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olivLaw · US equity research

Aurora Cannabis Inc. ACB

Medicinal Chemicals & Botanical Products · SIC 2833 · Vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

5.24USD+1.55% · 1 dayClose 04 Nov 2026

Aurora Cannabis Inc. is a Canadian medical cannabis company that files its annual report with the SEC on Form 40-F and is listed on the Toronto Stock Exchange and Nasdaq under the symbol ACB. The filing for the fiscal year ended March 31, 2026 shows an extensive corporate governance framework and significant audit fee commitments.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Aurora Cannabis Inc. (ACB) stock was 5.24 USD (+1.55% on the day), with beta 1.33, 52-week range 2.58–5.57 USD. Latest reported quarter (Q4 2025): net income of -17.2 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Mar 2025
P/E (TTM)
unavailable
Diluted EPS TTM 0.04 · TTM to 31 Mar 2025
E/P (TTM)
unavailable
TTM to 31 Mar 2025
Dividend yield
unavailable
Beta (2y)
1.33
Volatility (1y) 59%
52-week range
2.585.57

Price history

Loading chart…

Technical reading

RSI (14)
78.4
overbought (≥ 70)
Bollinger (20, 2)
3.49 – 4.95
above the upper band · %B 1.19 · band width 34.7%
SMA 50 / 200
4.10 / 3.57
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.17 / 0.06
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+17.5%−1.1%+18.6 pp—
3 months+80.1%−0.5%+80.5 pp—
6 months+48.0%+4.4%+43.6 pp—
Year to date+24.2%+12.3%+11.9 pp—
1 year+15.4%+13.5%+1.9 pp−39.5%
3 years+6.9%+76.4%−69.5 pp−45.3%
5 years−92.1%+63.7%−155.8 pp—
Max drawdown (1y)
−53.7%
17 Dec 2025 → 16 Jul 2026
Max drawdown (5y)
−97.0%
12 Nov 2021 → 16 Jul 2026
Compound annual growth (5y)
−39.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2025 · 31 Mar 2025

Revenue
unavailable CAD
unavailable YoY
Net income
-17.2 m CAD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · CAD

Fiscal yearQ4 '22Q1 '25Q2 '25Q3 '25Q4 '25
Gross profit—42.9 m42.2 m ≈74.9 m ≈27.6 m
Operating income—-981.0 k-2.6 m ≈32.6 m ≈-24.0 m
Interest expense—1.8 m2.2 m ≈2.0 m ≈2.5 m
Pre-tax income—5.8 m370.0 k ≈27.7 m ≈-13.5 m
Net income03.8 m-13.2 m ≈28.2 m ≈-17.2 m
Diluted EPS—0.10———

≈ derived quarter (cumulative difference / share-days average)

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2018201920202021202220242025
Revenue55.2 m245.5 m268.7 m245.3 m221.3 m269.6 m343.3 m
Revenue YoYunavailable+344.8%+9.4%−8.7%−9.8%unavailable+27.3%
Net income71.9 m-293.5 m-3.3 bn-692.0 m-1.7 bn-69.3 m1.6 m
Net income YoYunavailable−508.0%unavailableunavailableunavailableunavailableunavailable
Diluted EPS0.15-0.29unavailable-4.10-7.99-1.520.04
Diluted EPS YoYunavailable−293.3%unavailableunavailableunavailableunavailableunavailable
net %130.3%-119.5%-1,221.7%-282.2%-776.0%-25.7%0.5%
Free cash flow-218.6 m-606.5 munavailable-263.7 m-142.5 munavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Mar 2025

Cash
137.9 m CAD
Financial debt
61.7 m CAD
Net debt
-76.2 m CAD
Equity
608.6 m CAD
Total assets
852.7 m CAD
Debt / equity
0.10x
Current ratio
4.31x
ROE
0.3%
ROA
0.2%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (CAD)

Margins

Income statement · CAD

Revenue
2022
221.3 m
2024
269.6 m
2025
343.3 m

SEC (XBRL)· 18 Jun 2025verified

Gross profit
2022
21.2 m
2024
131.7 m
2025
187.6 m

SEC (XBRL)· 18 Jun 2025verified

Research & development
2022
10.4 m
2024
3.6 m
2025
3.7 m

SEC (XBRL)· 18 Jun 2025verified

Operating income
2022
-231.4 m
2024
-45.1 m
2025
4.9 m

SEC (XBRL)· 18 Jun 2025verified

Depreciation & amortisation
2022
48.6 m
2024
12.0 m
2025
9.1 m

SEC (XBRL)· 18 Jun 2025verified

EBITDA
2022
-182.8 m ≈
2024
-33.1 m ≈
2025
14.0 m ≈

SEC (XBRL)· 18 Jun 2025derived

Interest expense
2022
71.8 m
2024
13.8 m
2025
8.4 m

SEC (XBRL)· 18 Jun 2025verified

Pre-tax income
2022
-1.7 bn
2024
-57.6 m
2025
20.4 m

SEC (XBRL)· 18 Jun 2025verified

Income tax
2022
-2.1 m
2024
-554.0 k
2025
4.6 m

SEC (XBRL)· 18 Jun 2025verified

Net income
2022
-1.7 bn
2024
-69.3 m
2025
1.6 m

SEC (XBRL)· 18 Jun 2025verified

Diluted EPS
2022
-7.99
2024
-1.52
2025
0.04

SEC (XBRL)· 18 Jun 2025verified

Weighted average diluted shares
2022
—
2024
43.2 m
2025
55.6 m

SEC (XBRL)· 18 Jun 2025verified

Balance sheet · CAD

Cash
2022
437.8 m
2024
136.1 m
2025
137.9 m

SEC (XBRL)· 18 Jun 2025verified

Receivables
2022
47.0 m
2024
45.4 m
2025
42.5 m

SEC (XBRL)· 18 Jun 2025verified

Inventories
2022
116.1 m
2024
143.6 m
2025
187.9 m

SEC (XBRL)· 18 Jun 2025verified

Current assets
2022
745.1 m
2024
426.6 m
2025
478.3 m

SEC (XBRL)· 18 Jun 2025verified

Property, plant & equipment, net
2022
233.5 m
2024
263.6 m
2025
—

SEC (XBRL)· 20 Jun 2024verified

Goodwill
2022
0
2024
43.2 m
2025
43.9 m

SEC (XBRL)· 18 Jun 2025verified

Intangibles (excl. goodwill)
2022
70.7 m
2024
40.9 m
2025
45.2 m

SEC (XBRL)· 18 Jun 2025verified

Total assets
2022
1.1 bn
2024
838.7 m
2025
852.7 m

SEC (XBRL)· 18 Jun 2025verified

Accounts payable
2022
69.9 m
2024
58.6 m
2025
73.6 m

SEC (XBRL)· 18 Jun 2025verified

Short-term debt
2022
0
2024
52.4 m
2025
21.5 m

SEC (XBRL)· 18 Jun 2025verified

Long-term debt
2022
0
2024
4.9 m
2025
40.2 m

SEC (XBRL)· 18 Jun 2025verified

Current liabilities
2022
130.9 m
2024
124.6 m
2025
110.9 m

SEC (XBRL)· 18 Jun 2025verified

Total liabilities
2022
422.0 m
2024
236.8 m
2025
244.1 m

SEC (XBRL)· 18 Jun 2025verified

Equity
2022
665.8 m
2024
601.9 m
2025
608.6 m

SEC (XBRL)· 18 Jun 2025verified

Shares outstanding at year end
2022
297.8 m
2024
54.5 m
2025
56.2 m

SEC (XBRL)· 18 Jun 2025verified

Cash flow · CAD

Operating cash flow
2022
-110.3 m
2024
-68.5 m
2025
16.0 m

SEC (XBRL)· 18 Jun 2025verified

Capex
2022
32.2 m
2024
—
2025
—

SEC (XBRL)· 21 Sept 2022verified

Free cash flow
2022
-142.5 m ≈
2024
—
2025
—

SEC (XBRL)· 14 Jun 2023derived

Investing cash flow
2022
-36.2 m
2024
-3.4 m
2025
-14.3 m

SEC (XBRL)· 18 Jun 2025verified

Financing cash flow
2022
147.8 m
2024
-47.9 m
2025
-116.0 k

SEC (XBRL)· 18 Jun 2025verified

Computed indicators

Growth

Revenue growth (YoY)
27.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
15.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
5.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
54.6%
computed by olivLawFY 2025
EBITDA margin
4.1%
computed by olivLawFY 2025
EBIT margin
1.4%
computed by olivLawFY 2025
Net margin
0.5%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
0.3%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROA
0.2%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROIC
0.7%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
ROCE
0.7%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-76.2 m CAD
computed by olivLawbalance sheet at 31 Mar 2025
Net debt / EBITDA
-5.4x
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Mar 2025
Interest coverage
0.6x
computed by olivLawFY 2025

Liquidity

Current ratio
4.3x
computed by olivLawbalance sheet at 31 Mar 2025
Quick ratio
2.6x
computed by olivLawbalance sheet at 31 Mar 2025
Cash ratio
1.2x
computed by olivLawbalance sheet at 31 Mar 2025

Cash

Operating cash flow
16.0 m CAD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
114.1%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
47 days
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 45.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.24 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
0.3%
computed by olivLawFY 2025 · balance sheet at 31 Mar 2025
Net margin
0.5%
computed by olivLawFY 2025
Revenue growth (YoY)
27.3%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2025
Latest balance sheet date: 31 Mar 2025
Share count (cover of the latest filing), as of: 31 Mar 2025
Source: SEC (XBRL)published 18 Jun 2025
verified 284derived 8

The data is older than the freshness threshold.

Score by group

46% · Insufficient data

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Medicinal Chemicals & Botanical Products (SIC 2833)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Insufficient data

    Minimum-evidence gate: score weight coverage: 45.8% of at least 60%

    FactorValueScoreWeight used
    ROIC · Quality0.7%100 (vs peers)23%
    Net margin · Quality0.5%73 (vs peers)14%
    FCF conversion · Qualityunavailableunavailable—
    Revenue CAGR 3Y · Growth15.8%100 (on a fixed band)18%
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheet-5.4x100 (on a fixed band)23%
    Interest coverage · Balance sheet0.6x0 (on a fixed band)14%
    Current ratio · Balance sheet4.3x100 (on a fixed band)9%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet70/100 · 3/3 factors with a value
    • Growth· partial100/100 · 1/2 factors with a value
    • Quality90/100 · 2/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    AURORA CANNABIS INC (ACB). Latest full fiscal year: 2025; data up to 2025-03-31.

    Figures computed from the financial statements: revenue 343.3 m CAD in 2025; YoY growth 27.3%; net margin 0.5%; ROE 0.3%; net debt/EBITDA -5.4x.

    The estimated value range is 0.50–0.69 CAD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • ROIC: 0.7%
    • Net margin: 0.5%
    • Revenue CAGR 3Y: 15.8%
    • Net debt / EBITDA: -5.4x
    • Current ratio: 4.3x

    What contradicts it

    • Interest coverage: 0.6x

    Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Medicinal Chemicals & Botanical Products (SIC 2833) · same industry (4-digit SIC) · compared with 15 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 13.1x
    EV/EBITDA
    —
    vertical median —
    P/S
    —
    vertical median 0.4x
    P/B
    —
    vertical median 1.1x
    ROE
    0.3%
    vertical median -20.8%
    above median
    Net margin
    0.5%
    vertical median -10.7%
    above median
    EBIT margin
    1.4%
    vertical median -8.7%
    above median
    Revenue YoY
    27.3%
    vertical median 2.1%
    above median (+1,227.6%)
    Net debt/EBITDA
    -5.4x
    vertical median —
    Dividend yield
    —
    vertical median —

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    TRLVTrulieve Cannabis Corp.2.2 bn—-48.2%-41.8%−0.4%+115% / +109%
    TLRYTilray Brands, Inc.437.5 m—-10.4%-17.1%+11.5%−63% / −84%
    USNAUsana Health Sciences, Inc.264.8 m—-4.2%-2.4%unavailable−28% / −70%
    NAGENiagen Bioscience, Inc.199.6 m21.313.3%8.4%+29.9%−63% / +81%
    MDWDMediwound Ltd.182.3 m—-63.9%-140.8%−16.1%−21% / +59%
    FTLFFitlife Brands, Inc.76.8 m13.114.1%6.2%+26.4%−56% / −15%
    BTMDbiote Corp.71.6 m11.8—3.2%−2.5%−55% / −75%
    NAIINatural Alternatives International, Inc.24.3 m—-35.0%-14.5%+9.7%−70% / −81%
    MTEXMannatech Inc16.7 m—-1,490.1%-6.9%−8.3%−8% / −3%
    BONBon Natural Life Limited4.4 m—-3.9%-10.7%−21.7%−39% / −99%
    GLASGlass House Brands Inc.——-31.2%-16.3%−9.4%−57% / −45%
    ACBAurora Cannabis Inc——0.3%0.5%+27.3%+15% / +7%
    SNDLSNDL Inc.——-1.4%-1.7%+2.8%−20% / −1%
    IMCCIM Cannabis Corp.——-1,496.2%-20.7%+1.3%−99% / −99%
    CGCCanopy Growth Corp——-39.9%-79.2%+5.8%−36% / −87%
    CRONCronos Group Inc.——6.5%39.1%+24.6%+42% / +74%

    1- and 3-year price returns: for ACB from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 11 Jun 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (14 Oct 2026), 6-K (08 Oct 2026).

    In brief

    Aurora Cannabis Inc. is a Canadian medical cannabis company that files its annual report with the SEC on Form 40-F and is listed on the Toronto Stock Exchange and Nasdaq under the symbol ACB. The filing for the fiscal year ended March 31, 2026 shows an extensive corporate governance framework and significant audit fee commitments.

    SWOT

    Strengths

    • The company presents medical and regulatory expertise within a federal framework, along with scientific capabilities in genetics and breeding, which can support product differentiation.
    • The governance structure includes independent committees and an audit committee with designated financial experts, which can support investor confidence in financial reporting.
    • The listing on the Toronto Stock Exchange and Nasdaq gives the company access to two capital markets, which can facilitate funding of operations.

    Weaknesses

    • The report mentions the dependence of gross margins on the federal reimbursement program, a change to which could reduce the profitability of the business.
    • The document includes references to the need to obtain financing on acceptable terms, which indicates sensitivity to capital market conditions.
    • The company does not follow certain Nasdaq governance practices, such as quorum and shareholder approval requirements, which could limit protections for some minority shareholders.

    Opportunities

    • The expanding legalization of medical and consumer cannabis, including in the United States, could open new markets for the company's products.
    • The Safari Flower Company acquisition and international expansion could add capacity and revenue if integration proceeds as planned.
    • The goal of sustainable profitability and positive free cash flow, if achieved, could strengthen the company's financial position.

    Threats

    • Legislative and regulatory changes in the cannabis industry could affect the business model and conditions of sale.
    • Competition and pricing pressure could reduce market share and margins, particularly if new operators enter the market.
    • Risks in integrating acquired businesses and uncertainty about consumer demand in Canada and in export jurisdictions could affect results.

    Risks

    • Changes to the federal reimbursement programhigh

      The changes effective from April 2026 could reduce the company's gross margins, which would directly affect the profitability of the business.

    • Access to financinghigh

      The document describes the ability to obtain financing on acceptable terms as uncertain. Financing difficulties could limit investment and operations.

    • Regulatory changesmedium

      Changes to industry legislation, including in export jurisdictions, could affect authorizations and the business model.

    • Acquisition integrationmedium

      The report mentions the risk that the integration of acquired businesses may not proceed as expected, which could affect the anticipated benefits.

    • Competition and pricingmedium

      Competition and pricing pressure in the industry could reduce revenue, especially if demand does not grow at the expected pace.

    Investment thesis

    What would need to be true (bull case)

    • If the broader legalization of cannabis translates into higher demand, the company could benefit from its medical expertise and its regulatory advantage.
    • If the acquisition and international expansion integrate successfully, they could add capacity and diversify the company's revenue sources.
    • If profitability and positive cash flow goals are met, the company's balance sheet could become stronger and less dependent on external financing.

    What would break the thesis

    • If the change to the reimbursement program reduces margins, the company's profitability could remain under pressure for an extended period.
    • If financing becomes more costly or harder to obtain, investment and expansion plans could be postponed.
    • If competition intensifies and legislation changes unfavorably, the company's competitive position could be eroded.

    What to watch

    • Impact of changes to the federal reimbursement program on gross marginQ1 2027
    • Guidance for fiscal 2027 and the targets for profitability and cash flow2027
    • Progress of the Safari Flower Company integration and results of international expansionnext 10-K
    • Access to financing through shelf and ATM programs and ability to raise capital2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 11 Jun 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (29 Oct 2026), 6-K (26 Oct 2026), 6-K (14 Oct 2026), 6-K (08 Oct 2026).

    The business

    According to the 40-F, Aurora Cannabis Inc. is a foreign private issuer that files its annual report under the US-Canada multijurisdictional disclosure system (MJDS). The company's shares are listed on the Toronto Stock Exchange and the Nasdaq Capital Market. The report states that the company operates through wholly owned subsidiaries and that its financial statements are presented mainly in Canadian dollars.

    The filing describes a governance framework with a Board of Directors and independent committees for nominations and governance, human resources and compensation, and audit. The report states that committee members are independent under Nasdaq standards, and the audit committee has two directors designated as audit committee financial experts.

    The report incorporates by reference the audited financial statements, the management's discussion and analysis (MD&A) and the annual information form (AIF) for the year ended March 31, 2026. The independent auditor is Ernst & Young LLP of Vancouver, and audit fees billed for fiscal 2026 are disclosed in the document.

    Segments

    Medical cannabis business

    The 40-F describes the company through its expertise in medical cannabis in Canada and internationally, along with its breeding program and product portfolio. The document also mentions expansion into additional international markets as a growth direction, while detailed figures are presented in the incorporated MD&A.

    Consumer business

    The report includes, among its forward-looking statements, a reference to winding down the company's consumer business. This indicates that resources are being focused on medical segments and other strategic directions, without the financial impact being detailed in the main 40-F text.

    Safari Flower Company acquisition

    The document mentions the acquisition of Safari Flower Company among its forward-looking statements, with associated benefits expected for the company's business. Financial details of the transaction are included in the attached financial statements rather than the main text of the report.

    Market context

    The report refers to the expansion of legalization of medical and consumer markets, including in the United States, as a factor that could support demand. On the other hand, the document mentions changes to the federal reimbursement program effective April 1, 2026, which could influence the company's gross margins.

    The report indicates that cannabis product pricing, the level of demand and competition are key factors for the company's performance. The document also mentions possible changes to industry laws and regulations as sources of uncertainty.

    Trends

    • Broader cannabis legalizationtailwind

      The report refers to expectations of increased legalization of medical and consumer markets, including in the United States. If this trend consolidates, it could open new opportunities for the company.

    • Changes to the federal reimbursement programheadwind

      The document indicates changes to the federal reimbursement program, effective from April 2026, with an impact on expectations for gross margins. This could reduce profitability if revenue per unit declines.

    • International expansionmixed

      The report mentions expansion into additional international markets as a future growth direction. The effect depends on access to authorizations and regulatory conditions in each country.

    • Cost and capital disciplinetailwind

      The document includes, among its forward-looking statements, goals related to profitable growth, positive cash flow and prudent capital allocation. If these goals are achieved, they could support the stability of the company's balance sheet.

    Competitive position

    The report does not explicitly list the company's competitors. The document does mention competition as a risk factor that could affect prices, market share and demand for the company's products in Canada and in export jurisdictions.

    The competitive advantages cited in the report include medical and regulatory expertise within a federal framework, as well as scientific expertise in genetics and breeding. The company presents these elements as differentiators, without a quantitative comparison in the 40-F text.

    • Other Canadian medical cannabis producers

      The report mentions general competition in the industry without naming specific competitors.

    • United States cannabis producers

      The report mentions the expanding legalization in the United States, which could bring new competitors into the market.

    • International medical cannabis operators

      The report refers to international markets, where local competition could be relevant to expansion plans.

    • Consumer cannabis product suppliers

      The report mentions winding down the consumer business, which indicates a withdrawal from this competitive segment.

    News & filings

    In the press

    The latest news item in our archive is from 29 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 40-F, fiscal year ended 2026-03-31 · SEC / Aurora Cannabis Inc. · 11 Jun 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.