Aphria Agrees to Accelerate Expiry of Green Growth Brands Bid and Terminate its Option With GA Opportunities Corp

Irwin D. Simon, Aphria's Chairman and Interim Chief Executive Officer stated, "We are very pleased to move forward with this favorable resolution as we continue to focus on the long-term growth of our leading cannabis business. We plan to use the $89.0 million in proceeds from the transaction to fund our strategic global expansion initiatives. On behalf of our Board of Directors and management team, we continue to recommend that Aphria shareholders reject the GGB offer and do not tender their Aphria shares to the GGB offer."

Aphria has entered into a shortened deposit period agreement with GGB to facilitate the acceleration of the expiry of GGB's offer to purchase all of the issued and outstanding shares of Aphria (the "GGB Offer"). In that regard, Aphria has agreed to reduce the initial deposit period of the bid to 92 days from January 23, 2019, the date that GGB commenced the GGB Offer. GGB will be mailing a Notice of Variation providing that the GGB Offer will expire at 5:00 p.m. on April 25, 2019. Based on the closing price of $3.86 per GGB share on the Canadian Securities Exchange ("CSE") on April 12, 2019, the implied consideration under the GGB Offer would be $6.07 per Aphria share, representing a significant 54.7% discount to Aphria's closing price on the Toronto Stock Exchange of $13.41 per share on the same day.

In light of the foregoing and for the reasons previously disclosed, Aphria continues to recommend that Aphria shareholders reject the GGB Offer and do not tender their Aphria shares to the GGB Offer.

In connection with the foregoing, GGB has entered into a share purchase agreement (the "Share Purchase Agreement") with GAOC pursuant to which GGB has agreed to purchase (the "Share Repurchase") for cancellation 27.3 million shares held by GAOC, for an aggregate purchase price of $89.0 million (the "Purchase Price"). The terms of the Share Purchase Agreement include, among other things, that GGB will pay in cash $50.0 million of the Purchase Price to GAOC within 30 days of the date hereof (the "Closing Date") and will issue a promissory note (the "GGB Note") to GAOC for $39.0 million due in six months from the Closing Date. GGB has granted a security interest to GAOC to secure its obligations under the Share Purchase Agreement and the GGB Note. The completion of the Share Repurchase is conditional on the Purchase Price, on a per share basis, not being greater than the simple average of the closing price of the GGB shares on the CSE for the 20 trading days prior to the Closing Date.

Aphria and GAOC have also entered into a debt/call option settlement agreement (the "Settlement Agreement") pursuant to which Aphria has agreed to settle the debt owed under a promissory note issued by GAOC to Aphria in the amount of $55.0 million and terminate its rights under a related call option in consideration for total consideration of $89.0 million payable by GAOC upon the receipt of funds received under the Share Purchase Agreement and the GGB Note. GAOC has granted a security interest to Aphria to secure its obligations under the Settlement Agreement.