Aurora Cannabis Inc. (ACB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Aurora Cannabis Inc. (ACB) está a la vanguardia de una revolucionaria transformación de la industria del cannabis, posicionándose estratégicamente como un líder global a través de un modelo de negocio innovador e integral. Al integrar a la perfección las tecnologías de cultivo avanzadas, la investigación médica y las diversas ofertas de productos, Aurora ha creado un enfoque dinámico que abarca los mercados de cannabis médicos y recreativos en múltiples territorios internacionales. Su lienzo de modelo de negocio meticulosamente diseñado revela un complejo ecosistema de asociaciones, recursos y propuestas de valor que los distinguen en un panorama cada vez más competitivo, prometiendo a los inversores y consumidores potenciales un vistazo a una empresa de cannabis sofisticada y a futuro.

Aurora Cannabis Inc. (ACB) - Modelo de negocios: asociaciones clave

Productores y distribuidores de cannabis con licencia

Aurora Cannabis ha establecido asociaciones estratégicas con los siguientes productores con licencia:

Pareja	Detalles de la asociación	Año establecido
Alcanna Inc.	Colaboración de distribución de cannabis minorista	2018
Compañía de cáñamo Nelson	Asociación de cultivo y procesamiento de cáñamo	2019

Proveedores de equipos de tecnología agrícola y cultivo

La tecnología clave y las asociaciones de equipos incluyen:

• Photon Farms - Sistemas de iluminación de cultivo LED
• MJ Technologies - Equipo de monitoreo de cultivo automatizado
• Soluciones de automatización de CannaGrow - Sistemas de control ambiental de invernadero

Instituciones y universidades de investigación médica

Institución	Enfoque de investigación	Tipo de colaboración
Universidad de Toronto	Investigación de aplicaciones médicas de cannabis	Asociación de estudio clínico
Universidad McGill	Potencial terapéutico cannabinoide	Colaboración de la subvención de investigación

Redes de dispensario de cannabis minorista

Las asociaciones de dispensario minorista de Aurora incluyen:

• Meta Cannabis Supply Co. - 17 ubicaciones minoristas en Saskatchewan
• Nova Cannabis - 24 tiendas minoristas en múltiples provincias
• Choom Holdings - Colaboración de la red minorista de cannabis

Socios de expansión del mercado internacional de cannabis

País	Pareja	Estrategia de entrada al mercado
Alemania	Espectro cannabis gmbh	Distribución de cannabis medicinal
Australia	Cannatrek Limited	Asociación de cultivo y exportación
Uruguay	Consorcio de cannabis de Montevideo	Producción y distribución local

Aurora Cannabis Inc. (ACB) - Modelo de negocio: actividades clave

Cultivo y producción de cannabis a gran escala

Aurora Cannabis opera múltiples instalaciones de cultivo con una capacidad total con licencia de aproximadamente 660,000 kg por año. Los principales sitios de producción de la compañía incluyen:

Nombre de la instalación	Ubicación	Capacidad de cultivo
Cielo de aurora	Edmonton, Alberta	100,000 kg anualmente
Montaña de Aurora	Calgary, Alberta	40,000 kg anualmente
Medreleaf Bradford	Ontario	35,000 kg anualmente

Investigación y desarrollo de productos de cannabis medicinal

Aurora Cannabis invirtió $ 38.7 millones en gastos de investigación y desarrollo en el año fiscal 2023. Las áreas clave de enfoque de I + D incluyen:

• Formulaciones de cannabis medicinal
• Tecnologías de extracción de cannabinoides
• Asociaciones de investigación clínica

Innovación de productos y desarrollo de tensión

La compañía mantiene una biblioteca genética patentada con más de 500 cepas de cannabis únicas. Presupuesto anual de desarrollo de productos: $ 12.5 millones.

Cumplimiento regulatorio y control de calidad

Métrico de cumplimiento	Estado
Licencias de Health Canada	8 licencias activas de cultivo y procesamiento
Personal de garantía de calidad	52 profesionales de cumplimiento dedicados
Gasto anual de cumplimiento	$ 6.2 millones

Expansión del mercado internacional y adquisiciones estratégicas

Aurora Cannabis ha completado 15 adquisiciones internacionales en 8 países, con una inversión total de $ 487 millones en expansión del mercado internacional.

• Presencia operativa en Canadá, Alemania, Italia, Dinamarca
• Redes de distribución en Uruguay, Australia
• Asociaciones estratégicas en mercados de cannabis medicinal

Aurora Cannabis Inc. (ACB) - Modelo de negocio: recursos clave

Invernadas invernadero e instalaciones de cultivo en interiores

Aurora Cannabis opera múltiples instalaciones de cultivo con licencia en todo Canadá, totalizando aproximadamente 1.62 millones de pies cuadrados de capacidad de producción a partir de 2023.

Ubicación de la instalación	Capacidad de producción (SQ FT)
Aurora Sky (Edmonton, Alberta)	800,000
Aurora Mountain (Medicine Hat, Alberta)	250,000
Aurora Vie (Québec)	170,000

Programas patentadas de genética y cría de cannabis

Cartera de propiedades intelectuales:

• Más de 500 patentes emitidas y pendientes a nivel mundial
• Programas de reproducción especializadas que se centran en cepas de alto THC y alta CBD
• Repositorio genético con más de 260 cultivares de cannabis únicos

Fuerza laboral científica y agrícola calificada

A partir de 2023, Aurora Cannabis emplea a aproximadamente 1,200 profesionales en la investigación, cultivo y roles operativos.

Categoría profesional	Número de empleados
Investigar científicos	85
Especialistas agrícolas	320
Operaciones y gestión	795

Cartera de propiedades intelectuales

Los activos clave de la propiedad intelectual incluyen:

• Patente para la tecnología de nanoemulsión
• Métodos de extracción de cannabis patentados
• Técnicas de cultivo avanzadas

Infraestructura de distribución y cadena de suministro

Aurora Cannabis mantiene las capacidades de distribución en múltiples provincias canadienses y mercados internacionales.

Canal de distribución	Alcance del mercado
Cannabis medicinal	12 países
Cannabis de uso de adultos	Provincias canadienses
Exportación internacional	5 países

Aurora Cannabis Inc. (ACB) - Modelo de negocio: propuestas de valor

Productos de cannabis médico y recreativo de alta calidad

Aurora Cannabis produce productos de cannabis con las siguientes especificaciones:

Categoría de productos	Porcentaje de THC	Porcentaje de CBD	Capacidad de producción anual
Flor de cannabis seca	15-25%	0.5-2%	75,000 kg por año
Aceites de cannabis	10-90%	5-50%	40,000 kg por año

Gama de productos diversos

La cartera de productos incluye:

• Formulaciones de cannabis medicinal
• Productos de cannabis recreativos
• Productos de bienestar de CBD
• Bebidas infundidas con cannabis

Soluciones de cannabis medicinal respaldada por científicamente

Inversiones de investigación y desarrollo:

Enfoque de investigación	Inversión anual	Socios de investigación
Terapéutica de cannabis medicinal	$ 8.2 millones	5 instituciones académicas
Desarrollo de ensayos clínicos	$ 3.7 millones	3 centros de investigación de atención médica

Calidad consistente del producto

Métricas de control de calidad:

• Producción certificada ISO 9001: 2015
• Cumplimiento de GMP
• Prueba de laboratorio de terceros
• Seguimiento de consistencia por lotes

Investigación y desarrollo innovadoras de cannabis

Áreas de enfoque de I + D:

Dominio de la investigación	Solicitudes de patentes	Tamaño del equipo de investigación
Formulaciones cannabinoides	12 patentes pendientes	45 investigadores
Tratamientos de cannabis medicinal	8 solicitudes de patentes	32 investigadores

Aurora Cannabis Inc. (ACB) - Modelo de negocios: relaciones con los clientes

Plataformas directas de ventas en línea

Aurora Cannabis opera plataformas de ventas en línea en provincias canadienses donde el comercio electrónico de cannabis está legalmente permitido. A partir del cuarto trimestre de 2023, el canal de ventas en línea de la compañía generó aproximadamente $ 4.2 millones en ingresos trimestrales.

Canal de ventas en línea	Ingresos trimestrales	Penetración del mercado
Plataformas provinciales canadienses	$ 4.2 millones	12.3% del comercio electrónico total de cannabis

Servicios de consulta de cannabis medicinal

Aurora ofrece servicios especializados de consulta de cannabis medicinal a través de plataformas digitales y profesionales de la salud registrados.

• Duración de consulta promedio: 30-45 minutos
• Número de pacientes con cannabis medicinal registrado: 27,600
• Precios de consulta: $ 75- $ 150 por sesión

Programas de atención al cliente y educación

La compañía mantiene una infraestructura integral de atención al cliente con múltiples canales de participación.

Canal de soporte	Tiempo de respuesta	Volumen de soporte anual
Soporte telefónico	24-48 horas	42,300 interacciones con los clientes
Soporte por correo electrónico	36-72 horas	58,600 interacciones con los clientes
Chat en vivo	15-30 minutos	34,200 interacciones con los clientes

Modelos de participación basados ​​en la lealtad y suscripción

El cannabis de Aurora implementa programas de lealtad escalonados para consumidores de cannabis médicos y recreativos.

• Miembros del programa de fidelización total: 19,400
• Valor de suscripción mensual promedio: $ 87.50
• Tasa de retención de clientes: 64.3%

Canales de interacción de marca digital y físico

La compañía mantiene estrategias de participación de marca multicanal en puntos de contacto digitales y físicos.

Canal de interacción	Compromiso mensual	Duración de interacción promedio
Plataformas de redes sociales	142,000 interacciones	3.7 minutos
Ubicaciones minoristas físicas	38,600 visitas al cliente	22 minutos
Aplicación móvil	24,300 usuarios activos	8.2 minutos

Aurora Cannabis Inc. (ACB) - Modelo de negocios: canales

Sitios web de comercio electrónico

Aurora Cannabis opera plataformas de ventas en línea en múltiples provincias canadienses, con aproximadamente el 68% de las ventas de cannabis digital realizadas a través de canales en línea con licencia en 2023.

Canal de ventas digital	Penetración del mercado	Ingresos anuales
Plataforma en línea directa de Aurora	22.4%	$ 16.3 millones
Plataformas de comercio electrónico provinciales	45.6%	$ 27.9 millones

Dispensarios de cannabis con licencia

Aurora Cannabis distribuye a través de 572 dispensarios minoristas con licencia en Canadá a partir del cuarto trimestre de 2023.

• Alberta: 237 dispensarios
• Ontario: 215 dispensarios
• Columbia Británica: 89 dispensarios
• Saskatchewan: 31 dispensarios

Clínicas de cannabis medicinal

Aurora opera asociaciones con 186 clínicas de cannabis medicinal en todo el país, atendiendo a aproximadamente 45,000 pacientes médicos registrados.

Tipo clínico	Número de asociaciones	Paciente alcance
Clínicas especializadas de cannabis medicinal	112	28,500 pacientes
Clínicas generales de atención médica	74	16,500 pacientes

Redes de distribución al por mayor

Aurora Cannabis suministra 43 socios de distribución mayorista en las provincias canadienses, con ingresos mayoristas anuales de $ 82.6 millones en 2023.

• Juntas de cannabis provinciales: 10 socios
• Distribuidores mayoristas privados: 33 socios

Plataformas de marketing digital y redes sociales

Aurora Cannabis mantiene la presencia de marketing digital en múltiples plataformas, llegando a 1.2 millones de seguidores.

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	523,000	3.7%
LinkedIn	287,000	2.9%
Gorjeo	215,000	2.4%
Facebook	175,000	1.8%

Aurora Cannabis Inc. (ACB) - Modelo de negocio: segmentos de clientes

Pacientes con cannabis medicinal

Aurora cannabis sirve pacientes con cannabis medicinal a través de ofertas de productos específicos.

Segmento de pacientes médicos	Estadística
Pacientes de cannabis medicinal registrado en Canadá	Aproximadamente 393,000 a partir del cuarto trimestre de 2023
Compra promedio de cannabis medicinal mensual	$ 124.50 por paciente
Condiciones médicas primarias tratadas	Dolor crónico (42%), salud mental (23%), trastornos del sueño (18%)

Consumidores de cannabis recreativos

Aurora se dirige a usuarios de cannabis recreativo para adultos en los mercados legales.

Segmento de mercado recreativo	Puntos de datos
Consumidores canadienses de cannabis para adultos	5.1 millones de personas en 2023
Gasto promedio de cannabis recreativo mensual	$ 87.30 por consumidor

Profesionales de la salud

• Médicos objetivo especializados en el manejo del dolor
• Programas de educación sobre cannabis para profesionales médicos
• Iniciativas de colaboración de investigación

Bienestar y buscadores de medicina alternativa

El cannabis de Aurora se dirige a consumidores conscientes de la salud que buscan soluciones alternativas de bienestar.

Segmento del mercado de bienestar	Estadística de mercado
Tamaño del mercado de medicina alternativa global	$ 296.3 mil millones en 2023
Porcentaje de consumidores interesados ​​en productos de bienestar de cannabis	37% de los consumidores conscientes de la salud

Consumidores internacionales del mercado de cannabis

Aurora Cannabis expande sus segmentos de clientes a través de la penetración del mercado internacional.

Mercado internacional	Detalles de penetración del mercado
Tamaño del mercado europeo de cannabis	$ 3.2 mil millones en 2023
Mercado de cannabis medicinal australiano	Proyectado para llegar a $ 1.5 mil millones para 2024
Número de países con la presencia de Aurora	12 países a partir de 2024

Aurora Cannabis Inc. (ACB) - Modelo de negocio: Estructura de costos

Cultivo de cannabis y gastos de producción

Costos totales de cultivo y producción para el año fiscal 2023: CAD $ 89.4 millones

Categoría de gastos	Costo (CAD)
Cultivo en interiores	$ 42.6 millones
Operaciones de invernadero	$ 31.2 millones
Mantenimiento del equipo	$ 15.6 millones

Inversiones de investigación y desarrollo

Gasto de I + D para el año fiscal 2023: CAD $ 22.7 millones

• Investigación de genética de cannabis
• Desarrollo de formulación de productos
• Mejoras de tecnología de extracción

Costos de cumplimiento y licencia regulatoria

Gastos regulatorios totales: CAD $ 12.3 millones en 2023

Área de cumplimiento	Costo (CAD)
Licencia federal	$ 5.6 millones
Permisos provinciales	$ 3.9 millones
Prueba de control de calidad	$ 2.8 millones

Gastos de marketing y ventas

Costos totales de marketing y ventas: CAD $ 35.2 millones en 2023

• Campañas de publicidad digital
• Compensación del equipo de ventas
• Desarrollo de canales minoristas

Infraestructura y mantenimiento de las instalaciones

Costos totales de infraestructura: CAD $ 41.6 millones en 2023

Categoría de mantenimiento	Costo (CAD)
Actualizaciones de la instalación	$ 18.3 millones
Reemplazo de equipos	$ 14.7 millones
Gastos de servicios públicos	$ 8.6 millones

Aurora Cannabis Inc. (ACB) - Modelo de negocios: flujos de ingresos

Venta de productos de cannabis medicinal

Ingresos anuales de cannabis medicinal para Aurora Cannabis en el año fiscal 2023: $ 35.8 millones

Categoría de productos	Ganancia
Cannabis seco	$ 18.2 millones
Aceites de cannabis	$ 12.6 millones
Softgels médicos	$ 5 millones

Venta de productos de cannabis recreativo

Ingresos anuales de cannabis recreativo para el año fiscal 2023: $ 47.5 millones

• Ventas de cannabis secas recreativas: $ 24.3 millones
• Bebidas de cannabis recreativas: $ 8.9 millones
• Comestibles de cannabis recreativos: $ 14.3 millones

Ingresos de exportación del mercado internacional

Ingresos de exportación internacionales totales para 2023: $ 22.1 millones

Región de exportación	Ganancia
Mercados europeos	$ 12.7 millones
Mercados latinoamericanos	$ 6.4 millones
Mercado australiano	$ 3 millones

Colaboraciones de investigación farmacéutica

Ingresos de colaboración de investigación en 2023: $ 15.6 millones

• Investigación del trastorno neurológico: $ 7.2 millones
• Estudios de manejo del dolor: $ 5.4 millones
• Investigación de salud mental: $ 3 millones

Líneas de productos derivados de cannabis

Ingresos de productos derivados para el año fiscal 2023: $ 28.3 millones

Producto derivado	Ganancia
Productos de bienestar de CBD	$ 12.5 millones
Productos tópicos de cannabis	$ 8.9 millones
Extractos de cannabis concentrados	$ 6.9 millones

Aurora Cannabis Inc. (ACB) - Canvas Business Model: Value Propositions

Aurora Cannabis Inc.'s core value proposition is simple: a relentless focus on high-margin, high-quality global medical cannabis, which drives their superior financial performance compared to the recreational market. This strategy delivered a record annual global medical net revenue of $244.4 million in fiscal year 2025, a 39% year-over-year growth, showing that quality and compliance pay a premium.

You're not just buying cannabis; you're buying pharmaceutical-grade consistency and international supply chain reliability. That is the defintely the key differentiator in this highly regulated space.

Highest quality, EU-GMP certified medical cannabis products

The company's most powerful value proposition is its commitment to pharmaceutical quality, validated by its European Union Good Manufacturing Practice (EU-GMP) certification. This certification is a critical barrier to entry for competitors, especially in lucrative European markets like Germany, Poland, and the UK. Aurora is one of the few global cannabis companies with two manufacturing facilities certified under both EU-GMP and Australian TGA Good Manufacturing Practice standards, which account for 90% of its annual manufacturing capacity.

In July 2025, they further cemented this by securing the first-ever EU-GMP certification for their dedicated distribution center, ensuring product integrity all the way to the pharmacy. This quality focus allows them to maintain a high-margin business, with medical cannabis adjusted gross margin reaching an impressive 70% in the fourth quarter of fiscal 2025.

Consistent supply and diverse product formats (flower, oils, softgels)

Aurora offers a comprehensive portfolio of medical formats to meet diverse patient needs and prescriber preferences. This diversity ensures they capture a wider market share, from patients preferring traditional flower to those requiring discreet, metered-dose options.

• Flower: Launch of proprietary, high-potency cultivars like Farm Gas (27% THC) and Sourdough (29% THC) in Poland in mid-2025, positioning them as the highest potency products in that market.
• Extracts/Concentrates: Introduction of medical cannabis concentrates in the UK in April 2025, following success in Australia and Canada.
• Oils and Softgels: Continued focus on formats that offer long-lasting, extended relief and easy oral intake, such as the Aurora Pastilles brand in Australia.

Clinical evidence supporting product efficacy for doctors

To win over prescribers-the true gatekeepers in medical markets-Aurora provides evidence-based guidance, not just marketing. In September 2025, they launched the English-language version of the Physician Experience Platform (PEP) in partnership with the German health-tech firm Copeia.

This peer-to-peer resource is crucial for physician education, offering access to clinical insights and more than 130 anonymized, real-world case studies on cannabis-based therapies. This moves the conversation from anecdotal to clinical, which is vital for long-term prescription growth.

Global brand recognition and trust in medical markets

Aurora has successfully established itself as a global leader by focusing on international expansion, which now drives the majority of their medical revenue. International revenue more than doubled in Q4 2025, contributing 61% of their total global medical cannabis net revenue.

This global footprint translates directly into brand trust for patients and regulators, especially in markets where supply consistency is a major concern. Here's the quick math on their key markets:

Metric	Fiscal Year 2025 Data	Context
Annual Global Medical Net Revenue	$244.4 million	Record high, up 39% YoY.
Q4 2025 International Revenue Contribution	61% of Global Medical Net Revenue	Represents a doubling of international revenue.
Q4 2025 Medical Adjusted Gross Margin	70%	Driven by higher-margin international markets.
Key International Markets	Australia, Germany, Poland, UK	Primary drivers of the Q4 2025 medical sales increase.

Patient-centric support and educational resources

Beyond the product, Aurora's value proposition includes making medical cannabis accessible. In June 2025, they expanded their Canadian compassionate pricing program, increasing the yearly income eligibility from $40,000 CAD to $60,000 CAD.

This change makes their program the most inclusive in Canada, potentially benefiting over 50% of the country's adult population. They also provide specialized support and educational resources tailored to specific patient demographics, including veterans, seniors, and pediatric patients. This empathetic approach builds patient loyalty and social license to operate, which is a long-term strategic asset.

Aurora Cannabis Inc. (ACB) - Canvas Business Model: Customer Relationships

Aurora Cannabis Inc. (ACB) builds its customer relationships on a high-touch, medically-focused model, which is defintely a smart move given the higher margins in that segment. They focus on personalized support and education for patients and healthcare professionals, not just transactional sales. This strategy is paying off, with global medical net revenue hitting a record of $244.4 million CAD in fiscal year 2025, representing a strong 39% year-over-year growth. That's a clear signal that the relationship model is working.

Dedicated medical sales teams and patient care specialists

The company maintains a distinct separation between its medical and consumer segments, dedicating resources to a specialized medical sales and patient care structure. This team is crucial for navigating the complex international regulatory landscape and building trust with prescribing physicians and pharmacists. For example, the medical segment's adjusted gross margin reached 70% in Q4 2025, up from 66% in the prior year period, showing the value of this focused approach.

Their Client Care team acts as a high-touch point, offering help with medical documents, registration, and ordering online. They are available via phone and chat, which is essential for a product that still carries a degree of stigma and requires clinical guidance. This personalized assistance helps drive revenue from Canadian insurance-covered and self-paying patients.

Direct-to-patient online portals and subscription services

Aurora's primary direct-to-patient channel is the AuroraMedical.com portal, which provides a convenient, self-service option for registered patients. They recently launched a newly redesigned medical website to make the experience simpler and quicker. They also use financial incentives to build loyalty and retention, which is a key part of the relationship strategy.

Here's the quick math on patient support: they expanded their compassionate pricing program in June 2025, increasing the yearly income eligibility from $40,000 to $60,000 CAD. This move directly addresses a major pain point-affordability-for a significant portion of their patient base, including seniors and veterans.

• Offer special savings for seniors, veterans, first responders, and younger patients.
• Provide fast, free shipping on most orders over $99 CAD.
• Use a simple survey on the medical site to guide new patients to the right product preferences.

Long-term supply contracts with government and institutional buyers

A substantial part of Aurora's medical revenue comes from international markets, which are heavily reliant on long-term supply contracts with institutional buyers, distributors, and government entities. International revenue more than doubled in Q4 2025, representing 61% of global medical cannabis net revenue, a clear indicator of successful institutional relationship management.

The acquisition of MedReleaf Australia was a strategic move to solidify these institutional relationships, helping boost sales in key markets. These contracts provide predictable, high-margin revenue streams, unlike the volatile consumer market.

Market Focus	Q4 2025 Medical Net Revenue Contribution	Relationship Mechanism
International (Australia, Germany, Poland, UK)	$41.0 million CAD (61% of medical net revenue)	Institutional/Distributor Supply Contracts, Regulatory Engagement
Canada (Insurance/Self-Pay Patients)	$26.8 million CAD (39% of medical net revenue)	Direct-to-Patient Portal, Client Care Team, Compassionate Pricing

High-touch, personalized service for medical customers

The relationship extends beyond the patient to the prescribing physician, which is a high-touch, consultative sales model. In September 2025, Aurora launched the English-language Physician Experience Platform (PEP) in collaboration with Copeia, a German healthcare technology leader. This platform is a peer-to-peer educational tool for doctors to share clinical insights.

This is a smart way to scale personalized service. The PEP platform provides access to more than 130 anonymized case studies, offering real-world data on treated symptoms and therapeutic outcomes. This educational support helps physicians feel more confident prescribing medical cannabis, which in turn drives patient acquisition and retention for Aurora Cannabis Inc. It's all about becoming the trusted clinical partner.

Continuous patient feedback loops for product improvement

While formal subscription services aren't explicitly detailed as a feedback loop, the company uses several mechanisms to gather patient and physician data to inform its product development, which is a form of continuous feedback. The PEP platform, for instance, provides a structured feedback loop from prescribers, ensuring product formulations and availability meet clinical needs.

The focus on high-margin medical products and the associated 70% gross margin for that segment in Q4 2025 suggests they are successfully meeting a specific, high-value customer need. If onboarding takes 14+ days, churn risk rises, so the redesigned website and responsive Client Care team are direct attempts to shorten the feedback and fulfillment cycle. The simple patient survey on their medical site also serves as a direct, if minor, feedback mechanism for product preference and guidance.

Aurora Cannabis Inc. (ACB) - Canvas Business Model: Channels

Aurora Cannabis Inc.'s channel strategy is laser-focused on high-margin, pharmaceutical-grade medical distribution, which is why international sales now drive the majority of their medical revenue. You see this shift clearly in the fiscal year 2025 data: the international segment's revenue more than doubled in Q4 2025, cementing its role as the primary channel for growth.

The company's channels are structured to navigate the highly regulated global medical cannabis market, prioritizing compliance and direct access to healthcare systems over the lower-margin consumer retail space.

Direct-to-patient e-commerce platforms (e.g., Aurora Medical)

In the Canadian market, the primary channel remains a direct-to-patient model, largely facilitated through the company's proprietary e-commerce platform, AuroraMedical.com, and patient services. This channel allows for a direct relationship with the end-user-the patient-and provides a higher-margin sales environment compared to provincial wholesale. These Canadian medical sales, which include insurance-covered and self-paying patients, generated $26.8 million in net revenue in the fourth quarter of fiscal year 2025 (Q4 2025).

The platform is a digital storefront offering a comprehensive portfolio of medical cannabis brands like MedReleaf, CanniMed, and Aurora itself, ensuring product availability and direct fulfillment under Canada's medical regulations.

Licensed pharmaceutical wholesalers and distributors globally

This is the most critical channel for Aurora's growth, especially in Europe and Australia, where medical cannabis is integrated into the pharmaceutical supply chain. The international segment's strength is a clear indicator of this channel's success, with international medical cannabis net revenue reaching $41 million in Q4 2025. This figure represented 61% of the total global medical cannabis net revenue for the quarter.

Here's the quick math on how the medical revenue breaks down, showing where the channel priority lies:

Channel Segment	Q4 Fiscal Year 2025 Net Revenue (USD)	% of Global Medical Cannabis Net Revenue
International Medical (Wholesale/Pharmacies)	$41.0 million	61%
Canadian Medical (Direct-to-Patient/Insurance)	$26.8 million	39%
Total Global Medical Cannabis Net Revenue	$67.8 million	100%

The distribution network is supported by an EU-GMP certified supply chain, including a dedicated distribution center, which is non-negotiable for selling into regulated European markets like Germany and the UK.

Government-approved medical cannabis pharmacies (e.g., Germany)

Aurora directly supplies products to government-approved pharmacies, often through local pharmaceutical wholesalers, in key international markets. Germany is a prime example, being Europe's largest importer of medical cannabis, where Aurora is one of only three active in-country producers. The launch of locally cultivated products, such as the IndiMed brand manufactured at their EU-GMP facility in Leuna, Germany, strengthens the supply chain and local market presence.

The company's focus on these regulated channels is evident in its expansion into high-potency products in markets like Poland, where they launched proprietary cultivars like Farm Gas (27% THC) and Sourdough (29% THC) in mid-2025, directly supplying the pharmacy channel. This is a high-barrier-to-entry channel, but it offers better pricing stability.

Strategic bulk sales to other licensed producers

While the focus is on branded, finished medical products, Aurora still uses strategic bulk sales as a channel to monetize excess or specific-use cannabis, primarily for other licensed producers (LPs) in Canada and internationally. This B2B wholesale channel is a smaller, but still active, revenue stream. Honestly, it's a way to manage inventory and capacity efficiently.

In Q4 2025, wholesale sales of bulk cannabis brought in $826,000 in net revenue. This is a significant decrease from the $2.4 million reported in Q4 2024, which shows a clear strategic shift to prioritize their own higher-margin medical product manufacturing over bulk commodity sales.

Clinical research organizations for product trials

Aurora maintains a channel for supplying pharmaceutical-grade cannabis products and proprietary genetics to clinical research organizations (CROs) and academic institutions. This supports product development and clinical validation-a necessary step for long-term pharmaceutical positioning. The subsidiary CanniMed Ltd., for instance, specializes in pharmaceutical-grade extraction and oil-based formulations, which are often the formats required for clinical trials.

The company uses its Aurora Coast facility for developing new cultivars, which are then grown across its EU-GMP and TGA-GMP certified facilities, ensuring the quality required for clinical trials and subsequent medical distribution. This channel doesn't generate massive revenue now, but it is defintely a strategic investment in future product pipelines.

• Supply pharmaceutical-grade products for clinical trials.
• Provide proprietary genetics to research partners.
• Support regulatory submissions with clinical data.

Aurora Cannabis Inc. (ACB) - Canvas Business Model: Customer Segments

Global medical patients (chronic pain, neurological disorders, etc.)

Aurora Cannabis Inc.'s primary and most stable customer base remains the global medical patient population. This segment is defintely a core focus, driving the company's premium pricing and international expansion strategy. You see this in the sustained revenue from their global medical cannabis business, which is highly resilient compared to the volatile Canadian recreational market.

The company targets patients with specific, chronic conditions like multiple sclerosis, epilepsy, and chronic pain, where cannabis is prescribed as a therapeutic option. This is a high-value, high-retention segment because patients are often on long-term treatment plans.

Here's the quick math: Aurora has consistently reported that its global medical cannabis revenue is its largest and most profitable segment. For the latest available fiscal period, this segment accounted for a significant portion of the total net revenue, demonstrating its strategic importance.

• Patient Needs: Consistent supply, pharmaceutical-grade quality, strain variety, and physician support.
• Geographic Focus: Germany, Poland, Australia, and the UK are key international markets.

Licensed pharmaceutical wholesalers and distributors

This segment acts as the critical bridge between Aurora's production facilities and the end-user medical patients and pharmacies in regulated international markets, especially in Europe. In countries like Germany, a wholesaler is often a mandatory step for market access. Aurora sells large volumes of finished medical cannabis products-dried flower, oils, and capsules-to these licensed partners.

This relationship is crucial for scaling. Selling to a handful of large distributors simplifies logistics and compliance, but it also concentrates customer risk. The distributors handle the complex, country-specific regulatory hurdles, so Aurora can focus on production and quality assurance.

What this estimate hides is the margin pressure; wholesalers negotiate bulk discounts, but the trade-off is predictable, large-volume orders.

Government health ministries and institutional buyers

Aurora engages directly with government entities and institutional buyers, particularly in emerging medical cannabis markets where the state controls distribution or procurement. This segment includes national health services or state-owned pharmaceutical agencies in countries that have recently legalized medical cannabis and are establishing initial supply chains.

These are typically large, but infrequent, tender-based contracts. Winning a government tender provides a strong, long-term anchor for market entry, offering a stamp of regulatory approval that helps in securing other commercial contracts. For example, a successful tender in a new European jurisdiction can open doors to private wholesalers there.

• Buyer Focus: Long-term supply agreements, strict quality compliance (EU-GMP), and competitive pricing for national distribution.

Academic and clinical research institutions

While not a major revenue driver, this segment is a critical part of Aurora's long-term strategy and brand credibility. Supplying cannabis for academic and clinical trials positions the company as a leader in evidence-based medicine. The company provides research-grade cannabis products for studies focused on efficacy, dosing, and new therapeutic applications.

The value here is not in the direct sales volume, but in the future intellectual property and the clinical data generated. This research helps validate their products, which in turn strengthens the value proposition to physicians and patients globally. It's an investment in future market share, honestly.

Other licensed producers requiring high-quality bulk supply

Aurora also operates as a business-to-business (B2B) supplier, selling bulk cannabis and derivative materials to other licensed producers (LPs) globally. This is often high-quality, excess production that another LP needs for their own product formulation, or an international partner requires for local packaging and distribution.

This segment provides a useful outlet for optimizing capacity utilization, turning surplus inventory into cash flow. It's a lower-margin business than direct-to-patient medical sales, but it keeps the production lines running efficiently. Still, Aurora has been strategically reducing its reliance on low-margin bulk sales to focus on higher-margin branded medical products.

To be fair, the bulk market is highly commoditized, so pricing power is low.

Here is a simplified view of the customer segment focus, based on the company's strategic emphasis:

Customer Segment	Primary Offering	Strategic Importance	Typical Transaction Size
Global Medical Patients	Branded finished medical products (oils, flower)	Highest profit margin, stable revenue base	Small (Patient-level prescription)
Licensed Wholesalers/Distributors	Bulk finished medical products	Essential for international market access and scale	Medium to Large (Distribution contract)
Government Health Ministries	Large-volume supply for national programs	Market entry anchor, regulatory validation	Large (Tender-based contract)
Academic/Clinical Research	Research-grade cannabis supply	Future IP, product validation, credibility	Small (Research grant-based)
Other Licensed Producers (B2B)	Bulk flower, trim, or concentrates	Capacity utilization, cash flow generation	Medium to Large (Commodity supply contract)

Aurora Cannabis Inc. (ACB) - Canvas Business Model: Cost Structure

You can see Aurora Cannabis Inc.'s cost structure shifting dramatically, moving from a capital-intensive, high-fixed-cost model to one focused on maximizing high-margin medical sales and operational efficiency. The direct takeaway is that a disciplined focus on cost optimization and high-margin product lines resulted in a record Adjusted EBITDA of $49.7 million for fiscal year 2025, a massive 261% year-over-year increase.

Significant fixed costs from operating large-scale, EU-GMP certified facilities

The company maintains a significant fixed cost base related to its specialized, high-standard cultivation and manufacturing network. Operating facilities that meet European Union Good Manufacturing Practice (EU-GMP) standards is a non-negotiable fixed cost for their profitable global medical strategy. Aurora has four EU-GMP certified facilities within its global network, including its cultivation site in Leuna, Germany, and its Brampton, Ontario distribution center, which received its certification in July 2025. This infrastructure is expensive to maintain, but it's the cost of entry for the high-margin European market.

To be fair, the company is actively working to optimize these fixed assets. For instance, in September 2025, Aurora announced a five-year investment plan to upgrade its Leuna, Germany facility to increase flower growth capacity and drive cost efficiency by adopting best practices from its Canadian facilities.

High regulatory compliance and international export costs

Compliance is a major expense, especially in the fragmented international medical cannabis market. The cost of navigating complex regulatory frameworks and maintaining EU-GMP certification across multiple jurisdictions is substantial. This is a variable cost that scales with international sales volume, plus still carries a high fixed component for quality assurance teams and audits.

This is where you see the friction in the near-term. Adjusted Selling, General, and Administrative (SG&A) costs in Q4 2025 were impacted by higher freight and logistics costs, specifically from sales to Europe, and incremental costs following the acquisition of MedReleaf Australia. You also saw regulatory issues in markets like Poland contribute to lower profitability in Q4 2025, showing that international expansion carries real-time regulatory risk and associated costs.

Research and development expenses for clinical trials

Aurora's R&D spend is targeted and gated, meaning it's focused on specific, high-potential areas like clinical trials and product innovation, rather than broad, massive spending. This targeted approach is a key part of their shift toward profitability. While the specific full-year fiscal 2025 R&D expense is not publicly detailed in the same way as SG&A, the company maintains a dedicated R&D facility, Aurora Coast, to support its science and innovation-led growth strategy, particularly for its medical portfolio.

Selling, General, and Administrative (SG&A) costs, defintely focused on efficiency

The company's turnaround is rooted in ruthless cost management, particularly a focus on reducing its historically bloated SG&A. They slashed adjusted SG&A expenses by 13% in Q3 2025 compared to the prior year period. Here's the quick math on the quarterly figures for fiscal 2025:

Metric	Q1 2025 (in millions)	Q2 2025 (in millions)	Q3 2025 (in millions)	Q4 2025 (in millions)
Adjusted SG&A	$31.4	$31.7	$31.3	$36.7
Business Transformation Costs (Excluded)	$4.9	$4.0	$4.9	$5.8
Total SG&A (Adjusted + Transformation)	$36.3	$35.7	$36.2	$42.5

The total adjusted SG&A for the full fiscal year 2025 was approximately $131.1 million, which shows a significant, sustained effort to run lean.

Costs of goods sold (COGS) trending down due to optimization efforts

The biggest positive trend is the dramatic improvement in adjusted gross margin, which directly reflects a lower effective Cost of Goods Sold (COGS). This optimization is a direct result of prioritizing higher-margin medical products and improving production efficiency.

• Consolidated adjusted gross margin before fair value adjustments reached 62% in Q4 2025, a sharp increase from 50% in the prior year period.
• The medical cannabis segment, the company's core focus, achieved an adjusted gross margin of 70% in Q4 2025, up from 66% a year earlier.
• The increase is due to sustainable cost reductions, higher average selling prices in their medical segment, and improved efficiency in production operations, including sourcing for Europe from Canadian facilities.

This margin expansion is the clearest sign that their asset-light strategy is working, translating cost discipline into profitability. Adjusted gross profit before fair value adjustments was a record $54.2 million in Q4 2025.

Aurora Cannabis Inc. (ACB) - Canvas Business Model: Revenue Streams

The core takeaway for Aurora Cannabis Inc.'s revenue streams in Fiscal Year (FY) 2025 is simple: the company has successfully pivoted to a high-margin, global medical cannabis model, with international sales now the primary growth engine. This focus delivered a record annual global medical cannabis net revenue of $244.4 million (CAD) for the fiscal year ending March 31, 2025.

International medical cannabis sales (highest margin segment)

This is defintely the most critical revenue stream, and it's where the high-margin strategy pays off. For the fourth quarter of FY 2025, international sales brought in $41 million (CAD), representing a massive 114% year-over-year growth and accounting for 61% of their total global medical cannabis net revenue. This segment's success is a direct result of prioritizing markets like Australia, Germany, Poland, and the UK, where pricing power and margins are significantly better than in the Canadian consumer market. The adjusted gross margin for the entire medical cannabis segment hit a strong 70% in Q4 2025. That's a powerful number that funds their entire operation.

Canadian medical cannabis sales (stable, core revenue)

The Canadian medical market provides a stable, foundational revenue stream, though it's now eclipsed by the international segment. In Q4 2025, net revenue from Canadian medical cannabis was $26.8 million (CAD). This revenue comes from two main customer groups: patients covered by insurance and self-paying patients, and it benefits from higher average basket sizes. It's a reliable base, but the growth story is elsewhere.

Revenue from cannabis extracts, oils, and derivative products

While the company doesn't break out extracts/oils/derivatives separately from dry flower within the medical segment, these high-value products are a key part of the total medical revenue of $67.8 million in Q4 2025. The consumer (non-medical) segment, which includes some derivative products, is intentionally de-emphasized due to lower margins. Consumer cannabis net revenue for Q4 2025 was only $8.2 million (CAD), a 20% decrease year-over-year, as management prioritizes GMP-certified product supply to the higher-margin global medical business. That's a clear strategic choice: margin over volume.

Here's the quick math on the primary cannabis revenue segments for Q4 2025:

Revenue Stream Segment	Q4 2025 Net Revenue (CAD)	Commentary
International Medical Cannabis	$41.0 million	Highest margin, primary growth driver.
Canadian Medical Cannabis	$26.8 million	Stable, core revenue base.
Consumer Cannabis (Non-Medical)	$8.2 million	Lower-margin, de-prioritized segment.
Bulk Wholesale Sales	$0.826 million	Minimal, opportunistic revenue.
Total Cannabis Net Revenue	$76.826 million	75% of total consolidated revenue.

Bulk wholesale sales of excess supply to other LPs

Bulk wholesale sales are a minor, opportunistic revenue stream, not a strategic focus. This revenue is essentially a way to monetize excess inventory or specific genetics without investing in full consumer packaging and distribution. In Q4 2025, this segment generated a minimal $826,000 (CAD). This is a low-margin activity and the company's focus is clearly on branded, finished medical products.

Strategic asset sales and non-core business divestitures

While there were no major, one-off asset sales reported in the immediate Q4 2025 period, the revenue stream model reflects a successful multi-year strategy of divestiture and focus. This strategy resulted in a debt-free cannabis business and a robust cash position of approximately $185.3 million (CAD) as of March 31, 2025. This financial strength is the long-term, non-operational 'revenue' benefit of shedding non-core assets.

Also, don't forget the non-cannabis revenue from the plant propagation business, Bevo Farms Ltd. This diversified segment is a significant non-core revenue stream, contributing $13.8 million (CAD) to Q4 2025 net revenue. This revenue stream helps stabilize the overall top line and provides a hedge against cannabis market volatility.

• Focus on high-margin medical cannabis, which hit 70% adjusted gross margin in Q4 2025.
• Prioritize international markets (Australia, Germany, UK) over Canadian consumer sales.
• Maintain a strong balance sheet with $185.3 million in cash and no cannabis-related debt.