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NASDAQ | TSX: ACB

Curaleaf's announcement is a desperate effort to shift attention away from the fundamental issue facing shareholders: its inadequate hostile bid undervalues Aurora. Curaleaf's attempt to fabricate issues ignores the reality of its own balance sheet: more than $1 billion of debt1, including $500 million carrying an 11.5% interest rate, exposing shareholders to significant financial and dilution risks. Curaleaf's criticism ignores four key facts: Aurora's ATM was publicly disclosed months before the hostile bid, was designed to support accretive acquisitions in Canada and the UK, has been inactive for several weeks and, prior to February 2026, had not been utilized by Aurora for three years. Curaleaf's latest allegations are a transparent attempt to divert attention from the unresolved regulatory deficiencies in their inadequate hostile bid. On September 2, Aurora raised its own complaint with the Alberta Securities Commission about the deficiencies in Curaleaf's hostile bid. Curaleaf has ignored these material concerns. Aurora's Special Committee and Board have unanimously recommended that shareholders REJECT Curaleaf's hostile bid by TAKING NO ACTION and NOT TENDERING their shares. , /PRNewswire/ -- Aurora Cannabis Inc. ("Aurora" or the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian-based leading global medical cannabis company, today responded to the application by Curaleaf Holdings, Inc. ("Curaleaf") (TSX: CURA) (OTCQX: CURLF) to halt Aurora's at-the-market ("ATM") program.

Aurora believes Curaleaf's filing is simply the latest attempt to distract shareholders from the fundamental issue before them: Curaleaf's hostile bid significantly undervalues Aurora and seeks to acquire Aurora's cash, unique EU-GMP assets, global growth platform and future upside at a discount.

Aurora's ATM program was publicly announced in February 2026, over six months before Curaleaf launched its hostile bid, as part of the Company's long-term international growth strategy. The program was established to provide Aurora with flexibility to pursue strategic and accretive opportunities that support long-term shareholder value, including increased cultivation capacity and M&A.

"Curaleaf is attempting to spin a story that simply does not align with the facts," said Miguel Martin, Executive Chairman and Chief Executive Officer of Aurora. "Our ATM program was established long before Curaleaf launched its inadequate hostile bid and was never designed as a response to it. It is a long-standing capital allocation tool that supports Aurora's growth strategy. Our most recent acquisitions in the UK that unlock our access to this critical market is a direct example of responsible use of funds generated from the ATM," Mr. Martin added.

___________________________________

1 "Debt" refers to indebtedness, including $500,000 senior secured notes at 11.5% interest, financial obligations and lease liabilities as of  June 30, 2026, as filed in Curaleaf Holdings Inc financial statements on August 5, 2026, which can be found on Sedar+, EDGAR and Curaleaf's website.

"Curaleaf is trying to suggest that the existence of the ATM program somehow says something about the value of Aurora's business. It does not. The question for shareholders is whether Curaleaf's hostile offer fairly compensates them for the company they own today and the future value they are being asked to give up. We do not believe it does."

"The Board's responsibility is to maximize value for Aurora shareholders, not to make Aurora easier or cheaper for Curaleaf to acquire," concluded Mr. Martin. The ATM program will continue to be used only when the Board determines it is in the best interests of the Company to do so, having regard to all relevant factors.

Aurora shareholders are reminded that the company is debt free and maintains a strong cash position, providing the flexibility to continue investing in growth, innovation and strategic opportunities. Aurora believes shareholders should carefully consider whether exchanging ownership in a debt-free company with a proven international growth strategy for shares in a company carrying more than $1 billion of debt, concentrated voting control and additional governance and regulatory risks is in their best interests.

On September 2, Aurora's Board of Directors filed a directors' circular which UNANIMOUSLY recommended that shareholders REJECT Curaleaf's hostile bid by TAKING NO ACTION and NOT TENDERING their shares. The Board UNANIMOUSLY recommends that any Aurora shareholders who have tendered their shares to the hostile bid WITHDRAW those shares.

Curaleaf's latest application does not change the Board's view that its hostile bid is inadequate and fails to reflect the value of Aurora's business or the opportunities ahead.

Shareholder Assistance

Shareholders with questions about the hostile bid or who would like to receive ongoing updates may contact Kingsdale Advisors, Aurora's strategic advisor and information agent.

Toll-Free (within North America): 1-800-749-9052 Call or Text: 416-623-4172 Email: [email protected] About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, and Whistler Medical Marijuana Corporation®. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™. 

Learn more at www.auroramj.com and follow us on X and LinkedIn.

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements and information about Curaleaf's Hostile Bid and the Board' recommendation to reject the Hostile Bid, the Company's ATM Program and use of proceeds, the Company's ability to pursue strategic and accretive opportunities that support long-term shareholder value, and statements regarding international growth opportunities and the Company's ability to access that market growth.

These forward-looking statements are only predictions. Forward-looking information or statements contained in this news release have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company's operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company's operations; and the Company's ability to conduct operations in a safe, efficient, and effective manner. The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion to revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crisis, and other risks as set out under the heading "Risk Factors" in the Company's annual information form dated June 10, 2026 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims 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 expressly required by applicable securities laws.

SOURCE Aurora Cannabis Inc.

A new chapter in the big takeover saga in the marijuana industry began on Aug. 18. U.S. multistate operator Curaleaf Holdings (CURLF +6.96%), which is vying to become the new owner of Canada's Aurora Cannabis (ACB +6.54%), formally launched a hostile bid for its peer. This came almost exactly a week after Curaleaf first publicly announced its intentions.

Owning Aurora would transform the U.S. cannabis company, changing its business profile and pushing it into new markets. That is, of course, if the attempt succeeds. But that's a story for the future; here's my take on whether Curaleaf is a buy right now.

Image source: Getty Images.

Taking it to the shareholders That morning, before the market opened, Curaleaf formally commenced its acquisition effort with a tender offering filed with the U.S. Securities and Exchange Commission.

As detailed in the announcement earlier in the month, it's offering $4 per Aurora share in a deal consisting mainly of its common stock with a smaller cash component. The bid is made up of almost 0.35 of a share of Curaleaf stock and $0.75 in cash per Aurora share.

The U.S. pot company continues to commit to a potential cap of $5 a share in total consideration should Aurora's stock price experience a "substantial" increase.

The would-be acquirer added that the $4 is 45% higher than the 30-day volume-weighted average price of Aurora's stock as of the day before the original announcement was made public. Should that cap be triggered, that premium would jump to almost 82%.

Curaleaf went hostile because of what it claimed was the lack of meaningful response from Aurora management. In a press release issued on the day of the original announcement, however, the Canadian company begged to differ. It said that its lead independent director, Michael Singer, communicated with Curaleaf Chief Executive Officer Boris Jordan as recently as July 24.

In that initial response, Aurora implied the hostile offer was inadequate. Yet it wrote that a special committee of its board of directors would be formed to evaluate it "with a view to determining the course of action that is in the best interests of the company and all stakeholders."

Aurora added that it did not intend to comment further on Curaleaf's bid until it deemed commentary appropriate. True to its word, as of early morning Wednesday, it had not published a response to Curaleaf's update.

Since a hostile takeover depends on the willingness of the target company's investors to sell their shares, Curaleaf addressed those folks in the update. It quoted Jordan as saying, "We believe this is a compelling opportunity for both companies and, most importantly, for shareholders."

Cure for the weed stock blues? I think it's compelling because Aurora is Canada's leading purveyor of medical cannabis. Yes, that's a far smaller category -- both in that market and the U.S. -- than the recreational segment, and it's harder for a cannabis company to qualify as a purveyor of medical pot.

Yet these limits help make healthcare marijuana notably more profitable when compared with recreational cannabis.

What's more, Aurora is not only heavily involved in the segment (it currently accounts for almost 95% of the company's revenue) but is also actively shipping such wares abroad. Aurora's product reaches countries that have legalized medical pot -- like Germany, where it also owns and operates a licensed marijuana growing facility.

Less than 50% of Curaleaf's cannabis sales consist of medical weed, so the category would be a critical part of the combined company's operations.

I wasn't excited about either stock after Curaleaf's original public announcement, and I'm not encouraged by the U.S. company's update.

Combining the two businesses wouldn't be quick or easy. Right off the bat, there is a fundamental regulatory mismatch between Canada, which has fully legalized pot and various derivative products, and the U.S., where the drug remains largely illegal at the federal level (although medical weed was recently rescheduled subjecting it to less onerous regulations).

On top of that, the international distribution networks are complicated, and are likely tough to consolidate. Time, effort, and resources would be needed to do this effectively. Meanwhile, despite certain advantages, neither company has proved it can be reliably and routinely profitable, and there's little indication this proposed deal will magically change once they combine.

Today's Change

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A haze of lukewarm smoke Investors haven't been falling over themselves to buy Aurora stock in anticipation of the potential marriage.

There was an initial pop after Curaleaf's original announcement, but the shares have since settled lower. They now trade at $3.67 apiece, with the discount to the proposed offer of $4 a share implying skepticism that the acquisition will go through and/or that it would create a powerhouse company if it is completed.

Adding this all up, I'd give Curaleaf stock a pass these days. I'm not seeing a great deal of potential here.

Curaleaf's decision to launch a hostile takeover bid is designed to pressure Aurora's shareholders into a short-term decision for the benefit of Curaleaf shareholders. Curaleaf's actions and comments reflect its objective: to acquire, at the lowest price possible, Aurora's market-leading EU-GMP facilities and global medical cannabis platform. Curaleaf's description of Aurora's business performance does not reflect our recently reported quarterly results and stated European medical cannabis strategy. Comments by Curaleaf's CEO failed to present the facts; Aurora has engaged with Curaleaf since June 2026, including as recently as August 12, 2026. Questions about the Offer or would like to stay informed? Please contact Kingsdale Advisors toll-free at 1-800-749-9052 within North America, call or text 416-623-4172 or at [email protected]. , /PRNewswire/ - Aurora Cannabis Inc. ("Aurora" or the "Company") (TSX: ACB) (NASDAQ: ACB), the Canadian-based leading global medical cannabis company, confirmed that Curaleaf Holdings, Inc. ("Curaleaf") (TSX: CURA) (OTCQX: CURLF), has commenced an unsolicited take-over bid for all of the issued and outstanding common shares of the Company (the "Aurora Shares") at a stated implied consideration of US$4.00 per Aurora Share, consisting of 0.3463 subordinate voting shares of Curaleaf plus US$0.75 in cash per Aurora Share (the "Offer"). We note that the Offer includes a cap on the value of the consideration of US$5.00 per Aurora Share, which is a lower price than Aurora Shares have traded as recently as December 18, 2025.

Miguel Martin, Executive Chairman and CEO of Aurora stated, "The strong shareholder support demonstrated at our 2026 AGM reinforces our commitment to the long-term strategy we are executing. We believe Curaleaf made a strategic decision to make its offer public to pressure our shareholders into making a short-term decision for the benefit of Curaleaf shareholders. We will not do that. We are building this Company for the long term and will always do what is right for Aurora shareholders."

"Contrary to assertions by Curaleaf, our door is always open to those that see value in our Company. Aurora has been in dialogue with Curaleaf going back to June 22, 2026 and as recently as August 12, 2026. Their objective is to acquire Aurora's highly strategic EU-GMP facilities and leading medical cannabis platforms at the lowest price possible, thereby depriving Aurora shareholders of any current and future value they generate," concluded Mr. Martin.

The Offer follows an announcement by Curaleaf on August 11, 2026 of its intention to make an offer for Aurora. At that time, Aurora confirmed that it received letters from Curaleaf dated June 23, 2026, and July 7, 2026, outlining proposals to acquire the Aurora Shares. The June 23, 2026, letter contained no proposed financial terms and the July 7, 2026, letter included no detail regarding the mix of cash and share consideration being proposed by Curaleaf.

The Company expects to provide a more comprehensive response to Aurora shareholders in a timely manner.

Take No Action on Offer

Aurora shareholders are advised to take NO action on the Offer until the Board of Directors of Aurora (the "Board") has made a formal recommendation to shareholders. The Offer will remain open for a minimum of 105 days, allowing Aurora shareholders until at least December 1, 2026 to consider their options.

The Board has formed a special committee of independent directors (the "Special Committee"). The Special Committee will consider the Offer with its advisors before making a recommendation to the Board. Aurora shareholders will be notified of the Board's formal recommendation through a news release and Directors' Circular within 15 days, in accordance with applicable securities laws.

Advisors

Aurora has retained the following leading industry advisors:

Legal counsel to Aurora's Special Committee is Torys LLP. Legal counsel to the Company are Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Fort Capital Partners is the Company's financial advisor and ICR is the Company's communications counsel. Kingsdale Advisors is the Company's strategic advisor and information agent. Shareholder Assistance

Aurora shareholders with questions about the Offer or who would like to stay informed may contact Kingsdale Advisors, the Company's strategic advisor and information agent:

Toll-Free (within North America): 1-800-749-9052
Call or Text: 416-623-4172
Email: [email protected]

Shareholders should take NO action at this time. Shareholders should wait until the Board has provided its formal recommendation regarding the Offer.

About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, and Whistler Medical Marijuana Corporation®. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™. 

Learn more at www.auroramj.com and follow us on X and LinkedIn.

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements and information about the Offer, including the consideration of the Offer and any recommendation with respect to the same. These forward-looking statements are only predictions. Forward-looking information or statements contained in this news release have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company's operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company's operations; and the Company's ability to conduct operations in a safe, efficient, and effective manner. The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion to revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crisis, and other risks as set out under the heading "Risk Factors" in the Company's annual information form dated June 10, 2026 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims 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 expressly required by applicable securities laws.

SOURCE Aurora Cannabis Inc.

Profit from the Green Wave: Top Cannabis Stocks to WatchAurora Cannabis NASDAQ: ACB said shareholders approved all items presented at its annual general meeting, including setting the board size at five directors, electing the company’s nominees, reappointing Ernst & Young LLP as auditor, and approving its non-binding advisory vote on executive compensation.

The virtual-only meeting covered Aurora’s financial year ended March 31, 2026. Michael Singer, Aurora’s lead independent director and chairman of the meeting, said the company had received sufficient votes in favor of each proposal. Full voting results were expected to be filed on SEDAR following the meeting.

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The Cannabis Sector: Profitability Takes Center StageAccording to the preliminary attendance report, 146 shareholders voted by proxy, representing 16.64 million shares, while total shares represented at the meeting were reported at 61.96 million, or 26.86% of outstanding shares. Singer said the attendance satisfied the company’s quorum requirement.

Board and Auditor Matters Approved Shareholders approved management’s proposal to fix the number of directors at five for the coming year. The elected director nominees were Executive Chairman and Chief Executive Officer Miguel Martin, Singer, Chitwant Kohli, Norma Beauchamp, and Rajesh Uttamchandani.

Aurora Cannabis Earnings Reveal a Turning Tide for the StockThe company also reappointed Ernst & Young LLP, with offices in Vancouver, as its auditor for the ensuing year. In addition, shareholders approved Aurora’s “say-on-pay” resolution regarding executive compensation, which is an advisory and non-binding vote.

Prior to the votes, Singer tabled Aurora’s financial statements, auditor’s report and management discussion and analysis for the year ended March 31, 2026. He noted the filings were available through SEDAR.

Fiscal 2026 Results Exceeded Outlook, CEO Says In remarks following the formal business, Martin described fiscal 2026 as a strong year for the cannabis company, citing revenue above its outlook and adjusted EBITDA above the midpoint of its guided range.

Aurora reported net revenue of C$321 million for fiscal 2026, an 11% increase from the prior year. Martin said the result exceeded the high end of the company’s guidance range by C$8 million and was driven by double-digit growth in global medical cannabis. About 55% of net revenue was generated outside Canada, he said.

Adjusted gross margin rose to 64%. Adjusted EBITDA increased 32% year over year to C$54 million. Adjusted net income improved by more than C$12 million. Aurora ended the fiscal year with C$165 million in cash and cash equivalents and no debt. Martin attributed the performance to Aurora’s focus on medical cannabis markets and financial discipline. He said the company holds leadership positions in Canada, Germany, Australia and Poland, which he characterized as the four largest nationally legal medical cannabis markets.

The CEO said Aurora’s GMP-certified production and supply capabilities allow it to serve international medical markets, including Europe and Australia. He also cited higher yields, improved potency and operational efficiencies as contributors to lower production costs.

International Expansion and Fiscal 2027 Priorities Looking ahead, Martin said fiscal 2027 will be affected by changes in Canadian medical cannabis and Aurora’s planned exit from the lower-margin Canadian consumer business. He said international growth is expected to partially offset these developments.

Aurora plans to make targeted investments in market-share gains, GMP capacity, margin-accretive opportunities and international expansion. Martin highlighted the company’s acquisition of Safari Flower Company, an EU GMP-certified cannabis cultivator and manufacturer, as part of that strategy.

According to Martin, Safari Flower added EU GMP capacity, strengthened Aurora’s export position and was accretive to adjusted EBITDA in the first quarter of fiscal 2027.

For the fiscal first quarter, Aurora reported net revenue of C$67.6 million. International medical cannabis net revenue rose 17% to C$43 million, while consolidated adjusted gross margin was 58%, at the high end of the company’s annual guidance range, Martin said.

Martin said Aurora expects second-quarter revenue and adjusted EBITDA to be sequentially higher than the first quarter. The company remains focused on sustained double-digit revenue growth, strong margins and increased EBITDA contributions over time, he said.

Germany, Poland Seen as Key Growth Markets International growth is expected to be led by Germany, Aurora’s largest and fastest-growing international market, according to Martin. He said the company continues to hold a leading market share in Germany and is benefiting from demand for premium and core medical cannabis products.

Martin also pointed to Poland, where Aurora holds the No. 1 market-share position, citing recent import-limit increases, patient demand and commercial execution. Australia and New Zealand remain markets where the company sees opportunities to broaden product formats and expand its mix of core and premium products.

Beyond those markets, Martin cited the U.K., France, Ukraine, Switzerland, Spain and Austria as emerging regulated markets where Aurora believes its EU GMP capacity, regulatory expertise, genetics and integrated supply chain could support long-term growth.

About Aurora Cannabis (NASDAQ:ACB)Aurora Cannabis Inc NASDAQ: ACB is a Canadian licensed producer of medical and consumer cannabis products headquartered in Edmonton, Alberta. Established in 2013, the company operates under Health Canada's regulations to cultivate, process and distribute a range of cannabis-based offerings. Since its initial public listing in 2017, Aurora has grown into one of the country's largest growers by cultivation capacity and production output.

The company's core business spans the cultivation of dried flower, the extraction of cannabis oils and the development of value-added products such as softgels, capsules and topical treatments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NASDAQ | TSX: ACB

Delivers Net Revenue of $67.6 million, including a 17% YoY Increase in International Medical Cannabis Net Revenue Safari Flower Company Receives Three-Year EU-GMP Certification, Strengthens Ability to Supply Growing, High-Margin International Medical Cannabis Markets Maintains Strong Balance Sheet with $149.1 million of Cash, Cash Equivalents2and Short-Term Investments with no Debt , /PRNewswire/ -- Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), a leading Canada-based global medical cannabis company, today announced its financial and operational results for the first quarter 2027 ending June 30, 2026.

FY27 Q1 Earnings "We remain confident in our commercial execution, supported by our genetics program and regulatory and operational expertise which underpin our leadership in Canada, Germany, Poland, Australia, and New Zealand. These competitive advantages support our strategy to invest further in EU-GMP manufacturing capacity so that we can supply growing international markets for medical cannabis and thereby maintain and expand our market share," said Executive Chairman and Chief Executive Officer for Aurora, Miguel Martin.

"The first quarter reflects our continued strength, as we delivered international revenue growth and leading adjusted gross margins1, anchored by a cost structure designed to support topline growth. In the second quarter, we expect both revenue and Adjusted EBITDA1 to improve sequentially, driven by increasing global patient demand for medical cannabis," concluded Mr. Martin.

[1] This news release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. See "Non-GAAP Measures" below for reconciliations of non-GAAP financial measures to GAAP financial measures.

[2] Cash and Cash Equivalents refers to cash, restricted cash and cash equivalents.

First Quarter 2027 Highlights

(Unless otherwise stated, comparisons are made between fiscal Q1 2027 and Q1 2026 results and are in Canadian dollars)

On February 17, 2026, the Company completed the divestiture of its 50.1% ownership interest in Bevo Agtech Inc. ("Bevo"). As such, Bevo has been excluded from the Company's comparative figures, due to its classification as a discontinued operation.

Consolidated Revenue and Adjusted Gross Profit:
Total net revenue was $67.6 million, as compared to $74.1 million in the prior year period. The 9% decrease was mainly due to lower quarterly net revenue in Canadian medical cannabis and the wind down in consumer cannabis, offset by higher net revenue in international medical cannabis and wholesale bulk cannabis.

Consolidated adjusted gross margin before fair value adjustments1 was 58% and 64% in the prior year period. Adjusted gross profit before FV adjustments1 was $39.5 million compared to $47.7 million in the prior year period.

Medical Cannabis:
Medical cannabis net revenue was $64.0 million, as compared to $64.8 million in the prior year period, a 1% decrease.

Canadian medical cannabis net revenue1 was $20.7 million, as compared to $27.7 million in the prior year period. The 25% decrease was mainly due to changes in the federal reimbursement program effective April 1, 2026, which lowered reimbursement rates by approximately 30%.

International medical cannabis net revenue increased to $43.3 million from $37.1 million in the prior year period. The 17% increase was mainly due to higher sales in Germany driven by increased patient demand.

Adjusted gross margin before fair value adjustments1 on medical cannabis net revenue1 was 61% as compared to 69% in the prior year period. The year-over-year decrease was mainly due to changes to the federal reimbursement program effective April 1, 2026, which decreased reimbursement rates by approximately 30%.

Consumer Cannabis:
Aurora's consumer cannabis net revenue was $2.1 million, compared to $7.9 million in the prior year period. The decrease was due to our strategic shift to focus on Canadian and international medical cannabis and wind down our consumer cannabis business.

Adjusted gross margin before fair value adjustments1 on consumer cannabis net revenue1 was 20%, compared to 33% in the prior year period. The decrease was mainly due to the company selling products at reduced prices to reduce inventory impairments related to the wind down of the consumer channel.

Adjusted Selling, General and Administrative ("Adjusted SG&A"):
Adjusted SG&A1 was $35.1 million, compared to $36.1 million in the prior year period.

Net Income (Loss):

Net loss from continuing operations was $4.0 million, compared to $10.2 million for the prior year period. The decrease in net loss from continuing operations of $6.2 million was a combination of an increase in gross profit of $2.1 million, a decrease in operating expenses of $1.1 million and an increase in other income of $3.4 million. The increase in gross profit includes an increase in gain on changes in fair value of biological assets of $12.6 million, partially offset by a decrease in net revenue of $6.5 million.

Adjusted Net Income:
Adjusted net income1 was $3.8 million compared to $6.6 million for the prior year period. The decrease of $2.8 million was mainly due to a decrease in adjusted gross profit before fair value adjustments of $8.3 million, partially offset by a decrease in adjusted SG&A of $1.0 million and an increase in other income of $3.4 million.

Adjusted EBITDA: 
Adjusted EBITDA1 was $3.4 million compared to $10.8 million for the prior year period. The decrease of $7.4 million was mainly due to a decrease of $8.3 million in adjusted gross profit before fair value adjustments partially offset by a decrease in adjusted SG&A of $1.0 million.

Free Cash Flow:
Free cash flow was an outflow $5.8 million compared to an inflow $6.8 million in the prior year period. The decrease in free cash flow of $12.6 million was primarily due to a decrease in gross profit before fair value adjustments of $9.7 million.

Safari Flower Company Acquisition:
The accretive acquisition of Safari Flower Company ("Safari"), which closed on April 14, 2026, provides us with a 59,000 square foot EU-GMP certified indoor cultivation and manufacturing facility, adding critical EU GMP capacity to support further revenue growth in the expanding, high margin international markets.

This incremental capacity is expected to improve product availability and speed to market, while also reducing reliance on third-party suppliers, which should help drive top line growth. We intend to invest approximately $3.5 million over the next three years in growth capital improvements to drive operational efficiencies and maximize cultivation output to deliver reduced manufacturing costs and higher margins.

On July 23, 2026, we announced that Safari received its EU-GMP certification for its Ontario facility, which is granted for a three-year term. For further information relating to this transaction please refer to the 'Investing Activities' section of the FY27 Q1 MD&A.

Fiscal Full Year 2027 Outlook (Unchanged):
Our reiterated outlook now capitalizes on the strategic decisions taken to exit our low margin Canadian Consumer and Plant Propagation businesses, which will allow the Company to reallocate resources to focus exclusively on global medical cannabis. We believe this is our highest return and growth opportunity to create shareholder value.

Over the next few quarters, we are purposely investing in our international business through strategic sales initiatives and EU-GMP capacity expansion to support growth in our most profitable markets. This includes our new wholly owned subsidiary, Safari Flower Company, a trusted cultivator and manufacturer of high-quality medical cannabis, which provides incremental capacity to support further revenue growth in our key high margin international markets.

These investments support our goal of driving the business to new records for revenue and adjusted EBITDA and generate sustained returns for our shareholders in the long term.

In the fiscal second quarter, we expect revenue and adjusted EBITDA to be sequentially higher than in the fiscal first quarter.

Key Quarterly Financial Results

($ thousands)

Three months ended

June 30, 2026

June 30, 2025

Financial Results

Net revenue (1)

67,554

74,076

Medical cannabis net revenue(2)

64,036

64,768

Gross profit

35,622

33,528

Gross profit before fair value ("FV") adjustments (1)

29,192

38,849

Gross margin (3)

53 %

45 %

Gross margin before FV adjustments (3)

43 %

52 %

Adjusted gross margin before FV adjustments on total net revenue (4)

58 %

64 %

Adjusted gross margin before FV adjustments on medical cannabis net revenue (4)

61 %

69 %

Operating expenses

44,353

45,470

General and administration

24,602

26,872

Sales and marketing

15,591

14,455

Adjusted selling, general & administration expense ("adjusted SG&A")(4)

35,084

36,095

Other income (expenses)

5,101

1,685

Net loss from continuing operations

(4,033)

(10,186)

Net income (loss) from discontinued operations, net of taxes

—

(9,679)

Net loss

(4,033)

(19,865)

Adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") (4)

3,443

10,815

Adjusted net income (4)

3,811

6,598

Net cash provided by (used in) operating activities from continuing operations

(4,446)

7,679

Free cash flow (4)

(5,793)

6,772

(1)

As presented in the interim condensed consolidated statements of loss and comprehensive loss.

(2)

See "Net Revenue" section in the MDA.

(3)

Gross margin and Gross margin before FV adjustments, respectively, are calculated as gross profit and gross profit before FV adjustments, respectively, divided by net revenue.

(4)

These terms are defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure. See "Non-GAAP Measures" below for reconciliations of non-GAAP financial measures to GAAP financial measures.

Conference Call

Aurora will host a conference call today, Wednesday, August 5, 2026, to discuss these results. Miguel Martin, Chief Executive Officer, and Simona King, Chief Financial Officer, will host the call starting at 8:00 a.m. Eastern time | 6:00 a.m. Mountain Time. A question and answer session will follow management's presentation.

DATE:

Wednesday, August 5, 2026

TIME:

8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time

WEBCAST:

Click Here

About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, and Whistler Medical Marijuana Corporation®. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™. 

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements regarding the Company's fiscal 2027 first quarter results; competitive advantages, including but not limited to commercial execution, genetics, and regulatory and operational expertise; the Company's leadership in Canada, Germany, Poland, Australia, and New Zealand; the Company's ability to invest further in EU GMP manufacturing capacity; the Company's ability to continue to supply growing international medial cannabis markets; growth opportunities; expectations for improvements in revenue, Adjusted EBITDA, and increased global patient demand for medical cannabis; the acquisition of Safari Flower Company and related benefits for the Company, including increased supply to international markets and reduced reliance on third party purchases; the Company's planned investment in growth capital improvements to improve operational efficiencies and to maximize cultivation output; statements made under the heading "Fiscal Full Year 2027 Outlook (Unchanged)", including but not limited to, statements regarding the reallocation of resources to focus on global medical cannabis, the Company's planned investment in the international business through strategic sales initiatives and EU-GMP capacity expansion to support growth in its most profitable markets, and expectations for those efforts to help offset the impact of margin reductions in the Canadian medical business; and expectations for revenue and Adjusted EBITDA in the fiscal 2027 second quarter.

These forward-looking statements are only predictions. Forward-looking information or statements contained in this news release have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company's operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company's operations; and the Company's ability to conduct operations in a safe, efficient, and effective manner. The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Such forward-looking statements are estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion to revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crisis ,and other risks as set out under the heading "Risk Factors" in the Company's annual information form dated June 11, 2026 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims 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 expressly required by applicable securities law.

Non-GAAP Measures

This news release contains reference to certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. Non-GAAP Measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP Measures are intended to provide additional information and to assist management and investors in assessing financial performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The information included under the heading "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" in the FY27 Q1 MD&A is incorporated by reference into this news release. The MD&A is available on the Company's issuer profiles on SEDAR+ at www.sedarplus.com and on the U.S. Securities and Exchange Commission's (the "SEC") EDGAR website at www.sec.gov.

Net Revenue, Adjusted Gross Profit and Margin

Net revenue, adjusted gross profit before FV adjustments, and adjusted gross margin before FV adjustments are Non-GAAP Measures and can be reconciled with revenue, gross profit and gross margin, the most directly comparable GAAP financial measures, respectively, as follows:

($ thousands)

Three months ended

June 30, 2026

June 30, 2025

Medical cannabis net revenue:

     Canadian medical cannabis net revenue

20,699

27,674

     International medical cannabis net revenue

43,337

37,094

Total medical cannabis net revenue

64,036

64,768

     Consumer cannabis net revenue

2,060

7,875

     Wholesale bulk cannabis net revenue

1,458

1,433

Total net revenue(1)

67,554

74,076

(1)

As presented in the interim condensed consolidated statements of loss and comprehensive loss.

Adjusted EBITDA

The following is the Company's adjusted EBITDA:

($ thousands)

Three months ended

June 30, 2026

June 30, 2025 (3)

Net loss from continuing operations

(4,033)

(10,186)

Income tax expense (recovery)

403

(71)

Other income

(5,101)

(1,685)

Share-based compensation

693

2,186

Depreciation and amortization

3,427

3,560

Business development costs

1,589

361

Inventory and biological assets fair value and impairment adjustments

1,356

11,418

Business transformation costs (1)

5,109

5,232

Adjusted EBITDA (2)

3,443

10,815

(1)

Business transformation related charges include costs related to restructuring, certain IT project costs, sublease income, severance and retention costs in connection with the consumer channel exit, and legal provisions.

(2)

Adjusted EBITDA is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure.

(3)

Prior period comparatives were adjusted to include the adjustments for markets under development, business transformation costs and non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation.

Adjusted Net Income

The following is the Company's adjusted net income (loss):

($ thousands)

Three months ended

June 30, 2026

June 30, 2025

Net income (loss) from continuing operations

(4,033)

(10,186)

Inventory and biological assets fair value and impairment adjustments

1,356

11,418

Business development costs

1,589

361

Business transformation costs (1)

4,899

5,005

Adjusted net income (2)

3,811

6,598

(1)

Business transformation related charges include costs related to restructuring costs, certain IT project costs, severance and retention costs in connection with the consumer channel exit, and legal provisions.

(2)

Adjusted net income is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure.

Adjusted SG&A

Adjusted SG&A is a Non-GAAP Measure and can be reconciled with sales and marketing and general and administrative expenses, the most directly comparable GAAP financial measure, as follows:

Three months ended

($ thousands)

June 30, 2026

June 30, 2025

General and administration

24,602

26,872

Sales and marketing

15,591

14,455

Business transformation costs (2)

(5,109)

(5,232)

Adjusted SG&A (1)

35,084

36,095

(1)

Adjusted SG&A is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure..

(2)

Business transformation related charges include costs related to restructuring, certain IT project costs, sublease income, severance and retention costs in connection with the consumer channel exit, and legal provisions.

Free Cash Flow

The table below outlines free cash flow for the periods ended:

Three months ended

($ thousands)

June 30, 2026

June 30, 2025

Net cash provided by (used in) operating activities from continuing operations

(4,446)

7,679

Less: maintenance capital expenditures(1)

(1,347)

(907)

Free cash flow(2)

(5,793)

6,772

(1)

Maintenance capital expenditures includes the costs to sustain facilities, machinery and equipment in working order to support operations and excludes discretionary investments for revenue growth.

(2)

Free cash flow is defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the MD&A, including information on reconciliation to the most directly comparable IFRS measure.

Working Capital

Working capital is a Non-GAAP Measure and can be reconciled with total current assets and total current liabilities, the most directly comparable GAAP financial measure, as follows:

($ thousands)

Three months ended

June 30, 2026

June 30, 2025

Total current assets

393,449

465,301

Total current liabilities

(73,429)

(156,885)

Working capital

320,020

308,416

SOURCE Aurora Cannabis Inc.