Like Anheuser-Busch InBev, but for cannabis products.

A consumer goods giant similar to Procter & Gamble, but specializing in cannabis and related accessories.

A diversified beverage company akin to Constellation Brands, but entirely dedicated to cannabis.

• Dried Cannabis: Aurora Cannabis offers various strains of dried cannabis for medical and recreational markets.
• Cannabis Oils & Capsules: The company produces concentrated cannabis oils and capsules for medical patients.
• Topical Cannabis Kits: Aurora develops and sells topical cannabis kits designed for external application.
• Advanced Medical Cannabis Products: The company is involved in the development of oral, topical, edible, and inhalable medical cannabis products.
• Cannabis Accessories: Aurora sells a variety of accessories including vaporizers, herb mills, grinders, and lockable containers.
• Facility Engineering & Design Services: Aurora provides design and construction services for cannabis cultivation and processing facilities.
• Cannabis Breeding & Research: The company engages in activities focused on cannabis breeding and scientific research.
• Wholesale & Retail Distribution: Aurora handles both wholesale and retail distribution of its cannabis and derivative products.
• Patient Counseling Services: Through CanvasRX, the company offers counseling and outreach services to cannabis patients.
• Cannabis Analytical Product Testing: Aurora provides services for analytical testing of cannabis products to ensure quality and safety.

Aurora Cannabis (ACB) sells primarily to individuals. Its major customer categories are:

• Medical Patients: Individuals who purchase various forms of cannabis, including dried flower, cannabis oil, capsules, and topical kits, for therapeutic purposes. These patients often access products directly from Aurora or through its affiliated network of cannabis counseling and outreach centers, such as CanvasRX, and benefit from patient counselling services.

• Recreational Consumers (Adult-Use Market): Adults in Canada who purchase Aurora's wide range of cannabis and cannabis derivative products for recreational purposes. These products, sold under various brands like Aurora, Aurora Drift, San Rafael '71, and Daily Special, are typically distributed through provincially regulated retail channels.

Miguel Martin, Chief Executive Officer, Executive Chairman

Miguel Martin was appointed Chief Executive Officer of Aurora Cannabis in September 2020 and took on the additional role of Executive Chairman in September 2024. He previously served as Chief Commercial Officer for Aurora since July 2020. Prior to joining Aurora, Mr. Martin was the President and CEO of Reliva, a prominent CBD company. His career also includes serving as President / General Manager of Logic Technology Development LLC, a manufacturer of electronic cigarettes, and as VP and General Manager of Altria Consumer Engagement Services. He has a 25-year background in consumer packaged goods and highly regulated industries. Mr. Martin has been instrumental in leading Aurora's "transformation" with a focus on high-margin global medical 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. Before joining Aurora, Ms. King served nearly 20 years at Bristol Myers-Squibb, a multinational pharmaceutical company, where she held increasingly senior finance roles, including divisional CFO of enterprise services and head of finance, corporate financial planning and analysis. Most recently, she was the CFO of Passage Bio from 2021 through July 2023. Her experience includes growing businesses, improving operational efficiencies, and leading global financial organizations.

Alex Miller, Executive Vice President, Operations & Supply Chain

Alex Miller serves as the Executive Vice President of Operations & Supply Chain at Aurora Cannabis. This role is crucial for managing the company's supply chain, particularly given its strategic focus on high-margin global medical cannabis.

Andre Jerome, Executive Vice President, Global Business Development

Andre Jerome is the Executive Vice President of Global Business Development at Aurora Cannabis. His role involves driving growth and expanding the company's presence in international markets.

Jillian Swainson, Chief Legal Officer

Jillian Swainson holds the position of Chief Legal Officer at Aurora Cannabis. She is responsible for the company's legal affairs, ensuring compliance and guiding legal strategy in the evolving cannabis industry.

• Financial Health and Profitability Challenges: Aurora Cannabis has faced significant financial challenges, including consistent net losses, declining revenue growth, and a substantial drop in its stock value. The company's Altman Z-Score indicates financial distress, implying a potential risk of bankruptcy within the next two years. While the company has pivoted to focus on high-margin medical cannabis sales, it operates in a challenging financial environment with negative profitability metrics.
• Regulatory Risks: The company is exposed to regulatory changes both internationally and domestically. Upcoming regulatory changes in Germany, which is Aurora's largest international market, pose a direct threat that could significantly impact sales in its core growth engine. In Canada, the broader cannabis industry, including Aurora, has contended with over-regulation, onerous taxation policies, and restrictions on marketing and advertising, which hinder market development and profitability. Furthermore, Aurora has a negligible presence in the U.S. market, limiting its ability to capitalize on potential regulatory changes there.
• Competition from the Illicit Market and Price Compression: The legal cannabis market in Canada struggles to compete effectively with a thriving illicit market. Legal products often face higher prices due to taxes and regulatory compliance costs, and consumers sometimes perceive the quality to be lower than black market alternatives. This intense competition has led to significant price compression in the Canadian adult-use market, eroding profit margins for companies like Aurora.

The emerging threat to Aurora Cannabis is the development and scaling of **bio-engineered cannabinoids (e.g., produced through yeast fermentation or other synthetic biology methods)**. This technology has the potential to fundamentally disrupt the traditional plant-based cannabis cultivation model by offering a potentially cheaper, more consistent, and purer source of cannabinoids for a wide range of products (like edibles, beverages, oils, and pharmaceuticals). If successful at a commercial scale, this could make large-scale agricultural cannabis cultivation, which Aurora heavily relies on, less competitive or even obsolete for certain product categories, similar to how new manufacturing processes can displace older, more resource-intensive ones.

Aurora Cannabis Inc. operates in significant and growing addressable markets for its main products and services, primarily focused on cannabis and cannabis derivative products for both medical and recreational use across Canada and internationally.

Global Addressable Markets

• The global legal cannabis market was estimated at USD 69.78 billion in 2024 and is projected to reach USD 216.76 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 13.49% from 2025 to 2033. Another estimate valued the global cannabis market at USD 49.8 billion in 2024, with projections to reach USD 173.68 billion by 2032, growing at a CAGR of 16.9% between 2025 and 2032.
• The global medical cannabis market size was estimated at USD 14.34 billion in 2024 and is anticipated to reach approximately USD 52.23 billion by 2034, with a CAGR of 13.8% from 2025 to 2034. Another report valued it at USD 25.86 billion in 2024, expecting it to reach USD 133.73 billion by 2032, with a CAGR of 22.8% from 2025 to 2032.
• The global recreational cannabis market is expected to grow from USD 20 billion in 2022 to USD 123.83 billion by 2032, at a CAGR of 20% from 2023-2032.

Canadian Addressable Markets

• The Canadian legal cannabis market, encompassing both medical and recreational sales, was valued at USD 3.25 billion in 2024 and is projected to reach USD 5.79 billion by 2030, with a CAGR of 12.0% from 2025 to 2030. Total cannabis sales in Canada reached approximately C$5.5 billion in the fiscal year ending March 31, 2025, and C$5.62 billion for the full calendar year 2025.
• The Canadian medical cannabis industry was worth an estimated CA$573 million in 2023-24, comprising CA$355 million in domestic sales and approximately CA$218 million in exports. The market is projected to reach USD 4,569.5 million (approximately C$6.26 billion at current exchange rates) by 2030, growing at a CAGR of 15.5% from 2024 to 2030.
• Canadian recreational cannabis sales were worth CA$5.07 billion (approximately $3.8 billion USD) in 2023. Recreational sales were approximately C$5.4 billion in both 2023 and 2024, and exceeded C$5.6 billion in 2025. Projections also suggest recreational cannabis sales could reach C$7.9 billion in 2025 and C$12.2 billion in 2030.

Cannabis Derivatives Market (Canada)

• In the fiscal year ending March 31, 2025, "Inhaled Cannabis Extracts," including vape pens, hash, wax, and rosin, grew to C$1.7 billion in Canada.
• Ingested cannabis extracts, such as oils, capsules, and sprays, reached C$170.4 million in Canada for the fiscal year ending March 31, 2025.
• By 2025, extracts are anticipated to grow from 10% to 37% of the Canadian direct cannabis market, while edibles are expected to rise from 5% to 12%. The CBD segment held the largest market share in 2025 within the Canadian legal cannabis market.

Aurora Cannabis Inc. (NASDAQ: ACB) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on the high-margin global medical cannabis market and enhancing operational efficiencies. The company's primary drivers of future revenue growth include:

1. International Medical Cannabis Market Expansion: Aurora Cannabis is heavily focused on expanding its presence and market share in key international medical cannabis markets. This includes established strongholds and growth initiatives in Europe, particularly Germany and Poland, and the Asia-Pacific region, specifically Australia and New Zealand. For example, Aurora maintains a leading position in Germany, where cannabis imports are estimated to double in 2025, and holds the number one market position in Poland. The company continues to strengthen its position in the Australian medical cannabis market, including the 2024 acquisition of MedReleaf Australia and recent portfolio expansions. Aurora is also exploring potential new markets such as Ukraine and Turkey. This international expansion is driven by the higher margins and more stable pricing found in regulated medical cannabis markets compared to recreational markets.
2. Product Innovation and Proprietary Genetics: Aurora is investing in its science and innovation program, particularly through its Aurora Coast breeding facility, to develop new proprietary cannabis genetics (cultivars). These efforts aim to create high-potency, high-yield, and uniquely profiled cultivars that cater to patient demands and reduce production costs. The introduction of new high-potency cultivars has already contributed to medical cannabis growth in European markets. The company is also expanding its product formats, such as new cannabis oil ranges in Australia, to meet diverse patient needs.
3. Operational Efficiency and Strategic Portfolio Optimization: The company is enhancing its operational efficiency and optimizing its production facilities to reduce costs and improve scalability, which directly contributes to higher adjusted gross margins. A significant part of this strategy involves divesting from lower-margin segments, such as certain Canadian consumer cannabis markets and its plant propagation business, to reallocate resources towards its higher-margin global medical cannabis operations. This strategic shift allows Aurora to focus on its core profitable medical cannabis business, which currently accounts for a significant portion of its total revenue and adjusted gross profit.
4. Strategic Partnerships and Mergers & Acquisitions (M&A): Aurora considers strategic partnerships and potential mergers and acquisitions as crucial to its long-term growth strategy. These initiatives enable the company to access new technologies, distribution networks, or market segments. The company has established an at-the-market equity program of up to $100 million USD to fund strategic and accretive purposes, including increasing cultivation capacity and potential M&A opportunities within the global medical cannabis sector.

Share Repurchases

• Between December 2021 and December 2022, Aurora Cannabis repurchased approximately CA$316.5 million (US$235 million) principal amount of its convertible senior notes, resulting in annual cash interest savings of about CA$17.4 million (US$12.9 million).
• In March 2023, the company repurchased an additional CA$46.6 million (US$34.3 million) of its convertible senior notes, which saved CA$2.6 million in annualized interest payments.

Share Issuance

• Aurora Cannabis's shares outstanding significantly increased from 0.017 billion in December 2020 to an estimated 0.057 billion in December 2025, indicating substantial share issuance.
• The company executed a 1-for-10 reverse stock split in February 2024.
• On February 4, 2026, Aurora Cannabis established an "at-the-market" (ATM) offering program to issue up to U.S.$100 million of common shares from treasury, with proceeds aimed at strategic uses including increased cultivation capacity and M&A.

Outbound Investments

• Aurora Cannabis acquired MedReleaf Australia for $44.7 million (AUS$51.0 million), contributing to global medical cannabis growth in Q3 FY25 (quarter ending December 31, 2024).

Capital Expenditures

• In the last 12 months, capital expenditures were -$15.81 million.
• The average capital expenditures over the past five years have been approximately $54.01 million.
• A primary focus of capital allocation has been on investing in European and Australian GMP certified manufacturing and distribution facilities to support international growth.