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Aphria Inc.
TSXV:APH
Investor Presentation
February 2015
Forward‐Looking Statements
Certain information in this presentation constitutes forward‐looking statements under applicabl...
HIGHLY EXPERIENCED MANAGEMENT TEAM
Vic Neufeld
Chief Executive Officer
20+Years in pharma
CEO of Jamieson Laboratories 199...
INVESTMENT HIGHLIGHTS
Established operations & experienced management
Low costs underpin attractive economic model
High gr...
5
CANADIAN LICENSED MEDICAL MARIJUANA PRODUCERS
5
In the Zone
WMMC
Thunderbird
Biomedical
Tilray
Canna 
Farms
Cannimed
Del...
HIGH GROWTH CANADIAN MMJ INDUSTRY
40,000
MMJ
Patient
Users
400,000
MMJ
Patient
Users
2014
By 2024
$150 Million
$1.4 Billio...
GROWING PRODUCTION, INVENTORY AND SALES
7
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
900.00
0.00
20.00
4...
A SCALABLE LOW COST PRODUCER
OR
Labour
24%
Material Input
18%Overhead
43%
Packaging
15%
Labour
Material Input
Overhead
Pac...
SIGNIFICANT OPPORTUNITIES FOR NEAR TO MID‐TERM GROWTH
1
x
1 x
2
x
3
Patient 
Acquisition
Increase 
Harvest Yields
Facility...
Dec‐14 Jan‐15 Feb‐15 Mar‐15 Apr‐15 May‐15 Jun‐15 Jul‐15 Aug‐15 Sep‐15 Oct‐15 Nov‐15
2,000‐3,000
Patient 
Registrations
PAT...
INCREASE HARVEST YIELDS
11
Shaping Sizing Spacing Selection
STATE‐OF‐THE‐ART FACILITY EXPANSION
Aphria’s current licensed operating space is 30,000 sq. ft.
Current footprint provides...
FACILITY EXPANSION:  2015 SCHEDULED CAPEX
$0.8
$0.3
$2.65
$3.75
Fiscal quarter ended
Aug 31, 2015
Fiscal quarter ended
Nov...
‐$2,000,000.00
‐$1,500,000.00
‐$1,000,000.00
‐$500,000.00
$0.00
$500,000.00
$1,000,000.00
Operating Cash Flow
12‐Month Per...
A FUTURE FULL OF OPPORTUNITIES
Increased 
Yields
Patient 
Acquisition
Facility 
Expansion
Changes in 
Regulations
Consolid...
CAPITAL STRUCTURE
16
Amount Percentage Notes
Common Shares Outstanding 52,479,587  69.5%
Warrants ‐ Financing Round @ $1.2...
Aphria Inc.
P.O. Box 20009 
269 Erie St. South
Leamington, Ontario 
N8H 3C0
investors@aphria.com
1‐844‐427‐4742
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2015 Aphria Medical Marijuana Investor Presentation

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Aphria Inc (TSXV:APH)

Aphria is a licensed producer of Medical Marijuana under the laws of Marijuana for Medical Purposes Regulations.

Aphria is publicly traded on the TSX Venture Exchange under the symbol APH.V

Published in: Health & Medicine
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2015 Aphria Medical Marijuana Investor Presentation

  1. 1. Aphria Inc. TSXV:APH Investor Presentation February 2015
  2. 2. Forward‐Looking Statements Certain information in this presentation constitutes forward‐looking statements under applicable securities law. Any statements that are contained in this  presentation 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”, “intend” and similar expressions. Forward‐looking statements in this presentation include, but  are not limited to, statements with respect to Aphria’s intended business focus.  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 presentation are expressly qualified by this cautionary statement. Neither 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 presentation. 2
  3. 3. HIGHLY EXPERIENCED MANAGEMENT TEAM Vic Neufeld Chief Executive Officer 20+Years in pharma CEO of Jamieson Laboratories 1993‐2014 Beneficial ownership: 1.3% of APH shares Cole Cacciavillani Co‐Founder &  Chief Operating Officer 35+Years in agri‐business Greenhouse industry pioneer and veteran First‐hand knowledge of Aphria’s greenhouses John Cervini Co‐Founder &  Chief Agronomist Officer 20+Years in agri‐business Fourth generation greenhouse grower Proven growth and expansion track record  Beneficial ownership: 21.9% of APH shares Beneficial ownership: 18.9% of APH shares  Demonstrated vision, growth & performance 3
  4. 4. INVESTMENT HIGHLIGHTS Established operations & experienced management Low costs underpin attractive economic model High growth industry offers significant opportunity License to sell MMJ provides critical barrier to entry Well capitalized Attractive cash flow potential 4
  5. 5. 5 CANADIAN LICENSED MEDICAL MARIJUANA PRODUCERS 5 In the Zone WMMC Thunderbird Biomedical Tilray Canna  Farms Cannimed Delta 9 Bio‐Tech OrganiGram Tweed Bedrocan Peace  Naturals  Project Med Releaf MettrumAphria Broken Coast Cannabis
  6. 6. HIGH GROWTH CANADIAN MMJ INDUSTRY 40,000 MMJ Patient Users 400,000 MMJ Patient Users 2014 By 2024 $150 Million $1.4 Billion • Canadian medical marijuana industry  (MMJ) industry expected to grow  exponentially over next 10 years – Patient users anticipated to increase  from 40K to 400K – Sales projected to grow from  $150M to $1.4B • MMJ clinics opening up across  Canada • Increasing awareness of MMJ Source: Health Canada 6
  7. 7. GROWING PRODUCTION, INVENTORY AND SALES 7 0.00 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov KGs produced Estimate Sales  (KG) Ending Inventory Aphria’s monthly production is estimated to reach a run rate of 110‐120 kg (2 harvests per month)  by June 2015 as sales ramp commensurate with patient acquisition growth. June 2015 inventory:  ~ 550 kg
  8. 8. A SCALABLE LOW COST PRODUCER OR Labour 24% Material Input 18%Overhead 43% Packaging 15% Labour Material Input Overhead Packaging Cost per gram is approximately $1.30 8 ~ ~ ~ ~
  9. 9. SIGNIFICANT OPPORTUNITIES FOR NEAR TO MID‐TERM GROWTH 1 x 1 x 2 x 3 Patient  Acquisition Increase  Harvest Yields Facility  Expansion 9
  10. 10. Dec‐14 Jan‐15 Feb‐15 Mar‐15 Apr‐15 May‐15 Jun‐15 Jul‐15 Aug‐15 Sep‐15 Oct‐15 Nov‐15 2,000‐3,000 Patient  Registrations PATIENT ACQUISITIONS:  12‐MONTH ESTIMATE 10
  11. 11. INCREASE HARVEST YIELDS 11 Shaping Sizing Spacing Selection
  12. 12. STATE‐OF‐THE‐ART FACILITY EXPANSION Aphria’s current licensed operating space is 30,000 sq. ft. Current footprint provides opportunity for capability No municipal restrictions to enlarge facilities Only licensed producer growing 100% of MMJ in greenhouses Greenhouses provide low cost production & tax advantages Facility is owned and leased to Aphria by co‐founder 12
  13. 13. FACILITY EXPANSION:  2015 SCHEDULED CAPEX $0.8 $0.3 $2.65 $3.75 Fiscal quarter ended Aug 31, 2015 Fiscal quarter ended Nov 30, 2015 Fiscal quarter ended Feb 28, 2016 Fiscal quarter ended May 31, 2016 • January 1, 2015 cash position: ~$10.0 million • Plans to quadruple production capacity to  100,000 sq. ft.  • Estimated cost of expansion:  $7.5 million  • Facility expansion scheduled to be completed  12 months from start date 2015 Capital Expenditure Schedule  ($M) 13
  14. 14. ‐$2,000,000.00 ‐$1,500,000.00 ‐$1,000,000.00 ‐$500,000.00 $0.00 $500,000.00 $1,000,000.00 Operating Cash Flow 12‐Month Period Ending November 30, 2015 Unsual Expenses Regular Operating Cashflows CASH FLOW BREAK EVEN EXPECTED IN BY END OF 2015  (EXCLUDES CAPEX) 14 Fiscal quarter ended  February 28, 2015 Late 2015Fiscal quarter ended  May 31, 2015* Fiscal quarter ended  November 30, 2015 Note: Aphria’s fiscal year end is May 31, 2015
  15. 15. A FUTURE FULL OF OPPORTUNITIES Increased  Yields Patient  Acquisition Facility  Expansion Changes in  Regulations Consolidation Geographic  Expansion Near to Mid‐term • Patient acquisition • Increased yields • Facility expansion Mid to Long‐term • Changes in regulatory environment – Edibles & oil – Legalization of recreational use • Geographic expansion • Industry consolidation 15
  16. 16. CAPITAL STRUCTURE 16 Amount Percentage Notes Common Shares Outstanding 52,479,587  69.5% Warrants ‐ Financing Round @ $1.20 5,173,127  6.8% Expire June 3, 2016  Broker Warrants ‐ RTO @ $1.10 802,268  1.1% Expire December 2, 2016  Compensation Warrants @ $0.60 618,333  0.8% Expire June 3, 2019  Stock Options @$0.60 2,600,000  3.4% Expire June 2, 2019  Stock Options @$1.10 1,550,000  2.1% Expiries range from Oct 2017 to Aug 2019  Warrants ‐ RTO @ $1.50 11,500,000  15.2% Expire December 2, 2019  Broker Warrants ‐ RTO @ $1.50 802,268  1.1% Expire December 2, 2019  Fully Diluted Shares 75,525,583  100.0%
  17. 17. Aphria Inc. P.O. Box 20009  269 Erie St. South Leamington, Ontario  N8H 3C0 investors@aphria.com 1‐844‐427‐4742

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