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Creating a Preeminent Global Cannabis Company
Disclaimer
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in contained in this presentation constitutes forward-looking statements under applicable
securities laws. 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”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-
looking statements in this presentation include, but are not limited to, statements with respect to accretive earnings, anticipated benefits associated with the acquisition of MedReleaf
(herein the “Transaction”), statements with respect to the pro forma effect of the Transaction on the combined company and its strategy going forward, the completion of any capital
project or expansions, the timing for the completion of the Transaction; the consideration to be received by shareholders of MedReleaf, which may fluctuate in value due to Aurora
common shares forming the consideration; statements with respect to the funded production capacity which may not be achieved or realized within the time frames stated or at all, the
anticipated size and or revenue associated with the adult consumer market in Canada and the global market for medical marijuana, the satisfaction of closing conditions including,
without limitation (i) required Aurora and MedReleaf shareholder approvals; (ii) necessary court approval in connection with the plan of arrangement, (iii) receipt of any required
approvals under the Competition Act; (iv) certain termination rights available to the parties under the Arrangement Agreement; (v) Aurora obtaining the necessary approvals from the TSX
for the listing of its common shares in connection with the Transaction; and (vi) other closing conditions, including, without limitation, compliance by Aurora and MedReleaf with various
covenants contained in the Arrangement Agreement. In particular, there can be no assurance that the Transaction will be completed or completed on the terms described in this
presentation. Forward looking statements are based on certain assumptions regarding Aurora and MedReleaf, including expected growth, results of operations, performance, industry
trends and growth opportunities. While Aurora and MedReleaf consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.
Recipients are cautioned not to place undue reliance on forward-looking statements contained herein. Forward-looking statements also necessarily involve known and unknown risks,
including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the early stage of the cannabis industry in Canada generally, realization of
funded production estimates, income tax and regulatory matters; the ability of Aurora to implement its business strategies; competition; currency and interest rate fluctuations; the risk
of difficulties in the integration of Aurora and MedReleaf, the estimated size of the adult consumer market for cannabis in Canada, the estimated size of the global medical cannabis
market and other risks.
Recipients are cautioned that the foregoing risks are 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 and reflect our expectations as of the date hereof, and thus are subject to
change thereafter. Aurora and MedReleaf disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise, except as required by law. Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters referred to above
and elsewhere in Aurora’s and MedReleaf’s public filings and the material change reports that will be filed in respect of this Transaction, which are, or will be, available on SEDAR.
2
Meeting the Critical Success Factors for Accelerated
Growth
Low Production Extensive Distribution Proven Execution &
Industry Leading
Costs and Industry Channels in Canada Agility Across Value
Scale
Leading Yields and Internationally Chain
$
Enhanced Award Winning
Innovation and R&D Enhanced Capital
Diversification Product Lines Support
Excellence Markets Profile
Brand Leadership
3
The Opportunity
Canadian Adult Consumer Use Market
According to
Deloitte, sales in the
Base
$9+ bn
Canadian adult
Market consumer use
market could be
~$5bn to ~$9bn per
annum
Population of Annual Consumption Price per Gram Base Retail
Adult Volume in Grams per of Marijuana Market Value
Consumers Consumer
Canada is 3-4 years
ahead of any other
Ancillary
$23 bn
country in terms of
Market $9+ bn $14+ bn building a federally
legal, commercial
scale, cannabis
cultivation industry
Growers Infused Product Testing Labs Security Base Retail With Ancillary Base + Ancillary
Makers Market Value Multiplier
Potential Canadian Medical
Potential and Adult Consumer
Upside Upside to Base and Use Demand will
outstrip supply until
Ancillary Markets 2021
Tourism Business Taxes License Fees Paraphernalia
Revenue
Source: Deloitte Recreational Marijuana: Insights and Opportunities
5
Global Medical Opportunity
• Total addressable
market size of North Europe
~C$180 bn at American Market Size: Asia
Market Size:
maturity ~4.0 million Market Size:
~4.0 million kg Unknown
• Total implied kg
demand greater
than
10 million kg per Africa
year South
Market Size:
American ~0.5 million
• This market will Market Size: kg Australia
remain ~2.0 million Market Size:
undersupplied for kg ~0.2 million
the foreseeable kg
future
Source: Eight Capital 2018 Outlook: Legalization Will Lead to Globalization
6
The Company
Industry Leading Scale
11 Production Facilities
AURORA AURORA AURORA AURORA AURORA AURORA AURORA AURORA MEDRELEAF MEDRELEAF MEDRELEAF Total TGOD(1) TGOD(1)
Alberta,
Sask. Ontario,
Alberta Quebec Quebec Alberta Denmark Denmark Alberta Ontario Ontario Ontario Ontario Quebec
Facility (Saskatoon) Quebec,
(Mountain) (Vie) (Lachute) (Sky) (Odense) (Nordic) (Sun) (Markham) (Bradford) (Exeter) (Hamilton) (Valleyfield)
CanniMed Sask.,
Denmark
Footprint (sq.ft) 55,000 40,000 48,000 97,000 800,000 100,000 1,000,000 1,200,000 55,000 210,000 1,000,000 4,505,000 150,000 820,000
Retrofitting First harvest
Licensed in
Working on in progress Expected in Q1 2019
Complete Completion January Operating
Operating GMP Cultivation Recently First planting to be fully Adjacent Expected Expected
and in early 2018 since 2014
Status since 2015 certification to announced in H1 2019 operational land with completion completion in
licensed in calendar Completion Yields 300 g
Expansion commence facility Completion by mid- space for in Q4 2018 Q2 2019
Nov 2017 2018 by mid- / sq. ft.
started in summer in H2 2019 2018 ~1.5mm sq.
2018
2018 ft. facility
Funded
Capacity 4,800 4,000+ 4,500+ 19,000 100,000+ 8,000 120,000+ 150,000+ 7,000 28,000 105,000 570,000+ (2) 14,000 102,000
(kg / yr)
Estimated
Completion Nov-14 Apr-17 Nov-17 Mar-18 H2 2018 H2 2018 H2 2019 H2 2019 2014 H2 2018 H1 2019(3) Q4 2018 Q2 2019
Date
Rapid Conversion of Remaining Funded Capacity Into Production Capacity By End of 2019
1. Aurora has the option to incrementally increase its ownership interest in TGOD to over 50% upon TGOD achieving certain operational milestones.
2. The sum of Aurora and MedReleaf’s announced funded capacity is 430,000+ kg and 140,000+ kg per year, respectively; total funded capacity of
Aurora includes proportionate share of TGOD (23,000 kg per annum). 8
3. Based on first harvest.
Aurora Sky • 100,000+ kg per year at full capacity • Anticipated production costs
Extensive Distribution Channels in Canada and Internationally
Significant Opportunity for Cross-selling Through Complementary Distribution Networks
Canada (Combined) European Union
Operates 9 facilities Denmark(1) LOI with Creso Pharma Ltd.
Established key distributor Owns 51% of Aurora Nordic where a to market CMED medical
relationships (SAQ, Shoppers, 1,000,000 sq ft facility is being built and cannabis brands
PharmaChoice and more) a 100,000 sq ft retrofit greenhouse
Germany Italy Australia
Sells cannabis to the Italian government JV partner Indica received
Sells cannabis through
through Pedanios; completed first ever cannabis cultivation and
Pedanios(1), Aurora’s
private export from Canada in April-18 production license
wholly owned
wholesale importer /
exporter / distributer
Allows Aurora to
Germany
capture full margin to Australia
Africa with
Supply agreement
pharmacies 22.9% interest in
Market Pharma
Cannamedical Size:
Introducing CanvasRx Cann Group, first
Cayman ~0.5 million kgs
model to seed and Australian company
Islands accelerate growth licensed to cultivate
First ever sale of medical cannabis
commercial First ever shipment of
cannabis oils commercial
cannabis oils
through CanniMed
Brazil
Completed first ICH-GMP
South Africa Aurora
certified commercial Definitive agreement MedReleaf
export and the country’s to supply cannabis
products to Akula Both Aurora & MedReleaf
first import of cannabis-oil
Trading 2 Pty Ltd.
1. Aurora Nordic will focus on the cultivation and sales of cannabis in Denmark, Sweden, Norway, Finland and Iceland through Aurora’s wholly-
owned subsidiary, Pedanios.
1011
Pedanios – Aurora’s Gateway to the EU Cannabis Market
• Largest medical cannabis distributor in EU
(100% owned)
• EU GMP certified for import, release and
distribution of cannabis
• Currently servicing >2,000 pharmacies in
Germany (exclusive suppliers of patients)
• Access to single largest federally legalized
medical cannabis market with population
> 82 million
• Broad insurance coverage for prescribed
medical cannabis 82 million >400 million
• Won first public tender to supply Italian population Germany population EU
system
• Aurora’s European hub for market expansion Cornerstone acquisition for European
expansion strategy
11Innovation and R&D Excellence
A Science Driven Approach Innovative Product Development
• Developing a Medical • Thousands of data records • Innovative and diverse • First LP to bring capsules,
Cannabis Centre of collected over 10 years product lines, including topical cream and
Excellence drive enhanced patient topical creams and variety-specific softgel
experience capsules capsules to market
• Strong scientific leadership
team with proven track-
record in product
development • Clinical research with well-
recognized research
centers and leadership,
including 11 peer-reviewed
publications
Science-based Approach Resonates with Medical
Developing Marketable IP to Deliver
Professionals and Contributes to Broader Product
Products for Medical and Adult Consumer Use Markets
Recognition and Brand Strength
12Innovation – Access to Technology
RADIENT TECHNOLOGIES – disruptive extraction
INNOVATION-DRIVEN technology for cannabis oil production
PARTNERSHIPS
CTT PHARMACEUTICALS – Sub-lingual wafer
technology
NAMASTE - exclusive white label use for patient
education and registration portal
MICRON WASTE TECHNOLOGIES – low-cost
environmentally friendly treatment of organic waste
13Award Winning Product Lines Support Brand Leadership
Select Brands Awards Comprehensive Genetics Offering
• Combined company will have a more • Combined company won 17 Lift Canadian
comprehensive portfolio of medical and Cannabis Awards in 2017
recreational brands 25%
Top High THC Oil – Winner
Top Social Media Account Facebook – Winner
20%
Top High CBD Oil – Finalist (#2)
Top High THC Flower – Finalist (#3)
THC Value (%)
Top Sativa Flower – Finalist (#2)
Top Social Media Account Twitter – Finalist (#3) 15%
Top Licensed Producer Compassionate Pricing – Finalist(#3)
Top Licensed Producer - Winner 10%
Top High CBD Oil - Winner
Top Indica Flower - Winner
Top High CBD Flower - Winner
Top High THC Flower - Winner
5%
Top Licensed Producer Customer Service – Finalist (#2)
Top Licensed Producer Compassionate Pricing – Finalist(#2)
Top Licensed Producer Packaging – Finalist (#2) 0%
Top Hybrid Flower – Finalist (#2) 0% 5% 10% 15%
Top Sativa Flower – Finalist (#3)
CBD Value (%)
Brands and Strains Recognized with a Combined 17 Lift Canadian Cannabis Awards
14Proven Execution & Agility
Quarterly Revenue Development
• Fastest ramp up,
$30
execution and sales (1)
growth achieved relative
to other licensed
Quarterly Revenue (C$ mm)
producers $20 Competitor 1
• High pace of execution $10
enhances early mover Competitor 2
advantage and rapid
capitalization on
opportunities
--
Dec- Jun- Dec- Jun- Dec- Jun- Dec-
14 15 15 16 16 17 17
1. Aurora (Pro Forma CanniMed) and MedReleaf.
15Proven Execution & Agility Across the Value Chain
Aurora MedReleaf
18-Aug-16 6-Mar-17 26-May-17 2-Oct-17 5-Dec-17 28-Mar-18
Acquires Acquires Acquires Acquires Acquires Acquires
CanvasRx, Pelaton Pedanios in Germany, a B.C. Northern Lights Larssen CanniMed
Acquisitions a Canadian cannabis Pharmaceuticals wholesale importer, exporter, Urban Cultivator H2 Biopharma
patient counselling and distributor of medical
service cannabis in the E.U.
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
14-Dec-16 30-Mar-17 8-June-17 14-Sep-17 5-Jan-18 9-Feb-18 6-Mar-18
Signs JV MOU with Strategic Investment in Strategic Investment Announces R&D Strategic Introduces Adds the Woodstock
Branding / Radient Australia through in HempCo, Collaboration and Investment in TGOD San Rafael '71 brand
Strategic investment in Food and Fiber investment in cannabis
Investments Cann Group grow lighting firm
Flora Fotonica
15-Jan-18 22-Feb-18 3-Apr-18
Strategic Strategic Launched Premium
Investment in Investment in Cannabis Brand,
Micron Waste Liquor Stores N.A. AltaVie
16Vertical Integration with Horizontal Diversification
A Global Company with Expertise Across the Value Chain
Consumer
Building Growing Extraction Formulation Testing, R&D Distribution Products Brands Engagement
• Larssen is a • Low-cost • Aurora • Aurora has • Multiple PhD • Agreements • Complementary • Both companies • Strong consumer
design and operations investment in creams, capsules researchers with SDM, SAQ, and ancillary have well- engagement, with
engineering • MedReleaf has Radient, and a strong • MedReleaf brings PharmaChoice, products, recognized mobile app,
consultancy for exceptionally an extraction pipeline of 10+ years of Liquor Stores and including BC medical and customer care and
efficient high yields company products research and many more Northern Lights, consumer brands same-day delivery
greenhouses • Aurora and • MedReleaf was • MedReleaf has a patient data • Robust HempCo and in Ontario
CMED offer a the first LP to diverse product • CMED brings 17+ international many more
diverse set of launch a topical offering, including years of clinical & distribution
genetics cream & oil softgels and a research studies network
capsules robust pipeline of
product
40+ innovations
pro-forma
cannabis
strains
17Go-Forward Strategy
Well-recognized
International
Capacity Medical & R&D Strategic M&A
Distribution
Consumer Brands
Establish a Large Acquire Brands &
Global Production Expertise Across
Footprint, Based Leverage R&D Value Chain
Leverage Global
on Market- Capabilities to
Footprint through
Leading Expand Portfolio Develop a Well- Expand Portfolio
GMP Facilities to
Technological of Brands for Diversified Portfolio of Strategic
Facilitate Growth
Design and Medical & Adult of IP (Medical and Partnerships
into the
Operational Consumer Use Consumer
International Gain Access to
Know-How Products,
Medical Market New Region and
Technologies)
High-Tech, Lost- Distribution
Cost Facilities Channels
Scale, Costs, Agility, Innovation and Execution to Accelerate Growth
18Financial Data
Strong Revenue Growth
Sequential
Growth (%) 457.1% 151.7% 26.5% 33.2% 14.7% 39.0% 41.8% 37.6%
211%
Revenue ($M) $18.00
$16.00
YoY growth
$14.00
for Q3 2018
$12.00
$10.00
$8.00 Aurora Cannabis Inc. Management Presentation
$6.00
$4.00
$2.00
$0.00
Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
20Continuously Improving Metrics
Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017
# # # # #
Active registered patients (1) 25,800 23,000 19,280 16,400 13,110
Grams sold 1,352,982 1,161,809 889,965 755,059 653,008
Grams produced (2) 1,205,965 1,204,259 1,009,585 1,164,683 846,849
(In CDN $000’s unless otherwise noted) $ $ $ $ $
Average net selling price per gram 7.99 8.36 8.22 7.45 6.64
Cash cost of sales per gram 1.80* 1.74 1.92 2.09 2.31
Cash cost to produce per gram 1.53* 1.41 1.73 1.91 1.91
Cash and cash equivalents 231,023 350,841 127,915 159,796 111,116
*Seasonal influence through increased energy spend in winter
Aurora Cannabis Inc. Management Presentation 21Overview
Combined Company
8 Facilities 3 Facilities
Funded Capacity
Funded Capacity 570,000+ kg/year
430,000+(1) kg/year 140,000+ kg/year
Domestic and SAQ, PharmaChoice,
SAQ, Cannamedical Pharma,
International Pharmasave, Liquor Stores, Robust distribution
Shoppers Drug Mart
Distribution Pedanios, Shoppers Drug Mart
24 distinct strains in 20+ dried products, 6 oil
17 Lift Canadian Cannabis
Products production, oil products, products, 4 capsule products,
Awards
topical creams, capsules topical creams
Aurora, CanniMed,
MedReleaf, San Rafael '71,
Brands HempCo, Radient Comprehensive portfolio
Woodstock, AltaVie
Technologies
State-of-the art automation, High-yield cultivator, Higher pace of innovation
R&D Technology and from seed to sale supported
17+ years of cannabis proprietary genetics,
Genetics by leading research team
research substantive patient data
1. Includes proportionate share of The Green Organic Dutchman (23,000 kg per annum).
22A Strong Platform for Accelerated Growth
Low Production Extensive Distribution Proven Execution &
Industry Leading
Costs and Industry Channels in Canada Agility Across Value
Scale
Leading Yields and Internationally Chain
$
Enhanced Award Winning
Innovation and R&D Enhanced Capital
Diversification Product Lines Support
Excellence Markets Profile
Brand Leadership
23Contact Information
Cam Battley Marc Lakmaaker, Director IR &
Chief Corporate Officer Corporate Development
cam@auroramj.com marc.lakmaaker@auroramj.com
Investor Relations: 1-855-279-4652
24Appendix
26
Experienced Leadership Team
Terry Booth Cam Battley Darryl Vleeming
CEO Chief Corporate Officer Chief Information Officer
CEO of 6 successful companies Deep experience in pharma and over 20 years of experience in
25 years experience in highly cannabis sectors Senior IT leadership, project
regulated industries Board member Cannabis delivery, and IT strategic planning
Canada at publicly traded international
corporations, with a specific
focus on driving business value.
Steve Dobler Glen Ibbott
Neil Belot
President CFO
Successful entrepreneur, member of Strong senior financial executive Chief Global Business
many public companies’ board of with deep life sciences sector Development Officer
directors. Responsible for raising experience Former executive director of
substantial funds for Aurora Cannabis Canada - Canada's trade
association for Licensed Producers
Allan Cleiren
COO
Experienced operational
executive with nearly three
decades leadership experience
at private and public companies
Aurora Cannabis Inc. Management Presentation 2627
Board of Directors
Michael Singer Adam Szweras Diane Jang
Chairman Partner, Fogler, Rubinoff LLP
Experienced securities
A business consultant,
CFO, Clementia specializing in strategic
lawyer. Founder of a US planning for sustainable
Pharmaceuticals
developer of marijuana success, growth and
Former CFO, Bedrocan
and hemp oil, and edible profitability, with over 27
Cannabis Corp.
products. years of business
experience in the
Consumer Packaged
Goods industry
Steve Dobler Dr. Jason Dyck Terry Booth
President, Aurora Professor, Department of CEO, Aurora
Successful entrepreneur, Pediatrics and Director of CEO of 6 successful
member of many public Cardiovascular companies
companies’ board of Research Centre, 25 years experience
directors. Responsible for University of Alberta in highly regulated
raising substantial funds industries
for Aurora
Aurora Cannabis Inc. Management Presentation 27Transaction Summary
• Aurora to acquire all of the issued and outstanding common shares of MedReleaf in an all-share transaction
Proposed • Unanimously approved by the boards of directors of each of company
Transaction • Court approved Plan of Arrangement
• Pro forma ownership of 61% Aurora / 39% MedReleaf
• MedReleaf shareholders will receive 3.575x Aurora common shares for each MedReleaf common share
Consideration • Implies a price of C$29.44 per MedReleaf common share and a premium of approximately 34%, based on the 20-day
to MedReleaf volume weighted average prices of Aurora and MedReleaf as of 11-May-18
• Implies a total transaction value of approximately C$3.2 bn on a fully diluted basis
• Aurora shareholder approval (majority of votes cast at a special meeting)
• MedReleaf shareholder approval (66 2/3% of votes cast at a special meeting)
Key Approvals
and Conditions • 56% of existing MedReleaf shareholders have entered into irrevocable hard lock-ups with Aurora to vote in favour of
the Arrangement
• Customary regulatory, court approvals, and other closing conditions
28Transaction Summary (cont’d)
• Reciprocal and customary non-solicitation covenants
Deal • Reciprocal 5 business day right to match any superior proposal
Protection • Termination fee of C$80 mm payable by either party under certain specified circumstances
• Expense reimbursement of C$15 mm payable by either party under certain specified circumstances
• Mailing of special meeting materials expected to occur during the month of June 2018
Timing • Special meetings of Aurora and MedReleaf shareholders expected to occur during month of July 2018 and closing of
the transaction is expected thereafter following receipt of all required regulatory approvals and satisfaction of other
customary closing conditions
29Summary of the Combined Company
Combined Company
Aurora MedReleaf
(No Premium)
F.D. Market Capitalization(1)
$4,772 $2,669 $7,441
(C$ mm)
Cash and Cash Equivalents(2)
$167 $218 $385
(C$ mm)
Capitalization
Debt(2)
$244 $10 $254
(C$ mm)
Enterprise Value
$4,373 $2,414 $6,786
(C$ mm)
Australia, Brazil, Canada, Cayman
Australia, Canada, Cayman Islands,
Australia, Brazil, Canada, Islands, Denmark, Finland, Germany,
Geographical Sales Presence Denmark, Finland, Germany, Iceland,
Germany Iceland, Italy, Norway, South Africa,
Italy, Norway, South Africa, Sweden
Sweden
Operating Number of Facilties 8 3 11
Details
Current Capacity 15,800 kgs 16,500 kgs 32,300 kgs
Funded Capacity 430,000+ kgs 140,000+ kgs 570,000+ kgs
1. Shown on a fully-diluted basis as of 11-May-18.
2. Based on most recent filings (31-Mar-18 for Aurora and 31-Dec-17 for MedReleaf), adjusted for subsequent events.
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