32% Revenue Growth Generating Significant EBITDA Focus on growing practices leads to 11% decrease in costs per gram

Leamington, Ontario – March 10, 2016 – Aphria Inc. (“Aphria” or the “Company”) (TSX-V: APH) is pleased to announce highlights of its Third Quarter preliminary results for the period ended February 29th, 2016, without IFRS mandated biological asset adjustments

Aphria to Report Positive Earnings for the Quarter

Aphria will report positive earnings, with and without IFRS mandated biological asset adjustments, for the quarter. Additionally, Aphria achieved its cash break-even threshold for the first nine months of the fiscal year, a quarter sooner than originally announced. Revenue increased 32.2% from the prior quarter, growing from $2.0 million to $2.68 million, while year-to-date revenues exceed $5.6 million.

Throughout the quarter, patient registrations continued to grow with over 4,000 patients registered as of February 29th, 2016 (compared to 3,400 as of November 30th, 2015).

Continuing to leverage Aphria’s low cost producer status, the Company’s adjusted gross margin increased by 8% over the past quarter to 77%. This continued improvement was fueled by attention to operating cost controls, optimized strain selection and refinements to our growing techniques. Given our recent Health Canada expansion approval, which doubled our growing space, further cost reductions are anticipated with full crop rotation.

“Having doubled our capacity, added oil extraction capabilities and operating state-of-the-art in-house laboratories, we are strategically positioned to capitalize on the growth of the medical cannabis market, as well as the recreational marijuana market (once legalized),” said Vic Neufeld, CEO. “Together with new enhanced strains yielding our highest levels of THC and CBD ever, and an investment in agricultural genetics research, Aphria is demonstrating best-in-class leadership.”

Adjusted gross margin, cash break-even, estimated EBITDA percentage and cash cost to produce are nonGAAP financial measures, which are explained in the Company’s Management’s Discussion & Analysis under “Non-GAAP Financial Measures” a copy of which is available under the Company’s corporate profile at www.sedar.com.

About Aphria 
Aphria, a company continued under the laws of the Province of Ontario and based in Leamington, Ontario, is in the business of producing, supplying and selling medical marijuana pursuant to the Marihuana for Medical Purposes Regulations (the “MMPR”). Under the MMPR, Health Canada is responsible for the oversight of commercial medical marijuana growers such as Aphria. Aphria’s common shares are listed on the TSX Venture Exchange under the ticker symbol “APH”.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forwardlooking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to estimated margins, future earnings growth and cost reductions, and expectations for future growing capacity. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; profitability, loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance 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. Forwardlooking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange (the “Exchange”) nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information please contact:

Vic Neufeld
President & CEO