Track market-moving stories before they get noisy

Options-income ETFs now offer monthly payouts that dwarf what traditional dividend stocks provide, but before you move a dollar, there are tax mechanics and capital preservation risks that most income investors completely overlook.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

One surprisingly important consideration when building a retirement income portfolio is distribution cadence. Traditional stocks commonly pay dividends quarterly. Most bond ETFs distribute monthly. Some of the newest income ETFs have even moved to weekly payouts.

Of course, none of this is economically necessary. A retiree who owns a diversified portfolio can simply sell shares whenever cash is needed. But mental accounting is powerful, and plenty of investors would rather spend dividends and distributions deposited into their account than manufacture their own income by periodically realizing capital gains

For those investors, the growing universe of options-income ETFs provides another possibility. NEOS Investments offers three funds covering large-cap U.S. stocks, the Nasdaq-100, and small-cap stocks, all of which currently make substantial monthly distributions. Splitting $250,000 equally among these three ETFs would produce substantial income

There’s an important qualification, however. I’d view this $250,000 as only the higher-risk income bucket within a much larger retirement portfolio. All three ETFs remain 100% equity strategies with options overlays. They can experience substantial drawdowns, their distributions aren’t guaranteed, and concentrating an entire retirement portfolio in them would introduce considerable risk.

For someone with $1 million, for example, the other $750,000 could be allocated toward considerably more conservative assets such as federally tax-exempt municipal bonds and U.S. Treasuries, whose interest is generally exempt from state and local income taxes. That provides a more stable counterweight while the $250,000 options allocation shoulders the risk.

The Passive Income Math For this hypothetical portfolio, $250,000 portfolio divided three ways works out to approximately $83,333 invested in each ETF. Using each fund’s most recent August distribution annualized against its current NAV at the time of writing, here’s what the income looks like.

The NEOS S&P 500 High Income ETF (SPYI) currently has a 12.04% distribution rate. An $83,333 allocation would therefore generate approximately $10,033 annually, equivalent to about $836 per month. The NEOS Nasdaq-100 High Income ETF (QQQI) currently has a 14.04% distribution rate. The same $83,333 investment would produce approximately $11,700 annually, or $975 per month. Finally, the NEOS Russell 2000 High Income ETF (IWMI) currently has a 14.38% distribution rate. An $83,333 investment would generate approximately $11,983 annually, or about $999 per month. Add everything together and the hypothetical $250,000 portfolio produces approximately $33,717 annually, or $2,810 per month on average. That’s substantially more than the $25,000 annual, or $2,083 monthly, target. It also provides some diversification across large-cap core, growth-heavy tech stocks, and small-caps companies.

But don’t mistake distribution yield for guaranteed income. These rates annualize the latest distributions and can change significantly. The ETFs can also lose money even while making distributions. For a retiree, total return and preservation of capital remain just as important as the amount deposited each month.

What About Taxes? There’s another reason these three ETFs can be interesting for a taxable brokerage account: much of their recent distributions has been estimated as return of capital (ROC). Return of capital generally isn’t immediately taxable. Instead, it reduces your adjusted cost basis (ACB), deferring the potential tax liability until you eventually sell the investment. Once your basis reaches zero, additional ROC distributions are generally treated as capital gains.

According to the funds’ August Section 19a-1 notices, the estimated ROC portions of their latest distributions were:

SPYI: 97% QQQI: 100% IWMI: 100% Those numbers look extremely tax-efficient, but there’s an important caveat. Section 19a-1 notices provide preliminary estimates. They don’t determine the final federal tax characterization of the distributions. Investors won’t know that until the funds complete their year-end accounting and issue Form 1099-DIV.

Investors also need to monitor their adjusted cost basis carefully. Tax deferral is valuable, but ROC isn’t inherently good or bad. If an ETF continually pays distributions while its NAV deteriorates, investors could simply be receiving their own capital back. So far, these strategies have sought to generate constructive ROC through their options and tax-management techniques, but NAV and total return should always be evaluated alongside the headline distribution rate.

Contact [email protected] for any questions or corrections.

Curaleaf Holdings (CURLF +3.21%) wants to buy Aurora Cannabis (ACB +0.00%) for $4 a share. Aurora wants nothing to do with it.

Curaleaf has now taken its offer directly to Aurora shareholders after the company's board rejected the deal, turning what started as an acquisition proposal into a hostile takeover attempt. And there's real money on the table.

Curaleaf is offering 0.3463 of a share plus $0.75 in cash for every Aurora share, which it says represents a 45% premium to Aurora's 30-day volume-weighted average price before the buyout proposal became public.

Today's Change

(

3.21

%) $

0.30

Current Price

$

9.66

But Aurora thinks it's worth more. And there's an argument to be made that it is. Because while longtime cannabis investors may still think of Aurora as one of the poster children for everything that went wrong during the first marijuana stock boom, the company Curaleaf is trying to buy today looks very different from the Aurora of five years ago. Which raises a question: Is Aurora worth owning even if Curaleaf doesn't get the deal done?

A very different Aurora Anyone who followed Canadian cannabis stocks five or six years ago probably remembers Aurora for all the wrong reasons. Huge losses, excessive spending, dilution, and an industrywide obsession with building cultivation capacity defined much of the early cannabis boom. Today's Aurora looks considerably different.

For fiscal 2026 ended March 31, the company generated $231.3 million in net revenue, up 11% year over year. Global medical cannabis revenue reached a record $206.5 million, up 18%, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 32% to $38.8 million.

Premium Feature

Moneyball Superscore

38/100

Today's Change

(

0.00

%) $

0.00

Current Price

$

4.01

Worth noting: Medical cannabis now represents the overwhelming majority of Aurora's business. That's not trivial because medical cannabis generally offers better margins and stronger customer relationships than Canada's brutally competitive recreational market.

Aurora is also becoming increasingly international. About 55% of fiscal 2026 revenue came from outside Canada, with markets such as Germany playing an increasingly important role. And unlike a lot of cannabis companies, Aurora has a genuinely strong balance sheet. It finished fiscal 2026 with no debt and about $118.9 million in cash, short-term investments, and cash equivalents.

Why Curaleaf wants Aurora Curaleaf already has a major cannabis footprint, particularly in the U.S. Aurora would give it something different: an established international medical cannabis operation and certified cultivation and manufacturing infrastructure.

Aurora's European operations are particularly attractive. Germany has become one of the most important cannabis markets outside North America after regulatory changes took effect in 2024. Aurora already has an established medical cannabis business there, giving Curaleaf another avenue for international growth.

That's a legitimate strategic rationale for the deal. The disagreement is over what Aurora shareholders should get for selling those assets to Curaleaf.

A lot can happen now Aurora shares jumped after Curaleaf initially disclosed its proposal, which makes buying the stock today very different from buying it before the bid became public. And that creates a problem for anyone considering Aurora simply because they expect the acquisition to happen. Especially when there's no guarantee it will.

Aurora's board is fighting the offer and has told shareholders to take no action while its special committee reviews the bid. Curaleaf's offer must also satisfy various conditions before a transaction can be completed.

Image source: Getty Images.

Of course, the hostile bid could also work in Aurora shareholders' favor. Curaleaf could increase its offer if it doesn't receive enough shareholder support. Another cannabis company could theoretically decide Aurora's international assets are worth pursuing and submit a competing bid. Anything could happen. Or not happen.

And if Curaleaf walks away and no other buyer emerges, Aurora could lose some of the takeover premium currently reflected in its share price, which is just a penny or two shy of the $4 offer. That's why buying Aurora purely as a bet on a higher offer is risky.

Aurora has spent years transforming itself from an undisciplined Canadian recreational cannabis producer into a much leaner company focused primarily on global medical cannabis.

Revenue is growing. Adjusted EBITDA is improving. International medical sales are increasing. The company also has roughly $118.9 million in cash and equivalents and no debt. That's a much stronger foundation than Aurora had during the cannabis bubble.

Aurora has built an international medical cannabis business that another major cannabis operator believes is valuable enough to pursue through a hostile takeover. I wouldn't suggest buying Aurora simply because Curaleaf is offering $4 per share. But if you're bullish on the long-term expansion of medical cannabis in Europe and other international markets, Aurora is more interesting today than it has been in years. Curaleaf's hostile bid doesn't create that value. It simply makes it harder to ignore.

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

(

6.96

%) $

0.64

Current Price

$

9.83

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.

, /PRNewswire/ -- Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian-based leading global medical cannabis company, is pleased to announce that it has acquired Internode Pharma Limited, a licensed importer and wholesaler, and HAP Pharma Limited, a licensed pharmacy (the "Companies").

Quote from Aurora CEO, Miguel Martin "The acquisition of Internode Pharma Limited and HAP Pharma Limited mark a further strategic milestone for Aurora as we continue to purposefully invest in expanding our leadership in the rapidly growing international medical cannabis market. We believe that this transaction will allow us to fully leverage our operational, commercial and regulatory expertise to expand our market share, while also supporting a consistent and reliable supply of high-quality medical cannabis products to UK patients," said Miguel Martin, Executive Chairman and Chief Executive Officer of Aurora.

"Given the growing patient demand, strong acceptance of our products and increasingly prescriptive regulatory standards, the UK represents an exciting opportunity for us, and acquiring these companies provides Aurora with greater agility to more reliably serve UK patients," added Mr. Martin.

Strategic Rationale

The UK is one of the largest European medical cannabis markets, representing a population of approximately 70 million people. The Companies operate a licensed import and distribution facility and a virtual pharmacy in Birmingham, United Kingdom, providing Aurora with direct ownership and control of the supply chain from cultivation through to delivery to patients. Aurora intends to leverage its commercial, regulatory and operational expertise to streamline distribution and drive market share gains in the rapidly growing UK medical cannabis market. This transaction is expected to be accretive to adjusted EBITDA contributions in future quarters due to operational efficiencies and reduced reliance on third parties to distribute Aurora's products to patients. Aurora intends to evaluate further investment opportunities to expand distribution capacity in the UK to support increasing patient demand. Transaction Details

Aurora, through a wholly-owned subsidiary, indirectly purchased 100% of the shares of Internode Pharma Limited and HAP Pharma Limited. As consideration on closing, Aurora paid the selling shareholders GBP 2.1 million in cash, contingent on the satisfaction of certain conditions post-closing.

About Aurora

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 both medical and consumer markets across Canada, Europe, Australia, and New Zealand, with a strategic focus on high-margin opportunities and a medical-first approach. Aurora's portfolio of trusted, leading brands includes Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, Tasty's® and Whistler Medical Marijuana Co.®. 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 Information

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 acquisition of Internode Pharma Limited and HAP Pharma Limited and related benefits to the business, including impacts on Adjusted EBITDA in future quarters, operational efficiencies and reduced reliance on third parties, and expectations for expanded distribution access to the UK medical cannabis market; the Company's ability to supply the UK market; the Company's plans to expand its leadership in the rapidly growing international medical cannabis market; the Company's competitive advantages in commercial, regulatory and operational expertise and its ability to leverage those advantages to drive market share; and statements regarding other growth and investment opportunities.

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 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.

SOURCE Aurora Cannabis Inc.

Key Takeaways Aurora Cannabis surged nearly 21% after Curaleaf announced an unsolicited takeover approach.Curaleaf proposes US$4 per share, including 0.3463 Curaleaf shares and US$0.75 in cash.Aurora's international medical cannabis revenues rose 17%, highlighting its growing overseas operations. Aurora Cannabis (ACB - Free Report) suddenly became one of the hottest names in the marijuana space on Tuesday, following an unsolicited takeover approach from Curaleaf Holdings (CURLF - Free Report) .

Curaleaf announced its intention to take its acquisition proposal directly to Aurora shareholders after efforts to reach an agreement through private discussions failed to produce a deal. However, the takeover deal is far from being sealed. Aurora said it is reviewing the proposal and plans to form a special committee of independent directors to evaluate the offer, while a formal takeover bid has yet to commence.

Still, the stock jumped nearly 21% as investors weighed the possibility of a deal that could create a major global cannabis player.

What’s on the Table & Why ACB MattersUnder the proposed deal, Curaleaf would offer Aurora shareholders US$4 per share, consisting of 0.3463 Curaleaf shares and US$0.75 in cash. The proposal represents a 45% premium to Aurora’s 30-day volume-weighted average price. Curaleaf has also proposed a cap of US$5 per Aurora share, meaning the final value of the consideration would be subject to movements in Curaleaf’s stock price.

The strategic rationale behind Curaleaf's interest appears fairly straightforward. Aurora has transformed itself into a predominantly medical cannabis company, with international medical cannabis revenues rising 17% year over year in the first quarter of fiscal 2027 (year ended March 2027). International markets accounted for about 64% of total revenues during the quarter, underscoring the growing importance of ACB’s overseas operations.

Curaleaf believes the combination would create a stronger global cannabis platform by bringing together complementary assets. In particular, it is seeking to leverage Aurora’s EU-GMP-certified cultivation and manufacturing capabilities alongside its own processing and international distribution infrastructure. ACB recently acquired the 59,000-square-foot Safari Flower Company facility, which adds further EU-GMP capacity to support demand in international medical cannabis markets.

Importantly, the proposed combination would also give ACB shareholders exposure to Curaleaf’s U.S. cannabis operations, providing a potential route into the world's largest cannabis market. For Aurora, this could broaden its market opportunity without requiring the company to build a standalone U.S. platform.

The proposed transaction could also give Curaleaf a meaningful edge over rivals seeking to strengthen their international medical cannabis platforms. For instance, Tilray Brands (TLRY - Free Report) has been expanding its medical cannabis footprint, including through its June acquisition of HelloMD to strengthen patient access in Canada and its April acquisition of Lyphe to expand its UK medical cannabis platform. Curaleaf's proposed acquisition of Aurora would add an established international medical cannabis business and additional EU-GMP capacity to its global network.

Curaleaf estimates that the combined company could generate more than US$1.5 billion in revenue and nearly US$350 million in adjusted EBITDA, while delivering at least US$40 million in annual cost synergies.

Aurora’s Response to Curaleaf’s Takeover BidAurora has disputed Curaleaf’s characterization of its approach and said its board is carefully reviewing the proposal. The company confirmed that it received letters from Curaleaf, dated June 23 and July 7, outlining proposals to acquire all of Aurora’s outstanding shares. Aurora noted that only the July 7 letter included financial terms and did not specify the proposed mix of cash and shares.

Aurora also disputed Curaleaf’s assertion that it had refused to engage on a potential transaction. Per the company, its lead independent director continued to correspond with Curaleaf’s CEO, including as recently as July 24, while communicating that ACB remained focused on executing its business plan over the short to medium term. The company said it did not discourage continued dialogue between the two parties.

The Aurora board intends to form a special committee of independent directors to consider Curaleaf’s proposal and determine the course of action that is in the best interest of the company and its stakeholders. No decision has been made regarding the proposal, and Aurora continues to operate its business while executing its existing strategic plans.

ACB Stock Performance & ValuationYear to date, shares of Aurora have lost over 17% compared with the industry‘s 16% decline.

Image Source: Zacks Investment Research

Estimate movements for fiscal 2026 and 2027 have improved significantly in the past 7 days.

Image Source: Zacks Investment Research

How to Play ACB Stock?Investors should consider Aurora Cannabis based on its long-term fundamentals rather than rely solely on the ongoing acquisition talks. Although Curaleaf has announced its intention to launch a takeover bid, there is no certainty that the proposed transaction will be completed, and the offer could ultimately be withdrawn or fail to receive the necessary approvals.

Nevertheless, Aurora continues to offer exposure to the growing medical cannabis market, with its international operations becoming an increasingly important contributor to revenues. The company’s continued focus on medical cannabis and expansion across international markets support its long-term growth prospects. Improved bottom-line estimates suggest optimistic analyst outlook toward the stock.

The potential Curaleaf deal should therefore be viewed as an additional catalyst rather than the primary investment thesis. With Aurora’s standalone prospects remaining favorable, the company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

AURORA CANNABIS INC. RESPONDS TO PRESS RELEASE OF CURALEAF HOLDINGS, INC. REGARDING INTENTION TO LAUNCH UNSOLICITED TAKE-OVER BID

, /PRNewswire/ -- Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) ("Aurora" or the "Company"), the Canadian-based leading global medical cannabis company, is pleased to announce the voting results from its Annual General Meeting of Shareholders (the "Meeting") held Friday August 7, 2026 by virtual webcast. The total number of shares represented by shareholders present in person (virtually) and by proxy at the Meeting was 16,639,306 common shares, representing 26.86% of Aurora's issued and outstanding common shares as of the record date. 

The details of the voting results for the directors are set out below:
 

Board Nominee

Votes For

% votes For

Votes Withheld

% Votes Withheld

Miguel Martin

5,076,096

85.12 %

887,633

14.88 %

Michael Singer

5,148,795

86.34 %

814,934

13.66 %

Chitwant Kohli

5,134,736

86.10 %

828,993

13.90 %

Norma Beauchamp

5,159,834

86.52 %

803,895

13.48 %

Rajesh Uttamchandani

5,127,871

85.98 %

835,857

14.02 %

At the Meeting, shareholders also approved the appointment of Ernst & Young LLP as auditors of the Company for the ensuing year, and approved the Company's advisory vote on executive compensation, otherwise known as "Say-on-Pay", which passed with 82.97% of votes FOR.

"We're pleased by the support received from our shareholders at this year's meeting," said Miguel Martin, Executive Chairman and CEO at Aurora. "These results demonstrate confidence in our Board of Directors and allow us to remain focused on executing our medical-first strategy, strengthening our global medical cannabis business, and delivering long-term value for shareholders."

A report of voting results on all resolutions voted on at the Meeting will be filed under the Company's profile on SEDAR + (www.sedarplus.ca).

About Aurora

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 Information 

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 execution of the Company's medical-first strategy, strengthening of its global business, and the Company's ability to deliver long-term value for shareholders.

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 crises, and other risks as set out under "Risk Factors" contained in the Annual Information Form dated June 10, 2026 (the "2026 AIF"). Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements. The Company cautions that the list of risks, uncertainties and other factors described in the 2026 AIF is not exhaustive and other factors could also adversely affect its results.  Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to the Company on the date hereof, no assurance can be given as to future results, approvals or achievements.

SOURCE Aurora Cannabis Inc.

Aurora Cannabis Inc. (ACB - Free Report) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.13 per share. This compares to a loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +130.77%. A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced earnings of $0.07, delivering a surprise of +200%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Aurora Cannabis, which belongs to the Zacks Medical - Products industry, posted revenues of $51.11 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.89%. This compares to year-ago revenues of $75.49 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Aurora Cannabis shares have lost about 33.4% since the beginning of the year versus the S&P 500's gain of 13%.

What's Next for Aurora Cannabis?While Aurora Cannabis has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Aurora Cannabis was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.09 on $50.71 million in revenues for the coming quarter and -$0.30 on $209.8 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Village Farms (VFF - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.

This greenhouse operator is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -80%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Village Farms' revenues are expected to be $56.13 million, down 6.3% from the year-ago quarter.

Profit from the Green Wave: Top Cannabis Stocks to WatchAurora Cannabis NASDAQ: ACB reported fiscal first-quarter 2027 net revenue of C$67.6 million, as growth in international medical cannabis sales was offset by lower Canadian medical revenue following reimbursement changes and the company’s planned exit from lower-margin Canadian consumer cannabis operations.

For the quarter ended June 30, 2026, international medical cannabis net revenue increased 17% year over year to C$43 million, driven primarily by Germany. About 64% of Aurora’s total net revenue came from outside Canada, compared with 50% a year earlier, Chief Executive Officer Miguel Martin said.

Get Aurora Cannabis alerts:

The Cannabis Sector: Profitability Takes Center StageAdjusted EBITDA was C$3.4 million, down from C$10.8 million in the prior-year period, while adjusted net income was C$3.8 million, compared with C$6.6 million. Chief Financial Officer Simona King said the year-over-year declines primarily reflected lower adjusted gross profit before fair-value adjustments, partly offset by lower selling, general and administrative expenses and higher other income.

Margins Hold at High End of Guidance Range Consolidated adjusted gross margin was 58%, at the high end of Aurora’s annual guidance range. King said the margin result reflected strong contributions from international markets, while changes in Canadian medical pricing weighed on comparisons with the prior year.

Aurora Cannabis Earnings Reveal a Turning Tide for the StockAdjusted selling, general and administrative expenses fell to C$35.1 million from C$36.1 million a year earlier. The C$1 million reduction was driven mainly by lower general and administrative spending, partly offset by somewhat higher selling costs.

Free cash flow was an outflow of C$5.8 million, compared with an inflow of C$6.8 million in the prior-year quarter. King attributed the shift mainly to a C$9.7 million reduction in gross profit before fair-value adjustments.

Aurora ended the quarter with nearly C$150 million in cash equivalents and short-term investments and no debt. King said the company believes its liquidity provides flexibility to invest in its operations and consider additional acquisitions.

International Expansion Centers on GMP Capacity Martin said Aurora is prioritizing international medical cannabis markets, including Germany, Poland, Australia, New Zealand and the U.K. The company holds leading market-share positions in Canada, Germany, Poland and Australia, according to management.

The company recently acquired Safari Flower Company, which operates a 59,000-square-foot indoor cultivation and manufacturing facility in Ontario. Aurora said Safari’s EU GMP certification provides additional capacity to serve international medical markets, including Germany, Poland and the U.K.

Martin said the acquisition contributed to adjusted EBITDA in the first quarter. He added that Aurora intends to apply its plant-science and operational capabilities at Safari to improve yields, reduce manufacturing costs and increase the supply of EU GMP-certified flower. The company did not provide a separate financial contribution from Safari.

Aurora also cited genetics as a source of production efficiency. Martin said genetic differences can produce yield improvements of up to 40% on the same cost base, while potentially improving product potency and other quality measures.

Germany Remains Largest International Growth Market Germany remains Aurora’s largest and fastest-growing international market, Martin said. Two of the company’s proprietary cultivars ranked among the top five products by sales in the country during the quarter, according to management.

The company operates primarily in Germany’s premium and core product tiers, while broadening its portfolio with more value offerings. Martin said pricing pressure has been concentrated in the value segment, while pricing in core and premium categories has held up relatively well amid increasingly stringent GMP requirements.

Aurora is nearing completion of an expansion at its Leuna facility in Germany. The company said the project, together with the introduction of proprietary cultivars, is expected to double the site’s annual flower output. Aurora is one of three active in-country medical cannabis producers with a production and research-and-development license under German cannabis law, Martin said.

Management said it continues to monitor possible regulatory and legislative changes in Germany. Martin said the company believes stricter standards and potential changes to telehealth provisions could favor established operators with experience navigating regulated medical markets.

In Poland, Aurora said it holds the No. 1 market-share position and is encouraged by increases in annual import limits. Management also pointed to France, Ukraine, Switzerland, Spain and Austria as emerging regulated markets where its cultivation, wholesale and regulatory capabilities could be applied.

Canadian Reimbursement Changes Weigh on Results The fiscal first quarter marked the first full period following revisions to Canada’s federal reimbursement program, which took effect April 1. King said the program involved a 30% reduction in reimbursement rates and affected Canadian medical revenue as expected.

Martin said the company has observed little change in patient behavior, product selection or purchasing cadence among affected patients, adding that most or all of the pricing impact has been absorbed by licensed producers serving those patients.

Aurora said it expects to pursue market-share gains as new patients enter the Canadian medical market, while international growth helps offset the near-term impact of lower reimbursement rates.

Company Reaffirms Fiscal 2027 Outlook King reaffirmed Aurora’s fiscal 2027 outlook and described the year as transitional because of Canadian medical changes. The company expects international growth to partially offset those changes as it invests in sales initiatives and EU GMP capacity expansion.

For the fiscal second quarter, Aurora expects revenue and adjusted EBITDA to be sequentially higher than in the first quarter. Management said Germany represents the largest opportunity, while it also expects opportunities in Poland, Australia and New Zealand.

Martin also said Aurora is monitoring U.S. regulatory developments, including potential federal rescheduling. He identified potential future opportunities in research collaboration, partnerships involving GMP and medical-grade manufacturing, and longer-term import and export activity, while noting the company is awaiting further regulatory clarity.

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].

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Should You Invest $1,000 in Aurora Cannabis Right Now?Before you consider Aurora Cannabis, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Aurora Cannabis wasn't on the list.

While Aurora Cannabis currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.

Get This Free Report

The achievement strengthens Safari's ability to serve international medical cannabis markets under the strictest regulations

, /PRNewswire/ -- Safari Flower Company ("Safari"), a wholly owned subsidiary of Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), is proud to announce the receipt of European Union Good Manufacturing Practice ("EU-GMP") certification for its Ontario facility, solidifying its ability to serve international medical cannabis markets. The certification is granted for a three-year term and validates Safari Flower Company's unwavering commitment to meeting the highest international standards for quality, compliance and operational excellence.

Quote from Safari CEO, Brigitte Simons

Safari Flower Co Logo "We are incredibly proud to achieve the highest level of EU-GMP certification, which reinforces our position as a trusted cultivator and manufacturer of high-quality medical cannabis for international markets," said Brigitte Simons, CEO of Safari Flower Company. "This milestone reflects the strong culture of compliance, quality and operational excellence embedded across our facility, and the trusted partnerships required to serve regulated supply chains. It further positions Safari to support the evolving needs of medical cannabis markets globally."

Safari's facility is a 59,000 square foot cultivation and manufacturing site in the Niagara Region of Ontario, Canada with a history of EU-GMP accreditations and exporting operations. Aurora acquired the Safari Flower Company in April 2026 to provide incremental EU-GMP capacity to align with the company's existing global manufacturing network and to support supply of high-quality medical cannabis to international markets including Germany, Poland, and the UK.

As international medical cannabis markets continue to evolve, EU-GMP certification remains a critical enabler of Safari's ability to serve regulated markets with confidence. The company is proud to be a trusted supplier of high-quality medical cannabis to markets that require rigorous quality, safety and compliance standards and to meet rapidly evolving patient demand.

About Safari Flower Company

Safari Flower Co. is a wholly owned subsidiary of Aurora Cannabis Inc., producing cannabis in the Niagara Region of Ontario, Canada. As a licensed operator, they are committed to producing safe medical products and enabling services to scale Canadian exports to international markets.

About Aurora

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 Information 

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 EU-GMP certification of the Safari facility, Safari's and Aurora's ability to continue supporting the growing demand of highly regulated medical cannabis markets globally, Safari's and Aurora's commitment to meeting the highest international standards for quality, compliance and operational excellence, and the importance of EU-GMP to Safari's and Aurora's success.

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 crises, and other risks as set out under "Risk Factors" contained in the Annual Information Form dated June 10, 2026 (the "2026 AIF"). Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements. The Company cautions that the list of risks, uncertainties and other factors described in the 2026 AIF is not exhaustive and other factors could also adversely affect its results. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to the Company on the date hereof, no assurance can be given as to future results, approvals or achievements.

SOURCE Aurora Cannabis Inc.

Aurora Cannabis' shares plunge 28% in three months as a cautious fiscal 2027 outlook overshadows record medical cannabis growth and global expansion.

Shareholders are encouraged to keep an eye out for their meeting materials and vote early – every vote matters, no matter how many shares you own. Shareholders who have questions or need assistance with voting their shares voting should contact Aurora's strategic advisor and proxy solicitation agent, Kingsdale Advisors by telephone at 1-800-749-9052 or by email at  [email protected] or visit www.MyAuroraVote.com , /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (TSX: ACB) (NASDAQ: ACB), a leading Canada-based global medical cannabis company, is pleased to announce that the management information circular (the "Circular") for the upcoming annual general meeting of shareholders is now available on the Company's website at www.auroramj.com/investors/corporate-governance as well as under its profile on SEDAR+ (www.sedarplus.ca). The mailing of the Circular and related materials for the Meeting to shareholders as of the record date on June 15, 2026, has been completed.

A message for Aurora shareholders Shareholder Meeting Details

The Meeting will be held virtually on Friday, August 7, 2026, at 1:00 p.m. (Eastern time) / 11:00 a.m. (Mountain Time) and will be conducted via live webcast at: meetnow.global/MPUKQY6. The virtual meeting format allows shareholders and duly appointed proxyholders to have an equal opportunity to participate regardless of geographic location or ownership. Meeting details, including instructions on how to vote, can be found within the Circular.

Before voting, we also invite shareholders to click here to view a message from our CEO, Miguel Martin, and CFO, Simona King, as they reflect on Fiscal 2026 and the future for Aurora.

Shareholders are encouraged to review the Circular and vote early to ensure their shares are represented. Voting now means one less thing to think about as the proxy voting deadline draws near. The deadline for voting your shares is at 1:00 p.m. (Eastern time) on Wednesday August 5, 2026.

Aurora's board of directors recommends that shareholders vote FOR all the director nominees and meeting resolutions.

YOUR VOTE IS IMPORTANT. VOTE YOUR SHARES FOR AURORA'S DIRECTOR NOMINEES AND MEETING RESOLUTIONS AS SOON AS POSSIBLE

Shareholder Questions & Voting Assistance

Shareholders who have any questions or require assistance with voting may contact the Aurora's proxy solicitation agent and shareholder communications advisor:

Kingsdale Advisors

Call: 1-800-749-9052 (Toll Free in North America)
Text or Call: 416-623-4172 (Outside North America)
Visit: www.MyAuroraVote.com

About Aurora

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 Information  

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 Meeting.

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 crises, and other risks as set out under "Risk Factors" contained in the Annual Information Form dated June 10, 2026 (the "2026 AIF"). Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements. The Company cautions that the list of risks, uncertainties and other factors described in the 2026 AIF is not exhaustive and other factors could also adversely affect its results.  Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to the Company on the date hereof, no assurance can be given as to future results, approvals or achievements.

SOURCE Aurora Cannabis Inc.

Key Takeaways ACB shares are down 19% YTD, underperforming the cannabis industry's 15% decline.Aurora Cannabis is leaning on medical cannabis, with revenues up ~20% to C$211.5M in nine months.Aurora Cannabis is scaling back consumer cannabis amid pricing pressure and intensifying competition. Shares of Aurora Cannabis (ACB - Free Report) have lost 19% year to date compared with the industry‘s 15% decline, as shown in the chart below.

Image Source: Zacks Investment Research

The underperformance reflects a mix of sector-wide pressures and company-specific positioning. While intensifying competition in Canada’s mature cannabis market continues to weigh on Aurora Cannabis’ growth prospects, its limited presence in the United States has also constrained its ability to capitalize on recent cannabis-related policy momentum.

Let’s delve into the company’s fundamentals to better assess the stock following the decline.

Medical Cannabis Remains Aurora Cannabis’ Core Growth EngineAurora Cannabis continues to anchor its growth strategy around global medical cannabis, which remains the primary driver of both revenue and profitability. The segment has delivered consistent momentum, supported by strong demand across key international markets and a disciplined focus on higher-margin products.

For the nine months of fiscal 2026 (year ended March 2026), medical cannabis revenues increased about 20% year over year to C$211.5 million, accounting for nearly 75% of total sales. Growth was driven by increasing contributions from international markets, such as Germany, Australia and Poland, alongside steady demand in Canada from both insurance-covered and self-paying patients.

The strength of this segment is also evident in its margin profile. Higher-margin international sales, favorable product mix and ongoing production efficiencies have supported margin expansion through most of the fiscal year, with profitability levels stabilizing in the most recent quarter. This has translated into meaningful operating leverage, with adjusted EBITDA rising 35% year over year to about C$45 million for the nine months ended December 2025.

Aurora Cannabis’ latest updates further reinforce this trajectory. Management continues to prioritize international medical markets, where regulatory frameworks, pricing stability and demand visibility are more favorable compared to the recreational segment. The company is actively aligning its operations and capital allocation toward these markets, while streamlining lower-return activities to enhance overall profitability.

Aurora Cannabis expects global medical cannabis to remain its primary growth engine. The company expects fiscal 2026 medical cannabis revenues to be in the range of C$269-C$281 million, representing 10-15% year-over-year growth, supported by continued international expansion, new product launches and scaling in key European markets. Adjusted EBITDA is expected to reach C$52-C$57 million, with the company maintaining positive free cash flow as efficiencies improve.

ACB’s Consumer Cannabis Takes a Back SeatAurora Cannabis’ consumer cannabis business continues to weaken, reflecting structural challenges in Canada’s oversupplied adult-use market. Persistent price compression and aggressive competition have eroded both revenue potential and margins, making the segment increasingly unattractive relative to the company’s medical operations.

As a result, Aurora is now actively repositioning away from this segment. The company is scaling back participation in lower-margin consumer markets in Canada and redirecting capital and operational focus toward its higher-margin global medical cannabis platform. This shift highlights ACB’s effort to prioritize segments with stronger pricing power, more predictable demand and better long-term returns.

The strategic pullback is also expected to streamline Aurora’s cost structure. Management has indicated that reducing exposure to consumer cannabis should lower sales and marketing expenses and support consolidated margin expansion over time. However, the transition is not without near-term friction, with one-time costs expected to impact cash flow in the fourth quarter of fiscal 2026.

Intensifying CompetitionAurora Cannabis operates in an increasingly competitive global cannabis market, facing established players, such as Curaleaf Holdings  and Tilray Brands (TLRY - Free Report) . With most Canadian and international cannabis producers targeting a limited set of high-growth markets, competitive intensity remains elevated and could constrain ACB’s ability to sustain outsized market share gains.

This pressure is particularly pronounced in international markets, such as Europe, where Aurora Cannabis is focusing on its expansion strategy. Peers like Curaleaf and Tilray are also scaling their presence in these regions, increasing competition in the very markets expected to drive the company’s future growth. As a result, while international expansion offers meaningful opportunities, it also introduces execution risk and may limit pricing power over time.

ACB Valuation EstimatesEstimate movements for fiscal 2026 and 2027 have remained unchanged over the past 60 days.

Image Source: Zacks Investment Research

How to Play ACB Stock?Aurora Cannabis has made meaningful progress in repositioning its business, with medical cannabis emerging as a key growth driver and profitability improving. The company’s expanding footprint in international markets provides a pathway to offset structural challenges in Canada’s mature recreational market.

However, the investment case remains balanced. Persistent pricing pressure, ongoing weakness in the consumer cannabis segment and restructuring-related costs continue to weigh on near-term visibility. At the same time, rising competition in international markets could limit Aurora’s ability to fully capitalize on its medical cannabis momentum. Consistent earnings estimates suggest that the recent strategic progress is not yet translating into upward revisions, indicating limited near-term upside potential.

ACB currently carries a Zacks Rank #3 (Hold), which suggests that investors may be better off waiting for clearer signs of sustained earnings growth or improved industry conditions before building meaningful positions.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© PixelCatchers / E+ via Getty Images

Markets don’t usually wait for permission — they anticipate it. That’s why cannabis stocks jumped ahead of the official news that the Justice Dept. would reclassify marijuana from Schedule I to Schedule III. But here’s the real question investors should be asking: does this long-awaited shift actually change the investment case, or just the headlines?

Let’s dig into what this move means — and what it doesn’t.

A Long-Awaited Shift — and a Quick Reality Check The DOJ officially moved marijuana to Schedule III, placing it alongside drugs like ketamine and certain steroids instead of heroin or LSD. That’s not legalization — but it’s a meaningful policy shift.

The market reaction came fast:

Tilray Brands (NASDAQ:TLRY) rose 14% yessterday Canopy Growth (NASDAQ:CGC) climbed 21%  Aurora Cannabis (NASDAQ:ACB) was up a more muted 6.7% All three stocks are lower in midday trading, down mid- to high-single-digits That pullback tells you something important: traders were positioned early and are now taking profits. Step back further, and the longer-term picture looks less encouraging:

Company

Decline from  52-Week High

Tilray

-67%

Canopy Growth

-46%

Aurora Cannabis

-48%

That’s not a sector riding a wave of sustained momentum. It’s one still trying to find its footing.

What Schedule III Actually Changes Let’s strip away the jargon. Reclassification doesn’t legalize marijuana federally — states still operate under a patchwork of laws. But it does remove one major obstacle: IRS Code Section 280E. That means cannabis companies could now deduct ordinary business expenses.

Here’s why that matters:

Under Schedule I, companies couldn’t deduct payroll, rent, or marketing Effective tax rates often exceeded 60% to 70%, based on company filings and IRS guidance Moving to Schedule III allows normal corporate tax treatment — typically 21% federally That’s a direct hit to the bottom line — and a positive one.It also improves access to banking services (fewer restrictions for lenders), credit markets (lower borrowing costs), and Institutional capital (previously sidelined investors may step in)

Tilray, for example, reported in its latest earnings release that it generated $188 million in quarterly revenue, but profitability has remained inconsistent. Lower taxes could help — but only if core operations improve.

Canopy Growth, meanwhile, reported $78.5 million Canadian ($53.5 million) in quarterly revenue in its most recent filing, with continued net losses. Tax relief helps — but it doesn’t fix declining sales.

Reclassification vs. Legalization Is Still a Big Gap  Here’s where expectations and reality diverge. Investors have been waiting years for a breakthrough moment. This feels like one — but it’s not the finish line. Surprisingly, state-level legalization hasn’t delivered the growth many expected:

California’s legal cannabis market saw sales decline 11% year over year in 2025, its third consecutive year of decline Price compression from oversupply continues to pressure margins across multiple states Canada offers another cautionary tale. After full federal legalization in 2018, Canopy Growth and peers faced regulatory bottlenecks and high excise taxes, many producers struggled with inventory write-downs and excess capacity, while profitability has remained elusive years later. In other words, legalization didn’t eliminate business challenges — it exposed them.

Reclassification is an even smaller step.It removes friction, but doesn’t create demand.

Key Takeaway In short, this is progress. Real progress. Lower taxes, better banking access, and reduced stigma all help the industry mature.

But investing isn’t about headlines — it’s about outcomes. Here’s what the numbers and trends tell us:

Cannabis companies still struggle with profitability and pricing pressure Revenue growth has flattened or declined in key markets Stocks like Tilray Brands, Canopy Growth, and Aurora Cannabis remain far below their highs — 67%, 46%, and 48%, respectively Granted, lower taxes could improve margins. That said, margins only matter if there’s sustainable demand and disciplined supply. Reclassification is a necessary step. It is not a sufficient one. For investors, that distinction matters.

When all is said and done, cannabis remains a story of potential — not proven performance. Until these companies show consistent revenue growth, positive free cash flow, and pricing power, sharp investors should treat rallies like this as trading opportunities, not long-term entry points.

    NASDAQ | TSX: ACB

Q1 launches reinforce Aurora's medical‑first strategy, expanding access to high‑quality products across multiple formats Scaled launches across Canada, Europe and Australia support growing demand in regulated international medical markets Continued focus on quality, patient needs and reliable global supply through Aurora's extensive GMP‑certified network , /PRNewswire/ - Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), the Canadian‑based leading global medical cannabis company, is significantly expanding its global medical cannabis portfolio, with new product launches rolling out across Canada, Europe and Australia. The company continues to shape the global cannabis landscape by introducing new products and formats around the world. The newly expanded lineup includes dried flower, pre‑rolls and pastilles, reflecting Aurora's long‑standing focus on innovation, quality and patient choice, while driving sustainable growth internationally.

Aurora's global medical cannabis portfolio expansion. (CNW Group/Aurora Cannabis Inc.) "As our global medical business continues to grow, our focus remains on delivering consistency and reliability across the markets we serve," says Lana Culley, VP Innovation & International Operations at Aurora. "By expanding our offerings in key countries, we're responding to clear patient and prescriber demand with products that meet local regulatory standards, offer meaningful choice across formats, and can be supplied reliably at scale - all while reinforcing the level of quality and trust expected from us."

The new products align with Aurora's medical‑first strategy and leverage the company's global GMP‑certified manufacturing network.

Aurora's expanded medical cannabis offerings will roll out in their respective markets between now and June; new product launches include:

Germany – A broader portfolio of medical cannabis options

San Raf® – Pink OG KushTM | Indica, Dried Flower, THC 25-27%, CBD <1.0%. This cultivar has a spicy and sweet aroma profile of lemon, lavender, spice and is bred from OG Kush Daily SpecialTM – Lemon SorbetTM | Sativa, Dried Flower, THC 21%, CBD <1.0%. This cultivar has an aroma profile of spice, wood, lemon and is bred from Gelonade X Biscotti Poland – Expanded potency range across existing offerings

Cannabis flos Aurora - Electric HoneydewTM | Hybrid, Dried Flower, THC 27%, CBD ≤1.0%. This cultivar has an aroma profile of melon, gas, pine and is bred from Girl Scout Cookies x 91 OG Krypt Melon Cannabis flos Aurora – ChemangoTM Kush | Indica, Dried Flower, THC 29%, CBD ≤1.0%. This cultivar has an aroma profile of fruity, sour, chem and is bred from OG Kush x Wedding Cake x GMO x Fuel Australia – Featuring pastilles, an edible format that is discreet, precisely dosed, and long-lasting

Aurora® – Black Raspberry Pastilles | 60pck, THC 20mg, CBD 20mg, CBN 30mg Aurora® – Blood Orange Pastilles | 60pck, THC 32mg, CBD 32mg, CBG 32mg, CBC 10mg Canada - Medical portfolio growth in core formats

WMMCTM - Seasonal StashTM Dank MatterTM | Sativa, Dried Flower, 28g, THC 24-30%. This cultivar has an aroma profile of gas, licorice, vanilla, and is bred from Banana Puddintain x White Mac WMMCTM - Seasonal StashTM Custard KushTM | Indica, Dried Flower, 28g, THC 25-31%. This cultivar has an aroma profile of creamy, berry, oak, and is bred from La Bomba x White Mac San Raf® – Melon MouthTM | Hybrid, Pre-roll, 7x0.5g, THC 22-28%. This cultivar has an aroma profile of fruity, sweet, diesel and is bred from Girl Scout Cookies x Chem 91 x Crypt OG San Raf® – Stink BiscuitTM | Indica, Dried Flower, 3.5g, THC 22-28%. This cultivar has an aroma profile of gas, funk, sourdough and is bred from GMO x Animal Cookies Together, these launches reflect Aurora's continued role in advancing regulated medical cannabis globally, supporting the growth of these markets with high‑quality products, diverse formats, and reliable supply.

About Aurora 

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 both medical and consumer markets across Canada, Europe, Australia, and New Zealand, with a strategic focus on high-margin opportunities and a medical-first approach. Aurora's portfolio of trusted, leading brands includes Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, Tasty's® and Whistler Medical Marijuana Co.®. 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 Information 

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 new product launches across Aurora's key international markets, expectations for growing medical demand in regulated international markets, and the Company's continued focus on quality, patient needs and reliable global supply through Aurora's extensive GMP‑certified network.

These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, current and expected market trends, product supply and demand, financial performance, and ongoing global regulatory developments, as well as publicly available information from governmental sources, market research and industry, and assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the magnitude and duration of potential new or increased tariffs imposed on goods imported from Canada into the United States; 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 risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of 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 crises and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information from dated June 17, 2025 (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 law.

SOURCE Aurora Cannabis Inc.

NASDAQ | TSX: ACB

, /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian based leading global medical cannabis company, announced today that it has scheduled a conference call to discuss the results for its fourth quarter and fiscal year 2026 on Thursday, June 11, 2026 at 8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time. The Company will report its financial results for the fourth quarter and fiscal year 2026 before the opening of markets that same day.

Conference Call Details

Aurora Cannabis to host fourth quarter and fiscal year 2026 investor conference call DATE:

Thursday, June 11, 2026

TIME:

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

WEBCAST:

Click Here

Miguel Martin, Executive Chairman and Chief Executive Officer, and Simona King, Chief Financial Officer, will host the conference call and question and answer period. This weblink has also been posted to the Company's "Investor Info" link at https://www.auroramj.com/investors/ under "Events".

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 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 timing for the release of the Company's fourth quarter and fiscal year 2026 financial statements and the conference call to discuss the results.

These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the magnitude and duration of potential new or increased tariffs imposed on goods imported from Canada into the United States; 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 risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of 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 crises and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information from dated June 17, 2025  (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 law.

SOURCE Aurora Cannabis Inc.

NASDAQ | TSX: ACB

Achieves Record Annual Global Medical Cannabis Net Revenue1 of $288.6 million, representing 18% YoY growth Delivers Record Annual Adjusted EBITDA1 of $53.8 million, representing 32% YoY growth Completes Accretive Acquisition of Safari Flower Company in April, an established EU-GMP Manufacturer, adding Critical Capacity to Serve Growing Profitable International Markets Maintains Strong Balance Sheet with ~$164.7 million of Cash, Short Term Investments and Cash Equivalents2 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 fourth quarter and fiscal year 2026 periods ending March 31, 2026.

FY26 Q4 EARNINGS RESULTS "During fiscal year 2026, we exceeded our projection for global medical cannabis net revenue1 led by double-digit growth in Europe and delivered on our expectation for Adjusted EBITDA1  with both at record outcomes. Our performance validates Aurora's global medical cannabis strategy which has positioned us as a leading provider in Canada, Europe, Australia, and New Zealand," said Executive Chairman and Chief Executive Officer for Aurora, Miguel Martin.

"We believe Aurora's leadership in medical cannabis is built upon our regulatory expertise, extensive and recently expanded supply network of EU-GMP certified facilities, and proven commercial execution. We are confident that these attributes create a competitive advantage as we navigate the evolving industry dynamics to maintain and expand global market share, while driving international growth," 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 Equivalents refers to cash, restricted cash and cash equivalents.

Fourth Quarter 2026 Highlights

(Unless otherwise stated, comparisons are made between fiscal Q4 2026 and Q4 2025 results and are in Canadian dollars and reflects only the results of continuing operations, unless otherwise noted.

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 Q4 2026 continuing results, along with comparative figures, due to its classification as a discontinued operation.)

Consolidated Revenue and Adjusted Gross Profit:    
Total net revenue1 was $84.8 million, as compared to $76.8 million in the prior year period. The 10% increase from the prior year period was mainly due to 14% growth in our global medical cannabis business and higher wholesale bulk cannabis net revenue, offset by lower quarterly net revenue1 in our consumer cannabis business.

Consolidated adjusted gross margin before fair value adjustments1 was 60% in Q4 2026 and 65% in the prior year period. Adjusted gross profit before FV adjustments1 was $50.5 million in Q4 2026 compared to $50.2 million in the prior year period.

Medical Cannabis:
Medical cannabis net revenue1 was $77.1 million, a 14% increase from the prior year period, delivering 91% of Aurora's Q4 2026 consolidated net revenue1 and 101% of adjusted gross profit before fair value adjustments1.

The increase in medical cannabis net revenue1 of $9.3 million was primarily due to higher sales in Germany, related to increased market size, and growth in Poland, along with higher revenue in Canada to insured patients related to broader portfolio offerings.

Adjusted gross margin before fair value adjustments1 on medical cannabis net revenue1 was 66% for the three months ended March 31, 2026, compared to 71% in the prior year period. The year-over-year decrease was due to higher sales with lower margins and strategic price reductions.

Consumer Cannabis:
Aurora's consumer cannabis net revenue1 was $3.6 million, compared to $8.2 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 business.

Adjusted gross margin before fair value adjustments1 on consumer cannabis net revenue1 was 22%, a decrease from 27% compared to the prior year period. The decrease is primarily due to higher input costs related to third-party sourcing.

Adjusted Selling, General and Administrative ("Adjusted SG&A"):
Adjusted SG&A1 was $40.3 million for the three months ended March 31, 2026, compared to $35.4 million in the prior year period. The increase compared to the prior year period relates to increased headcount, higher contract labour in Europe and Australia, an expected credit loss of $1.9 million due to the insolvency of two customers and additional professional fees relating to public company costs incurred in the fourth quarter of the fiscal year.

Net Income (Loss):
Net loss from continuing operations for the three months ended March 31, 2026 was $27.6 million compared to a net loss of $12.1 million for the prior year period. The increase in net loss from continuing operations of  $15.4 million was primarily related to other expenses of $1.7 million in the current period, compared to other income of $11.9 million in the prior year period. This was slightly offset by an increase in gross profit of $2.5 million.

Adjusted Net Income:
Adjusted net income1 was $5.6 million for the three months ended March 31, 2026 compared to $15.3 million for the prior year period. The $9.7 million decrease primarily relates to an increase in adjusted SG&A of $4.9 million, a decrease in foreign exchange gains and interest income, of $10.3 million and $4.5 million, respectively.

Adjusted EBITDA:
Adjusted EBITDA1 was $9.2 million for the three months ended March 31, 2026 compared to $14.1 million for the prior year period.

Free Cash Flow:
Free cash flow was $0.3 million compared to $5.2 million in the prior year quarter. Free cash flow decreased by $4.9 million primarily due to a decrease in gross profit before fair value adjustments of  $5.3 million.

Strategic Business Update

Plant Propagation:
On February 3, 2026, Aurora and its wholly owned subsidiary entered into a definitive agreement with Bevo Agtech Inc and Bevo Farms Ltd. pursuant to which, among other things, Aurora agreed to exchange all of its common shares of Bevo for preferred shares of Bevo. On February 17, 2026, the transaction closed, resulting in the disposal of the Company's 50.1% ownership interest in Bevo and loss of control. The financial results of Bevo are no longer consolidated in Aurora's financial statements subsequent to the closing of the transaction. 

Safari Flower Company Acquisition:
On April 15, 2026, the Company acquired Safari Flower Company ("Safari"), through a share purchase acquisition, for total consideration of $26.5 million, subject to customary closing adjustments. The consideration is composed of $15 million in cash and 2,417,180 Common Shares with an approximate fair value of $11.5 million. Included in the total consideration is contingent consideration totaling $2 million upon satisfying certain GMP certifications.

The acquisition of Safari provides the Company with a 59,000 square foot EU-GMP certified indoor cultivation and manufacturing facility to supply cannabis to key international markets while reducing reliance on third party purchases.

Fiscal Full Year 2027 Outlook:
Our outlook reflects the strategic changes we have made in exiting our low margin Canadian Consumer and Plant Propagation businesses, which will allow the Company to reallocate resources to focus on global medical cannabis. We believe this is our highest return opportunity to create 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. These efforts are expected to help offset the impact of margin reductions in our Canadian medical business, following the reduction in government reimbursed pricing, effective April 1, 2026.

Total Net Revenue1 is expected to decline and be more in line with our Cannabis Net Revenue results in fiscal year 2025, following the changes in Canadian medical partially offset by international growth, driven by Germany and Poland. Adjusted Gross Margin before FV adjustments1 are expected to be in the mid to high fifties, driven by higher revenue contributions from Europe and the exit from the lower margin businesses. These benefits will partially offset lower margins in Canadian Medical. Adjusted SG&A1 is expected to remain broadly in line with the prior fiscal year. Adjusted EBITDA1 is expected to vary quarter over quarter, leading to lower annual adjusted EBITDA1 compared to the prior fiscal year. This change in expectations is due to the revisions in reimbursed pricing that drive lower net revenue and adjusted gross profits contributions. Key Quarterly Financial Results

($ thousands)

Three months ended

March 31, 2026

December 31, 2025

$ Change

% Change

March 31, 2025

$ Change

% Change

Financial Results(3)

Net revenue (1)

84,816

82,893

1,923

2 %

76,768

8,048

10 %

Medical cannabis net revenue (1)

77,096

76,247

849

1 %

67,776

9,320

14 %

Consumer cannabis net revenue (1)

3,645

5,160

(1,515)

(29 %)

8,166

(4,521)

(55 %)

Adjusted gross margin before FV adjustments on
     total cannabis net revenue(1)

60 %

66 %

N/A

(6 %)

65 %

N/A

(5 %)

Adjusted gross margin before FV adjustments on medical
     cannabis net revenue(1)

66 %

69 %

N/A

(3 %)

71 %

N/A

(5 %)

Adjusted gross margin before FV adjustments on
     consumer cannabis net revenue(1)

22 %

28 %

N/A

(6 %)

27 %

N/A

(5 %)

Adjusted SG&A expense(1)

40,254

34,867

5,387

15 %

35,403

4,851

14 %

Adjusted EBITDA (1)

9,227

18,371

(9,144)

(50 %)

14,056

(4,829)

(34 %)

Adjusted net income (1)

5,581

11,711

(6,130)

(52 %)

15,272

(9,691)

(63 %)

Free cash flow (1)

316

18,569

(18,253)

(98 %)

5,249

(4,933)

(94 %)

Balance Sheet

Working capital (1)

330,523

299,901

30,622

10 %

367,465

(36,942)

(10 %)

Cannabis inventory and biological assets (2)

169,629

191,064

(21,435)

(11 %)

193,980

(24,351)

(13 %)

Total assets

601,087

775,292

(174,205)

(22 %)

852,666

(251,579)

(30 %)

(1)

These terms are defined in the "Cautionary Statement Regarding Certain Non‑GAAP Performance Measures" section of the Annual MD&A, including information on reconciliation to the most directly comparable IFRS measures.

(2)

Represents total biological assets and inventory, exclusive of merchandise, accessories, supplies and consumables.

(3)

Results shown are from continuing operations. On February 17, 2026, the Company completed the divestiture of its 50.1% ownership interest in Bevo. As such, Bevo has been excluded from the Company's Q4 2026 continuing results, along with comparative figures, due to its classification as a discontinued operation.

Conference Call

Aurora will host a conference call today, Thursday, June 11, 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:

Thursday, June 11, 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 2026 results; statements under the heading "Fiscal Full Year 2027 Outlook ", including, but not limited to, those related to expectations for net revenue, adjusted gross margin before FV adjustments, adjusted EBITDA, and adjusted SG&A; statements regarding the Company's long-term outlook, ability to respond to changing global market dynamics and ability to mitigate the impact of margin reductions in the Canadian medical business; statements regarding the Company's global medical cannabis leadership and anticipated growth in the Company's international medical business; and statements regarding the Company's conference call to discuss results.

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 of 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 FY26 Q4 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

Years ended

March 31, 2026

December 31, 2025

March 31, 2025

March 31, 2026

March 31, 2025

Medical cannabis net revenue(1)

Canadian medical cannabis net revenue

28,314

28,250

26,751

112,116

107,432

International medical cannabis net revenue

48,782

47,997

41,025

176,524

137,010

Total medical cannabis net revenue(1)

77,096

76,247

67,776

288,640

244,442

Consumer cannabis net revenue(1)

3,645

5,160

8,166

23,548

40,033

Wholesale bulk cannabis net revenue(1)

4,075

1,486

826

8,405

4,436

Total net revenue(1)

84,816

82,893

76,768

320,593

288,911

(1)

These terms are defined in the "Cautionary Statement Regarding Certain Non‑GAAP Performance Measures" section of the Annual MD&A, including information on reconciliation to the most directly comparable IFRS measures.

Adjusted EBITDA

The following is the Company's adjusted EBITDA:

($ thousands)

Three months ended

Years ended

March 31, 2026

December 31, 2025(3)

March 31, 2025(3)

March 31, 2026

March 31, 2025(3)

Net income (loss) from continuing operations

(27,566)

6,317

(12,128)

(58,619)

27,050

Income tax expense (recovery)

(538)

97

3,285

2,095

4,245

Other expense (income)

1,673

2,322

(11,925)

9,862

(20,861)

Share-based compensation

689

(551)

3,786

7,293

12,930

Depreciation and amortization

3,871

4,583

3,379

16,228

15,430

Business development costs

850

443

624

1,975

3,435

Inventory and biological assets fair value and
impairment adjustments

20,487

1,306

21,953

50,419

(20,969)

Business transformation costs (1)

9,761

3,854

5,082

24,555

19,610

Adjusted EBITDA (2)

9,227

18,371

14,056

53,808

40,870

(1)

Business transformation related charges include costs related to closed facilities, certain IT project costs, sublease income, severance and retention costs in connection with the exit of the consumer market, legal provisions and costs associated with the retention of certain medical aggregators. 

(2)

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

(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

Years ended

March 31, 2026

December 31, 2025

March 31, 2025

March 31, 2026

March 31, 2025

Net income (loss) from continuing operations

(27,566)

6,317

(12,128)

(58,619)

27,050

Inventory and biological assets fair value and
impairment adjustments

20,487

1,306

21,953

50,419

(20,969)

Business development costs

850

443

624

1,975

3,435

Impairment of property, plant and equipment

2,246

4

—

2,775

(696)

Impairment of intangible assets and goodwill

—

—

—

13,186

—

Deferred tax expense - impairment of intangible
assets and goodwill

—

—

—

5,856

—

Business transformation costs (1)

9,564

3,641

4,823

23,746

18,401

Adjusted net income (2)

5,581

11,711

15,272

39,338

27,221

(1)

Business transformation costs  include certain IT project costs, severance and retention costs in connection with the exit of the consumer market, legal provision and costs associated with the retention of certain medical aggregators.

(2)

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

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

Years ended

($ thousands)

March 31, 2026

December 31, 2025

March 31, 2025

March 31, 2026

March 31, 2025

General and administration

29,540

23,861

25,078

106,567

91,323

Sales and marketing

16,022

14,860

15,407

59,641

56,170

Business transformation costs (2)

(5,308)

(3,854)

(5,082)

(20,105)

(19,610)

Adjusted SG&A (1)

40,254

34,867

35,403

146,103

127,883

(1)

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

(2)

Business transformation costs include certain IT project costs, severance and retention costs in connection with the business transformation plan and costs associated with the consumer channel exit

Free Cash Flow

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

Three months ended

Years ended

($ thousands)

March 31, 2026

December 31, 2025

March 31, 2025

March 31, 2026

March 31, 2025

Cash provided by (used in) operating activities
from continuing operations before changes in
non-cash working capital

(9,410)

9,517

(2,969)

1,386

4,764

Changes in non-cash working capital

11,823

10,573

9,736

(9,214)

14,205

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

2,413

20,090

6,767

(7,828)

18,969

Less: maintenance capital expenditures(1)

(2,097)

(1,521)

(1,518)

(6,425)

(8,084)

Free cash flow(2)

316

18,569

5,249

(14,253)

10,885

(1)

Maintenance capital expenditures are comprised of 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 Annual MD&A, including information on reconciliation to the most directly comparable IFRS measures.

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

March 31, 2026

December 31, 2025

March 31, 2025

Total current assets

397,453

445,836

488,548

Total current liabilities

(66,930)

(145,935)

(149,807)

Working capital

330,523

299,901

338,741

SOURCE Aurora Cannabis Inc.

Aurora Cannabis reported Q4/FY2026 results largely in line with expectations previously outlined by management. In recent months, the company has made the strategic decision to exit its lower margin consumer cannabis and plant propagation operations and focus on the growing European medical cannabis market. However, FY2027 will be impacted by adverse regulatory changes in the Canadian medical cannabis market. As a result, sales and margins are expected to decline quite meaningfully this year.