RESEARCH REPORT | January 10, 2019 Aphria Inc.

Aphria Inc. (APHA-T, APHA-NYSE) SECTOR: Special Situations CATALYSTS 1. January 11, 2019 – Fiscal Q2/19 financial results released 2. Near Term – Response from independent committee of the BoD with respect to the short-report 3. On-going – Potential M&A and partnerships STOCK PRICE $8.92 RATING BUY TARGET PRICE $13.00 SCENARIO ANALYSIS ................
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