

a Canadian cannabis

patient counselling

service

5-Dec-17

Acquires

Larssen

H2 Biopharma

28-Mar-18

Acquires

CanniMed

Aurora MedReleaf

14-Sep-17

Announces R&D

Collaboration and

investment in cannabis

grow lighting firm

Flora Fotonica

Dec-16 Mar-17 Jun-17 Sep-17 Mar-18Dec-17

17

Building Growing Extraction Testing, R&D Distribution Products BrandsConsumer

EngagementFormulation

• Larssen is a

design and

engineering

consultancy for

efficient

greenhouses

• Low-cost

operations

•MedReleaf has

exceptionally

high yields

•Aurora and

CMED offer a

diverse set of

genetics

•Aurora

investment in

Radient,

an extraction

company

•MedReleaf was

the first LP to

launch a topical

cream & oil

capsules

•Aurora has

creams, capsules

and a strong

pipeline of

products

•MedReleaf has a

diverse product

offering, including

softgels and a

robust pipeline of

product

innovations

•Multiple PhD

researchers

•MedReleaf brings

10+ years of

research and

patient data

•CMED brings 17+

years of clinical &

research studies

•Agreements

with SDM, SAQ,

PharmaChoice,

Liquor Stores and

many more

• Robust

international

distribution

network

•Complementary

and ancillary

products,

including BC

Northern Lights,

HempCo and

many more

• Both companies

have well-

recognized

medical and

consumer brands

• Strong consumer

engagement, with

mobile app,

customer care and

same-day delivery

in Ontario

40+pro-forma cannabis

strains

Vertical Integration with Horizontal DiversificationA Global Company with Expertise Across the Value Chain

18

Go-Forward Strategy

Strategic M&A

Acquire Brands & Expertise Across

Value Chain

Expand Portfolio of Strategic Partnerships

Gain Access to New Region and

Distribution Channels

Capacity

Establish a Large Global Production Footprint, Based

on Market-Leading

Technological Design and Operational Know-How

High-Tech, Lost-Cost Facilities

International

Distribution

Leverage Global Footprint through GMP Facilities to Facilitate Growth

into the International

Medical Market

Well-recognized

Medical &

Consumer Brands

Expand Portfolio of Brands for

Medical & Adult Consumer Use

R&D

Leverage R&D Capabilities to

Develop a Well-Diversified Portfolio of IP (Medical and

Consumer Products,

Technologies)

Scale, Costs, Agility, Innovation and Execution to Accelerate Growth

Financial Data

20

Aurora Cannabis Inc. Management Presentation

Sequential Growth (%)

211%YoY growth for Q3 2018

457.1% 151.7% 26.5% 33.2% 14.7% 39.0%

Strong Revenue Growth

Revenue ($M)

41.8%

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018

37.6%

21Aurora Cannabis Inc. Management Presentation

Continuously Improving Metrics

Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

# # # # #

Active registered patients (1) 25,800 23,000 19,280 16,400 13,110

Grams sold 1,352,982 1,161,809 889,965 755,059 653,008

Grams produced (2) 1,205,965 1,204,259 1,009,585 1,164,683 846,849

(In CDN $000’s unless otherwise noted) $ $ $ $ $

Average net selling price per gram 7.99 8.36 8.22 7.45 6.64

Cash cost of sales per gram 1.80* 1.74 1.92 2.09 2.31

Cash cost to produce per gram 1.53* 1.41 1.73 1.91 1.91

Cash and cash equivalents 231,023 350,841 127,915 159,796 111,116

*Seasonal influence through increased energy spend in winter

22

Brands

R&D Technology and Genetics

Domestic and International Distribution

Overview

8 Facilities

430,000+(1) kg/year

3 Facilities

140,000+ kg/year

SAQ, PharmaChoice, Pharmasave, Liquor Stores,

Pedanios, Shoppers Drug Mart

SAQ, Cannamedical Pharma, Shoppers Drug Mart

24 distinct strains in production, oil products, topical creams, capsules

20+ dried products, 6 oil products, 4 capsule products,

topical creams

Aurora, CanniMed,

HempCo, RadientTechnologies

MedReleaf, San Rafael '71, Woodstock, AltaVie

Funded Capacity

State-of-the art automation, 17+ years of cannabis

research

High-yield cultivator, proprietary genetics,

substantive patient data

570,000+ kg/year

Robust distribution

17 Lift Canadian Cannabis Awards

Comprehensive portfolio

Higher pace of innovation from seed to sale supported by leading research team

Funded Capacity

Products

1. Includes proportionate share of The Green Organic Dutchman (23,000 kg per annum).

Combined Company

23

A Strong Platform for Accelerated Growth

Industry Leading Scale

Extensive Distribution Channels in Canada and Internationally

Enhanced Capital Markets Profile

Proven Execution & Agility Across Value

Chain

Innovation and R&D Excellence

Low ProductionCosts and Industry

Leading Yields

Award Winning Product Lines Support

Brand Leadership

$

Enhanced Diversification

24

Marc Lakmaaker, Director IR &Corporate Developmentmarc.lakmaaker@auroramj.com

Cam BattleyChief Corporate Officercam@auroramj.com

Contact Information

Investor Relations: 1-855-279-4652

Appendix

26

Experienced Leadership Team

Aurora Cannabis Inc. Management Presentation

26

Terry BoothCEOCEO of 6 successful companies

25 years experience in highly

regulated industries

Cam BattleyChief Corporate OfficerDeep experience in pharma and

cannabis sectors

Board member Cannabis

Canada

Steve DoblerPresidentSuccessful entrepreneur, member of

many public companies’ board of

directors. Responsible for raising

substantial funds for Aurora

Glen IbbottCFOStrong senior financial executive

with deep life sciences sector

experience

Neil Belot Chief Global Business

Development OfficerFormer executive director of

Cannabis Canada - Canada's trade

association for Licensed Producers

Allan CleirenCOOExperienced operational

executive with nearly three

decades leadership experience

at private and public companies

Darryl VleemingChief Information Officerover 20 years of experience in

Senior IT leadership, project

delivery, and IT strategic planning

at publicly traded international

corporations, with a specific

focus on driving business value.

27

Board of Directors

Aurora Cannabis Inc. Management Presentation

27

Steve DoblerPresident, Aurora

Successful entrepreneur,

member of many public

companies’ board of

directors. Responsible for

raising substantial funds

for Aurora

Adam SzwerasPartner, Fogler, Rubinoff LLP

Experienced securities

lawyer. Founder of a US

developer of marijuana

and hemp oil, and edible

products.

Michael SingerChairmanCFO, Clementia

Pharmaceuticals

Former CFO, Bedrocan

Cannabis Corp.

Terry BoothCEO, Aurora

CEO of 6 successful

companies

25 years experience

in highly regulated

industries

Dr. Jason Dyck Professor, Department of

Pediatrics and Director of

Cardiovascular

Research Centre,

University of Alberta

Diane JangA business consultant,

specializing in strategic

planning for sustainable

success, growth and

profitability, with over 27

years of business

experience in the

Consumer Packaged

Goods industry

28

Transaction Summary

Proposed

Transaction

• Aurora to acquire all of the issued and outstanding common shares of MedReleaf in an all-share transaction

• Unanimously approved by the boards of directors of each of company

• Court approved Plan of Arrangement

• Pro forma ownership of 61% Aurora / 39% MedReleaf

Consideration

to MedReleaf

• MedReleaf shareholders will receive 3.575x Aurora common shares for each MedReleaf common share

• Implies a price of C$29.44 per MedReleaf common share and a premium of approximately 34%, based on the 20-day volume weighted average prices of Aurora and MedReleaf as of 11-May-18

• Implies a total transaction value of approximately C$3.2 bn on a fully diluted basis

Key Approvals

and Conditions

• Aurora shareholder approval (majority of votes cast at a special meeting)

• MedReleaf shareholder approval (66 2/3% of votes cast at a special meeting)

• 56% of existing MedReleaf shareholders have entered into irrevocable hard lock-ups with Aurora to vote in favour of the Arrangement

• Customary regulatory, court approvals, and other closing conditions

29

Transaction Summary (cont’d)

Deal

Protection

• Reciprocal and customary non-solicitation covenants

• Reciprocal 5 business day right to match any superior proposal

• Termination fee of C$80 mm payable by either party under certain specified circumstances

• Expense reimbursement of C$15 mm payable by either party under certain specified circumstances

Timing

• Mailing of special meeting materials expected to occur during the month of June 2018

• Special meetings of Aurora and MedReleaf shareholders expected to occur during month of July 2018 and closing of the transaction is expected thereafter following receipt of all required regulatory approvals and satisfaction of other customary closing conditions

30

Aurora MedReleafCombined Company

(No Premium)

F.D. Market Capitalization(1)

(C$ mm)$4,772 $2,669 $7,441

Cash and Cash Equivalents(2)

(C$ mm)$167 $218 $385

Debt(2)

(C$ mm)$244 $10 $254

Enterprise Value

(C$ mm)$4,373 $2,414 $6,786

Geographical Sales Presence

Australia, Canada, Cayman Islands,

Denmark, Finland, Germany, Iceland,

Italy, Norway, South Africa, Sweden

Australia, Brazil, Canada,

Germany

Australia, Brazil, Canada, Cayman

Islands, Denmark, Finland, Germany,

Iceland, Italy, Norway, South Africa,

Sweden

Number of Facilties 8 3 11

Current Capacity 15,800 kgs 16,500 kgs 32,300 kgs

Funded Capacity 430,000+ kgs 140,000+ kgs 570,000+ kgs

Capitalization

Operating

Details

Summary of the Combined Company

1. Shown on a fully-diluted basis as of 11-May-18.

2. Based on most recent filings (31-Mar-18 for Aurora and 31-Dec-17 for MedReleaf), adjusted for subsequent events.