Mr. Irwin Simon reports

APHRIA INC. ANNOUNCES CLOSING OF $100 MILLION STRATEGIC INVESTMENT FROM INSTITUTIONAL INVESTOR

Aphria Inc. has closed its previously announced strategic investment from an institutional investor for aggregate gross proceeds to the company of $100,000,001.

Pursuant to the offering, the significant investor has agreed to purchase 14,044,944 units of the company at a price of $7.12 per unit. Each unit comprises one common share of Aphria and one-half of one common share purchase warrant of Aphria. Each warrant will entitle the significant investor to acquire one common share at a price of $9.26 for a period of 24 months from the closing date of the offering.

As previously disclosed, the company intends to use the net proceeds from the offering to finance international expansion, working capital and general corporate purposes.

The units and the securities comprising the units are being offered pursuant to a shelf registration statement (including a prospectus) previously filed with and declared effective by the United States Securities and Exchange Commission on Nov. 26, 2019, and, in Canada, will be offered and sold in Ontario only by way of a prospectus supplement.

"We are pleased to be closing this successful $100-million strategic investment that reinforces confidence in our business and management team," said Irwin D. Simon, chief executive officer. "Importantly, now with nearly $600-million, our balance sheet has been further strengthened and will continue to support us as we execute upon our strategic plan for continued growth."

About Aphria Inc.

Aphria is a leading global cannabis company driven by an unrelenting commitment to people, the planet, product quality and innovation. Headquartered in Leamington, Ont., the greenhouse capital of Canada, Aphria has been setting the standard for the low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible.

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