Financial Data and Key Metrics Changes - Net revenue increased by 7% to CAD 94.2 million, driven by a record 12% growth in global medical cannabis revenue, including a 17% increase internationally [4][16] - Adjusted gross margin rose by 100 basis points to 62%, with medical cannabis margins at 69% [4][17] - Adjusted EBITDA was CAD 18.5 million, and adjusted net income was CAD 7.2 million, with positive free cash flow of CAD 15.5 million [5][17] - The company ended the quarter with CAD 154 million in cash and no cannabis business-related debt [5][20] Business Line Data and Key Metrics Changes - Medical cannabis net revenue rose by 12% to CAD 76.2 million, comprising 81% of total net revenue [17][18] - Consumer cannabis net revenue decreased by 48% to CAD 5.2 million due to a strategic shift towards higher-margin segments [18] - Plant propagation net revenue increased by 27% to CAD 11.3 million, but adjusted gross margin fell to 16% from 40% due to increased costs [19] Market Data and Key Metrics Changes - The German market remains the largest individual medical cannabis market in Europe, driving double-digit growth in international revenue [8][9] - Australia is the largest international medical cannabis market for the company, with a potential AUD 1 billion opportunity [11] - The company maintained its number one position in Poland, benefiting from increased annual import limits [13] Company Strategy and Development Direction - The company is focusing on exiting select markets within the lower Canadian consumer cannabis segment to prioritize higher-margin global medical cannabis [7] - A divestiture of the lower-margin plant propagation operations is planned to enhance profitability and streamline operations [7] - The company aims to expand its leadership in global medical cannabis while maintaining a strong presence in Canada, Europe, Australia, and New Zealand [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the global medical cannabis market, projected to surpass $9 billion [23] - The company is adapting to regulatory changes in various markets, including Germany and Poland, to maintain access to high-quality medical cannabis [10][42] - The outlook for fiscal year 2026 anticipates annual global medical cannabis net revenue to increase to between CAD 269 million and CAD 281 million [21][22] Other Important Information - The company filed a prospectus supplement for a new At-the-Market equity program, allowing the issuance of up to $100 million in common shares for strategic purposes [8] - The company is actively exploring new international markets, including Switzerland, Austria, France, Ukraine, and Turkey [66] Q&A Session Summary Question: Follow-up on the select market exit in Canada - Management is evaluating the impact of exiting select markets, emphasizing that reallocating resources to international markets will improve financial results [25][27] Question: Premiumization strategy in Australia - Management indicated that the shift towards premium products in Australia is not disruptive and is expected to enhance margins [29][30] Question: Strategic decision to exit plant propagation - The focus remains on global medical cannabis, with divestiture seen as a way to allocate resources more effectively [37][39] Question: Plant propagation contribution to EBITDA - The financial results of the Bevo business will be treated as discontinued operations, with a focus on the global medical cannabis business [40][41] Question: Navigating regulatory changes in Poland - Management highlighted the importance of strong relationships with regulators and the ability to adapt to changes in the market [42][43] Question: Supply chain and potential acquisitions - The majority of products sold are produced in-house, with a focus on GMP-certified facilities for high-quality flower [75][76]

Financial Data and Key Metrics Changes - Net revenue increased by 7% to CAD 94.2 million, driven by a record 12% growth in global medical cannabis revenue, including a 17% increase internationally [4][16] - Adjusted gross margin rose by 100 basis points to 62%, with adjusted gross profit reaching CAD 55.6 million, a 6% increase [16] - Adjusted EBITDA was CAD 18.5 million, and adjusted net income was CAD 7.2 million, with positive free cash flow of CAD 15.5 million [5][17] - The company ended the quarter with CAD 154 million in cash and no cannabis business-related debt [5][17] Business Line Data and Key Metrics Changes - Medical cannabis net revenue rose by 12% to CAD 76.2 million, comprising 81% of total net revenue, compared to 77% in the prior year [17] - Consumer cannabis net revenue decreased by 48% to CAD 5.2 million, reflecting the strategic shift to focus on higher-margin global medical cannabis [18] - Bevo's plant propagation net revenue increased by 27% to CAD 11.3 million, but adjusted gross margin fell to 16% from 40% due to increased costs [19] Market Data and Key Metrics Changes - The German market, as the largest individual medical cannabis market in Europe, was a primary driver of double-digit growth in international revenue [8][9] - Australia is the largest international medical cannabis market for the company, with a potential AUD 1 billion opportunity, where the company holds the number two market share [11] - In Poland, the company maintained its number one position in market share, benefiting from increased annual import limits [13] Company Strategy and Development Direction - The company is focusing on exiting select markets within the lower Canadian consumer cannabis segment to prioritize higher-margin global medical cannabis [7] - A divestiture of the lower-margin plant propagation operations is planned to allocate capital more effectively and improve profitability [7] - The company aims to enhance its leadership position in global medical cannabis by solidifying its market presence in Canada, Europe, Australia, and New Zealand, while exploring new markets [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive position in the global medical cannabis market, projecting significant growth opportunities [4][23] - The company anticipates annual global medical cannabis net revenue to increase to between CAD 269 million and CAD 281 million, driven by 10%-15% growth in the segment [21][22] - Management acknowledged potential headwinds in some markets but remains optimistic about the overall growth trajectory [55] Other Important Information - The company filed a prospectus supplement to establish a new At-the-Market equity program, allowing it to issue and sell up to $100 million of common shares [8] - The company is committed to maintaining high-quality standards in its products, with 90% of annual manufacturing capacity produced in GMP-certified facilities [6] Q&A Session Summary Question: Follow-up on the select market exit in Canada - Management indicated that exiting these markets will be beneficial to overall financial results and will allow for resource reallocation to international markets [25][27] Question: Impact of premiumization strategy in Australia - Management stated that the shift towards premium products is not disruptive and is expected to enhance margins [29][30] Question: Strategic decision to exit plant propagation - Management emphasized the focus on global medical cannabis as the most profitable area and the rationale behind divesting the plant propagation business [37][39] Question: Contribution of plant propagation to EBITDA - Management noted that the financial results of the plant propagation business will be treated as discontinued operations going forward [40] Question: Navigating regulatory changes in Poland - Management highlighted the company's strong relationships with regulators and its ability to adapt to changes in the regulatory environment [42][43] Question: Clarity on global medical cannabis revenue guidance - Management clarified that the guidance reflects total revenue, including the impact of the divestiture of Bevo [48][49] Question: Reasons for higher wholesale gross margins compared to consumer cannabis - Management explained that the consumer cannabis market is tight, leading to lower margins, while wholesale products are less available globally due to regulatory requirements [56][57] Question: Potential assets for M&A - Management expressed interest in cultivation capacity and other aspects of global medical cannabis, remaining opportunistic with the funds raised [61][62] Question: Supply chain and cultivation capacity - Management confirmed that nearly all products sold are produced in-house, with a focus on maintaining high-quality GMP flower [75][78]

Financial Data and Key Metrics Changes - Net revenue increased by 7% to CAD 94.2 million, supported by a record 12% growth in global medical cannabis revenue [16][17] - Adjusted gross margin rose by 100 basis points to 62%, with adjusted gross profit reaching CAD 55.6 million, a 6% increase [16][17] - Adjusted EBITDA was CAD 18.5 million, and adjusted net income was CAD 7.2 million, reflecting strong profitability [5][17] - Free cash flow was CAD 15.5 million, with a strong balance sheet showing CAD 154 million in cash and no cannabis business-related debt [5][17] Business Line Data and Key Metrics Changes - Medical cannabis net revenue rose by 12% to CAD 76.2 million, comprising 81% of total net revenue, compared to 77% in the prior year [17][18] - Consumer cannabis net revenue decreased by 48% to CAD 5.2 million, attributed to a strategic shift towards higher-margin global medical cannabis [18] - Plant propagation net revenue increased by 27% to CAD 11.3 million, but adjusted gross margin fell to 16% due to increased costs [18][19] Market Data and Key Metrics Changes - International medical cannabis revenue grew by 17%, with Germany being a primary driver of this growth [4][17] - The Australian market is projected to become a AUD 1 billion opportunity, with efforts to shift sales towards premium products [11] - In Poland, the company maintained its number one position in market share, benefiting from increased annual import limits [12][13] Company Strategy and Development Direction - The company is focusing on exiting select markets within the lower Canadian consumer cannabis segment to prioritize higher-margin global medical cannabis [7][15] - A divestiture of the lower-margin plant propagation operations is planned to enhance profitability and streamline operations [7][39] - The company aims to expand its leadership in global medical cannabis, reinforcing its presence in Canada, Europe, Australia, and New Zealand [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the global medical cannabis market, projected to surpass $9 billion [23] - The company is adapting to regulatory changes in markets like Germany and Poland, ensuring continued access to high-quality medical cannabis [10][42] - Future guidance anticipates annual global medical cannabis net revenue to increase to between CAD 269 million and CAD 281 million, driven by 10%-15% growth [21][22] Other Important Information - The company filed a prospectus supplement for a new At-the-Market equity program, allowing the issuance of up to $100 million in common shares for strategic purposes [8] - The company maintains a strong competitive position due to its regulatory certifications and GMP manufacturing capabilities [6][10] Q&A Session Summary Question: Follow-up on the select market exit in Canada - Management indicated that exiting these markets will be beneficial to overall financial results, reallocating resources to higher-margin international markets [25][26] Question: Impact of premiumization strategy in Australia - Management stated that the shift towards premium products is not disruptive and is expected to enhance margins [29][30] Question: Strategic decision to exit plant propagation - The focus remains on global medical cannabis, with divestiture seen as a way to allocate resources more effectively [37][39] Question: Clarification on global medical cannabis revenue guidance - Management clarified that the guidance reflects total revenue, including the impact of the divestiture of Bevo [47][48] Question: Supply chain and cultivation capacity - Management confirmed that the majority of products sold are produced in-house, with a focus on maintaining GMP standards [76][78]

INVESTOR PRESENTATION FY26 Q3 February 2026 Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information contained in this presentation constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "in ...

AURORA CANNABIS INC. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and nine months ended December 31, 2025 and 2024 (in Canadian Dollars) AURORA CANNABIS INC. Interim Condensed Consolidated Statements of Financial Position (Unaudited) | ($ thousands) | Note | December 31, 2025 | March 31, 2025 | | --- | --- | --- | --- | | | | $ | $ | | Assets | | | | | Current assets | | | | | Cash and cash equivalents | | 56,363 | 137,921 | | Restricted cash | 10, 2(c) | 45,987 | 47,407 | | ...

Core Viewpoint - Aurora Cannabis Inc. has announced the establishment of a new at-the-market offering program allowing the issuance and sale of up to U.S.$100 million of common shares to the public at the company's discretion [1]. Group 1: Offering Details - The net proceeds from the offering will be used for strategic and accretive purposes, including increased cultivation capacity and mergers and acquisitions (M&A) [2]. - Common shares will be sold through "at-the-market distributions" on the NASDAQ or other U.S. marketplaces at the prevailing market price, with no sales occurring in Canada [3]. - The sales will be conducted under a sales agreement with TD Securities (USA) LLC dated February 4, 2026 [4]. Group 2: Regulatory Filings - A prospectus supplement has been filed with securities commissions in Canada (excluding Quebec) and with the U.S. Securities and Exchange Commission (SEC) as part of the company's registration statement under the U.S./Canada Multijurisdictional Disclosure System [5]. Group 3: Company Overview - Aurora Cannabis is a global leader in medical cannabis, focusing on improving lives through scientific expertise and a commitment to patient care, serving both medical and consumer markets across multiple regions [7]. - The company has a portfolio of trusted brands and holds a controlling interest in Bevo Farms Ltd., a leading supplier of propagated agricultural plants [7].

NASDAQ | TSX: ACB EDMONTON, AB, Feb. 4, 2026 /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 third quarter 2026 period ending December 31, 2025. 11 1 "Aurora has established a commanding leadership position within the rapidly expanding, high margin, global medical cannabis market. We achieved record quarterly net revenue of $76.2 million in our globa ...

Group 1: Market Overview - Cannabis stocks to watch include Tilray Brands, Canopy Growth, Aurora Cannabis, Silver Spike Investment, and Cronos Group, identified by MarketBeat's stock screener tool [2] - Cannabis stocks are characterized by higher regulatory and legal risks, and they tend to be more volatile than the broader market due to changing laws and consumer demand [2] Group 2: Company Profiles - **Tilray Brands (TLRY)**: Engages in research, cultivation, processing, and distribution of medical cannabis, operating in multiple countries including Canada, Australia, and Germany [3] - **Canopy Growth (CGC)**: Involved in the production, distribution, and sale of cannabis and hemp-based products, primarily in the U.S., Canada, and Germany, with operations segmented into Canada Cannabis and International Markets Cannabis [3] - **Aurora Cannabis (ACB)**: Produces and sells cannabis products in Canada and internationally, operating through Canadian Cannabis, European Cannabis, and Plant Propagation segments [4] - **Silver Spike Investment (SSIC)**: A specialty finance company that invests in the cannabis ecosystem through direct loans and equity ownership of privately held cannabis companies [4] - **Cronos Group (CRON)**: Engages in the cultivation and marketing of cannabis products in Canada, Israel, and Germany, offering a variety of products under several brands [5]

Core Insights - Aurora Cannabis Inc. has been granted community plant variety rights by the EU for two proprietary cannabis varieties, enhancing its leadership in cannabis genetics and reinforcing its commitment to innovation [1][3] Group 1: Intellectual Property and Innovation - The granted plant variety rights pertain to two Cannabis sativa L varieties named SOT20R07-007 (Farm Gas) and ACB21T044 (Sourdough), which are recognized for their high potency, desirable aromas, and strong performance traits [2][3] - This achievement strengthens Aurora's global genetics portfolio and allows for exclusive control over the commercial production and sale of these varieties across the EU's 27 member states [3][4] Group 2: Market Position and Product Offering - Aurora's cultivars are available to medical patients in multiple countries, including Germany, Poland, the UK, Canada, and Australia, showcasing the company's international reach [2] - The protection of these varieties enhances Aurora's competitive position in Europe, a key market for the company [4] Group 3: Commitment to Quality - The company emphasizes its dedication to advancing its breeding program and developing genetics that set new standards in cannabis cultivation [3] - Aurora's robust genetics platform supports its ability to deliver consistent, reliable, and premium products to the market [4]

Core Insights - President Trump's executive order to reschedule cannabis to Schedule 3 is considered a significant shift in federal cannabis policy, potentially alleviating the burdensome tax regime affecting U.S. cannabis operators for decades [1][2]. Tax Implications - The executive order could lead to the elimination of Section 280E of the Internal Revenue Code, which currently taxes legal cannabis operators as if they were narcotics traffickers, preventing them from deducting any business expenses [2][3]. - Rescheduling cannabis to Schedule 3 would allow U.S. companies to deduct standard operating costs, significantly improving their financial health and cash flow [3]. Market Reaction - The cannabis industry is responding positively to the news, especially after a strong performance in 2025, where the AdvisorShares MSOS ETF outperformed the S&P 500 [4]. - Despite the optimistic outlook, the sector is still viewed as highly volatile, with many institutional investors remaining cautious due to past political inaction [4]. Remaining Challenges - Even with the potential rescheduling, U.S. cannabis companies still face hurdles, such as the inability to list on major exchanges like NASDAQ or NYSE, which is available to Canadian companies [5]. - The industry is also awaiting "safe harbor" provisions for banking, which remain unresolved [5]. Stock Performance - Recent performance data for cannabis stocks and ETFs shows varied results, with AdvisorShares Pure U.S. Cannabis ETF (NYSE:MSOS) leading with a 68.55% increase over six months, while other companies like Tilray Brands Inc. (NASDAQ:TLRY) and Canopy Growth Corp. (NASDAQ:CGC) show mixed performance [7].