Aphria Calls Short-Seller Report Malicious and Cites Reliance Upon Fairness Opinion

Aphria statement regarding short-seller report

LEAMINGTON, ON, Dec. 3, 2018 /PRNewswire/ – Aphria Inc. (“Aphria” or the “Company”) (TSX: APHA andNYSE: APHA) is aware of a short-seller report released earlier today which Aphria believes is a malicious and self-serving attempt to profit by manipulating Aphria’s stock price at the expense of Aphria’s shareholders.

Investors should exercise caution in relying on the misrepresentations and distortions contained in the report and recognize that, by their own admission, Hindenburg Research “…stands to realize significant gains in the event that the price of any stock covered herein declines.” The report also states that, “Hindenburg Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of [the information in report].”

The report makes reference to the Company’s LATAM acquisition which closed on September 27, 2018. In connection with this transaction, the Board of Directors of Aphria confirmed that it received financial advice and a fairness opinion from a reputable firm that the consideration to be offered by Aphria in respect of the transaction was fair, from a financial point of view, to Aphria and its shareholders.

Shareholders should refer to the Company’s disclosure documents filed with Canadian and U.S. securities regulatory authorities, which are available online under the Company’s SEDAR profile at www.sedar.com, the Company’s EDGAR profile at www.sec.gov or on the Company’s website at www.aphria.com.

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About Aphria

Aphria is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Headquartered in Leamington, Ontario – the greenhouse capital of Canada – Aphria has been setting the standard for the low-cost production of safe, clean and pure pharmaceutical-grade cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria is committed to bringing breakthrough innovation to the global cannabis market. The Company’s portfolio of brands is grounded in expertly-researched consumer insights designed to meet the needs of every consumer segment. Rooted in our founders’ multi-generational expertise in commercial agriculture, Aphria drives sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships and global expansion, with a presence in more than 10 countries across 5 continents.

Original press release

Link to report presented today at Kase Short-Selling Conference by Quintessential Capital Management and Hindenburg Research

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