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Forward-Looking Statement

Cautionary Note Regarding Forward-Looking Statement

Certain information in this website constitutes forward-looking information or forward-looking statements under applicable securities laws (“forward-looking statements”). Any statements that are contained in this website that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often, but not always, identified by terms such as “may”, “will”, “should”, “anticipate”, “expect”, “plan”, “potential”, “proposed”, “estimate”, “believe”, “intend” or variations of such words and phrases (including the negative and grammatical variations of these terms and similar expressions). Forward-looking statements in this website include, but are not limited to, statements with respect to internal expectations, objectives, plans, goals, strategies, future growth, financial condition, results of operations, cash flows and growth margins, our estimates regarding expenses, capital requirements and needs for additional financing, financial performance, future liquidity and financial capacity, business prospects and opportunities, international expansion, development of affiliated brands, strategic alliances or partnerships, arrangements with distributors and retailers and the potential benefits of such arrangements, market size, the development or continued existence of markets for our products, industry trends in the markets in which we compete, developments relating to our competitors and our industry, clinical trials and the ability of such trials to increase acceptance of cannabis in the medical community, future product offerings, commercialization and pricing of our products, growing capacity and costs, production capacity and costs, production and sales volumes, the timing and likelihood of renewal or granting of licenses, the timing and likelihood of regulatory filings and approvals, the scope of protection we are able to establish and maintain for intellectual property rights covering our products, and the commencement and completion of capital projects or expansions and the timing thereof.

These forward-looking statements are based on the reasonable assumptions, estimates, analyses, and opinions of management made in light of management’s experience and perception of trends, current conditions, and expected developments, as well as other factors that management considers to be relevant and reasonable at the date that such statements are made. Despite a careful process to prepare and review the forward-looking statements on this website, there can be no assurance that the underlying assumptions, estimates, analyses, and opinions will prove to be correct. Forward-looking statements necessarily involve known and unknown risks, uncertainties, assumptions and other factors that could cause actual results, actions, events, performance and achievements to differ materially from forward-looking statements, including, without limitation, risks associated with general market and economic conditions, adverse industry events or changes, marketing costs, loss of markets, future legislative and regulatory developments involving recreational and medical cannabis, continued listing requirements of the TSX and NASDAQ, price volatility, inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms, risks relating to competition from other companies, general capital markets risk and risks associated with the substantial obligations of being a public company, unfavorable publicity or consumer perception, the recreational and medical cannabis industry in Canada or international markets generally, difficulty of forecasting the recreational and medical cannabis industries, risks relating to our expansion into foreign jurisdictions and risks relating to international advisors and consultants, income tax and regulatory matters, reliance on licences, the ability of Aphria to implement its business strategies, new or existing competition, crop failure, inventory management, product liability risks, risk of product recall, risks inherent in an agricultural business, vulnerability to rising energy costs, transportation risks, operating risk and insurance coverage, environmental and employee health and safety regulations, reliance on management,  reliance on key inputs, reliance on suppliers and skilled labour, currency and interest rate fluctuations, operating efficiencies and cost saving initiatives, risks inherent in strategic alliances and partnerships, risks relating to conflicts of interest, litigation risks and other risks. In addition, certain of these or other uncertainties and risks are discussed in the Company’s materials filed with the Canadian securities regulatory authorities from time to time, including the “Risk Factors” section in the Company’s annual information form and the “Industry Trends and Risks” section in the Company’s management’s discussion and analysis. Visitors to the website are cautioned that the foregoing list is not exhaustive. Visitors 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. In light of these risks, uncertainties and assumptions, the forward-looking events, circumstances and information, although considered reasonable by management at the time of preparation, may prove to be incorrect or not occur and actual results may differ materially from those anticipated or implied in the forward-looking statements.

The forward-looking statements included in this website speak only as of the date they were published and therefore are made as at various dates. 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.

This website may also contain industry, market and competitive position data from our own internal estimates and research as well as industry and general publications and research surveys and studies conducted by third parties. Industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which we operate and our management’s understanding of industry conditions. While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third-party sources. While we believe our internal company research is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source. The industry in which we operate is subject to a high degree of uncertainty and risks due to various factors.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of publishing, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely on these statements.

Forward-looking statements contained in this website are expressly qualified by this cautionary statement.