Mr. Vic Neufeld reports

APHRIA INC. ANNOUNCES $80 MILLION BOUGHT DEAL

Aphria Inc. has entered into an agreement with Clarus Securities Inc., on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 11,034,500 common shares of the company at a price of $7.25 per common share for aggregate gross proceeds to the company of $80,000,125.

The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 1,655,175 common shares at the offering price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the offering. In the event the overallotment option is exercised in full, the aggregate gross proceeds of the offering will be $92,000,144.

The company intends to use the net proceeds from the offering for the development of infrastructure (including the purchase of capital and other equipment), the expansion of its geographic footprint in Canada and other strategic investments, and for general working capital purposes.

The common shares will be offered by way of a short form prospectus to be filed in each of the provinces of Canada, other than the province of Quebec, by way of a private placement in the United States, and in those jurisdictions outside of Canada and the United States which are agreed to by the company and the underwriters, where the common shares can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

The offering is expected to close on or about Nov. 7, 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

In connection with the offering, Delavaco Group has been appointed as a special adviser to the company.

About Aphria Inc.

Aphria, one of Canada's lowest-cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ont., the greenhouse capital of Canada, Aphria is truly powered by sunlight, allowing for the most natural growing conditions available. The company is committed to providing pharma-grade medical cannabis, superior patient care while balancing patient economics and returns to shareholders. The company is the first public licensed producer to report positive cash flow from operations and the first to report positive earnings in consecutive quarters.

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