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Here are 1-3 brief analogies for Aurora Cannabis:

• SiriusXM for cannabis
• Molson Coors for cannabis
• Moderna for cannabis

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• Dried Cannabis Flower: Raw, cured cannabis buds intended for smoking or vaporization.
• Cannabis Concentrates and Extracts: Potent cannabis products derived through extraction, including oils, shatter, wax, and live resin.
• Vape Products: Pre-filled cartridges containing cannabis extracts designed for use with vaporizing devices.
• Edibles and Beverages: Food and drink products infused with cannabis, providing an alternative to inhalation.
• Medical Cannabis: A portfolio of cannabis products specifically developed and distributed for medical patients.

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Aurora Cannabis (symbol: ACB) primarily sells its products to other companies, particularly within the regulated Canadian recreational cannabis market and various international medical cannabis markets. While Aurora also sells directly to medical patients in Canada, the significant volume of sales through provincial wholesale systems and international distribution channels means other companies are its major direct customers.

Here are the major categories of customer companies that Aurora Cannabis serves:

• Canadian Provincial and Territorial Cannabis Boards/Distributors: These government-mandated entities are the primary purchasers of recreational cannabis products from licensed producers like Aurora in Canada. They then manage distribution to retail stores across their respective provinces or territories. These entities do not have public company symbols as they are government agencies.

  • Ontario Cannabis Store (OCS)
  • BC Liquor Distribution Branch (BCLDB) (operates BC Cannabis Stores)
  • Alberta Gaming, Liquor & Cannabis (AGLC)
  • Société québécoise du cannabis (SQDC)
  • And other provincial/territorial distributors across Canada.

• International Licensed Pharmaceutical Distributors and Pharmacies: Aurora exports medical cannabis products to various countries, including key markets like Germany, Australia, and Poland. In these international markets, Aurora typically sells to licensed pharmaceutical wholesalers, distributors, or directly to pharmacies that then dispense to patients. Due to the confidential nature of supply agreements and the often specialized or regional character of these partners, specific major publicly traded customer companies with stock symbols are not consistently identified in public disclosures.

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Miguel Martin, Chief Executive Officer and Executive Chairman

Miguel Martin became Chief Executive Officer of Aurora Cannabis in September 2020 and also assumed the title of Executive Chairman in September 2024. He has over 25 years of experience in the consumer packaged goods industry. Prior to joining Aurora, he served as President and CEO of Reliva, a leading CBD company that was acquired by Aurora in 2020. Martin also held the position of President and General Manager of Logic Technology Development LLC, a major electronic cigarette manufacturer, and served as Senior Vice President and General Manager of Altria Sales & Distribution, part of Altria Group, a holding company involved in tobacco, alcohol, and cannabis.

Simona King, Chief Financial Officer

Simona King was appointed Chief Financial Officer of Aurora Cannabis, effective February 21, 2024. She brings over 25 years of progressive finance leadership experience, with a proven track record in global and emerging organizations. Before joining Aurora, King spent nearly 20 years at Bristol Myers-Squibb, a multinational pharmaceutical company, where she held increasingly senior finance roles and contributed to the company's growth strategy.

Andre Jerome, Executive Vice President, Global Business Development

Andre Jerome serves as the Executive Vice President, Global Business Development for Aurora Cannabis. He possesses extensive experience in the legal and business sectors, having been a member of the Bar of Québec for 23 years. Jerome co-founded and served as CEO of H2 Biopharma Inc., which was acquired by Aurora in November 2017. His career also includes over two decades in the telecoms industry, where he held various senior executive positions in corporate affairs, including a significant role in acquisition integration with international telecom giant Vodafone.

Nathalie Clark, Executive Vice President, General Counsel & Corporate Secretary

Nathalie Clark holds the role of Executive Vice President, General Counsel & Corporate Secretary at Aurora Cannabis.

Alex Miller, Executive Vice President, Operations & Supply Chain

Alex Miller is the Executive Vice President, Operations & Supply Chain for Aurora Cannabis.

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The key risks to Aurora Cannabis (ACB) primarily revolve around its ongoing financial struggles, the dynamic and often unpredictable regulatory landscape of the cannabis industry, and current litigation the company faces.

1. Financial Challenges and Profitability: Aurora Cannabis has consistently struggled with profitability, evidenced by declining revenue growth, negative operating and net margins, and substantial net losses. The company's Altman Z-Score, a measure of financial distress, places it in a "distress zone," indicating a potential risk of bankruptcy within the next two years. Operational inefficiencies and significant free cash flow losses also contribute to these financial hurdles.
2. Regulatory Changes and Market Volatility/Competition: The cannabis industry is highly susceptible to regulatory shifts and market volatility, which can directly impact Aurora's performance. The company has encountered difficulties in the Canadian market due to regulatory obstacles and intense competition. Furthermore, anticipated regulatory changes in Germany, a major market for Aurora, could significantly affect future sales.
3. Litigation Risk: Aurora Cannabis is currently facing a class action lawsuit alleging that the company failed to adequately warn consumers about the risk of Cannabinoid Hyperemesis Syndrome (CHS), a condition linked to long-term cannabis use. A successful outcome for the plaintiffs in this lawsuit could lead to more stringent labeling requirements and potentially broader liability claims. The company also settled a prior class action lawsuit in January 2025.

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Biosynthesis of Cannabinoids: The emergence of advanced biotechnologies capable of producing cannabinoids (such as THC, CBD, and rare cannabinoids) through biosynthesis in controlled environments (e.g., using yeast or microbes in bioreactors) presents a significant threat. If these methods achieve cost-effective and large-scale production, they could offer a more consistent, purer, and potentially cheaper alternative to traditional plant cultivation, thereby commoditizing raw cannabinoid supply and eroding the competitive advantage of large-scale cultivators like Aurora Cannabis.

Pharmaceuticalization of Cannabinoids: The increasing trend towards the development and regulatory approval of specific cannabinoid formulations as pharmaceutical drugs represents an emerging threat to Aurora's existing medical cannabis market. As highly regulated, precisely dosed, and clinically proven cannabinoid-based medicines gain traction, the broader, plant-based medical cannabis products currently offered by companies like Aurora could be pushed into a less credible "wellness" or "supplement" category, distinct from the rigorous pharmaceutical sector. This could limit market access, undermine pricing power, and reduce the perceived medical legitimacy of their current offerings.

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Aurora Cannabis (symbol: ACB) primarily operates in the medical and adult-use cannabis markets, as well as plant propagation.

Medical Cannabis

• The global medical cannabis market was valued at USD 37.0 billion in 2024 and is projected to reach USD 68.6 billion by 2033. Another estimate for the global cannabis market, which includes medical use, valued it at USD 69.78 billion in 2024, with projections to reach USD 216.76 billion by 2033.
• The European medical cannabis market was valued at USD 2.586.1 million in 2024 and is estimated to reach USD 12,652.9 million by 2033. Another source indicates the European medical cannabis market was valued at USD 6.06 billion in 2024 and is projected to reach USD 36.2 billion by 2033.
• In Germany, the legal cannabis market (including medical) was estimated at USD 2.04 billion in 2024 and is expected to reach USD 9.66 billion by 2033.
• The Canadian medical cannabis market was valued at an estimated $573 million for the 2023-2024 fiscal year, comprising $355 million in domestic sales and approximately $218 million in exports.

Adult-Use/Recreational Cannabis

• Global revenue in the recreational cannabis market is expected to reach $38.32 billion by 2025.
• The European adult-use cannabis market size was estimated at approximately €104 million in 2024.
• In Canada, recreational cannabis sales are forecasted to be $7.9 billion in 2025. The overall legal cannabis market in Canada was valued at USD 3.25 billion in 2024 and is projected to grow at a CAGR of 12.0% from 2025 to 2030.

Plant Propagation

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Expected Drivers of Future Revenue Growth for Aurora Cannabis (ACB)

1. Continued Growth in Global Medical Cannabis Sales: Aurora Cannabis has consistently highlighted its strategic focus on the global medical cannabis market due to its higher margins and growth potential. The company reported a 15% year-over-year increase in global medical cannabis revenue in Q2 2026 and projects an 8-12% increase in global sales for Q3 2026. This segment accounted for 78% of consolidated sales in Q2 2026.
2. International Market Expansion: Expanding its footprint in key international medical cannabis markets such as the UK, Germany, Australia, and Poland is a significant driver. Aurora is leveraging its GMP-certified facilities in Europe and Australia and is actively increasing production in Germany to meet growing demand. International medical cannabis revenue increased by 22% in Q2 2026 and 85% in Q1 2026.
3. Product Portfolio Expansion and New Cultivars: Aurora is focused on diversifying its product offerings, including the introduction of new cultivars and innovative premium products. The acquisition of Thrive Cannabis, including its Greybeard brand, aimed to strengthen Aurora's position in the Canadian premium recreational market and enhance its product portfolio with high-potency, high-yielding, and disease-resistant genetics.
4. Growth of the Plant Propagation Business (Bevo Farms): The company's plant propagation division, Bevo Farms, has demonstrated strong growth, with revenue increasing by 34% year-over-year in Q2 2026 and 32% in Q4 2025. Aurora anticipates continued growth from this segment, expecting seasonally higher revenue.
5. Operational Efficiencies and Margin Enhancement: While not a direct revenue driver, improved operational efficiencies and a strategic focus on high-margin medical cannabis products are expected to enhance overall profitability. This allows for sustained investment in growth initiatives and a more resilient business model, with adjusted gross margin for medical cannabis improving to 69% in Q2 2026.

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Share Repurchases

• Aurora Cannabis repurchased approximately US$9.0 million principal amount of its convertible senior notes between August 16 and September 8, 2023, at a total cash cost of approximately US$9.0 million. This reduced outstanding notes to approximately US$39 million.
• Since December 2021, Aurora has repurchased an aggregate of approximately US$306 million principal amount of its convertible senior notes, resulting in total cash interest savings of approximately US$23.9 million.
• In April 2023, Aurora repurchased approximately US$22 million principal amount of convertible notes, leading to US$1.2 million in annualized interest savings and leaving approximately US$59 million of notes outstanding at that time.

Share Issuance

• In October 2023, Aurora Cannabis closed a bought deal offering of 53,187,500 common shares for aggregate gross proceeds of approximately C$38.8 million (including the full exercise of an over-allotment option). The majority of the net proceeds were intended to repay the remaining balance of convertible notes.
• In May 2022, Aurora announced a bought deal financing, initially worth US$125 million, which was then upsized to approximately US$150 million. This involved the sale of 61.2 million units, each comprising one common share and one common share purchase warrant. The net proceeds were for general corporate purposes.
• In May 2021, Aurora established a new at-the-market (ATM) equity program, allowing the company to issue and sell up to US$300 million of common shares from treasury. The company stated this would provide flexibility for select acquisitions, including within the U.S.

Outbound Investments

• Aurora Cannabis has a controlling interest in Bevo Farms Ltd., which is North America's leading supplier of propagated agricultural plants.
• In September 2025, Aurora announced an investment over five years into operational upgrades at its EU-GMP manufacturing facility in Leuna, Germany. These improvements are aimed at increasing flower growth capacity, product quality, and driving cost efficiency to meet growing demand in Europe.

Capital Expenditures

• In Q4 2020, capital expenditures were approximately $16.4 million, a significant decline from the prior quarter, reflecting the company's business transformation.
• For the fiscal year ending March 31, 2025, Aurora Cannabis reported maintenance capital expenditures.
• The company is making an investment into operational upgrades at its German manufacturing facility to increase flower growth capacity, product quality, and drive cost efficiency.