CanniMed Therapeutics Confirms Receipt of Unsolicited Offer from Aurora Cannabis

Shareholders advised to take no action

Shareholders already have an attractive and accretive acquisition of
Newstrike Resources available to them

SASKATOON, Saskatchewan–(BUSINESS WIRE)–CanniMed Therapeutics Inc. (“CanniMed” or the “Company”)
(TSX: CMED) urges shareholders to take NO action in response to Aurora
Cannabis Inc.’s (“Aurora”) unsolicited offer to acquire all of
the outstanding shares of the Company for consideration consisting of
common shares of Aurora (the “Hostile Bid”).

As previously announced, CanniMed has formed a special committee of
independent directors (the “Special Committee”) to consider the
Hostile Bid. The Special Committee is reviewing the Hostile Bid, in
consultation with its legal and financial advisors, and will respond in
due course.

We are very concerned that Aurora’s offer to our shareholders is based
on an inflated Aurora share price, that has enjoyed a recent and
significant run up in value that does not appear to be based on any
substantive decisions or value created by its management,” said John
Knowles, CFO, CanniMed. “The bid price referenced in the Hostile Bid is
misleading in this context and there does not appear to be any premium
in the offer for CanniMed shareholders when you adjust for Aurora’s
recent share price increase. We further note that the bid price is
capped at $24.00 but there is no lower limit, should Aurora’s share
price weaken.”

The Aurora management team has not demonstrated an ability to execute
competently and consistently and there is serious concern that the
Aurora share price will drop just as quickly as it has risen. There is
no credible plan to deliver long term value to shareholders,“ said Brent
Zettl, President and CEO, CanniMed. “In contrast, shareholders have an
attractive and accretive transaction available to them now as CanniMed
and Newstrike are extremely well positioned to deliver significant
shareholder value going forward. As evidenced by the Health Canada
regulatory directive announced on November 21, 2017, the clear drivers
of greatest value will be branding and offering value added oil
derivative products to the recreational market, two metrics where the
CanniMed and Newstrike team are truly well positioned. The economics,
particularly for the oils derivative products, are truly enormous,”
continued Mr. Zettl.

CanniMed’s acquisition of Newstrike creates a premier global cannabis
company. CanniMed, with 16 years of pharmaceutical cannabis cultivation
experience with zero recalls or product shortages, married with
Newstrike and Up Cannabis (in partnership with the iconic The Tragically
Hip), will be well positioned with innovative, high quality products,
two top tier distinct brands and a state-of-the-art infrastructure
capable of capitalizing on key product trends, including the significant
interest and uptake of cannabis oil derivatives such as vaporizer
cartridges, and emerging drivers of growth in both the medical and
recreational markets. The new company will have improved operational
scale with a targeted 45,000 kg of capacity by 2019, improved capital
markets presence and a pro-forma capitalization exceeding $600mm.

Mr. Zettl continued, “The only certainty for CanniMed shareholders is in
the attractive and accretive Newstrike acquisition before them. We can
understand why a deal with CanniMed makes sense for Aurora but it makes
no sense for our shareholders.”

The Company is considering the appropriateness and legality of the
irrevocable lock up agreements that Aurora obtained from shareholders in
connection with the Hostile Bid. Such lock-up agreements, together with
Aurora’s attempts to have the securities regulators shorten the 105 day
minimum deposit period for the Hostile Bid, are unfair and coercive to
the Company’s other shareholders and are an attempt to preclude such
Company shareholders from having an effective voice in choosing the
Newstrike transaction.

The Company has not received a copy of Aurora’s application to the
securities regulators on this matter but believes that there is no basis
for such application and intends to vigorously oppose it.

Shareholders are advised to take NO action on the Hostile Bid until they
have received further communication from the Special Committee or the
Board. Further details will be provided to shareholders as soon as
practical.

Shareholders with questions should call CanniMed’s strategic shareholder
services advisor, Kingsdale Advisors, at 1-888-518-1554.

Advisors

Kingsdale Advisors is acting as strategic shareholder and communications
advisor. AltaCorp Capital Inc. is acting as financial advisor to the
Board and Borden Ladner Gervais LLP is acting as legal advisor to the
Board. Cormark Securities Inc. is acting as financial advisor to the
Special Committee and Stikeman Elliott LLP is acting as legal advisor to
the Special Committee.

About CanniMed Therapeutics Inc.

CanniMed is a Canadian-based, international plant biopharmaceutical
company and a leader in the Canadian medical cannabis industry, with 16
years of pharmaceutical cannabis cultivation experience,
state-of-the-art, GMP-compliant production process and world class
research and development platforms with a wide range of
pharmaceutical-grade cannabis products. In addition, the Company has an
active plant biotechnology research and product development program
focused on the production of plant-based materials for pharmaceutical,
agricultural and environmental applications.

The Company, through its subsidiaries, was the first producer to be
licensed under the Marihuana for Medical Purposes Regulations, the
predecessor to the current Access to Cannabis for Medical Purposes
Regulations. It was the sole supplier to Health Canada under the former
medical marijuana system for 13 years, and has been producing safe and
consistent medical marijuana for thousands of Canadian patients, with no
incident of product diversion or recalls.

For more information, please visit our websites: www.cannimed.ca
(patients) and www.cannimedtherapeutics.com
(investors).

Notice Regarding Forward Looking Statements

This news release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of CanniMed to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. These forward-looking statements include, but are not
limited to, statements relating to CanniMed’s expectations with respect
to: the timing and outcome of the proposed acquisition of Newstrike; the
anticipated benefits of the acquisition of Newstrike to CanniMed;
improvements to CanniMed’s production capabilities and capacity
resulting from the acquisition; and the Hostile Bid. Often, but not
always, forward-looking statements can be identified by the use of words
such as “plans”, “expects” or “does not expect”, “is expected”,
“estimates”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that
certain actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved.

In respect of the forward-looking statements and information concerning
the anticipated benefits and completion of the proposed acquisition of
Newstrike, CanniMed has provided such statements and information in
reliance on certain assumptions that it believes are reasonable at this
time, including assumptions as to the ability of CanniMed to receive, in
a timely manner and on satisfactory terms, the necessary regulatory,
court and shareholder approvals for the Newstrike acquisition; the
ability of the parties to the Newstrike acquisition to satisfy, in a
timely manner, the other conditions to the closing of the transaction;
and other expectations and assumptions concerning the acquisition. There
can be no assurance that the proposed acquisition of Newstrike will
occur, or that it will occur on the terms and conditions contemplated in
this news release. Moreover, there is no certainty that the conditions
in the offer by Aurora will be satisfied. Accordingly, readers should
not place undue reliance on the forward-looking statements and
information contained in this press release. Since forward-looking
statements and information address future events and conditions, by
their very nature they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated
due to a number of factors and risks. Readers are cautioned that the
foregoing list of factors is not exhaustive. The forward-looking
statements contained in this news release are made as of the date of
this release and, accordingly, are subject to change after such date.

CanniMed does not assume any obligation to update or revise any
forward-looking statements, whether written or oral, that may be made
from time to time by us or on our behalf, except as required by
applicable law.

Contacts

Media contact:
Kingsdale Advisors
Ian Robertson
Executive
Vice President, Communication Strategy
Direct: 416-867-2333
Cell:
647-621-2646

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