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 ...

A prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated February 14, 2025 (the "Base Shelf Prospectus") has been filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, except Quebec, and with the U.S. Securities and Exchange Commission (the "SEC") as part of the Company's registration statement on Form F-10 (the "Registration Statement") under the U.S./Canada Multijurisdictional Disclosure System. T ...

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].

Industry Overview - The cannabis sector is experiencing growth despite historical volatility, with expectations for significant developments by 2026 that could benefit shareholders [1][2] - Recent legislative changes in the U.S., including the reversal of the 2018 farm bill and an executive order to reschedule cannabis, have sparked speculation about the future profitability for legal operators [2] Company Highlights - **Cronos Group Inc.**: Engages in the cultivation, production, distribution, and marketing of cannabis products internationally. Recently entered the Netherlands market by acquiring CanAdelaar B.V., the largest cannabis company in the Netherlands, which is seen as a strategic move to expand its footprint in Europe [3][4][5] - **Aurora Cannabis Inc.**: Focuses on the production and distribution of cannabis products. The company has made significant advancements in disease resistance research, moving from research to production trials of cultivars with verified PM2 resistance [6][7][8] - **SNDL Inc.**: Engages in the production and sale of cannabis products for the adult-use market in Canada. Recently received approval for a share repurchase program, allowing the company to repurchase up to C$100 million of its outstanding common shares [9][10]

Core Insights - Aurora Cannabis Inc. has made significant advancements in research related to powdery mildew resistance, reinforcing its leadership in cannabis science [1][2] - The company is transitioning from research to production trials for cultivars with verified PM2 resistance, aiming for commercialization later this year [3][4] Research and Development - Aurora has conducted multiple rounds of genetic crosses to integrate PM2 resistance into elite breeding lines, ensuring that high-performing genetics maintain quality traits essential for patients and consumers [2] - The proprietary genetic marker technology for PM2 was developed at Aurora's research facility, building on previous collaborations with the University of British Columbia and Genome British Columbia [4] Production and Commercialization - The company is validating its research through production trials at the Aurora Ridge manufacturing facility, which is a critical step toward the commercialization of powdery mildew-resistant cultivars [3] - Successful production trials are expected to protect plant health, reduce operational costs, and improve product quality, with plans to commercialize these cultivars later this year [4] Industry Position and Innovation - Aurora is committed to pushing the boundaries of cannabis science by integrating advanced breeding techniques with rigorous research, setting new standards for quality and efficiency [5] - The company holds patent-pending intellectual property in multiple regions, including Canada, the United States, Europe, Australia, New Zealand, and Israel [5]

Core Viewpoint - Pot Inc. is lobbying the Trump administration, arguing that Wall Street is obstructing the implementation of the president's executive order that classifies marijuana as a medical drug [1][6]. Group 1: Executive Order and Banking Issues - The Trump executive order reclassifies marijuana from a Schedule 1 drug to a Schedule 3 drug, similar to Tylenol with codeine, but does not grant banks the authority to provide services to the marijuana industry [2][4]. - Major banks, including JPMorgan, Bank of America, and Citigroup, have expressed that they cannot support the marijuana industry until it is formally classified as a Schedule III drug and the law changes [4][5]. - The U.S. Attorney General Pam Bondi has yet to finalize the executive order, which is necessary for full implementation [4]. Group 2: Market Potential and Advocacy - The recreational marijuana market, which includes products like joints and gummies, is not addressed in the executive order, leading to concerns from bankers about their ability to support this segment [3][4]. - Marc Cohodes, a former hedge fund manager, argues that banks are misinterpreting the executive order and emphasizes the need for banking services in the medical marijuana sector, which is projected to be a $35 billion market [10][14]. - Pot Inc. is a $60 billion industry, and advocates believe that the reclassification will lead to significant growth opportunities for dispensaries and related businesses [14][15]. Group 3: Exchange Listings and Regulatory Challenges - Current policies of major U.S. stock exchanges, such as NYSE and Nasdaq, prevent the listing of U.S. marijuana companies, although Canadian companies are listed due to their foreign domicile [5][7]. - The inability to access banking services poses significant hurdles for marijuana companies in their expansion plans, as banking is heavily regulated at the federal level [15].

Core Insights - Aurora Cannabis (ACB) is navigating a changing regulatory environment as the Trump administration considers reclassifying marijuana, which could have mixed financial implications across the industry [1] - Despite positive regulatory developments, ACB stock has declined over 5% in the past month, indicating that investors are focusing more on company-specific fundamentals than on broader sector trends [1] Company Fundamentals - Aurora Cannabis is primarily growing through its medical cannabis segment, which accounted for 72% of total revenues, with medical cannabis revenues increasing nearly 25% year over year to C$135.3 million for the six months ending March 2026 [3][4][11] - The growth in medical cannabis sales was driven by international markets such as Australia, Germany, Poland, and the UK, as well as increased revenues from insurance-covered and self-paying patients in Canada [4] - Adjusted EBITDA rose 92% year over year to C$26.2 million for the six months ended September 2025, reflecting the operating leverage in Aurora's medical-focused model [6][11] - Aurora anticipates continued growth in international medical cannabis sales in the fiscal third quarter, supported by new product launches and market expansion initiatives, and expects to generate positive cash flow during the quarter [7] Consumer Cannabis Segment - The consumer cannabis business is under pressure due to persistent price compression and intense competition in Canada's adult-use market, which has negatively impacted revenues and margins [8] - In response, Aurora is scaling back its low-margin recreational products and focusing on higher-value opportunities, particularly GMP-certified medical cannabis, which offers better margins and earnings visibility [9][10] - This strategic shift emphasizes profitability over volume, aiming to stabilize earnings and reduce reliance on the challenging recreational market [10] Competitive Landscape - Aurora operates in a competitive market with limited growth opportunities, facing competition from peers like Canopy Growth (CGC) and Tilray Brands (TLRY), both of which are also pursuing international expansion and cost efficiency [12] - As Aurora expands in regulated medical cannabis markets, competitive responses from CGC and TLRY are expected to intensify, potentially leading to aggressive moves and further consolidation in the sector [13] Stock Performance & Valuation - ACB stock has outperformed the industry over the past year, although loss per share estimates for fiscal 2026 remain unchanged at 80 cents, while estimates for 2027 have widened from 13 cents to 26 cents [14][16] - The mixed valuation signals and the widening loss estimates suggest a cautious outlook from analysts regarding the sustainability of earnings momentum beyond the near term [18] - Investors may consider holding off on initiating or adding to positions until Aurora reports its fiscal fourth-quarter results, maintaining a cautious approach towards this Zacks Rank 3 (Hold) stock [18]