LIQUOR STORES N.A. LTD. - and - AURORA CANNABIS INC. - and - 2095173

LIQUOR STORES N.A. LTD.

AURORA CANNABIS INC.

2095173 ALBERTA LTD.

INVESTMENT AGREEMENT

THIS INVESTMENT AGREEMENT is

made effective the 4th day of February, 2018 between:

LIQUOR STORES N.A. LTD., a

corporation incorporated under the laws of Canada;

AURORA CANNABIS INC., a corporation

incorporated under the laws of British Columbia;

2095173 ALBERTA LTD., a corporation

incorporated under the laws of Alberta;

NOW THEREFORE, in consideration

of the mutual covenants and agreements contained herein, the Parties agree as follows:

DEFINITIONS AND INTERPRETATION

In this Agreement, unless there

is something in the subject matter or context inconsistent therewith:

Unless the context otherwise requires,

the following provisions will govern the interpretation of this Agreement:

In the event that any date on

which any action is required to be taken hereunder by either of the Parties is not a Business Day that action shall be required

to be taken on the next succeeding day which is a Business Day.

This Agreement will be construed

and enforced in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein and will

be treated in all respects as an Alberta contract. The Parties irrevocably attorn and submit to the exclusive jurisdiction of the

courts of the Province of Alberta with respect to any dispute related to or arising from this Agreement.

Subject to the terms and conditions

of this Agreement, the Investor hereby subscribes for and agrees to purchase from the Corporation, and the Corporation hereby agrees

to issue to the Investor on the Closing Date, as follows:

Aurora hereby unconditionally

and irrevocably guarantees the due and punctual performance by the Investor of each and every covenant and obligation of the Investor

arising under this Agreement and in connection with the Private Placement, including, without limitation, the due and punctual

payment of the consideration required to purchase the Purchased Shares and Subscription Receipts hereunder. Aurora hereby agrees

that the Corporation shall not have to proceed first against the Investor before exercising its rights under this guarantee against

Each of Aurora and the Investor

covenant to execute and deliver all documentation as may be required to be executed and delivered by it pursuant to Securities

Laws in connection with the Private Placement. Each of Aurora and the Investor acknowledge and covenant that:

REPRESENTATIONS AND WARRANTIES OF AURORA

Aurora represents and warrants

to the Corporation as of the date hereof, and as of the Closing Date, as follows and acknowledges that the Corporation is relying

on these representations and warranties in entering into this Agreement and consummating the Private Placement:

Notwithstanding any provision

of this Agreement to the contrary, Aurora makes no representations or warranties to the Corporation or any other Person in connection

with this Agreement, except as specifically set forth in Section 3.1. All other representations and warranties, whether express

or implied, are disclaimed by Aurora.

The representations and warranties

made by Aurora in this Agreement, including in any certificate delivered pursuant hereto, shall survive indefinitely.

Aurora and the Corporation agree

that unless required to be performed on or prior to the Closing Date or unless otherwise expressly set forth herein, the covenants

made by Aurora in this Agreement shall survive indefinitely.

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

The Investor represents and warrants

to the Corporation as of the date hereof, and as of the Closing Date, as follows and acknowledges that the Corporation is relying

on these representations and warranties in entering into this Agreement and consummating the Private Placement:

Notwithstanding any provision

of this Agreement to the contrary, the Investor makes no representations or warranties to the Corporation or any other Person in

connection with this Agreement, except as specifically set forth in Section 4.1. All other representations and warranties, whether

express or implied, are disclaimed by the Investor.

The representations and warranties

made by the Investor in this Agreement, including in any certificate delivered pursuant hereto, shall survive indefinitely, except

for the representation and warranties made in subsection 4.1(k), which shall terminate on and will not survive the Closing

Date or the termination of this Agreement, whichever occurs first.

The Investor and the Corporation

agree that unless required to be performed on or prior to the Closing Date or unless otherwise expressly set forth herein, the

covenants made by the Investor in this Agreement shall survive indefinitely.

REPRESENTATIONS AND WARRANTIES OF THE CORPORATION

The Corporation represents and

warrants to Aurora and the Investor as of the date hereof, and as of the Closing Date, as follows, and acknowledges that Aurora

and the Investor are relying on these representations and warranties in entering into this Agreement and consummating the Private

Notwithstanding any provision

of this Agreement to the contrary, the Corporation makes no representations or warranties to Aurora, the Investor or any other

Person in connection with this Agreement, except as specifically set forth in Section 5.1. All other representations and warranties,

whether express or implied, are disclaimed by the Corporation.

The representations and warranties

made by the Corporation in this Agreement, including in any certificate delivered pursuant hereto, shall survive indefinitely,

except for the representation and warranties made in subsection 5.1(d), which shall terminate on and will not survive the

Closing Date or the termination of this Agreement, whichever occurs first.

Aurora, the Investor and the Corporation

agree that unless required to be performed on or prior to the Closing Date or unless otherwise expressly set forth herein, the

covenants made by the Corporation in this Agreement shall survive indefinitely.

COVENANTS REGARDING NON-SOLICITATION

Nothing contained in this Agreement,

including Section 6.1, shall prohibit the Board from withdrawing, amending, modifying or qualifying (or proposing publically

to withdraw, amend, modify, or qualify) the Board Recommendation in a manner adverse to Aurora and the Investor (a "Change

in Recommendation") or from making any disclosure to any securityholder of the Corporation prior to the Meeting, including

for greater certainty disclosure of a Change in Recommendation, if, in the good faith judgment of the Board, after consultation

with outside legal counsel and financial advisors, the failure to take such action or make such disclosure would be inconsistent

with the Board's exercise of its fiduciary duties or such action or disclosure is otherwise required by applicable law. Nothing

contained in this Agreement shall prohibit the Corporation or the Board from calling and/or holding a meeting of Shareholders requisitioned

by Shareholders in accordance with the Canada Business Corporations Act or taking any other action to the extent ordered

or otherwise mandated by a Governmental Authority. The provisions of this Section 6.2 shall survive the Closing Date and continue

in full force and effect until the Meeting is held.

ADDITIONAL COVENANTS OF THE CORPORATION AND THE INVESTOR

The Corporation has received conditional

listing approval from the TSX of the Purchased Shares and the Common Shares issuable upon: (i) the conversion of the Subscription

Receipts; and (ii) the exercise of the Warrants. The Corporation shall make such further filings and pay all related fees as are

necessary for the Purchased Shares and the Common Shares issuable upon: (i) the conversion of the Subscription Receipts; and (ii)

the exercise of the Warrants to be unconditionally listed and posted for trading on the TSX as soon as practicable taking into