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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.