CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws and are expressly qualified by this cautionary statement. This news release does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Announces Fourth Quarter and Fiscal Year 2020 Results, Aphria Inc. to Announce Fourth Quarter and Fiscal 2020 Financial Results on July 29, 2020, Aphria Announces Issuance of Shares in Respect of Previously Announced Settlement of Claim, Aphria Inc. Leamington, Ontario – July 29, 2020 – Aphria Inc. (“Aphria” or the “Company”) (TSX: APHA and Nasdaq: APHA), a leading global cannabis company, today reported its financial results for the fourth quarter and fiscal year ended May 31, 2020. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. That being said, trends started to improve at the end of May.“Going forward, given the vast majority of TCMD’s clinician customers practice in outpatient or office-based settings, we remain positive on TCMD’s ability to demonstrate better insulation against COVID impacts and likely experience a greater bounce-back relative to overall med-tech volume trends, with TCMD further benefitting from its expanding using of technology to remotely engage with clinicians and support patients,” Furlong explained.The analyst added, “Furthermore, recent trends among some providers to prescribe Flexitouch (an advanced intermittent pneumatic compression device to self-manage lymphedema and nonhealing venous leg ulcers) earlier along the therapy process, as a means to reduce in-person contact, could provide upside near term, as well as potentially transition to a longer-term tailwind.”On top of this, Furlong is also optimistic about new CEO Dan Reuvers and the reprioritization of the company’s investment and market development efforts. Thus, with business trends improving, the Street is pounding the table.Writing for Canaccord, analyst Cecilia Furlong acknowledges that the pandemic has hampered the company, with COVID-19 weighing on both volumes and sales. Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated July 29, 2020 among the Company, Jefferies LLC and Canaccord Genuity LLC, as U.S. agents and Canaccord Genuity Corp. and Jefferies Securities, Inc., as Canadian agents (collectively, the “Agents”). Gaming group Penn National will sell around 14 million in new shares as it ramps-up its sports betting challenge to rivals such as DrafKings and FanDuel. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. About Aphria Headquartered in Leamington, Ontario – the greenhouse capital of Canada – Aphria Inc. 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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