Aurora Cannabis Inc. (ACB): Business Model Canvas [Jan-2025 Mise à jour]

Aurora Cannabis Inc. (ACB) est à l'avant-garde d'une transformation révolutionnaire de l'industrie du cannabis, se positionnant stratégiquement comme un leader mondial grâce à un modèle commercial innovant et complet. En intégrant de manière transparente les technologies de culture avancées, la recherche médicale et diverses offres de produits, Aurora a conçu une approche dynamique qui couvre les marchés de cannabis médical et récréatif sur plusieurs territoires internationaux. Leur toile de modèle commercial méticuleusement conçu révèle un écosystème complexe de partenariats, de ressources et de propositions de valeur qui les distinguent dans un paysage de plus en plus concurrentiel, promettant des investisseurs et des consommateurs potentiels en une entreprise de cannabis sophistiquée et avant-gardiste.

Aurora Cannabis Inc. (ACB) - Modèle commercial: partenariats clés

Producteurs et distributeurs de cannabis agréés

Aurora Cannabis a établi des partenariats stratégiques avec les producteurs agréés suivants:

Partenaire	Détails du partenariat	Année établie
Alcanna Inc.	Collaboration de distribution de cannabis au détail	2018
Nelson Hemp Company	Cultivation du chanvre et partenariat de traitement	2019

Fournisseurs d'équipements de technologie et de culture agricoles

Les partenariats clés de la technologie et de l'équipement comprennent:

• Fermes de photons - Systèmes d'éclairage de culture LED
• MJ Technologies - Équipement automatisé de surveillance de la culture
• Canagrow Automation Solutions - Greenhouse Environmental Control Systems

Institutions de recherche médicale et universités

Institution	Focus de recherche	Type de collaboration
Université de Toronto	Recherche sur les applications médicales du cannabis	Partenariat d'étude clinique
Université McGill	Potentiel thérapeutique cannabinoïde	Collaboration de subvention de recherche

Réseaux de dispensaire de cannabis au détail

Les partenariats de dispensaire au détail d'Aurora comprennent:

• Meta Cannabis Supply Co. - 17 emplacements de vente au détail en Saskatchewan
• Nova Cannabis - 24 magasins de détail dans plusieurs provinces
• Choom Holdings - Collaboration du réseau de vente au détail de cannabis

Partenaires d'extension du marché international du cannabis

Pays	Partenaire	Stratégie d'entrée du marché
Allemagne	Spectrum cannabis gmbh	Distribution médicale du cannabis
Australie	Cannatrek Limited	Partenariat de culture et d'exportation
Uruguay	Consortium de cannabis Montevideo	Production et distribution locales

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: Activités clés

Culture et production de cannabis à grande échelle

Le cannabis Aurora exploite plusieurs installations de culture d'une capacité totale agréée d'environ 660 000 kg par an. Les principaux sites de production de l'entreprise comprennent:

Nom de l'installation	Emplacement	Capacité de culture
Ciel d'aurore	Edmonton, Alberta	100 000 kg par an
Montagne Aurora	Calgary, Alberta	40 000 kg par an
Medreleaf Bradford	Ontario	35 000 kg par an

Recherche et développement de produits de cannabis médical

Aurora Cannabis a investi 38,7 millions de dollars dans les frais de recherche et de développement au cours de l'exercice 2023.

• Formulations médicales de cannabis
• Technologies d'extraction des cannabinoïdes
• Partenariats de recherche clinique

Innovation des produits et développement de contrainte

La société maintient une bibliothèque génétique propriétaire avec plus de 500 souches de cannabis uniques. Budget annuel de développement de produits: 12,5 millions de dollars.

Conformité réglementaire et contrôle de la qualité

Métrique de conformité	Statut
Licences Santé Canada	8 Licences de culture et de traitement actifs
Personnel d'assurance qualité	52 professionnels de la conformité dédiés
Dépenses de conformité annuelles	6,2 millions de dollars

Expansion du marché international et acquisitions stratégiques

Aurora Cannabis a effectué 15 acquisitions internationales dans 8 pays, avec un investissement total de 487 millions de dollars en expansion du marché international.

• Présence opérationnelle au Canada, en Allemagne, en Italie, au Danemark
• Réseaux de distribution en Uruguay, Australie
• Partenariats stratégiques sur les marchés du cannabis médical

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: Ressources clés

Installations avancées de serre et de culture intérieure

Aurora Cannabis exploite plusieurs installations de culture agréées à travers le Canada, totalisant environ 1,62 million de pieds carrés de capacité de production en 2023.

Emplacement de l'installation	Capacité de production (sq ft)
Aurora Sky (Edmonton, Alberta)	800,000
Aurora Mountain (Medicine Hat, Alberta)	250,000
Aurora Vie (Québec)	170,000

Programmes de génétique et d'élevage de cannabis propriétaire

Portfolio de propriété intellectuelle:

• Plus de 500 brevets délivrés et en attente à l'échelle mondiale
• Programmes de reproduction spécialisés axés sur les souches élevées de THC et High CBD
• Référentiel génétique avec plus de 260 cultivars de cannabis uniques

Main-d'œuvre scientifique et agricole qualifiée

En 2023, le cannabis Aurora emploie environ 1 200 professionnels à travers la recherche, la culture et les rôles opérationnels.

Catégorie professionnelle	Nombre d'employés
Chercheur	85
Spécialistes agricoles	320
Opérations et gestion	795

Portefeuille de propriété intellectuelle

Les actifs clés de la propriété intellectuelle comprennent:

• Brevet pour la technologie nano-émulsion
• Méthodes d'extraction du cannabis propriétaire
• Techniques de culture avancées

Infrastructure de distribution et de chaîne d'approvisionnement

Aurora Cannabis maintient des capacités de distribution dans plusieurs provinces canadiennes et marchés internationaux.

Canal de distribution	Portée du marché
Cannabis médical	12 pays
Cannabis à usage adulte	Provinces canadiennes
Exportation internationale	5 pays

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: propositions de valeur

Produits de cannabis médical et récréatif de haute qualité

Aurora Cannabis produit des produits de cannabis avec les spécifications suivantes:

Catégorie de produits	Pourcentage du THC	Pourcentage de CBD	Capacité de production annuelle
Fleur de cannabis séché	15-25%	0.5-2%	75 000 kg par an
Huiles de cannabis	10-90%	5-50%	40 000 kg par an

Gamme de produits diversifiée

Le portefeuille de produits comprend:

• Formulations médicales de cannabis
• Produits de cannabis récréatif
• Produits de bien-être CBD
• Boissons infusées au cannabis

Solutions médicales de cannabis scientifiquement

Investissements de recherche et développement:

Focus de recherche	Investissement annuel	Partenaires de recherche
Thérapeutique du cannabis médical	8,2 millions de dollars	5 établissements universitaires
Développement d'essais cliniques	3,7 millions de dollars	3 centres de recherche sur les soins de santé

Qualité cohérente du produit

Métriques de contrôle de la qualité:

• ISO 9001: Production certifiée 2015
• Conformité GMP
• Tests de laboratoire tiers
• Suivi de cohérence par lots

Recherche et développement innovants sur le cannabis

Zones de mise au point R&D:

Domaine de recherche	Demandes de brevet	Taille de l'équipe de recherche
Formulations de cannabinoïdes	12 brevets en attente	45 chercheurs
Traitements de cannabis médical	8 demandes de brevet	32 chercheurs

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: relations clients

Plates-formes de vente en ligne directes

Aurora Cannabis exploite des plateformes de vente en ligne dans les provinces canadiennes où le commerce électronique du cannabis est légalement autorisé. Au quatrième trimestre 2023, le canal de vente en ligne de la société a généré environ 4,2 millions de dollars de revenus trimestriels.

Canal de vente en ligne	Revenus trimestriels	Pénétration du marché
Plateformes provinciales canadiennes	4,2 millions de dollars	12,3% du commerce électronique total de cannabis

Services de consultation en cannabis médical

Aurora fournit des services de consultation de cannabis médicaux spécialisés via des plateformes numériques et des professionnels de la santé enregistrés.

• Durée moyenne de la consultation: 30 à 45 minutes
• Nombre de patients atteints de cannabis médical enregistré: 27 600
• Prix ​​de consultation: 75 $ à 150 $ par session

Support client et programmes d'éducation

La société maintient une infrastructure complète de support client avec plusieurs canaux d'engagement.

Canal de support	Temps de réponse	Volume de soutien annuel
Support téléphonique	24-48 heures	42 300 interactions client
Assistance par e-mail	36-72 heures	58 600 interactions client
Chat en direct	15-30 minutes	34 200 interactions client

Modèles d'engagement basés sur la fidélité et l'abonnement

Le cannabis Aurora met en œuvre des programmes de fidélité à plusieurs niveaux pour les consommateurs de cannabis médical et récréatif.

• Membres du programme de fidélité totale: 19 400
• Valeur d'abonnement mensuel moyen: 87,50 $
• Taux de rétention de la clientèle: 64,3%

Canaux d'interaction de marque numérique et physique

La société maintient des stratégies d'engagement de la marque multicanal à travers les points de contact numériques et physiques.

Canal d'interaction	Engagement mensuel	Durée moyenne d'interaction
Plateformes de médias sociaux	142 000 interactions	3,7 minutes
Emplacements de vente au détail physique	38 600 visites aux clients	22 minutes
Application mobile	24 300 utilisateurs actifs	8,2 minutes

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: canaux

Sites Web de commerce électronique

Aurora Cannabis exploite des plateformes de vente en ligne dans plusieurs provinces canadiennes, avec environ 68% des ventes de cannabis numériques réalisées via des canaux en ligne agréés en 2023.

Canal de vente numérique	Pénétration du marché	Revenus annuels
Aurora Direct Online Plateforme	22.4%	16,3 millions de dollars
Plateformes de commerce électronique provinciales	45.6%	27,9 millions de dollars

Dispensaires de cannabis agréés

Le cannabis Aurora distribue à travers 572 dispensaires de vente au détail agréés à travers le Canada au quatrième trimestre 2023.

• Alberta: 237 dispensaires
• Ontario: 215 dispensaires
• Colombie-Britannique: 89 dispensaires
• Saskatchewan: 31 dispensaires

Cliniques de cannabis médical

Aurora gère des partenariats avec 186 cliniques de cannabis médical à l'échelle nationale, desservant environ 45 000 patients médicaux enregistrés.

Type de clinique	Nombre de partenariats	Patient à portée de patient
Cliniques spécialisées de cannabis médical	112	28 500 patients
Cliniques générales de santé	74	16 500 patients

Réseaux de distribution en gros

Aurora Cannabis fournit 43 partenaires de distribution de gros dans les provinces canadiennes, avec des revenus en gros annuels de 82,6 millions de dollars en 2023.

• Boards de cannabis provincial: 10 partenaires
• Distributeurs en gros privés: 33 partenaires

MARKETING DIGULE ET PLADES DE MÉDAISE SOCIAL

Aurora Cannabis maintient la présence du marketing numérique sur plusieurs plateformes, atteignant 1,2 million de followers.

Plate-forme	Nombre de suiveurs	Taux d'engagement
Instagram	523,000	3.7%
Liendin	287,000	2.9%
Gazouillement	215,000	2.4%
Facebook	175,000	1.8%

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: segments de clientèle

Patiens de cannabis médical

Aurora cannabis sert des patients atteints de cannabis médical par le biais d'offres de produits ciblées.

Segment des patients médicaux	Statistiques
Patients médicaux de cannabis enregistrés au Canada	Environ 393 000 au quatrième trimestre 2023
Achat de cannabis médical mensuel moyen	124,50 $ par patient
Conditions médicales primaires traitées	Douleur chronique (42%), santé mentale (23%), troubles du sommeil (18%)

Consommateurs de cannabis récréatif

Aurora cible les utilisateurs de cannabis récréatifs pour adultes sur les marchés juridiques.

Segment du marché récréatif	Points de données
Consommateurs canadiens pour le cannabis adulte	5,1 millions d'individus en 2023
Dépenses mensuelles moyennes de cannabis récréative	87,30 $ par consommateur

Professionnels de la santé

• Des médecins cibles se spécialisent dans la gestion de la douleur
• Programmes d'éducation au cannabis pour les médecins
• Initiatives de collaboration de recherche

Pleinness et demandeurs de médecine alternatifs

Le cannabis Aurora cible les consommateurs soucieux de leur santé à la recherche de solutions de bien-être alternatives.

Segment du marché du bien-être	Statistiques du marché
Taille du marché mondial de la médecine alternative	296,3 milliards de dollars en 2023
Pourcentage de consommateurs intéressés par les produits de bien-être du cannabis	37% des consommateurs soucieux de leur santé

Consommateurs internationaux du marché du cannabis

Aurora Cannabis élargit ses segments de clients grâce à la pénétration du marché international.

Marché international	Détails de pénétration du marché
Taille du marché européen du cannabis	3,2 milliards de dollars en 2023
Marché australien du cannabis médical	Prévu pour atteindre 1,5 milliard de dollars d'ici 2024
Nombre de pays avec la présence d'Aurora	12 pays à partir de 2024

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: Structure des coûts

Cultivation du cannabis et dépenses de production

Total des coûts de culture et de production pour l'exercice 2023: CAD 89,4 millions de dollars

Catégorie de dépenses	Coût (CAD)
Culture intérieure	42,6 millions de dollars
Opérations de serre	31,2 millions de dollars
Entretien de l'équipement	15,6 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour l'exercice 2023: 22,7 millions de CAD

• Recherche sur la génétique du cannabis
• Développement de la formulation des produits
• Améliorations de la technologie d'extraction

Coûts de conformité réglementaire et de licence

Total des dépenses réglementaires: 12,3 millions de dollars CAD en 2023

Zone de conformité	Coût (CAD)
Licence fédérale	5,6 millions de dollars
Permis provinciaux	3,9 millions de dollars
Tests de contrôle de la qualité	2,8 millions de dollars

Dépenses de marketing et de vente

Total des frais de marketing et de vente: 35,2 millions de dollars CAD en 2023

• Campagnes publicitaires numériques
• Compensation de l'équipe de vente
• Développement des canaux de vente au détail

Infrastructure et maintenance des installations

Coûts totaux d'infrastructure: 41,6 millions de dollars CAD en 2023

Catégorie de maintenance	Coût (CAD)
Mises à niveau des installations	18,3 millions de dollars
Remplacement de l'équipement	14,7 millions de dollars
Dépenses des services publics	8,6 millions de dollars

Aurora Cannabis Inc. (ACB) - Modèle d'entreprise: Strots de revenus

Ventes de produits du cannabis médical

Revenus annuels du cannabis médical pour le cannabis aurore au cours de l'exercice 2023: 35,8 millions de dollars

Catégorie de produits	Revenu
Cannabis séché	18,2 millions de dollars
Huiles de cannabis	12,6 millions de dollars
Gentes souples médicales	5 millions de dollars

Ventes de produits de cannabis récréatif

Revenus de cannabis récréatif annuel pour l'exercice 2023: 47,5 millions de dollars

• Ventes de cannabis séché récréatif: 24,3 millions de dollars
• Boissons au cannabis récréative: 8,9 millions de dollars
• EFORMATIONS DE CANNABIS RECRETIONNEL: 14,3 millions de dollars

Revenus d'exportation du marché international

Revenus d'exportation internationaux totaux pour 2023: 22,1 millions de dollars

Région d'exportation	Revenu
Marchés européens	12,7 millions de dollars
Marchés latino-américains	6,4 millions de dollars
Marché australien	3 millions de dollars

Collaborations de recherche pharmaceutique

Recherche de collaboration en 2023: 15,6 millions de dollars

• Recherche des troubles neurologiques: 7,2 millions de dollars
• Études de gestion de la douleur: 5,4 millions de dollars
• Recherche en santé mentale: 3 millions de dollars

Lignes de produits dérivés du cannabis

Revenus de produits dérivés pour l'exercice 2023: 28,3 millions de dollars

Produit dérivé	Revenu
Produits de bien-être CBD	12,5 millions de dollars
Produits topiques de cannabis	8,9 millions de dollars
Extraits de cannabis concentrés	6,9 millions de dollars

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.