ACBNasdaqMedicinal Chemicals & Botanical ProductsUS GAAP · USD

Aurora Cannabis Inc

Aurora Cannabis Inc. is a Canadian cannabis company focused on medical cannabis products and related patient supply services. It operates across Canada, Europe, Australia, and New Zealand, with manufacturing and distribution assets that support regulated medical markets.

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Development

-1000100200300400m USDTTM 2025: 373 m USDTTM 2025: EBIT -79 m USDTTM373-79
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Medical cannabis flower45 %

Cultivated cannabis products sold into regulated medical markets.

Cannabis oils and extracts20 %

Processed cannabinoid products used by medical patients and dispensary channels.

Branded medical cannabis20 %

Portfolio products sold under Aurora, MedReleaf, Pedanios, IndiMed, San Raf, and Whistler.

Distribution and pharmacy services15 %

Import, distribution, and virtual pharmacy services supporting patient delivery.

Customers

Aurora sells primarily to medical cannabis patients through regulated distribution, pharmacy, and healthcare channels. It also serves medical market intermediaries such as importers, distributors, and licensed pharmacies in countries where the product is dispensed under strict regulatory controls.

Medical cannabis patients

Patients buying prescribed or authorized cannabis products for therapeutic use.

Licensed pharmacies

Pharmacies sourcing regulated cannabis for patient dispensing and fulfillment.

Import and distribution partners

Channel partners that move product through country-specific regulatory systems.

International medical market operators

Businesses buying compliant cannabis supply for regulated overseas markets.

Strategy

Aurora's strategy centers on regulated medical cannabis markets where product quality, GMP certification, and supply chain control matter. It is expanding direct control of distribution and pharmacy access in key markets such as the UK while using its brand portfolio and manufacturing footprint to support international growth.

Strengthen UK medical cannabis distributionShort term

Direct ownership of import, distribution, and pharmacy assets improves control over patient supply and channel economics.

Use GMP-certified manufacturing as a differentiatorMedium term

Regulated markets often require high compliance standards, so certified production supports access and trust.

Broaden international medical market reachMedium term

Diversifying across multiple medical cannabis markets reduces reliance on any single jurisdiction.

Geography

Aurora's business spans Canada, Europe, Australia, and New Zealand, with medical cannabis sales tied to regulated country-by-country market access. The company also has GMP-certified manufacturing in Canada and Germany and uses UK-based distribution and pharmacy assets to reach patients more directly.

Risks

Aurora's business depends on regulated medical cannabis markets, so licensing, import rules, and product compliance can affect access to customers and supply chains. Geographic concentration in country-specific medical channels creates execution risk, while cannabis remains an industry with regulatory uncertainty, pricing pressure, and quality-control requirements.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and licensing dependence1Supply chain and compliance disruption2Cannabis industry pricing pressure3Market concentration in regulated medical channels4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and licensing dependenceImpact: HighLikelihood: High

    Medical cannabis sales require country-specific approvals, import permissions, and pharmacy distribution rules.

    ExposureCanadaEuropeAustraliaNew ZealandUK
  2. Supply chain and compliance disruptionImpact: HighLikelihood: Medium

    The business relies on GMP-certified cultivation, processing, import, and last-mile delivery to patients.

    Exposure: Manufacturing and distribution operations

  3. Cannabis industry pricing pressureImpact: MediumLikelihood: High

    Competition and market maturation can compress pricing in medical cannabis categories.

    Exposure: Branded cannabis products

  4. Market concentration in regulated medical channelsImpact: MediumLikelihood: Medium

    Revenue depends on a relatively limited set of medical cannabis markets and channel partners.

    Exposure: UK and European medical cannabis markets

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Accounting

Judgemental items
Inventory valuation

Cannabis products can lose value through aging, yield changes, or demand shifts, affecting reported cost of sales.

Impact: Gross margin and inventory write-down risk

Revenue recognition

Sales may be recognized at shipment, delivery, or patient fulfillment depending on contract and channel structure.

Impact: Quarterly revenue timing

Impairment of intangibles and facilities

Acquired brands, cultivation sites, and distribution assets may require impairment if expected cash flows weaken.

Impact: Non-cash charges and book value

Non-GAAP adjusted EBITDA

Management uses adjusted EBITDA to present operating performance excluding selected items.

Impact: Comparability with GAAP earnings

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Last updated: 28/09/2026