Aurora Cannabis quarterly loss narrows to C$21.1M

Organigram's proposed acquisition offers cash, stock or a prorated combination, with completion expected in January 2027 subject to approvals.

Available on EDGAR 11/05/2026 - 07:06 AM EST Accepted by SEC EDGAR 11/05/2026 - 07:05 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Aurora Cannabis Inc. reported C$86.0 million of net revenue and a C$21.1 million net loss from continuing operations for the three months ended September 30, 2026. Net revenue was C$78.8 million a year earlier, while the continuing-operations loss was C$27.2 million. Gross profit before fair value adjustments rose to C$43.9 million from C$36.6 million, but adjusted EBITDA declined to C$14.0 million from C$15.4 million.

For the six months, net revenue was C$153.6 million versus C$152.9 million and adjusted EBITDA was C$17.4 million versus C$26.2 million. Net cash used in operating activities from continuing operations was C$19.4 million, compared with C$30.3 million. Aurora acquired Safari Flower Company, and Internode Pharma Limited and HAP Pharma Limited; the latter acquisition had C$4.3 million in total consideration.

On November 3, 2026, Aurora and Organigram announced an arrangement agreement under which Organigram would acquire each issued and outstanding Aurora common share for C$7.80 cash, 5.8626 Organigram shares, or C$3.75 cash plus 3.0431 shares, subject to proration. Completion is expected in January 2027, subject to shareholder, court and regulatory approvals and other customary closing conditions.

3 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 1 point

How the balance works

Positive

• Moderate pointQuarterly net revenue rose to C$86.0 million from C$78.8 million.
• Moderate pointContinuing-operations loss narrowed to C$21.1 million from C$27.2 million.
• Moderate pointContinuing-operations cash use declined to C$19.4 million from C$30.3 million.

Negative

• Moderate pointSix-month adjusted EBITDA fell to C$17.4 million from C$26.2 million.

Key Figures

Net revenue: C$86.0 million Gross profit before fair value adjustments: C$43.9 million Net loss from continuing operations: C$21.1 million loss +4 more

7 metrics

Net revenue C$86.0 million Three months ended September 30, 2026; C$78.8 million for the same period in 2025

Gross profit before fair value adjustments C$43.9 million Three months ended September 30, 2026; C$36.6 million for the same period in 2025

Net loss from continuing operations C$21.1 million loss Three months ended September 30, 2026; C$27.2 million loss for the same period in 2025

Adjusted EBITDA C$14.0 million Three months ended September 30, 2026; C$15.4 million for the same period in 2025

Adjusted EBITDA C$17.4 million Six months ended September 30, 2026; C$26.2 million for the same period in 2025

Net cash used in operating activities from continuing operations C$19.4 million Six months ended September 30, 2026; C$30.3 million for the same period in 2025

Arrangement consideration per Aurora common share C$7.80 cash; 5.8626 Organigram shares; or C$3.75 cash plus 3.0431 Organigram shares Organigram arrangement announced November 3, 2026; consideration options are subject to proration

Key Terms

Adjusted EBITDA, fair value adjustments, contingent consideration, net realizable value, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA was $14.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

fair value adjustments financial

"Gross profit before fair value adjustments"

Adjustments made in a company's financial records to update the reported value of assets or liabilities so they reflect current estimated worth instead of original purchase cost. They matter to investors because these bookkeeping updates can change reported profit, net worth and perceived risk—like re-tagging items in a store when market prices shift—so they affect valuation, comparisons between firms, and buy/sell decisions.

contingent consideration financial

"contingent consideration was remeasured to $2.0 million"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

net realizable value financial

"inventory provisions and net realizable value adjustments"

Net realizable value is the estimated amount a company expects to receive from selling an asset—typically inventory or a receivable—after subtracting any costs needed to finish, sell, or collect it. For investors it shows whether assets on the balance sheet are likely to convert into cash at their stated value, much like estimating how much you’d actually get from a garage sale after cleaning and listing fees; large gaps can signal future write-downs or weaker earnings.

statutory plan of arrangement regulatory

"structured as a statutory plan of arrangement"

A statutory plan of arrangement is a formal, court‑approved legal process companies use to reorganize, merge, buy or change the rights of shareholders and creditors. Think of it like a referee‑backed roadmap that stakeholders vote on and a judge signs off so the deal can bind everyone, even those who disagree; investors care because it can change ownership, share value, voting rights and timelines for receiving cash or new securities.

FAQ

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

What did ACB report for the quarter ended September 30, 2026?

ACB reported C$86.0 million in net revenue and a C$21.1 million net loss from continuing operations. Adjusted EBITDA was C$14.0 million, compared with C$15.4 million a year earlier.

What are the terms of Organigram's proposed acquisition of ACB?

Organigram would acquire each issued and outstanding Aurora common share for C$7.80 cash, 5.8626 Organigram shares, or C$3.75 cash plus 3.0431 Organigram shares, subject to proration. Completion is expected in January 2027, subject to shareholder, court and regulatory approvals and other customary closing conditions.

How much ACB restricted cash is expected to become unrestricted?

Approximately C$46.7 million held within the segregated cell is expected to become unrestricted and be reclassified to cash and cash equivalents when the wind-up is completed. The wind-up is expected to be completed during the third quarter of fiscal 2027.

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

Form 6-K: How Foreign Companies Report to the SEC →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File No. 001-38691 

AURORA CANNABIS INC.

(Translation of registrant’s name into English)

2207 90B St. SW

Edmonton, Alberta T6X 1V8

Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F 

Form 20-F  ☐            Form 40-F  ☒

INCORPORATION BY REFERENCE

Each of Exhibit 99.1 and 99.2 to this Form 6-K is hereby filed and incorporated by reference into the registrant’s Registration Statements on Form F-10 (File No. 333-284958) and on Form S-8 (File No. 333-282253).

SUBMITTED HEREWITH

Exhibits			Description
99.1			Condensed Consolidated Interim Financial Statements for the three and six months ended September 30, 2026 and 2025
99.2			Interim Management’s Discussion and Analysis for the three and six months ended September 30, 2026 and 2025
99.3			Certification of Chief Executive Officer
99.4			Certification of Chief Financial Officer

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AURORA CANNABIS INC.

/s/ Miguel Martin
Miguel Martin

Chief Executive Officer

Date: November 5, 2026

AURORA CANNABIS INC.

Interim Condensed Consolidated Financial Statements

(Unaudited)

For the three and six months ended September 30, 2026 and 2025

(in Canadian Dollars)

Table of Contents

Interim Condensed Consolidated Statements of Financial Position			3
Interim Condensed Consolidated Statements of Loss and Comprehensive Loss			4
Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity			6
Interim Condensed Consolidated Statements of Cash Flows			7
Notes to the Interim Condensed Consolidated Financial Statements

Note 1

Nature of Operations

8

Note 8

Property, Plant and Equipment

13

Note 2

Basis of Presentation and Measurement

8

Note 9

Share Capital

14

Note 3

Business Combination and Asset Acquisition

9

Note 10

Share-Based Compensation

14

Note 4

Discontinued Operations

10

Note 11

Loss Per Share

17

Note 5

Biological Assets

11

Note 12

Segmented Information

18

Note 6

Inventory

11

Note 13

Supplemental Cash Flow Information

19

Note 7

Assets Held for Sale

12

Note 14

Fair Value of Financial Instruments

20

Note 15

Subsequent Event

21

AURORA CANNABIS INC.

Interim Condensed Consolidated Statements of Financial Position

(Unaudited)

($ thousands)			Note			September 30, 2026			March 31, 2026
						$			$
Assets
Current assets
Cash and cash equivalents						65,889			64,690
Restricted cash			13			49,409			47,791
Short-term investments						17,730			52,213
Accounts receivable						54,928			44,578
Biological assets			5			21,696			20,213
Inventory			6			162,148			154,862
Prepaids and other current assets						10,181			11,120
Assets held for sale			7			1,417			1,986
						383,398			397,453
Property, plant and equipment			8			149,373			123,688
Long-term investments						11,533			12,113
Deposits and other long-term assets						2,074			3,618
Lease receivable						2,823			3,665
Intangible assets			3			36,678			31,441
Goodwill						27,730			26,651
Deferred tax assets						1,524			2,458
Total assets						615,133			601,087
Liabilities
Current liabilities
Accounts payable and accrued liabilities						59,111			50,592
Income taxes payable						6,273			6,959
Deferred revenue						—			1,270
Lease liabilities - current portion						6,097			5,729
Contingent consideration payable			3(b)			1,914			—
Provisions						3,244			2,380
						76,639			66,930
Lease liabilities						15,338			18,130
Derivative liabilities			10(e)			4,417			3,697
Other long-term liabilities						323			498
Total liabilities						96,717			89,255
Shareholders’ equity
Share capital			9			7,038,209			7,007,226
Contributed surplus						159,631			160,108
Accumulated other comprehensive loss						(212,433)			(213,594)
Accumulated deficit						(6,466,991)			(6,441,908)
Total shareholders’ equity						518,416			511,832
Total liabilities and shareholders’ equity						615,133			601,087

See accompanying notes to these interim condensed consolidated financial statements.

3

AURORA CANNABIS INC.

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

(Unaudited)

						Three months ended September 30,						Six months ended September 30,
($ thousands)			Note			2026			2025(1)			2026			2025(1)
						$			$			$			$
Revenue						89,180			84,734			159,937			165,242
Excise taxes						(3,159)			(5,925)			(6,362)			(12,357)
Net revenue			12			86,021			78,809			153,575			152,885
Cost of sales			6			42,117			42,210			80,479			77,437
Gross profit before fair value adjustments						43,904			36,599			73,096			75,448
Loss on changes in fair value of inventory and biological assets sold			5, 6			34,454			38,610			66,726			70,047
Gain on changes in fair value of biological assets			5			(28,098)			(33,155)			(66,800)			(59,271)
Gross profit						37,548			31,144			73,170			64,672
Operating expenses
General and administration						30,267			26,294			54,869			53,166
Sales and marketing						17,843			14,304			33,434			28,759
Business development costs			3(a)			1,713			321			3,302			682
Research and development						910			904			1,851			1,733
Depreciation and amortization			8			1,109			1,379			2,046			2,146
Share-based compensation			10			3,640			4,969			4,333			7,155
						55,482			48,171			99,835			93,641
Other income (expenses)
Interest and other income						1,252			2,093			2,493			3,916
Finance and other costs						(330)			(419)			(794)			(905)
Foreign exchange gain (loss)						(936)			3,755			1,945			3,669
Other gains (losses)			3(a)			(1,549)			732			(106)			1,166
Impairment of property, plant and equipment						—			(525)			—			(525)
Impairment of intangible assets and goodwill						—			(13,186)			—			(13,186)
						(1,563)			(7,550)			3,538			(5,865)
Loss before income tax (expense) recovery						(19,497)			(24,577)			(23,127)			(34,834)
Income tax (expense) recovery
Current						(479)			(406)			(981)			(233)
Deferred, net						(1,074)			(2,199)			(975)			(2,301)
						(1,553)			(2,605)			(1,956)			(2,534)
Net loss from continuing operations						(21,050)			(27,182)			(25,083)			(37,368)
Net loss from discontinued operations, net of tax			4			—			(25,867)			—			(35,546)
Net loss						(21,050)			(53,049)			(25,083)			(72,914)

(1) Adjusted for discontinued operations (Note 4).

See accompanying notes to these interim condensed consolidated financial statements.

4

AURORA CANNABIS INC.

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

(Unaudited)

						Three months ended September 30,						Six months ended September 30,
($ thousands)			Note			2026			2025(1)			2026			2025(1)
						$			$			$			$
Net loss from continuing operations						(21,050)			(27,182)			(25,083)			(37,368)
Net loss from discontinued operations, net of tax			4			—			(25,867)			—			(35,546)
Net loss						(21,050)			(53,049)			(25,083)			(72,914)
Other comprehensive gain (loss) that may be reclassified to net loss
Foreign currency translation gain (loss)						1,281			(94)			1,161			(779)
Total other comprehensive gain (loss)						1,281			(94)			1,161			(779)
Comprehensive loss from continuing operations						(19,769)			(27,276)			(23,922)			(38,147)
Comprehensive loss from discontinued operations			4			—			(25,867)			—			(35,546)
Comprehensive loss						(19,769)			(53,143)			(23,922)			(73,693)
Net loss from continuing operations attributable to:
Common shareholders						(21,050)			(27,182)			(25,083)			(37,368)
Non-controlling interests						—			—			—			—
Net loss from discontinued operations attributable to:			4
Common shareholders						—			(24,292)			—			(29,315)
Non-controlling interests						—			(1,575)			—			(6,231)
Comprehensive loss attributable to:
Common shareholders						(19,769)			(51,568)			(23,922)			(67,462)
Non-controlling interests						—			(1,575)			—			(6,231)
Net loss per share - basic
Continuing operations			11			(0.32)			(0.48)			(0.40)			(0.66)
Discontinued operations			11			—			(0.43)			—			(0.52)
Total operations			11			(0.32)			(0.91)			(0.40)			(1.18)
Net loss per share - diluted
Continuing operations			11			(0.32)			(0.48)			(0.40)			(0.66)
Discontinued operations			11			—			(0.43)			—			(0.52)
Total operations			11			(0.32)			(0.91)			(0.40)			(1.18)

(1) Adjusted for discontinued operations (Note 4).

See accompanying notes to these interim condensed consolidated financial statements.

5

AURORA CANNABIS INC.

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

						Share Capital
($ thousands)			Note			Common Shares			Amount																					Contributed Surplus																		Accumulated Other Comprehensive Loss			Accumulated Deficit						Total
						#			$																					$																		$			$						$
Balance, March 31, 2026						58,947,593			7,007,226																					160,108																		(213,594)			(6,441,908)						511,832
Shares issued for business combination			3(a)			2,417,180			11,627																					—																		—			—						11,627
Shares issued through equity financing			9(b)			3,929,524			16,965																					(489)																		—			—						16,476
Share issuance costs			9(b)			—			(661)																					—																		—			—						(661)
Shares issued under share-based compensation plans			10			450,514			3,052																					(3,052)																		—			—						—
Share-based compensation			10			—			—																					3,064																		—			—						3,064
Comprehensive gain (loss)						—			—																					—																		1,161			(25,083)						(23,922)
Balance, September 30, 2026						65,744,811			7,038,209																					159,631																		(212,433)			(6,466,991)						518,416

						Share Capital
($ thousands)			Note			Common Shares			Amount																					Contributed Surplus																		Accumulated Other Comprehensive Loss			Accumulated Deficit			Non-Controlling Interests (Note 4)			Total
						#			$																					$																		$			$			$			$
Balance, March 31, 2025						56,234,231			6,991,154																					158,970																		(215,208)			(6,367,745)			41,420			608,591
Share issuance costs						—			(89)																					—																		—			—			—			(89)
Exercise of stock options						17,974			210																					(74)																		—			—			—			136
Shares issued under share-based compensation plans			10			323,092			3,823																					(3,823)																		—			—			—			—
Share-based compensation			10			—			—																					3,680																		—			—			—			3,680
Put option liability						—			—																					—																		—			28,475			—			28,475
Comprehensive loss						—			—																					—																		(779)			(66,683)			(6,231)			(73,693)
Balance, September 30, 2025						56,575,297			6,995,098																					158,753																		(215,987)			(6,405,953)			35,189			567,100

See accompanying notes to these interim condensed consolidated financial statements.

6

AURORA CANNABIS INC.

Interim Condensed Consolidated Statements of Cash Flows

(Unaudited)

									Six months ended September 30,
($ thousands)			Note									2026			2025 (1)
												$			$
Operating activities
Net loss from continuing operations												(25,083)			(37,368)
Adjustments for non-cash items:
Unrealized gain on changes in fair value of biological assets			5									(66,800)			(59,271)
Changes in fair value of inventory and biological assets sold			5, 6									66,726			70,047
Depreciation of property, plant and equipment												7,204			7,581
Amortization of intangible assets												635			201
Share-based compensation			10									4,333			7,155
Impairment of property, plant and equipment												—			525
Impairment of intangible assets and goodwill												—			13,186
Net interest accrual and accretion												(242)			(951)
Deferred tax expense												975			2,301
Other losses (gains)			3(a)									106			(88)
Foreign exchange gain												(1,944)			(3,940)
Deferred compensation amortization												1,902			1,902
Net cash provided by (used in) operating activities from continuing operations before changes in non-cash working capital												(12,188)			1,280
Changes in non-cash working capital			13									(7,204)			(31,609)
Net cash used in operating activities from continuing operations												(19,392)			(30,329)
Net cash provided by operating activities from discontinued operations												—			51
Net cash used in operating activities												(19,392)			(30,278)
Investing activities
Purchase of property, plant and equipment and intangible assets												(11,763)			(11,579)
Proceeds from disposal of property, plant and equipment			7, 8									2,236			751
Proceeds from sale of short-term investments												34,856			—
Changes in restricted cash			13									112			816
Acquisition of business, net of cash acquired			3(a)									(14,842)			—
Asset acquisition			3(b)									(2,359)			—
Net cash provided by (used in) investing activities from continuing operations												8,240			(10,012)
Net cash provided by investing activities from discontinued operations												—			197
Net cash provided by (used in) investing activities												8,240			(9,815)
Financing activities
Net principal payments of lease liabilities												(2,553)			(2,440)
Proceeds from issuance of Common Shares			9(b)									16,965			—
Share issuance costs			9(b)									(661)			—
Proceeds from stock option exercise												—			30
Net cash provided by (used in) financing activities from continuing operations												13,751			(2,410)
Net cash used in financing activities from discontinued operations												—			(2,528)
Net cash provided by (used in) financing activities												13,751			(4,938)
Effect of foreign exchange on cash and cash equivalents												(1,400)			2,799
Increase (decrease) in cash and cash equivalents												1,199			(42,232)
Cash and cash equivalents, beginning of period												64,690			137,921
Cash and cash equivalents, end of period												65,889			95,689

(1) Adjusted for discontinued operations (Note 4).

See accompanying notes to these interim condensed consolidated financial statements.

7

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 1    Nature of Operations

Aurora Cannabis Inc.’s (the “Company” or “Aurora”) principal strategic business lines are focused on the production, distribution and sale of medical cannabis products in Canada and internationally. The Company currently conducts the following key business activities in the jurisdictions specified below:

•Production, distribution and sale of medical cannabis products and, on a very limited basis, consumer cannabis products in Canada, pursuant to the Cannabis Act;

•Production and distribution of wholesale medical cannabis in the European Union (“EU”) pursuant to the German Medicinal Products Act and German Narcotic Drugs Act; and

•Distribution of wholesale medical cannabis in various international markets, including Australia and New Zealand.

The Company’s head office and principal address is 2207 90B St. SW, Edmonton, Alberta, Canada, T6X 0J9. The Company’s registered and records office address is Suite 1700, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8.

The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “ACB”, and on the Frankfurt Stock Exchange (“FSE”) under the trading symbol “21P”.

Note 2    Basis of Presentation and Measurement

The Company’s unaudited interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data. The accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with those used in the annual audited consolidated financial statements for the year ended March 31, 2026.

The interim condensed consolidated financial statements do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended March 31, 2026.

Discontinued operations (Note 4) have been reclassified in the interim condensed consolidated statements of loss and comprehensive loss to conform to current year presentation.

These interim condensed consolidated financial statements were authorized for issue by the Audit Committee of the Board of Directors on November 4, 2026.

(a)    Material Accounting Policies and Judgments

Preparation of these interim condensed consolidated financial statements requires management to make certain judgments, estimates and assumptions based on existing knowledge that affect the application of accounting policies and reported amounts and disclosures. Actual results could differ from these estimates and assumptions. Management has, to the extent reasonable, incorporated known facts and circumstances into estimates made, however actual results could differ from those estimates and those differences could be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

(b)    Adoption of New Accounting Pronouncements

On April 1, 2026, the Company adopted the amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, relating to the classification and measurement requirements of financial instruments recognized within those standards. These amendments include, among others:

•Clarifying that a financial liability is to be derecognized on the 'settlement date' and introducing an accounting policy choice to derecognize financial liabilities settled through an electronic payment system before settlement date if certain conditions are met; and

•Requiring additional disclosures for financial assets and liabilities with contractual terms that reference a contingent event and equity instruments classified at fair value through other comprehensive income.

The Company uses the settlement date to derecognize financial liabilities for electronic payments and therefore, the amendment did not have an impact on adoption. The other amendments also did not have an impact upon adoption.

(c)    New Accounting Pronouncements Not Yet Adopted

IFRS 18, Presentation and Disclosures in Financial Statements (“IFRS 18”), replaces IAS 1, Presentation of Financial Statements for reporting periods beginning on or after January 1, 2027, including for interim financial statements with retrospective application. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals.

Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. The Company intends to adopt IFRS 18 upon

8

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

its mandatory effective date and is currently assessing the impact of IFRS 18 on its consolidated financial statements. The Company expects that its consolidated statements of loss and comprehensive loss will require further disaggregation, including the addition of new subtotals not currently presented and the potential for additional categories of operating expenses requiring disclosure on the face of the consolidated statements of loss and comprehensive loss. The Company also expects its consolidated statements of cash flows will be impacted by the application of IFRS 18, since it applies the indirect method for presenting its consolidated statements of cash flows, whereby net income will no longer be the starting point, which is expected to be replaced by operating profit. Further, management will be required to disclose in the notes to the consolidated financial statements certain performance measures currently disclosed and reconciled in the Company’s management’s discussion and analysis.

Note 3     Business Combination and Asset Acquisition

(a) Safari Flower Company

On April 14, 2026 (the “acquisition date”), a wholly-owned subsidiary of the Company acquired 100% of the shares of Safari Flower Company (“Safari”). The purchase consideration comprises cash consideration of $15.0 million, subject to customary post-closing adjustments, and the issuance of 2,417,180 Common Shares with a fair value on the acquisition date of $11.6 million. Included in the cash consideration is $2.0 million that was contingent upon satisfying European Union Good Manufacturing Practice ("EU-GMP") certification conditions, or was otherwise repayable to the Company. The acquisition of Safari provides the Company with incremental EU-GMP certified cultivation and manufacturing capacity that is closely aligned with its existing operations. The additional capacity will be used to supply EU-GMP certified flower to the Company’s key international markets, including Germany, Australia, Poland, and the United Kingdom, and support further market expansion.

The acquisition has been accounted for as a business combination, and the results of Safari have been consolidated with those of the Company, commencing on the acquisition date.

Transaction costs of $1.0 million were expensed to business development costs in the interim condensed consolidated statements of loss and comprehensive loss and are part of operating cash flows in the interim condensed consolidated statements of cash flows.

The following table sets forth the provisional calculation of the purchase price and the provisional allocation of the purchase price based on the estimated fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. The purchase consideration and certain elements of the purchase price allocation are provisional pending finalization of customary post-closing adjustments, including a working capital adjustment.

Provisional purchase consideration
									$
Cash consideration (1)									13,103
Common shares issued									11,627
Total fair value of consideration									24,730
Provisional purchase price allocation
Cash and cash equivalents									158
Accounts receivable									293
Biological assets									585
Inventory									917
Prepaid expenses and other current assets									526
Property, plant and equipment									22,517
Intangible asset (2)									800
									25,796
Accounts payable and accrued liabilities									1,019
Deferred tax liability									47
Total identifiable net assets at fair value									24,730
Net cash outflows
Cash consideration paid (1)									15,000
Cash and cash equivalents acquired									(158)
Acquisition of business, net of cash acquired									14,842

1.Cash consideration paid of $15.0 million is subject to a customary post-closing working capital adjustment, which was provisionally determined to be a reduction of $0.7 million and recognized in accounts receivable in the interim condensed consolidated statements of financial position as at September 30, 2026.

In respect of the $2.0 million contingent cash consideration, the fair value of the contingent consideration was determined to be $0.7 million based on the Company’s expectation, as at the acquisition date, of the satisfaction of conditions under the agreement.

9

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

During the three months ended September 30, 2026, Safari satisfied the EU-GMP certification conditions for the contingent consideration. Accordingly, the contingent consideration was remeasured to $2.0 million, with the loss of $1.3 million recognized in other gains (losses) in the interim condensed consolidated statements of loss and comprehensive loss for the three and six months ended September 30, 2026.

2.The Company has acquired an existing GMP license which is classified as an intangible asset and measured at fair value. The fair value of the license was determined to be $0.8 million based on its incremental discounted cash flows. For the three and six months ended September 30, 2026, the Company has recognized $0.1 million and $0.1 million, respectively, in the interim condensed consolidated statements of loss and comprehensive loss in respect of amortization for the GMP license.

Since the acquisition date, Safari has contributed revenue of $4.9 million and $7.7 million for the three and six months ended September 30, 2026, respectively, and net profit before tax from continuing operations of $0.5 million and $2.2 million respectively. If the acquisition had been completed on April 1, 2026, the additional financial impact would be immaterial.

(b) Internode Pharma Limited and HAP Pharma Limited

On August 19, 2026, the Company acquired 100% of the common shares of Internode Pharma Limited, a licensed importer and wholesaler, and HAP Pharma Limited, a licensed pharmacy (collectively, the “Companies”), both located in Birmingham, United Kingdom. Total consideration for the acquisition of the Companies was $4.3 million, comprised of cash consideration of $2.1 million (GBP 1.1 million), subject to customary post-closing adjustments, contingent consideration of $1.9 million (GBP 1.0 million), and transaction costs of $0.3 million. The contingent consideration is payable upon the achievement of specified milestones, primarily related to the operational validation of the licenses held by the Companies, and was measured at fair value based on the Company’s expectation that the milestones will be achieved.

The transaction has been accounted for as an asset acquisition, with $4.2 million (GBP 2.2 million) of the total consideration allocated to indefinite-lived intangible assets representing the licenses held by the Companies for the importation, distribution and dispensing of finished medical cannabis product. At each reporting date, the Company will remeasure the contingent consideration, with any resulting change recognized as an adjustment to the cost of the indefinite-lived intangible assets.

Note 4    Discontinued Operations

Bevo

On February 17, 2026, the Company disposed of its 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd., resulting in the Company no longer controlling Bevo and, accordingly, classifying the operations of Bevo as discontinued operations. Prior to the divestiture, Bevo comprised the Company’s plant propagation operating segment and constituted a cash generating unit.

The following table summarizes the financial results of Bevo, presented as discontinued operations for the prior period:

						Three months ended September 30,			Six months ended September 30,
						2025			2025
						$			$
Revenue						11,557			35,504
Cost of sales						12,527			39,355
Loss on changes in fair value of inventory and biological assets sold						2,123			7,360
Gain on changes in fair value of biological assets						(4,240)			(6,782)
Gross profit (loss)						1,147			(4,429)
Operating expenses						2,735			5,455
Other expenses						20,694			22,008
Income tax expense						3,585			3,654
						27,014			31,117
Net loss						(25,867)			(35,546)

10

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 5    Biological Assets

The changes in the carrying value of biological assets during the period are as follows:

			Note			$
Balance, March 31, 2026						20,213
Production costs capitalized						32,744
Biological assets acquired through business combinations			3(a)			585
Gain on changes in fair value of biological assets						66,800
Transferred to inventory upon harvest						(99,153)
Other						507
Balance, September 30, 2026						21,696

As at September 30, 2026, the weighted average fair value less cost to complete and cost to sell a gram of dried cannabis produced at the Company’s cannabis cultivation facilities was $2.84 per gram (March 31, 2026 – $3.22 per gram) and the stage of completion of cannabis was 43% (March 31, 2026 – 42%).

During the three and six months ended September 30, 2026, the Company’s cannabis biological assets produced 16,536 and 31,522 kilograms, respectively, of dried cannabis (three and six months ended September 30, 2025 – 12,934 and 24,624 kilograms, respectively).

Note 6    Inventory

			September 30, 2026									March 31, 2026
			Capitalized cost			Fair value adjustment			Carrying value			Capitalized cost			Fair value adjustment			Carrying value
			$			$			$			$			$			$
Harvested cannabis
Work-in-process			62,950			52,929			115,879			58,021			51,713			109,734
Finished goods			17,500			8,765			26,265			14,173			11,800			25,973
			80,450			61,694			142,144			72,194			63,513			135,707
Extracted cannabis
Work-in-process			2,507			1,188			3,695			3,768			1,916			5,684
Finished goods			10,846			602			11,448			7,370			655			8,025
			13,353			1,790			15,143			11,138			2,571			13,709
Supplies and consumables			4,131			—			4,131			4,701			—			4,701
Merchandise and accessories			730			—			730			745			—			745
Ending balance			98,664			63,484			162,148			88,778			66,084			154,862

During the three and six months ended September 30, 2026, inventory expensed to cost of sales was $76.6 million and $147.2 million, respectively, (three and six months ended September 30, 2025 – $80.8 million and $147.5 million, respectively), which included $34.5 million and $66.7 million, respectively (three and six months ended September 30, 2025 – $38.6 million and $70.0 million, respectively) related to the changes in fair value of inventory sold.

During the three and six months ended September 30, 2026, the Company recognized $12.6 million and $26.5 million, respectively, in inventory provisions and net realizable value adjustments (three and six months ended September 30, 2025 – $26.5 million and $39.4 million, respectively) consisting of cost of sales of $5.6 million and $13.3 million, respectively, (three and six months ended September 30, 2025 – $11.8 million and $17.7 million, respectively) and changes in fair value of inventory sold of $7.0 million and $13.2 million, respectively, (three and six months ended September 30, 2025 – $14.7 million and $21.7 million, respectively). As at September 30, 2026, the inventory provision was $18.2 million (March 31, 2026 – $27.3 million).

11

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 7    Assets Held for Sale

Assets held for sale are comprised of the following:

			Note						Land			Equipment						Total
									$			$						$
Balance, March 31, 2026									1,615			371						1,986
Transfer from property, plant and equipment			8						1,104			—						1,104
Foreign exchange									44			—						44
Proceeds on disposal									(2,056)			(180)						(2,236)
Gain on disposal									397			122						519
Balance, September 30, 2026									1,104			313						1,417

Land

During the six months ended September 30, 2026, the Company listed for sale excess land with a net book value of $1.1 million, resulting in a transfer from property, plant and equipment to assets held for sale.

During the year ended March 31, 2026, the Company listed land for sale, which was reclassified to assets held for sale and measured at its carrying value. On July 22, 2026, the land was sold and the Company received $2.1 million in cash, net of transaction costs of $0.1 million.

Equipment

Equipment reclassified to assets held for sale as at March 31, 2026 relates to equipment used exclusively in the Company's consumer channel, which is winding down. Upon its reclassification, the equipment was measured at its fair value less costs to dispose.

12

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 8    Property, Plant and Equipment

			September 30, 2026									March 31, 2026
			Cost			Accumulated depreciation						Net book value			Cost			Accumulated depreciation (1)						Net book value
			$			$						$			$			$						$
Owned assets
Land			11,828			—						11,828			12,052			—						12,052
Buildings			140,742			(59,239)						81,503			110,125			(48,885)						61,240
Construction in progress			25,100			—						25,100			16,950			—						16,950
Computer software & equipment			21,686			(20,585)						1,101			21,351			(20,351)						1,000
Furniture & fixtures			7,156			(5,955)						1,201			7,024			(5,755)						1,269
Production & other equipment			84,933			(68,535)						16,398			82,455			(64,672)						17,783
Total owned assets			291,445			(154,314)						137,131			249,957			(139,663)						110,294
Right-of-use leased assets
Land			—			—						—			1,990			(1,990)						—
Buildings			35,725			(23,740)						11,985			35,487			(22,295)						13,192
Production & other equipment			5,760			(5,503)						257			4,499			(4,297)						202
Total right-of-use lease assets			41,485			(29,243)						12,242			41,976			(28,582)						13,394
Total property, plant and equipment			332,930			(183,557)						149,373			291,933			(168,245)						123,688

(1) Comparative amounts have been re-presented to conform to current year presentation.

			Balance, March 31, 2026			Additions			Additions from business combination (2)						Other (1)			Depreciation									Foreign currency translation			Balance, September 30, 2026
			$			$			$						$			$									$			$
Owned assets
Land			12,052			—			880						(1,104)			—									—			11,828
Buildings			61,240			80			20,803						1,360			(2,079)									99			81,503
Construction in progress			16,950			9,812			—						(1,425)			—									(237)			25,100
Computer software & equipment			1,000			208			—						79			(373)									187			1,101
Furniture & fixtures			1,269			42			—						34			(240)									96			1,201
Production & other equipment			17,783			63			834						761			(3,284)									241			16,398
Total owned assets			110,294			10,205			22,517						(295)			(5,976)									386			137,131
Right-of-use leased assets
Buildings			13,192			170			—						—			(1,441)									64			11,985
Production & other equipment			202			145			—						—			(93)									3			257
Total right-of-use lease assets			13,394			315			—						—			(1,534)									67			12,242
Total property, plant and equipment			123,688			10,520			22,517						(295)			(7,510)									453			149,373

(1) Includes reclassification of construction in progress when associated projects are complete, transfers to assets held for sale (Note 7 - Assets Held for Sale) and reclassifications between asset classes.

(2) Refer to Note 3 - Business Combination.

Depreciation relating to manufacturing equipment and production facilities for owned and right-of-use leased assets is capitalized to inventory and is expensed to cost of sales upon the sale of goods. During the three and six months ended September 30, 2026, the Company recognized $3.5 million and $7.5 million, respectively, (three and six months ended September 30, 2025 – $7.0 million and $13.1 million, respectively) of depreciation expense, of which $2.8 million and $5.3 million, respectively, (three and six months ended September 30, 2025 – $2.8 million and $5.6 million, respectively) was for manufacturing equipment and production facilities and expensed to cost of sales.

13

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 9    Share Capital

(a)     Shares Issued and Outstanding

At September 30, 2026, 65,744,811 Common Shares (March 31, 2026 – 58,947,593) were issued and outstanding. During the six months ended September 30, 2026, 2,417,180 Common Shares were issued in connection with the acquisition of Safari (Note 3) and 3,929,524 Common Shares were issued under the ATM program (Note 9(b)).

(b)     At-The-Market Equity Program (“ATM Program”)

On February 4, 2026, the Company filed a prospectus supplement, establishing a new 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 from treasury to the public.

The following is a summary of the activity under the ATM Program:

															US$ equivalent
						2026									2026
						Three months ended September 30			Six months ended September 30						Three months ended September 30			Six months ended September 30
Gross proceeds						$	10,121		$	16,965					$	7,239		$	12,128
Commission						$	202		$	338					$	145		$	243
Net proceeds						$	9,919		$	16,627					$	7,094		$	11,885
Weighted average gross price						$	4.31		$	4.30					$	3.08		$	3.09
Number of shares issued						2,352,194			3,929,524						2,352,194			3,929,524

During the three months and six months ended September 30, 2026, the Company incurred $0.4 million and $0.8 million, respectively (three and six months ended September 30, 2025 – $nil) in transaction costs directly related to the ATM Program, which were recognized in the interim condensed consolidated statements of changes in shareholders’ equity. The Company’s last issuance of Common Shares under the ATM Program settled on August 18, 2026.

Note 10    Share-Based Compensation

(a)     Stock Options

The Option Plan provides the right for directors, officers, employees and consultants to purchase shares at a specified price (exercise price) in the future. The stock options have a service requirement of three years, vest 1/3 on each grant date anniversary over the three years and are amortized on an accelerated basis over that period. Stock options expire after five years.

A summary of stock options outstanding is as follows:

			Stock options			Weighted average exercise price
			#			$
Balance, March 31, 2026			1,992,445			12.74
Granted			369,370			4.22
Expired			(89,614)			83.38
Balance, September 30, 2026			2,272,201			8.57

14

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

The following table summarizes the stock options that are outstanding as at September 30, 2026:

Exercise Price			Expiry Date			Weighted average remaining life			Options outstanding			Options exercisable
$									#			#
4.22 - 7.91			June 23, 2028 - June 18, 2031			3.10			1,966,493			1,058,875
16.70 - 48.60			February 28, 2027 - September 23, 2027			0.96			302,867			302,867
83.70			November 30, 2026			0.17			2,841			2,841
									2,272,201			1,364,583

During the three and six months ended September 30, 2026, stock option expense of $0.3 million and $0.9 million, respectively, (three and six months ended September 30, 2025 – $0.6 million and $1.3 million, respectively) was recognized in share-based compensation in the interim condensed consolidated statements of loss and comprehensive loss.

Stock options granted during the respective periods presented below were fair valued based on the following weighted average assumptions:

						Six months ended September 30,
									2026			2025
Risk-free annual interest rate (1)									2.86		%	2.66		%
Expected annual dividend yield									—		%	—		%
Expected stock price volatility (2)									85.53		%	91.41		%
Expected life of options (years) (3)									3.29			3.06
Forfeiture rate									7.98		%	8.78		%
Weighted average value									$	2.46		$	3.50
Weighted average exercise price									$	4.22		$	5.90

(1)The risk-free rate is based on Canada government bonds with a remaining term equal to the expected life of the options.

(2)Volatility was estimated by using the average historical volatilities of the Company and certain companies in the same industry.

(3)The expected life in years represents the period of time that options granted are expected to be outstanding.

(b)     Restricted Share Units (“RSUs”)

The RSU Plan was designed to provide certain executive officers and other key employees of the Company and its subsidiaries with the opportunity to acquire RSUs of the Company in order to enable them to participate in the long-term success of the Company and to promote a greater alignment of their interests with the interests of the shareholders. Under the terms of the RSU Plan, officers, employees and consultants of the Company may be granted RSUs that are released as Common Shares upon completion of the vesting period. Each RSU gives the participant the right to receive one common share of the Company. The RSUs have a service requirement of three years, vest 1/3 on each grant date anniversary over the three years and are amortized on an accelerated basis over that period. RSUs expire after three years.

A summary of the RSUs outstanding is as follows:

			RSUs
			#
Balance, March 31, 2026			1,023,746
Issued			1,043,203
Vested			(410,441)
Forfeited			(54,602)
Balance, September 30, 2026			1,601,906

During the three and six months ended September 30, 2026, RSU expense of $1.0 million and $1.7 million, respectively, (three and six months ended September 30, 2025 – $1.1 million and $2.0 million, respectively) was recognized in the interim condensed consolidated statements of loss and comprehensive loss.

(c)     Deferred Share Units (“DSUs”)

Under the terms of the Company’s Non-Employee Directors Deferred Share Unit Plan (the “DSU Plan”), non-employee directors of the Company may be granted DSUs. Each non-employee director is entitled to redeem their DSUs for a period of 180 days following their termination date, being the date of their retirement from the Board. The DSUs can be redeemed, at the Company’s sole discretion, for (i) cash (Note 10(e)); (ii) Common Shares issued from treasury; (iii) Common Shares purchased in the open market; or (iv) any combination of the foregoing. DSUs are

15

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

issued in recognition of past service for non-employee directors and are expensed immediately at fair value to share-based compensation expense in the interim condensed consolidated statements of loss and comprehensive loss. DSUs vest immediately upon grant and have no expiry date. As at September 30, 2026, there were 28,555 (March 31, 2026 – 28,555) equity-settled DSUs outstanding.

(d)     Performance Share Units (“PSUs”)

Under the terms of the Company’s Performance Share Unit Plan (the “PSU Plan”), officers, employees and consultants of the Company may be granted PSUs that may be settled in either cash (Note 10(e)) or equity, depending on the recipient of the PSUs. In each case, upon the three year cliff vesting date, the performance share units are subject to performance conditions multiplied by the achieved performance ratio. If the performance criteria are not met at the time of vesting, the PSUs will expire. The PSUs are amortized on a straight line basis over the three year period and expire after three years. Equity-settled PSUs are released as Common Shares equal to the market price of Common Shares on the entitlement date, multiplied by the number of performance share units being settled.

A summary of the equity-settled PSUs outstanding is as follows:

						PSUs
						#
Balance, March 31, 2026						343,037
Granted						313,963
Vested						(40,623)
Forfeited						(42,530)
Expired						(34,460)
Balance, September 30, 2026						539,387

During the three and six months ended September 30, 2026, an expense of $0.3 million and $0.5 million, respectively, (three and six months ended September 30, 2025 – expense of $0.2 million and $0.5 million, respectively) was recognized in share-based compensation in the interim condensed consolidated statements of loss and comprehensive loss for equity-settled PSUs.

The PSUs granted during the periods presented below were fair valued based on the following average assumptions:

						Six months ended September 30,
									2026			2025
Risk-free annual interest rate (1)									2.78		%	2.58		%
Dividend yield									—		%	—		%
Expected stock price volatility (2)									71.50		%	74.99		%
Expected stock price volatility of peer group (2)									74.94		%	83.40		%
Expected life of options (years) (3)									3.00			3.00
Forfeiture rate									—		%	—		%
Equity correlation against peer group (4)									72.47		%	37.63		%

(1)The risk-free rate is based on Canada government bonds with a remaining term equal to the expected life of the PSUs.

(2)Volatility was estimated by using the 20-day VWAP historical volatility of the Company and the peer group of companies.

(3)The expected life in years represents the period of time that the PSUs granted are expected to be outstanding.

(4)The equity correlation is estimated by using 1-year historical equity correlations for the Company and the peer group of companies.

(e) Cash Settled DSUs and PSUs

Cash settled DSUs and PSUs are classified as derivative liabilities (Note 14) in the interim condensed consolidated statements of financial position and are initially measured at fair value and remeasured at each reporting period, with changes in fair value recognized in share-based compensation expense.

16

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

A summary of the cash-settled DSUs and PSUs outstanding is as follows:

			PSUs			DSUs
			#			#
Balance, March 31, 2026			1,307,972			294,084
Granted/issued			889,774			36,228
Vested			(168,798)			—
Forfeited			(168,799)			—
Balance, September 30, 2026			1,860,149			330,312

Upon settlement, cash settled DSUs are remeasured and the corresponding derivative liability is extinguished at the remeasured amount. During the three and six months ended September 30, 2026, an expense of $0.7 million and $0.6 million, respectively, (three and six months ended September 30, 2025 – $1.1 million and $1.2 million, respectively) was recognized in share-based compensation expense in the interim condensed consolidated statements of loss and comprehensive loss. As at September 30, 2026, the related derivative liability was $2.0 million (March 31, 2026 – $1.3 million).

Cash-settled PSUs are measured at fair value using a Monte Carlo simulation model, which is classified as level 2 on the fair value hierarchy. These PSUs have a service requirement of three years and are amortized ratably over that period. During the three and six months ended September 30, 2026, an expense of $1.5 million and $0.8 million, respectively, (three and six months ended September 30, 2025 – expense of $1.9 million and $2.2 million, respectively) was recognized in share-based compensation expense in the interim condensed consolidated statements of loss and comprehensive loss. As at September 30, 2026, the related derivative liability was $2.4 million (March 31, 2026 – $2.3 million).

Note 11     Loss per Share

The following is a reconciliation of basic loss per share:

			Three months ended September 30,						Six months ended September 30,
			2026			2025			2026			2025
Net loss from continuing operations attributable to common shareholders			($21,050)			($27,182)			($25,083)			($37,368)
Net loss from discontinued operations attributable to common shareholders			$—			($24,292)			$—			($29,315)
Net loss attributable to common shareholders			($21,050)			($51,474)			($25,083)			($66,683)
Weighted average number of Common Shares outstanding			65,118,076			56,457,365			63,407,786			56,350,857
Basic loss per share, continuing operations			($0.32)			($0.48)			($0.40)			($0.66)
Basic loss per share, discontinued operations			$—			($0.43)			$—			($0.52)
Basic loss per share			($0.32)			($0.91)			($0.40)			($1.18)

17

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

The following is a reconciliation of diluted loss per share:

			Three months ended September 30,						Six months ended September 30,
			2026			2025			2026			2025
Net loss from continuing operations attributable to common shareholders			($21,050)			($27,182)			($25,083)			($37,368)
Net loss from discontinued operations attributable to common shareholders			$—			($24,292)			$—			($29,315)
Net loss attributable to common shareholders			($21,050)			($51,474)			($25,083)			($66,683)
Weighted average number of Common Shares outstanding			65,118,076			56,457,365			63,407,786			56,350,857
Dilutive shares outstanding (1)
RSUs			654,404			490,851			190,748			135,281
PSUs			522,005			148,926			296,659			148,926
DSUs			28,555			56,755			28,555			56,755
			1,204,964			696,532			515,962			340,962
Weighted average dilutive Common Shares			66,323,040			57,153,897			63,923,748			56,691,819
Diluted loss per share, continuing operations (1)			($0.32)			($0.48)			($0.40)			($0.66)
Diluted loss per share, discontinued operations (1)			$—			($0.43)			$—			($0.52)
Diluted loss per share			($0.32)			($0.91)			($0.40)			($1.18)

(1)Diluted loss per share is not applicable when the impact will decrease loss per share or increase earnings per share.

Note 12    Segmented Information

The Company defines an operating segment on the same basis that it uses to evaluate performance internally and to allocate resources by the Chief Operating Decision Makers (“CODMs”).

As at September 30, 2026, the Company has one reportable operating segment, Cannabis. The Cannabis operating segment comprises the Canadian, European, Australia, New Zealand and Safari cash generating units (“CGU”).

The Company’s core business is vertically integrated, comprised of cultivation, manufacturing, packaging and distribution of cannabis products, in addition to ancillary support services such as research and development and patient counselling. The Company’s sales channels are defined as medical (Canada, Europe, Australia, New Zealand and rest of world), Canadian consumer and wholesale (bulk). The cultivation and manufacturing facilities that support the revenue channels are interchangeable. As a result, disaggregated financial information reviewed by the CODMs is limited to revenue and cost of sales. Therefore, the Company has determined that there is one reportable operating segment.

Key measures used by the CODMs to assess performance and make resource allocation decisions include net revenue and gross profit based on standard costing for each revenue channel.

The following table summarizes the Company’s net revenue by geographic location:

			Three months ended September 30,						Six months ended September 30,
			2026			2025 (1)			2026			2025 (1)
			$			$			$			$
Net Revenue
Canada			24,663			36,158			48,880			73,140
Europe			47,801			31,070			79,911			56,020
Australia			12,329			10,198			22,683			21,149
New Zealand			1,228			1,383			2,101			2,576
Total net revenue			86,021			78,809			153,575			152,885

(1) Adjusted for discontinued operations (Note 4).

18

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

During the six months ended September 30, 2026 and September 30, 2025, no customer contributed 10 per cent or more to the Company’s net revenue.

The following table summarizes non-current assets, excluding financial instruments and deferred tax assets by geographic location:

			Canada			Europe			Australia						Total
			$			$			$						$
Non-current assets
September 30, 2026			145,820			41,566			28,469						215,855
March 31, 2026			121,500			36,412			27,486						185,398

The Company does not have any non-current assets located in New Zealand.

Note 13    Supplemental Cash Flow Information

The changes in non-cash working capital are as follows:

						Six months ended September 30,
									2026			2025 (1)
									$			$
Accounts receivable									(10,065)			(11,738)
Biological assets									19,165			(30,605)
Inventory									(26,053)			27,487
Prepaids and other current assets									2,757			503
Accounts payable and accrued liabilities									8,125			(15,325)
Income taxes payable									(727)			(1,812)
Deferred revenue									(1,270)			—
Provisions									864			(119)
Changes in non-cash working capital									(7,204)			(31,609)

(1)Comparative information has been adjusted for discontinued operations (Note 4).

Additional supplementary cash flow information is as follows:

						Six months ended September 30,
									2026			2025
									$			$
Property, plant and equipment in accounts payable									21			4,909
Right-of-use asset additions									315			—
Amortization of prepaids									6,304			8,893
Interest paid									705			2,645
Interest received									(1,510)			(2,727)

Included in restricted cash as at September 30, 2026 is $2.6 million (March 31, 2026 – $2.6 million) attributed to collateral held for letters of credit and corporate credit cards, $0.1 million (March 31, 2026 – $0.1 million) attributed to international subsidiaries and $46.7 million (March 31, 2026 – $45.1 million) of funds reserved for the segregated cell program for insurance coverage and not held for the purpose of meeting short term cash commitments.

During the three months ended September 30, 2026, the Board of Directors approved the wind-up of the Company's segregated cell and captive programs associated with its self-insurance policies. Upon completion of the wind-up, approximately $46.7 million of restricted cash held within the segregated cell will become unrestricted and reclassified to cash and cash equivalents. The wind-up is expected to be completed during the third quarter of fiscal 2027.

19

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 14    Fair Value of Financial Instruments

The carrying values of the financial instruments as at September 30, 2026 are summarized in the following table:

			Amortized cost			Fair value through profit and loss						Total
			$			$						$
Financial assets
Cash and cash equivalents			65,889			—						65,889
Restricted cash			49,409			—						49,409
Short-term investments			—			17,730						17,730
Accounts receivable, excluding sales taxes and lease receivable			51,438			—						51,438
Lease receivable			4,474			—						4,474
Preferred shares (1)			—			9,980						9,980
Royalty receivable (1)			—			1,553						1,553
Financial liabilities
Accounts payable and accrued liabilities			59,111			—						59,111
Contingent consideration payable			—			1,914						1,914
Lease liabilities			21,435			—						21,435
Derivative liabilities			—			4,417						4,417
Other long term liabilities			323			—						323

(1) Preferred shares and royalty receivable are included in long-term investments on the interim condensed consolidated statements of financial position.

The following is a summary of financial instruments measured at fair value segregated based on the various levels of inputs:

			Note			Level 1			Level 2			Level 3			Total
						$			$			$			$
As at September 30, 2026
Short-term investments						—			17,730			—			17,730
Preferred shares						—			—			9,980			9,980
Royalty receivable						—			—			1,553			1,553
Contingent consideration payable			3(b)			—			—			1,914			1,914
Derivative liabilities			10(e)			2,037			2,380			—			4,417
As at March 31, 2026
Short-term investments						—			52,213			—			52,213
Preferred shares						—			—			10,560			10,560
Royalty receivable						—			—			1,553			1,553
Derivative liabilities			10(e)			1,387			2,310			—			3,697

There were no changes in the nature, characteristics and risks of financial instruments that would result in a change in classification of financial assets and financial liabilities disclosed above. There were no transfers between fair value measurement hierarchy levels during the six months ended September 30, 2026.

The preferred shares received as consideration in the disposition of Bevo (Note 4) are measured at fair value through profit and loss at each reporting period. The fair value of the preferred shares was determined based on scenario-based discounted cash flow methodology, using level 3 inputs. Significant assumptions and estimates used in the valuation model include Bevo’s projected cash flows until the year 2080, the probability of a liquidation event, as defined in the agreement, and the discount rate. As at September 30, 2026, the fair value of the preferred shares of $10.0 million (March 31, 2026 – $10.6 million) was recorded on the interim condensed consolidated statements of financial position.

20

AURORA CANNABIS INC.

Notes to the Interim Condensed Consolidated Financial Statements

Three and six months ended September 30, 2026 and 2025

($ thousands of Canadian dollars, unless otherwise noted)

Note 15 Subsequent Event

On November 3, 2026, Aurora and Organigram Global Inc. (“Organigram”) announced entering into an arrangement agreement (the “Arrangement Agreement”) whereby Organigram will acquire each of the issued and outstanding common shares of Aurora (the “Aurora Shares”) in exchange for either (i) C$7.80 in cash, (ii) 5.8626 common shares in the capital of Organigram (the “Organigram Shares”), or (iii) a combination of C$3.75 in cash and 3.0431 Organigram Shares, subject to proration, structured as a statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). The transaction is expected to be completed in January 2027, subject to shareholder, court and regulatory approvals, and other customary closing conditions. There can be no assurance that the transaction contemplated by the Arrangement Agreement will be completed as described or at all.

21

AURORA CANNABIS INC.

Management’s Discussion & Analysis

For the three and six months ended September 30, 2026 and 2025

(in Canadian Dollars)

1 | AURORA CANNABIS INC. Q1 2027 MD&A

Management’s Discussion & Analysis

Table of Contents

Business Overview			3
Key Developments			4
Consolidated Financial Results			4
Liquidity and Capital Resources			12
Accounting Policies and Critical Accounting Estimates			14
Summary of Outstanding Share Data			15
Summary of Quarterly Results			16
Risk Factors			16
Disclosure Controls and Procedures and Internal Controls Over Financial Reporting			18
Cautionary Statement Regarding Forward-Looking Statements			19
Cautionary Statement Regarding Certain Non-GAAP Performance Measures			20

2 | AURORA CANNABIS INC. Q2 2027 MD&A

Interim Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and six months ended September 30, 2026

This Management’s Discussion and Analysis (“MD&A”) of Aurora Cannabis Inc. (“Aurora”, the “Company”, “us”, “we”, or “our”) as at and for the three and six months ended September 30, 2026 should be read in conjunction with the Company’s annual audited consolidated financial statements as at and for the year ended March 31, 2026 (the “2026 Annual Financial Statements”), the interim condensed consolidated financial statements for the three and six months ended September 30, 2026 (“Interim Condensed Financial Statements”), and the MD&A as at and for the year ended March 31, 2026 (the “2026 Annual MD&A”). This MD&A has been prepared as of November 4, 2026 pursuant to the disclosure requirements under National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) of the Canadian Securities Administrators (“CSA”). Under the United States (“U.S.”) / Canada Multijurisdictional Disclosure System, we are permitted to prepare this MD&A in accordance with Canadian disclosure requirements which may differ from U.S. disclosure requirements.

Unless otherwise noted, all financial information is prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data.

This MD&A contains forward-looking information within the meaning of applicable securities laws, and the use of Non-GAAP Measures (as defined below). Refer to “Cautionary Statement Regarding Forward-Looking Statements” and “Cautionary Statement Regarding Certain Non- GAAP Performance Measures” included within this MD&A.

Additional information about Aurora, including the Interim Condensed Financial Statements as at and for the three and six months ended September 30, 2026, the 2026 Annual Financial Statements, the 2026 Annual MD&A and Aurora’s annual information form (“AIF”) as at and for the year ended March 31, 2026 is available in Canada on SEDAR+ at www.sedarplus.ca and in the U.S. on EDGAR at www.sec.gov and Aurora’s website at www.auroramj.com.

Business Overview

Aurora’s principal strategic business lines are focused on the production, distribution and sale of medical cannabis products in Canada and internationally. Aurora currently conducts the following key business activities in the jurisdictions specified below:

•Production, distribution and sale of medical cannabis products and, on a very limited basis, consumer cannabis products in Canada, pursuant to the Cannabis Act;

•Production and distribution of wholesale medical cannabis in the European Union (“EU”) pursuant to the German Medicinal Products Act and German Narcotic Drugs Act; and

•Distribution of wholesale medical cannabis in various international markets, including Australia and New Zealand.

The Company’s head office and principal address is 2207 90B St. SW, Edmonton, Alberta, Canada, T6X 0J9. The Company’s registered and records office address is Suite 1700, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8.

The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “ACB”, and on the Frankfurt Stock Exchange (“FSE”) under the trading symbol “21P”.

3 | AURORA CANNABIS INC. Q2 2027 MD&A

Key Developments

Acquisition of Internode Pharma Limited and HAP Pharma Limited

On August 19, 2026, the Company acquired 100% of the common shares of Internode Pharma Limited (“Internode”), a licensed importer and wholesaler, and HAP Pharma Limited (“HAP” and together with Internode, the “Companies”), a licensed pharmacy, both located in Birmingham, United Kingdom (“UK”). Total consideration for the acquisition of the Companies was $4.3 million, comprised of cash consideration of $2.1 million (GBP 1.1 million), subject to customary post-closing adjustments, contingent consideration of $1.9 million (GBP 1.0 million), and transaction costs of $0.3 million. The contingent consideration is payable upon the achievement of specified milestones, primarily related to the operational validation of the licenses held by the Companies. The acquisition strengthens the Company's position in the growing UK medical cannabis market by providing ownership and control of key distribution channels across the supply chain. The acquisition is expected to reduce reliance on third-party distributors and improve operational efficiencies.

Acquisition of Safari Flower Company

On April 14, 2026, the Company acquired 100% of the shares of Safari Flower Company (“Safari”). The purchase consideration comprised cash consideration of $15.0 million, subject to customary post-closing adjustments, and the issuance of 2,417,180 Common Shares with a fair value on the acquisition date of $11.6 million. Included in the cash consideration was $2.0 million that was contingent upon satisfying EU Good Manufacturing Practice ("EU-GMP") certification conditions. The acquisition of Safari expands the Company’s EU-GMP-certified production capacity and supports the supply of medical cannabis flower to key international markets, including Germany, Australia, Poland, and the UK, while enabling further geographic expansion opportunities.

During the three months ended September 30, 2026, Safari satisfied the EU-GMP certification conditions for the contingent consideration. Accordingly, the contingent consideration was remeasured from $0.7 million to $2.0 million with the loss of $1.3 million recognized in other gains (losses) in the interim condensed consolidated statements of loss and comprehensive loss for the three and six months ended September 30, 2026.

The Company expects to invest approximately $3.5 million in growth capital expenditures at the Safari facility over the next three years to enhance operational efficiencies and maximize output.

Self-Insurance Programs

During the three months ended September 30, 2026, the Board of Directors approved the wind-up of the Company's segregated cell and captive programs associated with its self-insurance policies. Upon completion of the wind-up, approximately $46.7 million of restricted cash held within the segregated cell is expected to become unrestricted and reclassified to cash and cash equivalents. The wind-up is expected to be completed during the third quarter of fiscal 2027.

Unsolicited Hostile Bid

On August 18, 2026, Curaleaf Holdings, Inc. (“Curaleaf”) commenced an unsolicited takeover bid for all of the issued and outstanding common shares of Aurora for implied consideration of U.S.$4.00 per Aurora Share, consisting of 0.3463 subordinate voting shares of Curaleaf plus U.S.$0.75 in cash per Aurora Share (the “Hostile Bid”). The Hostile Bid was amended on October 6, 2026, to offer revised implied consideration of U.S.$5.00 per Aurora Share, consisting of 0.4013 subordinate voting shares of Curaleaf plus U.S.$1.00 in cash per Aurora Share, and extend the expiry time to 11:59 p.m. (Mountain Time) on December 4, 2026 (the “Expiry Time”). The Board of Directors has unanimously recommended, based on the unanimous recommendation of a special committee of independent directors, and the advice of its financial and legal advisors, that shareholders should reject the Hostile Bid and not tender their shares.

Acquisition Announcement

On November 3, 2026, Aurora and Organigram Global Inc. (“Organigram”) announced entering into an arrangement agreement (the “Arrangement Agreement”) whereby Organigram will acquire each of the issued and outstanding common shares of Aurora (the “Aurora Shares”) in exchange for either (i) C$7.80 in cash, (ii) 5.8626 common shares in the capital of Organigram (the “Organigram Shares”), or (iii) a combination of C$3.75 in cash and 3.0431 Organigram Shares, subject to proration, structured as a statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia). The transaction is expected to be completed in January 2027, subject to shareholder, court and regulatory approvals, and other customary closing conditions. There can be no assurance that the transaction contemplated by the Arrangement Agreement will be completed as described or at all.

Consolidated Financial Results

On February 17, 2026, the Company disposed of its 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd. The financial results of Bevo were classified as discontinued operations and presented separately from the Company’s continuing operations. Bevo formerly comprised the Company’s plant propagation operating segment. Certain prior period financial information on the interim condensed consolidated statements of loss and comprehensive loss and the interim condensed consolidated statements of cash flows have been updated to present Bevo as discontinued operations, and Bevo has therefore been excluded from both continuing operations and discussions for all periods presented in this MD&A.

4 | AURORA CANNABIS INC. Q2 2027 MD&A

($ thousands)			Three months ended						Six months ended
			September 30, 2026												September 30, 2025			September 30, 2026			September 30, 2025
Financial Results
Net revenue (1)			86,021												78,809			153,575			152,885
Medical cannabis net revenue (2)			82,519												70,530			146,555			135,298
Gross profit			37,548												31,144			73,170			64,672
Gross profit before fair value (“FV”) adjustments (1)			43,904												36,599			73,096			75,448
Gross margin (3)			44		%										40		%	48		%	42		%
Gross margin before FV adjustments (3)			51		%										46		%	48		%	49		%
Adjusted gross margin before FV adjustments on total net revenue (4)			61		%										65		%	60		%	65		%
Adjusted gross margin before FV adjustments on medical cannabis net revenue (4)			62		%										69		%	62		%	69		%
Operating expenses			55,482												48,171			99,835			93,641
General and administration			30,267												26,294			54,869			53,166
Sales and marketing			17,843												14,304			33,434			28,759
Adjusted selling, general & administration expense (“adjusted SG&A”) (4)			37,386												34,890			72,470			70,985
Other income (expenses)			(1,563)												(7,550)			3,538			(5,865)
Net loss from continuing operations			(21,050)												(27,182)			(25,083)			(37,368)
Net loss from discontinued operations, net of tax			—												(25,867)			—			(35,546)
Net loss			(21,050)												(53,049)			(25,083)			(72,914)
Adjusted EBITDA (4)			13,997												15,395			17,440			26,210
Adjusted net income (4)			3,106												11,954			6,917			18,552
Net cash used in operating activities from continuing operations			(14,946)												(38,008)			(19,392)			(30,329)
Free cash flow (4)			(17,533)												(39,908)			(23,326)			(33,136)

(1)As presented in the interim condensed consolidated statements of loss and comprehensive loss.

(2)See “Net Revenue” section in this MD&A.

(3)Gross margin and Gross margin before FV adjustments, respectively, are calculated as gross profit and gross profit before FV adjustments, respectively, divided by net revenue.

(4)These terms are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. Refer to the respective financial tables herein for a reconciliation to the most directly comparable GAAP measure.

($ thousands)

As at

September 30, 2026

March 31, 2026

Balance Sheet

Current assets

383,398

397,453

Current liabilities

76,639

66,930

5 | AURORA CANNABIS INC. Q2 2027 MD&A

Net Revenue

The table below outlines the net revenue attributed to medical, consumer and wholesale bulk cannabis sales channels:

($ thousands)			Three months ended						Six months ended
			September 30, 2026						September 30, 2025			September 30, 2026			September 30, 2025
Medical cannabis net revenue:
Canadian medical cannabis net revenue			21,161						27,879			41,860			55,553
International medical cannabis net revenue			61,358						42,651			104,695			79,745
Total medical cannabis net revenue			82,519						70,530			146,555			135,298
Consumer cannabis net revenue			1,631						6,868			3,691			14,743
Wholesale bulk cannabis net revenue			1,871						1,411			3,329			2,844
Total net revenue (1)			86,021						78,809			153,575			152,885

(1)As presented in the interim condensed consolidated statements of loss and comprehensive loss.

Medical Cannabis Net Revenue

Total medical cannabis net revenue was $82.5 million and $146.6 million for the three and six months ended September 30, 2026, respectively, compared to $70.5 million and $135.3 million for the three and six months ended September 30, 2025, respectively.

Canadian medical cannabis net revenue was $21.2 million and $41.9 million for the three and six months ended September 30, 2026, respectively, compared to $27.9 million and $55.6 million for the three and six months ended September 30, 2025. The decreases of $6.7 million and $13.7 million, respectively, were primarily due to changes to the federal reimbursement program, effective April 1, 2026, which decreased reimbursement rates.

International medical cannabis net revenue was $61.4 million and $104.7 million during the three and six months ended September 30, 2026, respectively, compared to $42.7 million and $79.7 million for the three and six months ended September 30, 2025. The increases of $18.7 million and $25.0 million were primarily due to higher sales in Germany and Poland, driven by increased patient demand.

Consumer Cannabis Net Revenue

Consumer cannabis net revenue was $1.6 million and $3.7 million for the three and six months ended September 30, 2026, respectively, compared to $6.9 million and $14.7 million for the three and six months ended September 30, 2025. The decreases were a result of the Company’s strategic shift to focus on Canadian and international medical cannabis and the wind-down of its consumer cannabis business.

Gross Margin

			Three months ended						Six months ended
($ thousands)			September 30, 2026						September 30, 2025			September 30, 2026			September 30, 2025
Revenue			89,180						84,734			159,937			165,242
Excise taxes			(3,159)						(5,925)			(6,362)			(12,357)
Net revenue (1)			86,021						78,809			153,575			152,885
Cost of sales			(42,117)						(42,210)			(80,479)			(77,437)
Gross profit before FV adjustments (1)			43,904						36,599			73,096			75,448
Gross margin before FV adjustments (2)			51		%				46		%	48		%	49		%
Loss on changes in fair value of inventory and biological assets sold			(34,454)						(38,610)			(66,726)			(70,047)
Gain on changes in fair value of biological assets			28,098						33,155			66,800			59,271
Gross profit			37,548						31,144			73,170			64,672
Gross margin (2)			44		%				40		%	48		%	42		%

(1)As presented in the interim condensed consolidated statements of loss and comprehensive loss.

(2)Gross margin and gross margin before FV adjustments, respectively, are calculated as gross profit and gross profit before FV adjustments, respectively, divided by net revenue.

Gross margin before fair value adjustments was 51% for the three months ended September 30, 2026 compared to 46% for the three months ended September 30, 2025. The increase was due to a favourable shift in product sales mix, driven by increased sales through higher-margin channels.

6 | AURORA CANNABIS INC. Q2 2027 MD&A

During the three months ended September 30, 2026, the Company recognized $12.6 million in inventory provisions and net realizable value adjustments (three months ended September 30, 2025 – $26.5 million) consisting of cost of sales of $5.6 million (three months ended September 30, 2025 – $11.8 million) and changes in fair value of inventory sold of $7.0 million (three months ended September 30, 2025 – $14.7 million). The decrease was due to a revision in the Company’s estimate for obsolescence of aging inventory during the third quarter of fiscal 2026. The revision was to account for the salability of aged inventory that is specific to each revenue channel the Company sells into. The change was made to account for the prioritization of sales in higher margin revenue channel.

Gain on changes in fair value of biological assets was $28.1 million for the three months ended September 30, 2026 compared to $33.2 million for the three months ended September 30, 2025. The decrease of $5.1 million was due to lower selling prices, partially offset by higher cannabis propagation yields and improved cultivation performance.

Gross margin before fair value adjustments was 48% for the six months ended September 30, 2026 compared to 49% for the six months ended September 30, 2025. The decrease was due to pricing compression driven by changes to the federal reimbursement program and competitive market dynamics, partially offset by a favourable shift in product sales mix.

During the six months ended September 30, 2026, the Company recognized $26.5 million in inventory provisions and net realizable value adjustments (six months ended September 30, 2025 – $39.4 million) consisting of cost of sales of $13.3 million (six months ended September 30, 2025 – $17.7 million) and changes in fair value of inventory sold of $13.2 million (six months ended September 30, 2025 – $21.7 million). The decrease was due to the revision in the Company’s estimate for obsolescence of aging inventory during the third quarter of fiscal 2026.

As at September 30, 2026, the inventory provision was $18.2 million compared to $27.3 million as at March 31, 2026. The decrease relates to the sale of inventory that had previously been provided for in connection with the wind-down of the Company's consumer cannabis business.

Gain on changes in fair value of biological assets was $66.8 million for the six months ended September 30, 2026 compared to $59.3 million for the six months ended September 30, 2025. The increase of $7.5 million was primarily driven by higher cannabis propagation yields and improved cultivation performance, partially offset by lower selling prices. The increase also reflects the benefits of capital improvements made within the cultivation process and supports the Company's future inventory supply.

Adjusted Gross Margin(4) - Three months ended September 30, 2026

The table below outlines adjusted gross profit and margin before fair value adjustments for the following periods:

($ thousands)			Medical cannabis			Consumer cannabis			Wholesale bulk cannabis			Total
Three months ended September 30, 2026
Revenue			85,381			1,928			1,871			89,180
Excise taxes			(2,862)			(297)			—			(3,159)
Net revenue (1)			82,519			1,631			1,871			86,021
Cost of sales			(35,672)			(1,841)			(4,604)			(42,117)
Gross profit (loss) before FV adjustments (1)			46,847			(210)			(2,733)			43,904
Gross margin before FV adjustments (2)			57		%	(13		%)	(146		%)	51		%
Depreciation			2,604			105			127			2,836
Inventory impairment included in cost of sales (3)			2,098			482			2,973			5,553
Adjusted gross profit before FV adjustments (4)			51,549			377			367			52,293
Adjusted gross margin before FV adjustments (4)			62		%	23		%	20		%	61		%
Three months ended September 30, 2025
Revenue			73,649			9,674			1,411			84,734
Excise taxes			(3,119)			(2,806)			—			(5,925)
Net revenue (1)			70,530			6,868			1,411			78,809
Cost of sales			(31,991)			(8,396)			(1,823)			(42,210)
Gross profit (loss) before fair value FV adjustments (1)			38,539			(1,528)			(412)			36,599
Gross margin before FV adjustments (2)			55		%	(22		%)	(29		%)	46		%
Depreciation			2,217			514			102			2,833
Inventory impairment included in cost of sales (3)			8,156			2,870			727			11,753
Adjusted gross profit before fair value FV adjustments (4)			48,912			1,856			417			51,185
Adjusted gross margin before FV adjustments (4)			69		%	27		%	30		%	65		%

(1)As presented in the interim condensed consolidated statements of loss and comprehensive loss.

(2)Gross margin before fair value adjustments is calculated as gross profit before fair value adjustments divided by net revenue.

(3)Inventory impairment includes inventory write-downs due to lower of cost or net realizable value adjustments, obsolescence provision adjustments and inventory destruction.

7 | AURORA CANNABIS INC. Q2 2027 MD&A

(4)These terms are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measures have been provided accordingly.

Medical Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on medical cannabis net revenue was 62% for the three months ended September 30, 2026 compared to 69% for the three months ended September 30, 2025. The decrease was due to pricing compression driven by changes to the federal reimbursement program and competitive market dynamics.

Consumer Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on consumer cannabis net revenue was 23% for the three months ended September 30, 2026, compared to 27% for the three months ended September 30, 2025. During the three months ended September 30, 2026, the Company sold consumer products at lower prices as part of the wind down of the consumer channel.

Adjusted Gross Margin – Six months ended September 30, 2026

The table below outlines adjusted gross profit and margin before fair value adjustments for the following periods:

			Medical cannabis			Consumer cannabis			Wholesale bulk cannabis			Total cannabis
Six months ended September 30, 2026
Revenue			152,370			4,238			3,329			159,937
Excise taxes			(5,815)			(547)			—			(6,362)
Net revenue (1)			146,555			3,691			3,329			153,575
Cost of sales			(67,310)			(3,682)			(9,487)			(80,479)
Gross profit (loss) before FV adjustments (1)			79,245			9			(6,158)			73,096
Gross margin before FV adjustments (1)			54		%	—		%	(185		%)	48		%
Depreciation			4,792			251			283			5,326
Inventory impairment included in cost of sales (2)			6,869			530			5,940			13,339
Adjusted gross profit before FV adjustments (1)			90,906			790			65			91,761
Adjusted gross margin before FV adjustments (1)			62		%	21		%	2		%	60		%
Six months ended September 30, 2025
Revenue			141,427			20,971			2,844			165,242
Excise taxes			(6,129)			(6,228)			—			(12,357)
Net revenue (1)			135,298			14,743			2,844			152,885
Cost of sales			(57,923)			(16,345)			(3,169)			(77,437)
Gross profit (loss) before FV adjustments (1)			77,375			(1,602)			(325)			75,448
Gross margin before FV adjustments (1)			57		%	(11		%)	(11		%)	49		%
Depreciation			4,353			1,076			197			5,626
Inventory impairment included in cost of sales (2)			11,814			4,956			1,080			17,850
Adjusted gross profit before FV adjustments (1)			93,542			4,430			952			98,924
Adjusted gross margin before FV adjustments (1)			69		%	30		%	33		%	65		%

(1)These terms are defined in the “Cautionary Statement Regarding Certain Non‑GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measures have been provided accordingly.

(2)Inventory impairment includes inventory write-downs due to lower of cost or net realizable value adjustments, obsolescence provision adjustments and inventory destruction.

Medical Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on medical cannabis net revenue was 62% for the six months ended September 30, 2026 compared to 69% for the six months ended September 30, 2025. The decrease was due to pricing compression driven by changes to the federal reimbursement program and competitive market dynamics.

Consumer Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on consumer cannabis net revenue was 21% for the six months ended September 30, 2026 compared to 30% for the six months ended September 30, 2025. The reduction in gross margin is a result of reduced selling prices.

8 | AURORA CANNABIS INC. Q2 2027 MD&A

Operating Expenses

			Three months ended						Six months ended
($ thousands)			September 30, 2026						September 30, 2025			September 30, 2026			September 30, 2025
General and administration			30,267						26,294			54,869			53,166
Sales and marketing			17,843						14,304			33,434			28,759
Business development costs			1,713						321			3,302			682
Research and development			910						904			1,851			1,733
Depreciation and amortization			1,109						1,379			2,046			2,146
Share-based compensation			3,640						4,969			4,333			7,155
Total operating expenses			55,482						48,171			99,835			93,641

General and administration (“G&A”)

G&A expenses increased by $4.0 million and $1.7 million for the three and six months ended September 30, 2026, respectively, compared to the same periods in 2025. The increase was primarily a result of professional fees incurred in connection with an unsolicited hostile bid. During the six months ended September 30, 2026, the increase in professional fees was partially offset by a reversal of a loss allowance on a trade receivable recognized during the three months ended June 30, 2026.

Sales and marketing (“S&M”)

S&M expenses increased by $3.5 million and $4.7 million for the three and six months ended September 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by higher selling costs associated with increased international sales and higher distribution costs due to larger sales volumes.

Research and development (“R&D”)

The Company’s investment in R&D and product innovation is partly opportunistic and the approach to R&D spend is targeted and gated. As such, these costs may vary quarter-over-quarter and year-over-year.

Business development costs

Business development costs increased by $1.4 million and $2.6 million for the three and six months ended September 30, 2026, respectively, compared to the same periods in 2025. The increase in both periods is attributable to an increase in business development activities and transactions. The six months ended September 30, 2026 also includes costs attributable to the acquisition of Safari.

Depreciation and amortization

Depreciation and amortization for the three and six months ended September 30, 2026 were comparable to the three and six months ended September 30, 2025.

Share-based compensation

Share-based compensation expense decreased by $1.3 million and $2.8 million for the three and six months ended September 30, 2026, respectively, compared to the same periods in 2025. Fluctuations experienced over the comparative periods largely relate to cash-settled share-based compensation, which is remeasured each period based on the Company’s share price. The decreases are due to the decline in the Company’s share price relative to the comparative periods.

9 | AURORA CANNABIS INC. Q2 2027 MD&A

Adjusted Selling, General & Administration(2)

The table below outlines Adjusted SG&A for the following periods:

			Three months ended						Six months ended
($ thousands)			September 30, 2026			September 30, 2025 (3)			September 30, 2026			September 30, 2025 (3)
General and administration			30,267			26,294			54,869			53,166
Sales and marketing			17,843			14,304			33,434			28,759
Business transformation costs (1)			(10,724)			(5,708)			(15,833)			(10,940)
Adjusted SG&A (2)			37,386			34,890			72,470			70,985

(1)Business transformation related charges include costs related to restructuring, certain IT project costs, net sublease income (expenses), severance and retention costs in connection with the consumer channel exit, legal provisions, professional fees incurred in connection with an unsolicited Hostile Bid and other business transformation initiatives.

(2)Adjusted SG&A is defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measure has been provided accordingly.

(3)Prior period comparatives were adjusted to include the adjustments for non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation.

Adjusted SG&A was $37.4 million and $72.5 million for the three and six months ended September 30, 2026, respectively, compared to $34.9 million and $71.0 million, respectively, for the same periods in 2025. The increases of $2.5 million and $1.5 million, respectively, were primarily attributable to higher selling costs related to increased international revenue.

Other Income (Expenses)

			Three months ended						Six months ended
($ thousands)			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Interest and other income			1,252			2,093			2,493			3,916
Finance and other costs			(330)			(419)			(794)			(905)
Foreign exchange gain (loss)			(936)			3,755			1,945			3,669
Other gains (losses)			(1,549)			732			(106)			1,166
Impairment of property, plant and equipment			—			(525)			—			(525)
Impairment of intangible assets and goodwill			—			(13,186)			—			(13,186)
Other income (expenses)			(1,563)			(7,550)			3,538			(5,865)

During the three months ended September 30, 2026, other expense was $1.6 million compared to $7.6 million for the three months ended September 30, 2025. The $6.0 million decrease was primarily attributable to impairment charges totalling $13.7 million, partially offset by foreign exchange gains of $3.8 million recognized during the three months ended September 30, 2025. During the three months ended September 30, 2026, the Company recognized foreign exchange losses related to the depreciation of the Euro and Australian dollar relative to the Canadian dollar. Additionally, the Company incurred other losses of $1.5 million, of which $1.3 million relates to the remeasurement of the contingent consideration related to the acquisition of Safari, compared to other income $0.7 million during the three months ended September 30, 2025.

During the six months ended September 30, 2026, other income was $3.5 million compared to other expense of $5.9 million for the six months ended September 30, 2025. The increase of $9.4 million was primarily attributable to impairment charges totalling $13.7 million, partially offset by higher foreign exchange gains of $3.7 million recognized during the six months ended September 30, 2025.

Net Loss

Net loss from continuing operations for the three months ended September 30, 2026 was $21.1 million compared to $27.2 million for the three months ended September 30, 2025. The decrease is mainly due to impairment charges totalling $13.7 million recognized during the three months ended September 30, 2025 and an increase in gross profit during the three months ended September 30, 2026, partially offset by an increase in operating expenses.

Net loss from continuing operations for the six months ended September 30, 2026 was $25.1 million compared to $37.4 million for the six months ended September 30, 2025. The decrease is mainly due to impairment charges totalling $13.7 million recognized during the six months ended September 30, 2025.

10 | AURORA CANNABIS INC. Q2 2027 MD&A

Adjusted EBITDA(2)

The following is the Company’s adjusted EBITDA:

($ thousands)			Three months ended						Six months ended
			September 30, 2026						September 30, 2025 (3)			September 30, 2026			September 30, 2025 (3)
Net loss from continuing operations			(21,050)						(27,182)			(25,083)			(37,368)
Income tax expense			1,553						2,605			1,956			2,534
Other (income) expense			1,563						7,550			(3,538)			5,865
Share-based compensation			3,640						4,969			4,333			7,155
Depreciation and amortization			3,946						4,215			7,373			7,775
Business development costs			1,713						321			3,302			682
Inventory and biological assets fair value and impairment adjustments			11,908						17,209			13,264			28,627
Business transformation costs (1)			10,724						5,708			15,833			10,940
Adjusted EBITDA (2)			13,997						15,395			17,440			26,210

(1)Business transformation related charges include costs related to restructuring, certain IT project costs, net sublease income (expenses), severance and retention costs in connection with the consumer channel exit, legal provisions, professional fees incurred in connection with an unsolicited Hostile Bid and other business transformation initiatives.

(2)Adjusted EBITDA is defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measure has been provided accordingly.

(3)Prior period comparatives were adjusted to include the adjustments for non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation.

Adjusted EBITDA was $14.0 million for the three months ended September 30, 2026 compared to $15.4 million for the three months ended September 30, 2025. The decrease of $1.4 million is primarily due to an increase in adjusted SG&A of $2.5 million, partially offset with an increase of $1.1 million in adjusted gross profit before fair value adjustments.

Adjusted EBITDA was $17.4 million for the six months ended September 30, 2026 compared to $26.2 million for the six months ended September 30, 2025. The decrease of $8.8 million is primarily due to a decrease of $7.2 million in adjusted gross profit before fair value adjustments combined with an increase in adjusted SG&A of $1.5 million.

Adjusted Net Income(2)

The following is the Company’s adjusted net income:

($ thousands)			Three months ended						Six months ended
			September 30, 2026						September 30, 2025 (3)			September 30, 2026			September 30, 2025 (3)
Net loss from continuing operations			(21,050)						(27,182)			(25,083)			(37,368)
Inventory and biological assets fair value and impairment adjustments			11,908						17,209			13,264			28,627
Business development costs			1,713						321			3,302			682
Impairment of property, plant and equipment			—						525			—			525
Impairment of intangible assets and goodwill			—						13,186			—			13,186
Deferred tax expense - valuation allowance on deferred tax assets			—						2,359			—			2,359
Business transformation costs (1)			10,535						5,536			15,434			10,541
Adjusted net income (2)			3,106						11,954			6,917			18,552

(1)Business transformation related charges include costs related to restructuring, certain IT project costs, severance and retention costs in connection with the consumer channel exit, legal provisions, professional fees incurred in connection with the unsolicited Hostile Bid and other business transformation initiatives.

(2)Adjusted net income is defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measure has been provided accordingly.

(3)Comparatives were adjusted to include the adjustments for non-recurring charges related to non-core bulk cannabis wholesale to be comparable to the current period presentation.

11 | AURORA CANNABIS INC. Q2 2027 MD&A

Adjusted net income was $3.1 million for the three months ended September 30, 2026 compared to adjusted net income of $12.0 million for the three months ended September 30, 2025. The decrease of $8.9 million was primarily attributable to a $2.5 million increase in adjusted SG&A expenses, partially offset with an increase of $1.1 million in adjusted gross profit before fair value adjustments. Adjusted net income for the three months ended September 30, 2026 was also impacted by unfavourable foreign exchange fluctuations of $4.7 million and a $0.8 million decrease in interest and other income. Additionally, the Company incurred other losses of $1.5 million, of which $1.3 million relates to the remeasurement of the contingent consideration related to the acquisition of Safari, compared to other income of $0.7 million during the three months ended September 30, 2025.

Adjusted net income was $6.9 million for the six months ended September 30, 2026 compared to adjusted net income of $18.6 million for the six months ended September 30, 2025. The decrease of $11.6 million is primarily due to a decrease in adjusted gross profit before fair value adjustments of $7.2 million, combined with an increase in adjusted SG&A of $1.5 million. Adjusted net income for the six months ended September 30, 2026 was also impacted by a decrease in foreign exchange gains of $1.7 million and a decrease in interest and other income of $1.4 million due to lower cash and short term investment balances.

Liquidity and Capital Resources

($ thousands)			September 30, 2026			March 31, 2026
Cash and cash equivalents			65,889			64,690
Restricted cash			49,409			47,791
Short-term investments			17,730			52,213
Working capital (1)			306,759			330,523
Total assets			615,133			601,087
Total non-current liabilities			20,078			22,325
Capitalization
Lease liabilities			21,435			23,859
Total debt			21,435			23,859
Total equity			518,416			511,832
Total capitalization			539,851			535,691

(1)Working capital is defined as current assets less current liabilities as stated on the Company’s interim condensed consolidated statements of financial position.

During the three and six months ended September 30, 2026, the Company primarily financed its operations, capital expenditures and growth initiatives through the generation of net revenue, working capital and cash on hand, including short-term investments. For more information on key cash flows related to operations, investing and financing activities during this period, refer to the “Cash Flow Highlights” discussion below.

The Company’s objective when managing its liquidity and capital resources is to maintain sufficient liquidity to support financial obligations when they become due, while executing operating and strategic plans. The Company manages liquidity risk through the management of its capital structure and resources to ensure that it has sufficient liquidity to settle obligations and liabilities when they are due. The Company’s ability to fund its operating requirements depends on future operating performance and cash flows, which are subject to economic, financial, competitive, business and regulatory conditions, and other factors, some of which are beyond our control. The primary short-term liquidity needs are to fund net operating losses and capital expenditures to maintain existing facilities and lease payments. The medium-term liquidity needs primarily relate to lease payments and the long-term liquidity needs primarily relate to potential strategic plans.

While the Company has experienced, and may continue to experience, periods of negative cash flow and net losses, management has actioned several initiatives to improve cash generation, including focusing on growth in high-margin global medical cannabis markets and exit from the Canadian consumer market to prioritize resources. In addition, the Company has invested in operational upgrades at its facility in Leuna, Germany and the acquisition of Safari to add incremental EU-GMP flower to support profitable growth. In the meantime, the Company has sufficient liquidity supporting its going concern assumption.

As at September 30, 2026, the Company has access to the following capital resources available to fund operations and obligations:

•$65.9 million in cash and cash equivalents and $17.7 million in short-term investments.

•The Company's cross-border shelf prospectus filed on February 14, 2025 (the “2025 Shelf Prospectus”), which, together with a corresponding registration statement filed with the SEC, qualifies the issuance of up to U.S. $250 million of Common Shares, warrants, options, subscription receipts, debt securities and/or units during the 25-month period, ending March 2027, that it remains effective. Volatility in the cannabis industry, stock market and the Company’s share price may impact the amount and our ability to raise financing under the 2025 Shelf Prospectus.

•On February 4, 2026, the Company filed a prospectus supplement establishing the at-the-market program (“ATM Program”) which allows the Company to issue and sell up to U.S. $100 million of Common Shares from treasury to the public, from time to time, at the Company's discretion, through ATM Program distributions, as defined in National Instrument 44-102, through Nasdaq or other marketplaces in the United States at the prevailing market price at the time of sale. The Company intends to use proceeds raised under the ATM Program for strategic and accretive purposes only, including for increased cultivation capacity and potential M&A. As at September 30, 2026, the Company has approximately U.S. $80.0 million of Common Shares that can be sold under the ATM Program.

12 | AURORA CANNABIS INC. Q2 2027 MD&A

Based on the aforementioned factors, the Company believes that its current liquidity position and access to the 2025 Shelf Prospectus and the ATM Program are adequate to fund operating activities and cash commitments for investing, financing and strategic activities for the foreseeable future.

During the three months ended September 30, 2026, the Board of Directors approved the wind-up of the Company's segregated cell and captive programs associated with its self-insurance policies. Upon completion of the wind-up, approximately $46.7 million of restricted cash held within the segregated cell is expected to become unrestricted and reclassified to cash and cash equivalents. The wind-up is expected to be completed during the third quarter of fiscal 2027.

Cash Flow Highlights

The table below summarizes the Company’s cash flows:

			Three months ended						Six months ended
			September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net cash used in operating activities from continuing operations			(14,946)			(38,008)			(19,392)			(30,329)
Net cash provided by (used in) investing activities from continuing operations			7,001			(5,137)			8,240			(10,012)
Net cash provided by (used in) financing activities from continuing operations			8,376			(1,248)			13,751			(2,410)
Cash used in discontinued operations			—			(2,403)			—			(2,280)
Effect of foreign exchange			(3,849)			2,325			(1,400)			2,799
Increase (decrease) in cash and cash equivalents			(3,418)			(44,471)			1,199			(42,232)

Net cash used in operating activities from continuing operations for the three months ended September 30, 2026 was $14.9 million compared to $38.0 million for the three months ended September 30, 2025. Excluding changes in non-cash working capital, cash used in operating activities during the three months ended September 30, 2026 was $2.3 million compared to $0.9 million for the three months ended September 30, 2025. The primary driver was an increase in operating expenses, partially offset by an increase in gross profit before fair value adjustments.

Net cash provided by investing activities from continuing operations for the three months ended September 30, 2026 was $7.0 million compared to net cash used in investing activities from continuing operations of $5.1 million for the three months ended September 30, 2025. The increase was primarily driven by proceeds of $13.4 million from the sale of short-term investments, partially offset by cash consideration, including transaction costs, of $2.4 million in connection with the acquisition of Internode and HAP. Capital expenditures of $6.4 million for the three months ended September 30, 2026 related to facility upgrades at the Company's Leuna, Germany facility, the Alpine facility in Pemberton, British Columbia, and the River facility in Markham, Ontario, where improvements are underway to enhance cultivation capabilities and increase production capacity.

Net cash provided by financing activities from continuing operations for the three months ended September 30, 2026 was $8.4 million compared to net cash used in financing activities from continuing operations of $1.2 million for the three months ended September 30, 2025. The increase was primarily attributable to proceeds of $10.1 million from the issuance of Common Shares under the Company's ATM Program during the three months ended September 30, 2026.

Net cash used in operating activities from continuing operations for the six months ended September 30, 2026 was $19.4 million compared to $30.3 million for the six months ended September 30, 2025. Excluding changes in non-cash working capital, cash used in operating activities during the six months ended September 30, 2026 was $12.2 million compared to cash provided by operating activities of $1.3 million. The change is primarily due to an increase in operating expenses and a decrease in gross profit before fair value adjustments.

Net cash provided by investing activities from continuing operations for the six months ended September 30, 2026 was $8.2 million compared to net cash used in investing activities from continuing operations of $10.0 million for the six months ended September 30, 2025. The increase was primarily driven by proceeds of $34.9 million from the sale of short-term investments, partially offset by cash consideration, net of cash acquired, totalling $17.2 million in connection with the acquisitions of Safari, Internode and HAP. Capital expenditures of $11.8 million for the six months ended September 30, 2026 related to facility upgrades at the Company's Leuna, Germany facility, the Alpine facility in Pemberton, British Columbia, and the River facility in Markham, Ontario, where improvements are underway to enhance cultivation capabilities and increase production capacity.

Net cash provided by financing activities from continuing operations for the six months ended September 30, 2026 was $13.8 million compared to net cash used in financing activities from continuing operations of $2.4 million for the six months ended September 30, 2025. The increase was primarily attributable to proceeds of $17.0 million from the issuance of Common Shares under the Company's ATM Program during the six months ended September 30, 2026.

13 | AURORA CANNABIS INC. Q2 2027 MD&A

Free Cash Flow(2)

The table below outlines free cash flow for the periods ended:

			Three months ended						Six months ended
($ thousands)			September 30, 2026						September 30, 2025			September 30, 2026			September 30, 2025
Net cash used in operating activities from continuing operations			(14,946)						(38,008)			(19,392)			(30,329)
Less: maintenance capital expenditures (1)			(2,587)						(1,900)			(3,934)			(2,807)
Free cash flow (2)			(17,533)						(39,908)			(23,326)			(33,136)

(1)Maintenance capital expenditures includes the costs to sustain facilities, machinery and equipment in working order to support operations and excludes discretionary investments for revenue growth.

(2)Free cash flow is defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. The reconciliation to the most directly comparable IFRS measure has been provided accordingly.

Free cash flow was an outflow of $17.5 million for the three months ended September 30, 2026 compared to an outflow of $39.9 million for the three months ended September 30, 2025. The decrease in free cash outflow of $22.4 million is primarily due to a working capital investment of $12.6 million for three months ended September 30, 2026 compared to $37.2 million for the three months ended September 30, 2025.

Free cash flow was an outflow of $23.3 million for the six months ended September 30, 2026 compared to an outflow of $33.1 million for the six months ended September 30, 2025. The decrease in free cash outflow of $9.8 million is partly due to a working capital investment of $7.2 million for the six months ended September 30, 2026 compared to $31.6 million for the six months ended September 30, 2025. This was partially offset by a decrease in adjusted gross profit before fair value adjustments combined with an increase in operating expenses.

Contractual Obligations, Commitments, Contingencies and Off-Balance Sheet Arrangements

In the normal course of business, the Company is obligated to make future payments, including contractual obligations and non-cancellable commitments. The Company is also subject to litigation and similar claims in the ordinary course of its business. A discussion of these items is included in the “Liquidity and Capital Resources” section of the 2026 Annual MD&A for the year ended March 31, 2026.

As at September 30, 2026, the Company has recognized total legal provisions of $0.8 million (March 31, 2026 – $0.8 million) on the Company’s interim condensed consolidated statements of financial position.

As of the date of this MD&A, the Company has $0.5 million in letters of credit outstanding with the Bank of Montreal. There are no other material off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the financial performance or financial condition of the Company.

Accounting Policies and Critical Accounting Estimates

The preparation of the Financial Statements under IFRS requires management to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The Company’s significant accounting policies and a summary of recently announced accounting standards are described in the Accounting Policies and Judgments in Note 2 of the 2026 Annual Financial Statements.

Critical accounting estimates are also those estimates that, where a different estimate could have been used or where changes in the estimate that are reasonably likely to occur, would have a material impact on the Company’s financial condition, changes in financial condition or financial performance. The estimates and underlying assumptions are reviewed on an ongoing basis. There were no changes in the Company’s critical accounting estimates and policies during the three and six months ended September 30, 2026. For additional information on the Company’s accounting policies and key estimates, refer to the note disclosures in the 2026 Annual Financial Statements.

Adoption of New Accounting Pronouncements

On April 1, 2026, the Company adopted the amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, relating to the classification and measurement requirements of financial instruments recognized within those standards. These amendments include, among others:

•Clarifying that a financial liability is to be derecognized on the 'settlement date' and introducing an accounting policy choice to derecognize financial liabilities settled through an electronic payment system before settlement date if certain conditions are met; and

•Requiring additional disclosures for financial assets and liabilities with contractual terms that reference a contingent event and equity instruments classified at fair value through other comprehensive income.

The Company uses the settlement date to derecognize financial liabilities for electronic payments and therefore, the amendment did not have an impact on adoption. The other amendments also did not have an impact upon adoption.

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New Accounting Pronouncements Not Yet Adopted

IFRS 18, Presentation and Disclosures in Financial Statements, replaces IAS 1, Presentation of Financial Statements for reporting periods beginning on or after January 1, 2027, including for interim financial statements with retrospective application. IFRS 18 introduces a specified structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals.

Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. The Company intends to adopt IFRS 18 upon its mandatory effective date and is currently assessing the impact of IFRS 18 on its consolidated financial statements. The Company expects that its consolidated statements of income and comprehensive income will require further disaggregation, including the addition of new subtotals not currently presented and the potential for additional categories of operating expenses requiring disclosure on the face of the consolidated statements of income and comprehensive income. The Company also expects its consolidated statements of cash flows will be impacted by the application of IFRS 18, since it applies the indirect method for presenting its consolidated statements of cash flows, whereby net income will no longer be the starting point, which is expected to be replaced by operating profit. Further, management will be required to disclose in the notes to the consolidated financial statements certain performance measures currently disclosed and reconciled in management’s discussion and analysis.

Financial Instruments Risk

The Company is exposed to a variety of financial instrument related risks. The Board mitigates these risks by assessing, monitoring and approving the Company’s risk management processes. Refer to Note 21 and Note 22 in the 2026 Annual Financial statements for additional information on the Company’s financial instruments and related fair value estimates and disclosures.

Summary of Outstanding Share Data

The Company had the following securities issued and outstanding as at November 4, 2026:

Securities (1)			Units outstanding
Issued and outstanding Common Shares			65,745,102
Stock options			2,214,392
Restricted share units			1,541,597
Deferred share units			28,555
Performance share units			532,823

(1)Refer to Note 12 “Share Capital” in the 2026 Annual Financial Statements for a detailed description of these securities.

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Summary of Quarterly Results

($ thousands, except earnings per share)			September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025(1)
Financial Results
Revenue			89,180			70,757			89,308			87,875
Net revenue (2)			86,021			67,554			84,816			82,893
Net (loss) income from continuing operations attributable to common shareholders			(21,050)			(4,033)			(27,566)			6,317
Net loss from discontinued operations attributable to common shareholders			—			—			(29,329)			(4,494)
Net (loss) income attributable to common shareholders			(21,050)			(4,033)			(56,895)			1,823
Basic (loss) income per share, continuing operations			(0.32)			(0.07)			(0.48)			0.11
Diluted (loss) income per share, continuing operations			(0.32)			(0.07)			(0.48)			0.11
Basic (loss) income per share			(0.32)			(0.07)			(0.99)			0.03
Diluted (loss) income per share			(0.32)			(0.07)			(0.99)			0.03
Balance Sheet
Current assets			383,398			393,449			397,453			445,836
Current liabilities			76,639			73,429			66,930			145,935
			September 30, 2025(1)			June 30, 2025(1)			March 31, 2025(1)(3)			December 31, 2024(1)(3)
Financial Results
Revenue			84,734			80,508			83,522			87,081
Net revenue (2)			78,809			74,076			76,768			79,301
Net (loss) income from continuing operations attributable to common shareholders			(27,182)			(10,186)			(12,128)			28,678
Net loss from discontinued operations attributable to common shareholders			(24,292)			(5,023)			(7,007)			(125)
Net (loss) income attributable to common shareholders			(51,474)			(15,209)			(19,135)			28,553
Basic (loss) income per share, continuing operations			(0.48)			(0.18)			(0.22)			0.52
Diluted (loss) income per share, continuing operations			(0.48)			(0.18)			(0.22)			0.51
Basic (loss) income per share			(0.91)			(0.27)			(0.35)			0.52
Diluted (loss) income per share			(0.91)			(0.27)			(0.35)			0.51
Balance Sheet
Current assets			423,845			465,301			478,328			488,548
Current liabilities			124,116			156,885			110,863			149,807

(1)Certain previously reported amounts have been adjusted to present results from discontinued operations separately from continuing operations.

(2)As presented in the interim condensed consolidated financial statements of loss and comprehensive loss.

(3)In connection with the audit of the annual consolidated financial statements as at and for the year ended March 31, 2025, the Company noted that inventory and lease obligation were misstated, impacting the condensed consolidated     interim statements filed during the 2025 fiscal year. Certain balances in the condensed consolidated interim financial statements as at and for the three months ended December 31, 2024 were adjusted as a result and the amounts shown above reflect such adjustments. Refer to the “Historical Quarterly Results” section of the 2025 Annual MD&A.

Risk Factors

In addition to the other information included in this MD&A, readers should consider carefully the following factors, which describe the risks, uncertainties and other factors that may materially and adversely affect our business, products, financial condition and operating results. There are many factors that affect our business and our results of operations, some of which are beyond our control. The following is a description of important factors that may cause our actual results of operations in future periods to differ materially from those currently expected or discussed in the forward-looking statements (as defined below) set forth in this MD&A relating to our financial results, operations and business prospects. Except as required by law, we undertake no obligation to update any such forward-looking statements to reflect events or circumstances after the date of this MD&A.

These risks include, but are not limited to the following:

•We have a limited operating history and a history of losses in prior periods and there is no assurance that we will be able to achieve or maintain profitability.

•Our business is reliant on the good standing of our licenses.

•Our Canadian licenses are reliant on our established sites.

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•We operate in a highly regulated business and any failure or significant delay in obtaining applicable regulatory approvals could adversely affect our ability to conduct our business.

•Changes in the laws, regulations, and guidelines that impact our business may cause adverse effects on our operations.

•Failure to comply with anti-money laundering laws and regulations could subject us to penalties and other adverse consequences.

•We compete for market share with a number of competitors and expect additional competitors to enter our market, and many of our current and future competitors may have longer operating histories, more financial resources, and lower costs than us.

•Selling prices and the cost of cannabis production may vary based on a number of factors outside of our control.

•We may not be able to realize our growth targets or successfully manage our growth.

•The continuance of our contractual relations with provincial and territorial governments cannot be guaranteed.

•Our continued growth may require additional financing, which may not be available on acceptable terms or at all.

•A default under any future debt that is not waived by the applicable lender(s) could materially adversely impact our results of operations and financial results and could have a material adverse effect on the trading price of our common shares.

•We may be subject to credit risk.

•We may not be able to successfully develop new products or find a market for their sale.

•As the cannabis market continues to mature, our products may become obsolete, less competitive, or less marketable.

•Restrictions on branding and advertising may negatively impact our ability to attract and retain customers.

•The cannabis business may be subject to unfavorable publicity or consumer perception.

•Third parties with whom we do business may perceive themselves as being exposed to reputational risk by virtue of their relationship with us and may ultimately elect to discontinue their relationships with us.

•There may be unknown health impacts associated with the use of cannabis and cannabis derivative products.

•We may enter into strategic alliances or expand the scope of currently existing relationships with third parties that we believe

complement our business, financial condition and results of operation and there are risks associated with such activities.

•Our success will depend on attracting and retaining key personnel.

•Our dependence on senior management.

•Certain of our directors and officers may have conflicts of interests due to other business relationships.

•Future execution efforts may not be successful.

•We have expanded and intend to further expand our business and operations into jurisdictions outside of Canada, and there are risks associated with doing so.

•Our business may be affected by political and economic instability, and a period of sustained inflation across the markets in which we operate could result in higher operating costs.

•We rely on international advisors and consultants in foreign jurisdictions.

•Failure to comply with the Corruption of Foreign Public Officials Act (Canada) (“CFPOA”) and the Foreign Corrupt Practices Act (U.S.) (“FCPA”), as well as the anti-bribery laws of the other nations in which we conduct business, could subject us to penalties and other adverse consequences.

•We may be subject to uninsured or uninsurable risks.

•We may be subject to product liability claims.

•Our cannabis products may be subject to recalls for a variety of reasons.

•We are and may become party to litigation, mediation, and/or arbitration from time to time.

•The transportation of our products is subject to security risks and disruptions.

•Our business is subject to the risks inherent in agricultural operations.

•We have in the past, and may in the future, record significant impairments or write-downs of our assets.

•Our operations are subject to various environmental and employee health and safety regulations.

•Climate change may have an adverse effect on demand for our products or on our operations.

•We may not be able to protect our intellectual property.

•We may experience breaches of security at our facilities or in respect of electronic documents and data storage and may face risks related to breaches of applicable privacy laws.

•We may be subject to risks related to our information technology systems, including cyber-attacks.

•We may not be able to successfully identify and execute future acquisitions or dispositions, or to successfully manage the impacts of such transactions on our operations.

•As a holding company, Aurora is dependent on its operating subsidiaries to pay dividends and other obligations.

•The price of our common shares has historically been volatile. This volatility may affect the value of your investment in Aurora, the price at which you could sell our common shares and the sale of substantial amounts of our common shares could adversely affect the price of our common shares.

•It is not anticipated that any dividend will be paid to holders of our common shares for the foreseeable future.

•Future sales or issuances of equity securities could decrease the value of our common shares, dilute investors’ voting power, and reduce our earnings per common share.

•Our management will have substantial discretion concerning the use of proceeds from future share sales and financing transactions.

•The regulated nature of our business may impede or discourage a takeover, which could reduce the market price of our common shares.

•The financial reporting obligations of being a public company and maintaining a dual listing on the TSX and on Nasdaq requires significant Company resources and management attention.

•Failure to develop and maintain an effective system of internal controls increases the risk that we may not be able to accurately and reliably report our financial results or prevent fraud, which may harm our business, the trading price of our common shares and market value of other securities.

•We are a Canadian company and shareholder protections may differ from shareholder protections in the U.S. and elsewhere.

•We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934 (the “U.S. Exchange Act”), as amended, and as such is exempt from certain provisions applicable to United States domestic issuers.

•Our employees and counterparties may be subject to potential U.S. entry restrictions as a result of their relationship with us.

•Participants in the cannabis industry may have difficulty accessing the service of banks and financial institutions, which may make it difficult for us to operate.

•The Company’s employees, independent contractors and consultants may engage in fraudulent or other illegal activities.

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•The controversy surrounding vaporizers and vaporizer products may materially and adversely affect the market for vaporizer products and expose us to litigation and additional regulation.

•We must rely largely on our own market research and internal data to forecast sales and market demand and market prices which may differ from our forecasts.

•The Canadian excise duty framework affects profitability.

•We may hedge or enter into forward sales, which involves inherent risks.

•Our costs, including those for input materials, energy and transportation, could be negatively impacted by international conflicts.

Disclosure Controls and Procedures and Internal Controls over Financial Reporting

Disclosure Controls and Procedures

The Company maintains DC&P designed to provide reasonable assurance that information required to be disclosed in the Company’s annual filings, interim filings and other reports filed or submitted by it under securities laws is recorded, processed, summarized and reported accurately and in the time periods specified under such securities laws, and include controls and procedures designed to ensure such information is accumulated and communicated to the Company’s management, including its certifying officers, as appropriate to allow timely decisions regarding required disclosure. As at September 30, 2026, the CEO and CFO have concluded that the Company’s DC&P were not effective as at that date as a result of the material weakness identified as at March 31, 2026.

Changes to Internal Control over Financial Reporting

Continuing into fiscal 2027 from the prior year, management implemented a number of business processes and control improvements to address known control deficiencies and continue to enhance the Company’s control environment, including:

•a comprehensive review of the Company’s key corporate business processes and controls to streamline manual review process steps and rationalize controls that reflect changes in the Company’s business and operating environment;

•continuing to deploy a common Enterprise Resource Planning (“ERP”) system across the company, including deployment of the Company’s ERP in the Australia business unit and enhancements at both Corporate and EU business units;

•modifying existing controls and implementing new controls that operate effectively to address known system limitations or third party data availability regarding assurance and segregation of duties;

•continued efforts to integrate the Australia business unit into the Company’s control environment; and

•continued efforts to harmonize and automate controls around biological assets and inventory data, operations and reporting.

Aside from these initiatives, no other changes to the Company’s Internal Control over Financial Reporting (“ICFR”) occurred during the quarter that have materially affected, or are likely to materially affect, the Company’s ICFR. Management has not concluded remediation or testing over the material weakness identified as at March 31, 2026 (as described in the 2026 Annual MD&A), and so continues to report a material weakness as at September 30, 2026 until remediation and testing can be concluded.

Acquisition of Safari

The Company completed its acquisition of Safari on April 14, 2026, triggering the Company’s business combination controls over the transaction including purchase price accounting. While management has extended its oversight, governance and monitoring processes that also support the Company’s ICFR framework, we continue to integrate Safari, which may result in additions or changes to the Company’s ICFR or supporting consolidation processes.

Acquisition of HAP Pharma Limited and Internode Pharma Limited

The Company completed its acquisition of HAP and Internode on August 19, 2026, triggering the Company’s business acquisition controls over the transaction. While management has extended its oversight, governance and monitoring processes that also support the Company’s ICFR framework, we continue to integrate HAP and Internode, which may result in additions or changes to the Company’s ICFR or supporting consolidation processes.

Management’s Assessment on Internal Control over Financial Reporting

COSO Framework

In accordance with National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings and as required by Rule 13a-15(f) and 15d-15(f) of the U.S. Exchange Act, management is responsible for establishing and maintaining adequate ICFR. The Company’s management, including the CEO and CFO, has designed ICFR based on the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework”) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS.

ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. ICFR has inherent limitations. ICFR is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. ICFR also can be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements will not be prevented or detected on a timely basis by ICFR. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design safeguards into the process to reduce, though not eliminate, this risk.

Management, under the supervision and with the participation of our CEO and CFO and oversight of the Board of Directors, evaluated the effectiveness of our ICFR as of March 31, 2026, against the COSO Framework. Based on this evaluation, management concluded that a material weakness existed as of March 31, 2026, as described below, and due to this material weakness, ICFR was not effective as of March 31, 2026.

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Biological Assets and Inventory Valuation

The Company did not design or maintain effective controls over significant estimates, assumptions and formulas in biological asset and inventory valuation models. Specifically, controls were not designed and consistently executed over the completeness and accuracy of data inputs used in biological asset and inventory valuation models, including the precision of controls to detect errors in the calculation of gains and losses on changes in fair value, impairments and provisions to the Company’s biological assets and inventory consolidated balances, as well as cost of sales.

Material and immaterial errors were identified as a result of this material weakness which were corrected prior to release of the annual financial statements. This material weakness creates a reasonable possibility that material misstatements in interim or annual financial statements would not be prevented or detected on a timely basis.

Ernst & Young LLP, an independent registered public accounting firm, has audited the Company’s 2026 Annual Financial Statements and has issued an adverse opinion on the effectiveness of Internal Control over Financial Reporting.

Management has excluded the acquisition of Safari, HAP and Internode from its assessment of DC&P and ICFR as of September 30, 2026.

Remediation Plan

Following the identification of material weaknesses in the FY2026 period, management initiated a Company-wide remediation plan with the assistance of a top-tier professional services firm, which is designed to remediate known control deficiencies and address changes in risk based on business process growth. In FY2027 management continues to undertake the following:

•Harmonizing the IT environment through the Company’s ERP Transformation program in order to remove disparate IT applications and simplify the IT environment, resulting in fewer cases of manual data/information manipulation or compilation.

•Updating the Company’s key business processes and related controls to reflect changes in the Company’s business and operating environment, with a goal of streamlining the respective controls and reducing the reliance on or sensitivity of assumptions and estimates in key forecasts and valuation models.

•Enhancing the use of reliable, complete and accurate data in the performance of key controls, including the ongoing reduction of reliance on manual data and management review controls.

•Enhancing the tools and hands-on training available to staff and control owners to enable the timely and consistent execution of controls.

Management also acknowledges there is a base level of inherent complexity and risk of error with respect to subjective assumptions and the high level of sensitivity in the presentation of biological assets fair value, impairments and provisions, as well as cost of sales. This will continue to represent an area of complex management assumptions and estimates in the Company’s presentation of financial information as reported under International Financial Reporting Standard IAS 41, Agriculture. Notwithstanding this complexity, Management continues to implement stronger controls and enhance business processes to mitigate reporting risk and eliminate control deficiencies identified above in the Company’s material weakness.

We believe these measures, and others that may be implemented, will remediate the material weakness in ICFR described above.

Cautionary Statement Regarding Forward-Looking Statements

This MD&A contains certain statements which may constitute “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities law requirements (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this MD&A, and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this MD&A include, but are not limited to, statements with respect to:

•pro forma measures including revenue, cash flow, adjusted gross margin before fair value adjustments, expected SG&A run-rates, and grams produced;

•expectations for gross profit margins following changes to the federal reimbursement program made effective April 1, 2026;

•the Company’s ability to fund operating activities and cash commitments for investing and financing activities for the foreseeable future;

•expectations regarding production capacity, costs and yields;

•statements made with respect to the anticipated disposition of legal claims disclosed under the heading “Contractual Obligations, Commitments, Contingencies, and Off-Balance Sheet Arrangements” in our 2026 Annual MD&A;

•future strategic opportunities;

•future growth opportunities including the expansion into additional international markets;

•expectations related to the increased legalization of medical and consumer markets, including the United States;

•wind down of the Company’s consumer business;

•competitive advantages and strengths in Canadian and international medical cannabis, medical and regulatory expertise in a federal framework and scientific expertise, including genetics and breeding;

•the Company’s breeding program, product portfolio and innovation, and the expected impact on revenue and long-term success;

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•critical success factors in the cannabis industry, including profitable growth, positive cash flow, smart capital allocation and balance sheet strength;

•the acquisition of Safari Flower Company, Internode and HAP, including the associated benefits to the Company’s business;

•the Company’s intention to wind-up the segregated cell and captive programs;

•the expected impact of IFRS 18;

•the Company’s strategy and path to deliver sustained profitability and positive free cash flow;

•the availability of funds under the 2025 Shelf Prospectus and ability to raise funds under the ATM Program, and

•the creation of sustainable, long-term shareholder value.

The forward-looking statements contained in this document have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future.

Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company’s operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company’s operations; and the Company’s ability to conduct operations in a safe, efficient, and effective manner.

The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control.

Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the Company’s 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 non-government 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 availability of additional capital to complete construction projects and facilities improvements, 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 as set out under “Risk Factors” contained herein. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements.

Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to the Company on the date hereof, no assurance can be given as to future results, approvals or achievements. Forward-looking statements contained in this MD&A and in the documents incorporated by reference herein are expressly qualified by this cautionary statement.

Cautionary Statement Regarding Certain Non-GAAP Performance Measures

This MD&A contains certain financial performance measures that are not recognized or defined under IFRS (“Non-GAAP measures”). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. For an explanation of these measures to related comparable financial information presented in the consolidated Financial Statements prepared in accordance with IFRS, refer to the discussion below. The Company believes that these Non-GAAP measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. The following are Non-GAAP measures contained in this MD&A:

•Adjusted gross profit before fair value adjustments (“FV adjustments”) represents cash gross profit on net revenue and is calculated by subtracting from total net revenue (i) cost of sales, before the effects of changes in FV of biological assets and inventory; and removing; (ii) depreciation in cost of sales; and (iii) cannabis inventory impairment. Adjusted gross margin before FV adjustments is calculated by dividing adjusted gross profit before FV adjustments by net revenue. Adjusted gross profit and gross margin before FV adjustments on cannabis net revenue is further broken down as follows:

◦Adjusted gross profit and gross margin before FV adjustments on medical cannabis net revenue represents gross profit and gross margin before FV adjustments on sales generated in the medical market only.

◦Adjusted gross profit and gross margin before FV adjustments on consumer cannabis net revenue represents gross profit and gross margin before FV adjustments on sales generated in the consumer market only.

◦Adjusted gross profit and gross margin before FV adjustments on wholesale bulk cannabis net revenue represents gross profit and gross margin before FV adjustments on sales generated from wholesale bulk cannabis only.

Management believes that these measures provide useful information to assess the profitability of our operations as it represents the cash gross profit and margin generated from operations and excludes the effects of non-cash FV adjustments on inventory and biological assets, which are required by IFRS. This measure is derived from gross profit and gross margin, which are the most directly comparable GAAP measures.

•Adjusted EBITDA is calculated as net income (loss) from continuing operations excluding income tax expense (recovery), other income (expenses), share-based compensation, depreciation and amortization, business development costs, changes in fair value of inventory and biological assets sold, inventory impairment adjustments, changes in fair value of biological assets and costs related to our business transformation. Adjusted EBITDA is intended to provide a proxy for the Company’s operating cash flow and is

20 | AURORA CANNABIS INC. Q2 2027 MD&A

widely used by industry analysts to compare Aurora to its competitors, and derive expectations of future financial performance for Aurora, and excludes adjustments that are not reflective of current operating results.

•Adjusted net income is calculated as net income (loss) from continuing operations excluding impairment charges related to property, plant and equipment, intangible assets and goodwill, business development costs, changes in fair value of inventory and biological assets sold, inventory impairment adjustments, changes in fair value of biological assets, costs related to our business transformation and valuation allowance on deferred tax assets. Management believes adjusted net income is a key financial measure to effectively evaluate our operating performance and compare results of our operations from period to period without the impact of certain non-cash and non-routine costs that we do not expect to continue at the same level in the future and items that are not core to our operations.

•Management believes that free cash flow presents meaningful information regarding the amount of cash flow required to maintain and organically grow the Company’s business and is an important liquidity measure. Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations, less maintenance capital expenditures. This measure is derived from, and closely aligns with the most comparable GAAP measure, net cash provided by (used in) operating activities from continuing operations.

•Adjusted SG&A is defined as SG&A, less business transformation costs. Management believes this measure provides useful information to assess the recurring costs of our operations.

Non-GAAP Measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company’s operating results, underlying performance and prospects in a manner similar to Aurora’s management. Accordingly, these Non-GAAP Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

21 | AURORA CANNABIS INC. Q2 2027 MD&A

1 Form 52-109F2 Certification of Interim Filings Full Certificate I, Miguel Martin, Chief Executive Officer of Aurora Cannabis Inc., certify the following: 1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Aurora Cannabis Inc. (the “issuer”) for the interim period ended September 30, 2026. 2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. 3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. 4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer. 5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings (a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that (i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and (ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and (b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. 5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control – Integrated Framework (COSO Framework 2013) published by The Committee of Sponsoring Organization of the Treadway Commission (COSO). 5.2 ICFR – material weakness relating to design: The issuer has disclosed in its interim MD&A for each material weakness relating to design existing at the end of the interim period:

2 (a) a description of the material weakness; (b) the impact of the material weakness on the issuer’s financial reporting and its ICFR; and (c) the issuer’s current plans, if any, or any actions already undertaken, for remediating the material weakness. 5.3 Limitation on scope of design: N/A 6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. Date: November 05, 2026 /s/ Miguel Martin Miguel Martin Chief Executive Officer

1 Form 52-109F2 Certification of Interim Filings Full Certificate I, Simona King, Chief Financial Officer of Aurora Cannabis Inc., certify the following: 1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Aurora Cannabis Inc. (the “issuer”) for the interim period ended September 30, 2026. 2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. 3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. 4. Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer. 5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings (a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that (i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and (ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and (b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. 5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control – Integrated Framework (COSO Framework 2013) published by The Committee of Sponsoring Organization of the Treadway Commission (COSO). 5.2 ICFR – material weakness relating to design: The issuer has disclosed in its interim MD&A for each material weakness relating to design existing at the end of the interim period:

2 (a) a description of the material weakness; (b) the impact of the material weakness on the issuer’s financial reporting and its ICFR; and (c) the issuer’s current plans, if any, or any actions already undertaken, for remediating the material weakness. 5.3 Limitation on scope of design: N/A 6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2026 and ended on September 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR. Date: November 05, 2026 /s/ Simona King Simona King Chief Financial Officer

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EX-99.1 744.1 KB
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• EX-99.3 EX-99.3 4.6 KB
• EX-99.4 EX-99.4 4.6 KB