Despite DeFrancesco’s believed role with Aphria’s structuring

We have emailed Aphria seeking comment on the rationale behind this seemingly contradictory strategy and have not heard back as of this writing. Should we hear back from the company, we will update this accordingly.Andy DeFrancesco’s Loan with An Entity Controlled By Nuuvera’s Chairman and Largest Shareholder Following our failure to understand the Nuuvera transaction on any credible economic or strategic basis, we began exploring the relationships of key individuals that participated in the transaction. On DeFrancesco’s Instagram page, we noticed that he posted a news release relating to the Aphria/Nuuvera transaction and claimed to be the “architect of bringing these 2 great brands together”As noted above, DeFrancesco is credited in his Delavaco executive team bio as being a “founding investor to Aphria, leading all rounds of financing and strategic advisor to the company since inception.” Thus, the implication would seem to be that he had represented Aphria in its negotiations with Nuuvera.Despite DeFrancesco’s believed role with Aphria’s structuring of the deal, we found several documents indicating that DeFrancesco also has business interests with key sponsors of Nuuvera.

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