Aphria receives conditional approval to graduate to the TSX

LEAMINGTON, ONTARIO--(Marketwired - Feb. 6, 2017) - Aphria Inc. ("Aphria" or the "Company") (TSX VENTURE:APH) (OTCQB:APHQF) is pleased to announce it has received conditional approval from the Toronto Stock Exchange (the "TSX") to graduate from the TSX Venture Exchange and list its common shares on the TSX.

"Graduating to the TSX represents yet another important milestone for Aphria as we continue our successful journey as one of Canada's leading cannabis companies. This achievement comes on the heels of many other important milestones we've reached: first public LP to report consecutive positive quarterly operating results. First public LP to report consecutive quarters with net profits. First public LP to license its cultivation intellectual property. Diversification with non-cultivation assets. Low cost producer status" said Vic Neufeld, Chief Executive Officer of Aphria Inc.

Aphria's listing on the TSX Venture Exchange played an important role in the publicly recognized growth of the Company and this new listing on the TSX will allow a whole new category of investors to participate in the Aphria story. 'Aphria remains committed to driving shareholder value and we are pleased that this move recognizes that our strategy is paying off for our shareholders' said Mr. Neufeld.

Final approval of the listing is subject to Aphria meeting certain standard and customary conditions required by the TSX, to be finalized on or before the TSX imposed May 3^rd, 2017 deadline. Aphria is confident that it will satisfy all requirements and will issue a statement once the TSX issues a bulletin confirming the date on which trading on the TSX will commence. Upon completion of the final listing requirements, Aphria's common shares will be delisted from the TSX Venture Exchange and shares in the Company will commence trading on the TSX.

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About Aphria

Aphria Inc., one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ontario, the greenhouse capital of Canada. Aphria is truly powered by sunlight, allowing for the most natural growing conditions available. We are committed to providing pharma-grade medical cannabis, superior patient care while balancing patient economics and returns to shareholders. We are the first public licensed producer to report positive cash flow from operations and the first to report positive earnings in consecutive quarters. For more information, visit www.Aphria.com.

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. 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. Forward-looking statements in this news release include, but are not limited to, statements with respect to internal expectations, estimated margins, timing for completion of final TSX approval, expectations for future growing capacity and costs, the completion of any capital project or expansions, any commentary related to the legalization of marijuana and the timing related thereto, expectations of Health Canada approvals and expectations with respect to future production costs. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; 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.

Forward-looking 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.