Acquisition of CanniMed Therapeutics by Aurora Cannabis

1. March 2018
THE AURORA STANDARD
QUALITY
AGILITY
INNOVATION
EXECUTION
EXPANSION
Acquisition of CanniMed Therapeutics

2. Forward Looking Statements
This presentation (the “Document”) by Aurora Cannabis Inc. (“Aurora” or the “Company”) has been compiled by management of the Company solely for informational purposes. The Document has been prepared and dated as of
[January 31, 2018], and the information contained herein is current as of such date only. The Document under no circumstances is to be construed to be an offering of securities. Neither this Document, nor its delivery to the recipient
shall constitute an offer to sell, or the solicitation of an offer to buy the assets described herein. It is provided solely for use by prospective investors in considering their interest.
This Document is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in the takeover bid circular of Aurora, dated November 24, 2017, to acquire all of the issued and outstanding
common shares of CanniMed Therapeutics Inc. (“CanniMed”), as amended by the notice of change dated January 12, 2018 (Notice of Change), and the notice of variation dated February 5, 2018 (Notice of Variation), and the
notice of variation and extension dated March 9, 2018 (Second Notice of Variation) (collectively, the “Offer Documents”), as filed on the system for electronic document analysis and retrieval (“SEDAR”). A reader is not entitled to rely
on parts of the information contained in this Document to the exclusion of others. Aurora has not authorized anyone to provide the readers with additional or different information.
The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and its business and does not purport to contain all the information that prospective investors may
require. Prospective investors should conduct their own investigation and analysis of the Company and its business and the information contained in this Document as well as any additional information provided by the Company.
This Document includes forward-looking statements within the meaning of certain securities laws in Canada. These forward-looking statements include, among others, statements with respect to Aurora’s objectives, goals and
strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words “may”, “will”, “could”, “should”, “would”,
“suspect”, “outlook”, “believe”, “plan”, “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “objective” and “continue” (or the negative thereof), and words and expressions of similar import, are intended to identify forward-
looking statements.
In particular, this Document contains forward-looking information concerning: (a) the proposed benefits of the business combination of Aurora with CanniMed; (b) ability of the Company to successfully integrate CanniMed, and
anticipated impact of the integration on the Company’s operations, financial results. and access to markets; (c) expectations for future growing capacity, market growth, customer demand, product selection, and volume of
patients; (d) expectations with respect to business and geographical diversification, completion of any capital project or expansion and the costs and anticipated timing with respect to such expansion; (e) risks associated with
intellectual property, including the ability to protect intellectual property; and (f) the ability to renew licenses from Health Canada, and (g) the legalization of cannabis in Canada and other jurisdictions, and the timing related
thereof and the Company’s intentions to participate in such jurisdictions (domestically and internationally), if and when such use is legalized.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not
be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. The Company strongly cautions
readers not to place undue reliance on these statements, as a number of important factors, many of which are beyond our control, could cause the Company’s actual results to differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates and intentions expressed in such forward-looking statements. The risks and uncertainties include, but are not limited to, those described in the “Risk Factors” section of the Offer Documents. The
risk factors contained in the Offer Documents should not be construed as exhaustive and should be read with the other cautionary statements in the Offer Documents. A discussion of the risks and uncertainties facing the Company
also appears in Aurora’s Annual Information Form and other continuous disclosure filings, which are available at www.sedar.com.
The foregoing list of important factors that may affect future results is not exhaustive. When reviewing the Company’s forward-looking statements, investors and others should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by Canadian securities law, the Company does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the
Company or on the Company’s behalf. Such statements speak only as of the date made.
The forward-looking statements contained in this Document should not be relied upon as representing the view of the Company or its management as of any date subsequent to the date of this Document. Neither the Company nor
its management is under any obligation, and neither undertakes, to update any of this information at any particular time. Neither the Company nor its management assumes any obligation to update or revise forward-looking
statements should circumstances or estimates or opinions changes.
None of the Company or its affiliates or related partnerships and corporations or their respective directors, officers, partners, employees, agents or representatives makes any representation or warranty as to the accuracy or
completeness of the Document or any statements, estimates or projections, and none will assume any liability for any representations (express or implied) contained in, or for any omissions from, the Document, or for any other written
or oral communications transmitted to prospective investors in the course of their evaluation of the Company and its business.
This presentation cannot be copied, reproduced or distributed in whole or in part to others, at any time, without the prior express written consent of the Company.
To the extent that they are included in this document, certain financial metrics can be reported as non-IFRS measures, such as EBITDA (earnings before interest, taxes, depreciation and amortization). For the purposes of this
Document, EBITDA is calculated as revenue less cost of sales and operating expenses. The Company believes that these non-IFRS measures are appropriate measures of the operating performance of the Company. The Company’s
calculation of these measures may differ from the methodology used by other issuers and, accordingly, may not be comparable to such other issuers. The Company believes that these measures are appropriate measures of the
Company’s operating performance because they facilitate an understanding of operating performance without giving effect to certain non-cash and overhead expenses. None of these measures are equivalent to net income or
cash flow from operating activities determined in accordance with IFRS.
2

3. Adding 19,000 kg per
annum funded
capacity
Adding over 20,000
patients
Expands international
footprint
CanniMed Acquisition
Aurora Cannabis Inc. Management Presentation
3
To form core of Aurora’s
Medical Cannabis
Centre of Excellence
Adds drug delivery
technologies
Strong Brands
Well Connected
Major Expansion
Cannabis Oils
• Significant sales acceleration since
launching oils in 2016
• Phase 1 expansion - $1 billion revenue
capacity with 70+% profit margins
• 12 million bottles / year @ 165.00 per 60 ml
• Completed first oils export to Australia and
Cayman Islands
• Extraordinary capability and expertise
Capsules Production
• Expected to accelerate growth in Canada
and internationally
• For baby boomers looking for a safe,
reliable way to manage their chronic pain
symptoms and maintain an active lifestyle
Topical Cream
• Recently launched leading trans-dermal
topical cream

4. • International medical
market growing at a 21%
CAGR until 2025
• Near to mid-term
expansion through
medical-focused
opportunities
• Multiple GMP-certified
facilities to export to
international markets
Country
Population
(MM)
Medical
Cannabis?
Name of Regulation Year Voted In
Implied Demand
(kg per year)
Medical Market Sizes
If flower Only ($MM)
Flower + Extracts
($MM)
Active Medical Cannabis Laws
Argentina 43.4 ✓ - 2017 316,820 $2,218 $3,564
Austria 8.5 ✓ - 2008 62,050 $434 $698
Australia 23.9 ✓ Narcotics Drug Amendment Bill 2016 174,470 $1,221 $1,963
Canada 35.9 ✓ ACMPR 2001 262,070 $1834 $2,948
Chile 17.9 ✓ Decree 84 2015 130,670 $915 $1470
Columbia 48.2 ✓ - 2015 251,860 $2,463 $3,958
Croatia 4.2 ✓ - 2015 30,660 $215 $345
Czech Republic 10.5 ✓
Amendments 50/2013 Coll. &
221/2013 Coll.
2013 76,650 $537 $862
Germany 80.5 ✓ - 2017 589,110 $4,124 $6,627
Israel 8.1 ✓ - 1992 59,130 $414 $665
Italy 59.8 ✓ - 2007 436,540 $3,056 $4,911
Jamaica 2.8 ✓
Dangerous Drugs (Amendment) Act
2015
2015 20,440 $143 $230
Macedonia 2.1 ✓ - 2016 15,330 $107 $172
Mexico 127 ✓ - 2017 927,100 $6,490 $10,430
Netherlands 16.9 ✓ - 2003 123,370 $864 $1,388
Norway 5.2 ✓ - 2016 37,960 $266 $427
Puerto Rico 3.7 ✓ - 2015 27,010 $189 $304
Romania 19.5 ✓ - 2013 142,350 $996 $1,601
Slovenia 2.1 ✓ - 2014 15,330 $107 $172
Switzerland 8.3 ✓
Federal Act on Narcotics and
Psychotropic Substances
2008 60,590 $424 $682
Turkey 78.7 ✓ Legal in 19 provinces 2016 574,510 $4,022 $6,463
Uruguay 3.4 ✓ - 2013 24,820 $174 $279
Subtotal 610.8 4,358,840 $31,212 $50,162
Pending Medical Cannabis Laws or Countries of Interest
Belgium 11.3 - - 82,490 $577 $928
Brazil 207.8 - - 1,516,940 $10,619 $17,066
Denmark 5.7 - - 41,610 $291 $468
Finland 5.5 - - 40,150 $281 $452
France 64.4 - - 470,120 $3,291 $5,289
Iceland 0.3 - - 2,190 $15 $25
Ireland 4.7 - - 34,310 $240 $386
New Zealand 4.5 - - 32,850 $230 $370
Poland 38.6 - - 281,780 $1,972 $3,170
Portugal 10.4 - - 75,920 $531 $854
Slovakia 5.4 - - 39,420 $276 $443
South Africa 54.5 - - 397,850 $2,785 $4,476
Spain 46.1 - - 336,530 $2,356 $3,786
United Kingdom 64.7 - - 472,310 $3,306 $5,313
United States 321.8 Legal 29 states and D.C. - 2,349,140 $16,444 $26,428
Subtotal 845.7 6,173,610 $79,154 $127,212
$180B Medical Market Coming Online Over the Next 10-15 Years
Eight Capital – 2018
Outlook: legalization
will lead to
Globalization

5. Integration – Focused on Strategic Synergies
Aurora Cannabis Inc. Management Presentation
5
Increase
production
capacity
Drive growth of our
international
business
Develop new,
commercially
valuable
intellectual
property
Accelerate patient
registration

6. Domestic Capacity Expansion
6
FACILITIES MOUNTAIN SKY VIE LACHUTE
Footprint
(square
footage)
55,000 800,000 40,000 48,000
Status Operational
since 2015
Licensed in January
2018
Completion by mid-
2018
Completed
and
Licensed
Nov 2017
Completion
early calendar
2018
Capacity 4,800 kg/yr 100,000+ kg/yr 4,000+ kg/yr 4,500+ kg/yr
Key
features
First purpose
built
cannabis
facility
EU GMP
certified
Highly automated,
technologically
advanced cannabis
facility for optimized
yield and low cost
production built to
EU GMP standards.
Located at
Edmonton
international airport
for superior domestic
and global logistics
Technologi
cally
advanced,
specialty
strains for
premium
products
and
medical
research
Completed
to EU GMP
standards
Nearly
completed,
state-of-the art
facility to be
completed to
EU GMP
standards
1 VIII Capital, Cannabis Sector, July 2017
TGOD
Relationship 17.62% ownership interest
Supply agreement for up
to 23,200 kgpa
Status BuIlding Larssen-designed
102,000 kgpa facility in
Quebc
Completing 14,000 kgpa
facility in Ontario
Funded
Capacity
116,000+ kg/yr
Key features Premium organic
cannabis producer
CANNIMED
97,000
Working on GMP certification
Commenced expansion
19,000 kg/yr
Current 7,000 kgéyr capacity
to be expanded to 19,000 kg
per year

7. International Expansion
7
~588.8M
=
combined
population
Italy
Sells cannabis to the
Italian government
through Pedanios
Denmark
Owns 51% of Aurora
Nordic where Europe’s
largest cannabis facility is
being built at 1,000,000
sq ft
Germany
Sells cannabis through Pedanios,
leading wholesale
importer/exporter/distributer
Australia
22.9% interest in Cann Group,
first Australian company
licenced to cultivate medical
cannabis
South Africa
Definitive agreement to
supply cannabis products to
Akula Trading 2 Pty Ltd.
Cayman Islands
First ever sale of
commercial cannabis
oils
Australia
First ever shipment of
commercial cannabis oils
European Union
LOI with Creso Pharma
Ltd. to market CMED
medical cannabis brands
Aurora
CanniMed
Both Aurora & CanniMed
• Adding 128,000+ kg per
year capacity in Europe
through Aurora Nordic
• Huge addressable markets
with strong barriers to entry
• Requires EU GMP
certification to participate
• Aurora is one of few
companies with such
certification
• Accelerating certification
of CanniMed facility
• Leveraging both
companies’ reach and
distribution channels

8. Aurora – Industry Leading
International Strategic Partnerships
CanniMed – Strong International Presence
With Meaningful Distribution Partners
• Over the last two years, Aurora has completed 15 acquisitions and
strategic investments, including:
o Pedanios – EU`s largest distributor of cannabis, based in
Germany – EU GMP certified
o LIQ – Strategic investment in Western Canada’s largest liquor
retail chain. LIQ to convert existing retail outlets and establish
new ones for the sale of cannabis for the adult consumer use
market
o Radient Technologies – Partnership for the high-throughput
extraction of cannabinoids
Vertical Integration – Horizontal Diversification
8
Akula Trading 2 Pty Ltd.
• CanniMed has built strong partnerships that position it well for future
growth:
o Avaria – CanniMed entered into an agreement with Avaria
Health & Beauty Corp for the distribution of topical medical
cannabis products, product development, and clinical
research
o PharmaChoice – Entered into Canada’s first exclusive
pharmacy distribution agreement for medical cannabis
o Canadian Cancer Survivor Network – Partnered with Canadian
Cancer Survivor Network for medical cannabis education

9. Enhances ACB’s medical offerings with 4 balanced ratio strains
Medical: More Balanced Genetics Offering
9
Additional balanced strains to
reinforce the medical market
20
15
10
5
0
0 5 10 15 20 25 30
CBDValue(%)
THC Value (%)
• Medical focused genetics will provide symptom relief for a variety of diseases through the THC-CBD entourage
effect while mitigating the THC’s “high”
• Facilitate bids for pharmacy supply agreements domestically and internationally with medically preferred
concentrations / ratios

10. Medical: More Resources to Address a Massive Market
10
Reinforces
Medical: Larger
Global Market
than Adult Use
Combined patient
base of 45,000 Leveraging
CanvasRx, the
country’s
largest patient
counselling
service, with
CanniMed’s
organically
built network
of over 5,000
physicians to
accelerate
patient
registration
• Rapidly growing
global medical
cannabis market
to reach $180
billion in annual
sales (Eight
Capital2)
• Higher margins,
stickiness and
increasing
insurance
coverage
• Represents >17% of
total Canadian
Medical Cannabis
patients1
• Combined
ACB/CMED will
have one of the
largest databases
with info on strain
type, symptoms,
severity, level of
relief, ratings /
reviews, efficacy
and side effects to
drive product
development
1. Based on Health Canada patient count
2. Eight Capital - 2018
Aurora
Active
Registered
Patients
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Aurora +
CanniMed
Active
Registered
Patients

11. • Aurora has no active clinical trials
• CMED will fill that gap with various projects and
initiatives in both clinical and other research
studies:
1) CMED is involved in a number of pre-clinical and
clinical trials into the effects of cannabinoids in various
therapeutic areas, such as: neuropathic pain, arthritis
pain, and neurological disorders
2) Partnership with Avaria Health & Beauty for
clinical research and product development with a
focus on topicals (first product launched).
3) Fagron partnership: leverage experience in their
dermatological care products, oral administration aid
and scar treatment
Medical: Clinical Trials and Medical R&D

12. Medical: new higher
margin products
Aurora Cannabis Inc. Management Presentation 12
Science-driven R&D to
create products with
more narrowly
targeted therapeutic
indications
Leveraging the
strength of the
CanniMed medical
brand with physicians

13. FINANCIAL SECTION
13

14. 84
72
114
86
75
Original Offer Maximum Share
Uptake
Maximum Cash
Uptake
25%
Reduction
1
1
35%
Reduction
Shares Issued to CanniMed (millions)TEV / 2019E EBITDA2
46.4x
21.0x
31.4x
Aurora CanniMed
(Implied
Acquisition
Multiple)
Market Cap
>$1 billion
(Excl.
Outliers)
31.2x
12.7x
19.5x
Aurora CanniMed
(Implied
Acquisition
Multiple)
Market Cap
>$1 billion
(Excl.
Outliers)
TEV / 2020E EBITDA2
Under the new terms of the transaction, Aurora will issue up to 25% less shares1
14
1. Includes shares that would be issued for 700,600 CanniMed shares already owned by Aurora
2. As at the announcement date of January 23, 2018; based on consensus estimates and street research
Financial Highlights
• The implied acquisition multiple paid by Aurora for CanniMed is favourable relative to the peer group trading
multiples in the Canadian cannabis sector
• The acquisition provides double digit accretion to both earnings and EBITDA per share

15. Exceptional Revenue Growth
Aurora Cannabis Inc. Management Presentation
15
0
5
10
15
20
25
ACB WEED APH LEAF CMED ACB+CMED
Revenue development since Aurora commenced sales

16. 85.5% 88.1% 88.4% 85.7% 81.6% 80.9% 80.2% 79.4% 76.8%
14.5% 11.9% 10.6%
9.8%
9.3% 8.9% 8.3% 9.2% 8.5%
1.0%
4.5% 9.1% 10.2% 11.6% 11.4% 14.6%
30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep
2015 2016 2017
Total Other 13 Canadian Comparables CanniMed Aurora
Quarterly Revenue (C$ Millions)
Aurora: na na 0.2 1.2 3.1 3.9 5.2 5.9 8.2
CanniMed: 1.5 1.8 2.2 2.7 3.2 3.4 3.7 4.8 4.8
Combined: 1.5 1.8 2.4 3.9 6.2 7.3 8.9 10.7 13.1
16
23.1%
Capturing the Market
1. Public Disclosure; including audited financial statements and Quarterly MD&A
2. “Total Other 13 Largest Canadian Comparables” includes top 13 publicly traded operating cannabis companies in Canada, excluding Aurora and CanniMed (Canopy, MedReleaf, Aphria, Cronos, CannTrust, Supreme,
OrganiGram, Hydropthecary, Emerald, ABcann, Maricann, Village Farms, Newstrike)
3. CanniMed revenue represents Bio-Pharmaceutical Products Revenue only
4. CanniMed shown on fiscal-year basis ended October 31 (i.e. 30-Sep 2017 corresponds to the 3 months-ended October 31, 2017)
5. Excluding all non cannabis related revenue for Village Farms; as a result, Village Farms has no recorded revenue for this period
Strong Market Penetration
Revenue Market Share (Top 15 Public LPs)1,2,3,4,5
• The combined Aurora-
CanniMed entity will
capture ~23% of
revenue market share
(top 15 public LPs)
• Aurora has successfully
increased its share of
revenue in the cannabis
space compared to the
other top publicly listed
Canadian cannabis
companies
• Since Q1 2016, Aurora
has grown its revenue
market share from 1.0%
to 14.6%
Quarter
Ended

17. 6,254
6,017
5,484
3,000
2,460 2,375
924 863 715 641 605 592 487 447 335 295
Pro Forma Canopy Aurora Aphria Cronos MedReleaf CanniMed CannTrust Hydropothecary Emerald Supreme OrganiGram ABcann Newstrike Village Farms Maricann
1. Pricing as at March 2, 2018. Based on public disclosure and includes top 15 publicly traded operating cannabis companies in Canada by market capitalization:
i. Share count for all companies based on in-the-money securities using the treasury method, as required
ii. CanniMed price assumed at March 2, 2018 closing price; including all dilutive securities
iii. “Pro Forma” assumes maximum cash pro-ration; 72.5 million Aurora shares issued to CanniMed shareholders 17
Pro Forma Market Capitalization1 (C$)
• An Aurora-CanniMed combination would create the largest publicly traded Canadian cannabis company by
market capitalization, with a pro forma market capitalization of ~7.3 billion
• The combined entity will likely benefit from greater access to capital, a lower cost of capital and a strong
position in the public markets
Increased Scale, Better Access to, and Lower Cost of Capital

18. Highlights - Strategic Synergies Driving Accelerated Growth
18
Accelerated Patient Registration
Science-Driven Product Development
Production Expansion
International Expansion
Funded capacity 283,000 kg per year
Patients 45,804
Last reported quarter -
combined revenues
$16.5M
Employees > 750
Geographic presence
7 countries and
expanding
Revenue market share of
top 15 public LPs (latest
comparable publicly
disclosed quarter)
23.1%
Genetics
Expanded genetics
portfolio
Clinical research 5 studies

19. 19
Any Questions?
For additional information, please contact:
Marc Lakmaaker
Director, Investor Relations
Aurora Cannabis Inc.
E-mail: marc.lakmaaker@auroramj.com
Tel: (647) 269-5523

20. 20
AGILITY INNOVATION EXECUTION EXPANSION
Talented, experienced management team driving the sector's
fastest growth in customers, revenues and shareholder value