Aurora Cannabis Inc., a Canadian medical cannabis company, released its financial results for the fourth quarter and full year 2026 (ended March 31, 2026).

CEO Miguel Martin said the company achieved record results in fiscal 2026, saw strong global growth in medical cannabis revenue and met profit targets. This success was attributed to the company’s regulatory expertise, network of EU certified production facilities and ability to execute business plans. Aurora plans to continue growing internationally while maintaining its market position.

Note: On February 17, 2026, Aurora sold its majority stake in a plant company called Bevo Agtech. Because of this sale, Bevo’s numbers are not included in the results, and the previous year’s data has been adjusted.

Total revenue for the quarter was $84.8 million, up 10% from $76.8 million a year earlier. This growth was primarily due to a 14% increase in medical cannabis sales and increased wholesale sales, although this was partially offset by lower sales of consumer cannabis.

Medical cannabis revenue reached $77.1 million (up 14%, 91% of revenue). This growth was driven by strong sales in Germany and Poland, and increased sales to insured patients in Canada. However, medical cannabis profit margins fell from 71% to 66% due to selling more low-margin products and price cuts.

Consumer cannabis revenue fell to $3.6 billion from $8.2 billion, as the company is deliberately shrinking this part of the business to focus on medical cannabis. Here, too, profit margins fell, from 27% to 22%, due to higher costs.

Overall, the company’s adjusted gross profit margin (a measure of profitability before certain accounting adjustments) was 60%, up from 65% a year ago.

Operating costs (adjusted GEA) increased to $40.3 million from $35.4 million due to additional employees, higher labor costs in Europe and Australia, bad debt from two bankrupt clients and extraordinary professional fees.

The company reported a net loss of $27.6 million for the quarter, higher than last year’s loss of $12.1 million, mainly due to one-time charges. However, “adjusted net income,” a measure that strips out unusual items, was $5.6 million, down from $15.3 million, due to higher costs and lower currency gains.

Adjusted EBITDA (a measure of profitability) was $9.2 million, down from $14.1 million. Free cash flow was just $0.3 million, down from $5.2 million.

Aurora completed the sale of its stake in Bevo (the plant breeding business) on February 17, 2026. Separately, on April 15, 2026, Aurora acquired Safari Flower Company for $26.5 million, consisting of $15 million in cash plus stock, and acquired a large certified cultivation facility to support international supply.

By 2027, Aurora will exit the low-margin Canadian cannabis and plant breeding businesses to focus on global medical cannabis. The company expects total revenue to decline, approaching 2025 levels, primarily due to lower medical reimbursement rates in Canada starting in April 2026, although this will be partially offset in Europe, particularly Germany and Poland. Gross profit margins are expected to be in the mid to high 50% range, supported by stronger contributions from Europe and exits from low-margin businesses, although medical margins in Canada remain under pressure. Operating costs are expected to be similar to last year. Overall, annualized profit as measured by adjusted EBITDA is expected to be lower than in fiscal year 2026, reflecting the impact of lower reimbursement prices on revenue and gross profit.

A conference call to discuss these results was scheduled for June 11, 2026.

“Our store manager saw a patient coming out, and as silly as it sounds, they jumped up and hit their heels. Yes, they were very happy to have that medicine.”

By Anna Barrett, Alabama Reflector

More than 100 qualifying patients have it purchased medical cannabis since the opening of Alabama’s first dispensaryThe Alabama Medical Cannabis Board said Thursday.

The state’s first purveyor of medical cannabis, Callie’s Apothecary, opened its first location in Montgomery on June 4 after a “soft opening” the day before. Justin Aday, the commission’s general counsel, said Thursday that 102 patients have purchased medical cannabis products in 111 transactions. Those transactions generated about $14,600 in pretax sales, with the average transaction being $131.56, Aday said.

Vince Schilleci, owner of Callie’s, said in a phone interview Thursday afternoon that the last week of business has been rewarding.

“I’m seeing a lot of happy patients,” he said. “Our store manager saw a patient coming out, and as silly as it sounds, they jumped up and hit their heels. Yes, they were very happy to have that medicine.”

According to the patient menu on Callie’s website, each item ranges from $42 to $52. Schilleci said the dispensary got its second shipment of products on Thursday and expects another on Friday, which will help meet patient demand.

“We had to, I hate to use this term ration, but we limited how much patients could buy because we knew how many patients were coming in, and we wanted people to at least have a chance to have something,” Schilleci said. “We’ve removed rationing now so patients can go down and buy their full 60-day allotment if they want.”

Aday said that since Thursday morning, 481 patients have applied for a cannabis card, of which 446 have been issued by AMCC.

Alabama’s cannabis law, passed in 2021, allows registered doctors to prescribe cannabis for about 15 medical conditions, including cancer, depression, Parkinson’s disease, PTSD, sickle cell anemia, chronic pain and terminal illnesses. Acceptable product forms are limited to pills, tinctures, patches, oils and gel cubes (peach flavor only), plant raw and smoking forms are prohibited.

As of Thursday, there are 52 doctors in Alabama certified to recommend medical cannabis to patients, according to the Alabama Board of Medical Examiners. Aday said 39 are registered with the AMCC, three are pending, and 21 of the doctors have prescribed medicinal cannabis to their patients.

“We certainly hope to see more of these patients come to that dispensary and other dispensaries open that will provide more geographic coverage,” Aday said. “We’re working with the lab processors on the new products that are being manufactured so that the dispensary has an inventory of the products and various products in that inventory to serve the patients that are visiting.”

Lawsuits have also hindered access to medical cannabis. Some companies sued the commission for not issuing licenses, citing a discriminatory process. In another case five parents sued the board over delays in accessing cannabis, which was dismissed in August.

Licenses for three of the four potential dispensary companies were not approved until December.

Three of the companies, CCS of Alabama, LLC, GP6 Wellness, LLC and RJK Holdings, LLC, have licenses and are expected to open storefronts this summer, according to AMCC Director John McMillan. A fourth license is pending litigation, but is likely to go to Yellowhammer Medical Dispensaries, LLC.

“I would do it all over again to see the smile on these patients’ faces. Now, I would have expected it to be a little easier, but it was worth it,” Schilleci said. “It’s been worth it. There’s no doubt about it.”

This story was first published by the Alabama Reflector.

user photo Max Pixel.