Aurora Cannabis Announces Filing of Prospectus Supplement for At-The-Market Offering Program

Aurora Cannabis (NASDAQ: ACB) filed a prospectus supplement on February 4, 2026 establishing an at-the-market offering (ATM) program to issue up to U.S.$100 million of common shares from treasury.

Rhea-AI Summary

Aurora Cannabis (NASDAQ: ACB) filed a prospectus supplement on February 4, 2026 establishing an at-the-market offering (ATM) program to issue up to U.S.$100 million of common shares from treasury. Proceeds are intended for strategic, accretive uses, including increased cultivation capacity and M&A.

Sales will occur via at-the-market distributions on NASDAQ or other U.S. marketplaces and may include privately negotiated transactions; no sales will be made on Canadian stock exchanges. The ATM is governed by a sales agreement with TD Securities (USA) LLC and the prospectus supplement and registration statement are filed in Canada (except Quebec) and with the SEC.

Positive

• Provides up to $100 million in on-demand capital
• Proceeds targeted to cultivation capacity expansion
• Authorized for M&A to support strategic growth
• Flexible sale methods via NASDAQ and private transactions

Negative

• Potential share dilution from up to $100 million issuance
• Sales restricted from Canadian exchanges, limiting domestic liquidity
• Equity issuance could pressure share price if sold into market

Argus Feb 4 session

-7.64% close to close Open Argus

Details

News Market Reaction – ACB

On Feb 4, the day this news came out, ACB closed 7.64% below the previous close.

Data tracked by StockTitan Argus for the Feb 4 session.

Market Context

On Feb 4, the day this news came out, the stock closed 7.6% below the previous close. A negative rea...

Analysis

On Feb 4, the day this news came out, the stock closed 7.6% below the previous close. A negative reaction despite the company’s recent expansion efforts fits a pattern where capital-raising steps introduce dilution concerns. The U.S.$100 million ATM program added potential for incremental share issuance just after R&D and international product news. In such setups, selling pressure can reflect apprehension about how aggressively the program might be used and its impact on existing shareholders’ ownership percentages.

Key Figures

ATM size: U.S.$100 million Base shelf date: February 14, 2025

ATM size

U.S.$100 million

Maximum common shares issuance under new ATM Program

Base shelf date

February 14, 2025

Date of short form base prospectus referenced by ATM supplement

Historical Context

5 past events · Latest: Jan 21

5 events

1. Jan 21

   Earnings call schedule

   24h Move

   +2.1%

   Announced timing for Q3 2026 results release and investor call.

2. Jan 20

   IP/variety rights

   24h Move

   -2.1%

   Granted EU Community Plant Variety Rights for two proprietary strains.

3. Jan 14

   R&D progress update

   24h Move

   +0.5%

   Reported progress on PM2 powdery mildew resistance research and trials.

4. Dec 18

   Product launch Germany

   24h Move

   -3.4%

   Launched Daily Special medical cannabis brand in German market.

5. Dec 11

   Product launch Poland

   24h Move

   +0.4%

   Introduced Black Jelly high-potency medical flower in Poland.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

at-the-market offering program, at-the-market distributions, prospectus supplement, Form F-10, +3 more

7 terms

at-the-market offering program financial

"filed a prospectus supplement establishing a new at-the-market offering program"

An at-the-market offering program lets a company sell newly issued shares directly into the open market at current trading prices through a broker, rather than issuing a large block of stock all at once. It matters to investors because it provides the company a flexible way to raise cash over time, which can dilute existing shares gradually and affect earnings per share and stock price depending on how much and when shares are sold—think of it as a faucet the company can open or close to add supply to the market.

at-the-market distributions regulatory

"made through "at-the-market distributions" as defined in National Instrument 44-102"

Sales of newly issued shares made gradually into the open market at whatever price buyers are currently paying, typically arranged through a broker rather than a single fixed-price offering. Investors should care because these steady sales increase the number of shares outstanding and can dilute existing holders and influence supply and price—similar to a vendor adding more tickets to resale at the current box-office rate, providing flexible funding but potentially easing upward price pressure.

prospectus supplement regulatory

"A prospectus supplement (the "Prospectus Supplement") to the Company's short form"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

Form F-10 regulatory

"as part of the Company's registration statement on Form F-10"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

registration statement regulatory

"as part of the Company's registration statement on Form F-10"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

Multijurisdictional Disclosure System regulatory

"under the U.S./Canada Multijurisdictional Disclosure System"

A multijurisdictional disclosure system is a regulatory framework that lets a company file one set of official documents and have them accepted by regulators in multiple countries, rather than preparing separate filings for each place. For investors, it means faster, more consistent access to a company’s financial reports and material news across borders, reducing delays and making it easier to compare information the way a single, shared form simplifies multiple applications.

TD Securities (USA) LLC financial

"sales agreement dated February 4, 2026 among the Company and TD Securities (USA) LLC"

TD Securities (USA) LLC is a U.S.-registered broker-dealer and investment banking affiliate that helps companies raise capital, buy and sell stocks and bonds, and advises on financial transactions. Think of it as a financial architect and trader that connects buyers and sellers, structures deals, and provides market access; its actions matter to investors because they affect liquidity, pricing, and the availability of new investment opportunities, and because the firm must follow regulatory rules that influence market behavior.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NASDAQ | TSX: ACB

EDMONTON, AB, Feb. 4, 2026 /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian based leading global medical cannabis company, announced today that it has filed a prospectus supplement establishing a new at-the-market offering program (the "ATM Program") that allows the Company to issue and sell up to U.S.$100 million of common shares in the capital of the Company (the "Common Shares") from treasury to the public, from time to time, at the Company's discretion.

The Company intends to use the net proceeds from the Offering for strategic and accretive purposes only, including for increased cultivation capacity and M&A.

Any Common Share sales under the ATM Program will be made through "at-the-market distributions" as defined in National Instrument 44-102 – Shelf Distributions and sold through the NASDAQ Capital Market (the "NASDAQ") or another marketplace in the United States at the prevailing market price at the time of sale. Sales may also be made in privately negotiated transactions. No sales will be made through a stock exchange or stock market in Canada.

Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of a sales agreement dated February 4, 2026 among the Company and TD Securities (USA) LLC.

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. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the ATM Program. Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement and the other documents the Company has filed for more complete information about the Company and the ATM Offering before making an investment decision. Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on SEDAR+ at www.sedarplus.ca and copies of the Prospectus Supplement and the Registration Statement will be available on EDGAR at www.sec.gov.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the Common Shares, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves both medical and consumer markets across Canada, Europe, Australia, and New Zealand, with a strategic focus on high-margin opportunities and a medical-first approach. Aurora's portfolio of trusted, leading brands includes Aurora^®, MedReleaf^®, Pedanios^®, IndiMed™, San Raf^®, Tasty's™, and Whistler Cannabis Co.™. The company also holds a controlling interest in Bevo Farms Ltd., North America's leading supplier of propagated agricultural plants. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™.

Learn more at www.auroramj.com and follow us on X and LinkedIn. Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Information

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements regarding the timing and completion of the ATM Program and the expected use of proceeds of the ATM Program. These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the magnitude and duration of potential new or increased tariffs imposed on goods imported from Canada into the United States; the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and nongovernment consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated June 17, 2025 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.ca and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

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SOURCE Aurora Cannabis Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Aurora Cannabis (ACB) $100 million ATM program mean for shareholders?

It allows the company to raise up to U.S.$100 million by issuing common shares, which may dilute existing holders. According to the company, proceeds will fund cultivation capacity and M&A, potentially supporting growth but increasing share count if fully utilized.

How will Aurora Cannabis (ACB) sell shares under the ATM program and where?

Shares will be sold as at-the-market distributions on U.S. marketplaces like NASDAQ or via private transactions. According to the company, no sales will occur on Canadian stock exchanges and distributions follow the February 4, 2026 sales agreement with TD Securities (USA) LLC.

What will Aurora Cannabis (ACB) use the ATM program proceeds for?

Proceeds are intended for strategic and accretive purposes, including increased cultivation capacity and M&A. According to the company, the net proceeds will be deployed only for those stated strategic initiatives to support operational and business expansion.

Where can investors find Aurora Cannabis (ACB) prospectus details for the ATM offering?

Copies of the prospectus supplement and base shelf prospectus are available on SEDAR+; the registration statement is on EDGAR. According to the company, investors should review those documents for full details before making any investment decision.

Does the Aurora Cannabis (ACB) ATM program involve Canadian stock exchanges?

No, the company will not sell Common Shares via any stock exchange or market in Canada under this ATM program. According to the company, distributions will be made through U.S. marketplaces or in privately negotiated transactions only.