40-F

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 40-F

¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

x ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the financial year ended March 31, 2024 Commission File Number: 001-38691

AURORA CANNABIS INC.

(Exact name of Registrant as specified in its charter)

British Columbia, Canada	2833	N/A
(Province or Other Jurisdiction of Incorporation or Organization)	(Primary Standard Industrial Classification Code)	(I.R.S. Employer Identification No.)

2207 90B St. SW

Edmonton, Alberta, T6X 1V8
Tel: 1-855-279-4652

(Address and telephone number of Registrant’s principal executive offices)

CORPORATION SERVICE COMPANY
251 Little Falls Drive
County of New Castle
Wilmington, Delaware 19808
Tel: 1-800-927-9800

(Name, address (including zip code) and telephone number (including
area code) of agent for service in the United States)

Securities registered or to be registered pursuant to section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Shares, no par value	ACB	Nasdaq Capital Market
Rights to purchase Common Shares, without par value

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:

x  Annual Information Form x  Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the Registrant’s classes of capital or common stock as of the close of the period covered by the annual report: 54,545,797

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ¨

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.        ¨

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☒

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INTRODUCTORY INFORMATION

Aurora Cannabis Inc. (the “Company” or “Aurora”) is a “foreign private issuer” as defined in Rule 3b-4 under Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is a Canadian issuer eligible to file its annual report pursuant to Section 13 of the Exchange Act on Form 40-F pursuant to the multi-jurisdictional disclosure system (the “MJDS”) adopted by the United States Securities and Exchange Commission (the “SEC”). The Company’s common shares are listed on the Toronto Stock Exchange and the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “ACB”.

In this annual report, references to “we”, “our”, “us”, the “Company” or “Aurora”, mean Aurora Cannabis Inc. and our wholly owned subsidiaries, unless the context suggests otherwise.

Unless otherwise indicated, all amounts in this annual report are in Canadian dollars and all references to “$” mean Canadian dollar and references to “U.S. dollars” or “US$” are to United States dollars.

AUDITED FINANCIAL STATEMENTS, MANAGEMENT’S DISCUSSION AND ANALYSIS

AND ANNUAL INFORMATION FORM

The following principal documents are filed as exhibits to, and incorporated by reference into, this Annual Report:

Document	Exhibit No.
Audited consolidated financial statements of the Company and notes thereto as at and for the financial year ended March 31, 2024, together with the reports thereon of the independent registered public accounting firm	99.5
Management’s Discussion and Analysis of the Company for the financial year ended March 31, 2024 (the “MD&A”)*	99.6
Annual Information Form of the Company for the financial year ended March 31, 2024 (the “AIF”)	99.7

FORWARD-LOOKING STATEMENTS

This Annual Report includes or incorporates by reference certain statements which may constitute “forward-looking information and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements” or “FLS”). These forward-looking statements are made as of the date of this Annual Report and the Company does not intend, and does not assume any obligation, to update these FLS, except as required under applicable securities legislation. FLS relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events. In certain cases, FLS can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature FLS involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the FLS. The Company provides no assurance that FLS will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on FLS. Certain FLS in this Annual Report and the documents incorporated by reference include, but are not limited to the following:

•pro forma measures including revenue, cash flow, adjusted gross margin before fair value adjustments, expected selling, general and administrative (“SG&A”) run-rates, and grams produced;

•the strategy of the Company and other matters discussed under the heading “Our Strategy”;

•the anticipated disposition of legal claims disclosed under the heading “Legal Proceedings and Regulatory Actions”;

•the Company’s ability to deliver positive EBITDA and operating cash flow;

•the Company’s ability to fund operations until the Company is cash flow positive;

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•planned cost efficiencies, including, but not limited to, operational efficiencies and other reductions in SG&A expenses;

•expectations related to the development and legalization of adult recreational and medical markets;

•growth opportunities, including the expansion into additional international adult recreational markets;

•expectations related to the Company’s ability to participate in the adult recreational market in Germany when it opens;

•the Company’s product portfolio and innovation;

•competitive advantages including, but not limited to, medical and scientific leadership, multi-jurisdictional regulatory expertise, and the Company’s ongoing investment in cannabis breeding and genetics;

•expectations regarding biosynthetic production and associated intellectual property;

•the acquisitions of Thrive, Bevo and MedReleaf Australia, and associated benefits and impact on future business results.

Forward looking information or statements contained in this document have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable.

Such forward looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management’s estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management’s estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, as well as updates provided herein. See also “Description of the Business - Risk Factors” in the AIF. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements.

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

This discussion, and the discussion of risk factors contained in the AIF and MD&A incorporated by reference herein, are not exhaustive of the factors that may affect any of the forward-looking statements or information concerning the Company.

NOTE TO UNITED STATES READERS:
DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES

The Company is permitted to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Company has historically prepared its consolidated financial statements in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, which differ in certain respects from United States generally accepted accounting principles (“US GAAP”) and from practices prescribed by the SEC. Therefore, the Company’s financial statements incorporated by reference in this Annual Report may not be comparable to financial statements prepared in accordance with U.S. GAAP.

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CURRENCY

Unless otherwise indicated, all dollar amounts in this Annual Report are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on March 28, 2024 (being the last business day before the year ended March 31, 2024) based upon the daily exchange rate as quoted by the Bank of Canada was U.S.$1.00 = $1.3550.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The information provided in the section entitled “Disclosure Controls and Procedures and Internal Controls over Financial Reporting” under the sub-heading “Disclosure Controls and Procedures” contained in the MD&A filed as Exhibit 99.6 to this Annual Report on Form 40-F is incorporated by reference herein.

Management’s Annual Report on Internal Controls over Financial Reporting

The information provided in the section entitled “Disclosure Controls and Procedures and Internal Controls over Financial Reporting” under the sub-heading “Management’s Assessment on Internal Control over Financial Reporting” contained in the MD&A filed as Exhibit 99.6 to this Annual Report on Form 40-F is incorporated by reference herein.

Attestation Report of the Registered Public Accounting Firm

The disclosure provided under the heading “Report of Independent Registered Public Accounting Firm” contained in the Company’s audited annual financial statements filed as Exhibit 99.5 to this Annual Report on Form 40-F is incorporated by reference herein.

Changes in Internal Controls over Financial Reporting

The information provided in the section entitled “Disclosure Controls and Procedures and Internal Controls Over Financial Reporting” under the sub-heading “Changes to Internal Controls over Financial Reporting” contained in the MD&A filed as Exhibit 99.6 to this Annual Report on Form 40-F is incorporated by reference herein.

CORPORATE GOVERNANCE

The Company’s Board of Directors (the “Board”) is responsible for the Company’s corporate governance and has the following independent designated standing committees: the Nominating and Corporate Governance Committee, the Human Resources and Compensation Committee and the Audit Committee. The charters of each committee can be viewed on the Company’s corporate website at https://www.auroramj.com/investors/corporate-governance/. In addition, the Company’s Audit Committee Charter is attached as Schedule “A” to the AIF, which is filed as Exhibit 99.7 to this Annual Report.

Nominating and Corporate Governance Committee

The Nominating and Corporate Governance Committee (the “N&CGC”) is responsible for screening nominees to the Board, and it annually assesses the skills and qualifications of directors and nominees to ensure the Board members have the skills and qualifications appropriate to the current needs of the Company. In addition, the N&CGC annually reviews the Board skills matrix, committee charters and Board policies, oversees Board effectiveness processes and director onboarding and education, and is responsible for overseeing and monitoring the Company’s approach, policies and practices related to environmental, social and governance, or ESG, matters. The N&CGC is comprised of Norma Beauchamp (Chair), Ron Funk, Chitwant Kohli, Adam Szweras. The Board has determined that all of the members of the N&CGC are independent, based on the criteria for independence prescribed by Nasdaq’s director independence standards at Rule 5605(a)(2).

Human Resources and Compensation Committee

The Human Resources and Compensation Committee (the “HRCC”) is responsible for (a) reviewing and approving directors’ and executive compensation based on the Company’s goals and objectives, (b) reviewing and approving the Company’s incentive compensation and equity-based plans and arrangements (c) executive succession planning; and (d) reporting regularly to the Board on the activities of the HRCC. To make its recommendation on directors’ and executive officer compensation, the HRCC takes into account the types of compensation and the amounts paid to directors and executive officers of comparable publicly traded Canadian companies. The HRCC is comprised of

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Theresa Firestone (Chair), Adam Szweras, and Ron Funk. The Board has determined that all of the members of the HRCC are independent, based on the criteria for independence prescribed by Nasdaq’s director independence standards at Rule 5605(a)(2).

AUDIT COMMITTEE

Our Board has established an independent Audit Committee for the purpose of overseeing our accounting and financial reporting processes and the audit of our annual financial statements.

The Audit Committee is comprised of Chitwant Kohli (Chair), Ron Funk, Theresa Firestone and Norma Beauchamp. The Board has determined that the Audit Committee meets the composition requirements set forth in Nasdaq Rule 5605(c)(2)(A), and that each of the members of the Audit Committee is independent as determined under Rule 10A-3 of the Exchange Act and Nasdaq’s director independence standards at Rule 5605(a)(2). All four members of the Audit Committee are financially literate, meaning they are able to read and understand the Company’s financial statements and to understand the breadth and level of complexity of the issues that can reasonably be expected to be raised in the Company’s financial statements.

Audit Committee Financial Experts

The Board has determined that Shan Atkins and Chitwant Kohli qualifies as an “Audit Committee financial expert” (as defined in paragraph (8)(b) of General Instruction B to Form 40-F) and a “financially sophisticated Audit Committee member” under Nasdaq Rule 5605(c)(2)(A).

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES PROVIDED BY
INDEPENDENT AUDITOR

The Audit Committee Charter sets out responsibilities regarding the provision of non-audit services by the Company’s external auditor and requires the Audit Committee to pre-approve all permitted non-audit services to be provided by the Company’s external auditor, in accordance with applicable law.

PRINCIPAL ACCOUNTING FEES AND SERVICES - INDEPENDENT AUDITOR

KPMG LLP, of Vancouver, British Columbia, Canada (Audit Firm I.D.:85) (“KPMG”), acted as our independent registered public accounting firm for the fiscal periods ended March 31, 2024 and March 31, 2023.

The following table sets forth information regarding amounts billed to us by KPMG for each of our last two fiscal periods in Canadian dollars:

Financial Period Ending	Audit Fees ($)(2)	Audit Related Fees ($)(3)	Tax Fees ($)(4)	All Other Fees ($)(5)
March 31, 2024	3,536,677	—	271,887	—
March 31, 2023(1)	3,388,832	—	356,438	—

Notes

(1)The Company changed its fiscal year end from June 30 to March 31 during this period and, as such, the figures in this row represent information for the nine (9) months ended March 31, 2023.

(2)“Audit Fees” includes fees for the performance of the annual audit and quarterly reviews of the financial statements, which includes the audit of significant transactions and matters, and reviews of prospectus and financing documents including related assistance to underwriters.

(3)“Audit-Related Fees” includes fees for assurance or accounting related services that have not been reflected under(2).

(4)“Tax Fees” includes fees for tax compliance and tax advice.

(5)“All Other Fees” refers to fees for ad hoc projects, which include reviews of prospectus and financing documents.

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Audit Committee Pre-Approval Polices

From time to time, management of the Company recommends to, and requests approval from, the audit committee for audit and non-audit services to be provided by the Company’s auditor.

The Audit Committee may delegate to one or more of its members the authority to pre-approve non-audit services to be provided to the Company or its subsidiaries by the Company’s external auditor. The pre-approval of non-audit services must be presented to the Audit Committee at its first scheduled meeting following such pre-approval.

The Audit Committee may satisfy its duty to pre-approve non-audit services by adopting specific policies and procedures for the engagement of the non-audit services, provided the policies and procedures are detailed as to the particular service, the Audit Committee is informed of each non-audit service and the procedures do not include delegation of the Audit Committee’s responsibilities to management.

OFF-BALANCE SHEET ARRANGEMENTS

The information provided in the section entitled “Internal Controls Over Financial Reporting” under the sub-heading “Changes in Internal Controls over Financial Reporting” contained in the MD&A filed as Exhibit 99.6 to this Annual Report on Form 40-F is incorporated by reference herein.

CODE OF ETHICS

We have adopted a Code of Business Conduct and Ethics (the “Code”) that applies to our officers (including without limitation, the CEO, CFO and other high-ranking executive officers), employees and directors of the Company and its subsidiaries and promotes, among other things, honest and ethical conduct. The Code meets the requirements for a “code of ethics” within the meaning of that term under Form 40-F. The Code was last reviewed and approved by the Company’s Board of Directors on March 21, 2024. The Code is available under the Company’s profile on www.SEDAR.com and on the Company’s website at https://investor.auroramj.com/about-aurora/corporate-governance/.

During the financial year ended March 31, 2024, no material amendment was made to the Code which would be required to be disclosed pursuant to Paragraph 9 of General Instruction B, and no waivers of the Code were granted to any principal officer of the Company or any person performing similar functions.

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NOTICES PURSUANT TO REGULATION BTR

There were no notices required by Rule 104 of Regulation BTR that the Company sent during the financial year ended March 31, 2024 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

NASDAQ CORPORATE GOVERNANCE

Our common shares are quoted for trading on Nasdaq under the symbol “ACB”. Nasdaq Rule 5615(a)(3) permits a foreign private issuer to follow its home country practice in lieu of the Nasdaq corporate governance requirements if such issuer, amongst other requirements, makes appropriate disclosure in its annual report filed with the SEC relating to each requirement of Rule 5600 that it does not follow including a brief statement of the home country practice it follows in lieu of such Nasdaq corporate governance requirements.

Our governance practices differ from those followed by domestic companies pursuant to Rule 5600 of the Nasdaq Rules in the following way:

Shareholder Meeting Quorum Requirement: Rule 5620(c) requires that each listed company provide for a quorum for any meeting of the holders of the listed company’s common stock that is not less than 33 1/3% of the listed company’s outstanding shares of common stock entitled to vote. The Company’s quorum requirement is set forth in its Articles, which states that a quorum for a meeting of shareholders of the Company is present if there are two persons who are, or who represent by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued common shares.

Shareholder Approval Requirements: In certain instances, Nasdaq Listing Rule 5635 requires each issuer to obtain shareholder approval prior to an issuance of securities in connection with: (i) the acquisition of the stock or assets of another company; (ii) equity-based compensation of officers, directors, employees or consultants; (iii) a change of control; and (iv) transactions other than public offerings. The Company does not follow this Nasdaq Listing Rule. Instead, the Company complies with home country practice, which has different requirements for shareholder approval (including, in certain instances, not requiring any shareholder approval) in connection with issuances of securities in the circumstances listed above.

The foregoing is consistent with the laws, customs and practices in Canada.

CORRECTION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The audited consolidated financial statements included as Exhibit 99.5 reflect the correction of an overstatement in accounts payable and accrued liabilities, specifically relating to the goods received not invoiced accrual, with a corresponding overstatement to cost of sales. See note 2(i) in the audited consolidated financial statements for additional information. The Company concluded that the differences were not material to its previously issued financial statements but, nevertheless, has determined it is appropriate to correct the disclosures in the comparative disclosures in note 2(i) in the audited consolidated financial statements. The corrections, which result in reductions in the Company’s cost of sales, have no adverse impact on the metrics used in the Company’s performance-based compensation arrangements. Therefore, the Company concluded that no recovery was required under the Company’s executive compensation clawback policy attached to this Form 40-F as Exhibit 97.

MINE SAFETY DISCLOSURE

Not applicable.

UNDERTAKING

The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information

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relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

CONSENT TO SERVICE OF PROCESS

The Company has previously filed with the SEC a written consent to service of process on Form F-X. Any change to the name or address of the Company’s agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Company.

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EXHIBIT INDEX

Exhibit Number	Exhibit Description
97	Clawback Policy
99.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.3	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.4	Certification of Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.5	Audited consolidated financial statements of the Company and notes thereto as at and for the financial year ended March 31, 2024, together with the report thereon of the independent auditor
99.6	Management’s Discussion and Analysis for the financial year ended March 31, 2024
99.7	Annual Information Form of the Company for the financial year ended March 31, 2024
99.8	Consent of KPMG LLP
101	Interactive Data File (formatted as Inline XBRL)
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

[signature page follows]

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SIGNATURES

Pursuant to the requirements of the Exchange Act, the Company certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 20, 2024	AURORA CANNABIS INC.
	By	/s/ “Simona King”
		Simona King Chief Financial Officer

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EX-97

{00254172:1} Page 1 AURORA CANNABIS INC. (the “Company”) CLAWBACK POLICY The Human Resources and Compensation Committee (the “HRCC”) of the Board of Directors (“Board”) of the Company has adopted this Clawback Policy (the “Policy”) in accordance with Nasdaq listing requirements effective as of the 1st day of October, 2023. 1. Application of Policy This Policy applies in the event of any restatement (“Restatement”) of the Company’s financial results due to its material non-compliance with financial reporting requirements under applicable U.S. federal securities laws (“Financial Reporting Requirements”). This Policy does not apply to restatements that are required for reasons other than non-compliance with Financial Reporting Requirements, such as, but not limited to, a retrospective: (1) application of a change in accounting principles or their interpretation; (2) revision to reportable segment information due to a change in the structure of the Company’s internal organization; (3) reclassification due to a discontinued operation; (4) application of a change in reporting entity, such as from a reorganization of entities under common control; (5) adjustment to provision amounts in connection with a prior business combination; and (6) revision for stock splits, reverse stock splits, dividends or other changes in capital structure (collectively the “Restatement Exclusions”). 2. Executive Officers Subject to the Policy The “executive officers” of the Company are covered by this Policy. This includes the Company’s current or former Chief Executive Officer, President, Chief Financial Officer, Chief Accounting Officer, Controller or the Vice-President responsible for Public Company and External Reporting, any Executive Vice-President, Senior Vice-President, Vice-President of the Company in charge of a principal business unit, division or function, and any other current or former officer or person who performs a significant policy-making function for the Company, including executive officers of Company subsidiaries (the “Executive Officers”). All of these Executive Officers are subject to this Policy, even if an Executive Officer had no responsibility for the financial statement errors which required restatement. 3. Compensation Subject to the Policy 3.1 This Policy applies to any incentive-based compensation received by an Executive Officer during the period (the “Clawback Period”) consisting of any of the three fiscal completed years immediately preceding: 3.1.1 the date that the Company’s Board (or Audit Committee) concludes, or reasonably should have concluded, that the Company is required to prepare a Restatement, or 3.1.2 the date that a court, regulator, or other legally authorized body directs the Company to prepare a Restatement. 3.2 This Policy covers all incentive-based compensation, including any cash compensation or equity compensation under the Company’s equity compensation plans or cash-settled performance and restricted share unit plan that is granted, earned or vested based wholly or in part upon the attainment of any “financial reporting measure”. Financial reporting measures are those that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements and any measures derived wholly or in part from such financial information (including non-GAAP measures, stock price and total shareholder return). Incentive-based compensation is deemed “received” in the fiscal period during which the applicable financial reporting measure (as specified in the terms of the award) is attained, even if the payment or grant occurs after the end of that fiscal period. 3.3 Incentive-based compensation does not include base annual salary, compensation which is awarded based solely on service to the Company (e.g. a time-vested award, including time-vesting stock options or restricted share units), nor does it include compensation which is awarded based on subjective standards, qualitative requirements, strategic measures (e.g. completion of a merger) or operational measures (e.g. attainment of a certain market share). 4. Amount Required to be Repaid Pursuant to this Policy 4.1 The amount of incentive-based compensation that must be repaid (subject to the few limitations discussed below) is the amount of incentive-based compensation received by the Executive Officer that exceeds the amount of incentive-based compensation that otherwise would have been received had it been determined based on the Restatement (the “Recoverable

{00254172:1} 2 Amount”). The Company will determine whether, based on that financial reporting measure as calculated relying on the financial statements prior to the Restatement, an Executive Officer received a greater amount of incentive-based compensation than would have been received based on that financial reporting measure as calculated relying on the financial statements after the Restatement. Where incentive-based compensation is based only in part on the achievement of a financial reporting measure performance goal, the Company will determine the portion of the original incentive-based compensation based on or derived from the financial reporting measure which was restated and will recalculate the affected portion based on the financial reporting measure as restated to determine the difference between the greater amount based on the original financial statements and the lesser amount that would have been received based on the Restatement. The Recoverable Amounts will be calculated on a pre-tax basis to ensure that the Company recovers the full amount of incentive-based compensation that was erroneously awarded. 4.2 In no event shall the Company be required to award Executive Officers an additional payment if the restated or accurate financial results would have resulted in a higher incentive compensation payment. 4.3 If equity compensation (including cash-settled awards) is recoverable due to being granted to the Executive Officer (when the accounting results were the reason the equity compensation was granted) or vested by the Executive Officer (when the accounting results were the reason the equity compensation was vested), in each case in the Clawback Period, the Company will recover the excess portion of the equity award (including cash-settled awards) that would not have been granted or vested based on the financial reporting measure as calculated relying on the financial statements after the Restatement, as follows: 4.3.1 if the equity award (including cash-settled awards) is still outstanding, the Executive Officer will forfeit the excess portion of the award; 4.3.2 if the equity award has been exercised or settled into shares (the “Underlying Shares”), and the Executive Officer still holds the Underlying Shares, the Company will recover the number of Underlying Shares relating to the excess portion of the award (less any exercise price paid for the Underlying Shares); and 4.3.3 If the equity award has been exercised or settled into cash, the Company will recover the cash relating to the excess portion of the award (less any exercise price paid); and 4.3.4 if the Underlying Shares have been sold by the Executive Officer, the Company will recover the proceeds received by the Executive Officer from the sale of the Underlying Shares relating to the excess portion of the award (less any exercise price paid for the Underlying Shares). 4.4 The HRCC will recommend to the Board such action as it deems appropriate, in its sole and absolute discretion, reasonably, to promptly recover the Recoverable Amount, unless it determines that it would be impracticable to recover such amount because: (1) the direct costs of enforcing recovery would exceed the Recoverable Amount, (2) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder, or (3) the recovery of the incentive-based compensation (including cash-settled awards) would violate the home-country laws of the Company. 5. Additional Clawback Required by Section 304 of the Sarbanes-Oxley Act of 2002 5.1 In addition to the provisions described above, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then, in accordance with Section 304 of the Sarbanes-Oxley Act of 2002, the Chief Executive Officer and Chief Financial Officer (at the time the financial document embodying such financial reporting requirement was originally issued) shall reimburse the Company for: 5.1.1 any bonus or other incentive-based or equity-based compensation received from the Company during the 12-month period following the first public issuance or filing with the applicable securities commissions (whichever first occurs) of such financial document; and 5.1.2 any profits realized from the sale of securities of the Company during that 12-month period. 6. Crediting of Recovery Amounts To the extent that sections 1, 2, 3 and 4 of this policy (the “Rule 10D-1 Clawback Requirements”) would provide for recovery of incentive-based compensation recoverable by the Company pursuant to Section 304 of the Sarbanes-Oxley Act, in accordance with subsection E of this policy (the “Sarbanes-Oxley Clawback Requirements”), and/or any other recovery obligations (including pursuant to employment agreements, or plan awards), the amount such Executive Officer has already reimbursed the Company shall be credited to the required recovery under the Rule 10D-1 Clawback Requirements. Recovery pursuant to the Rule 10D-1 Clawback Requirements does not preclude recovery under the Sarbanes-Oxley Clawback Requirements, to the extent any applicable amounts have not been reimbursed to the Company.

{00254172:1} 3 7. General Provisions 7.1 The HRCC has been delegated the authority to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy and to recommend same to the Board for final determination. All determinations and decisions made by the Board pursuant to the provisions of this Policy shall be final, conclusive and binding on the Company, its subsidiaries and the persons to whom this Policy applies. 7.2 The provisions of this Policy apply to the fullest extent of the law; provided however, to the extent that any provisions of this Policy are found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law. 7.3 This Policy is in addition to (and not in lieu of) any right of repayment, forfeiture or right of offset against any Executive Officer that is required pursuant to any other statutory repayment requirement (regardless of whether implemented at any time prior to or following the adoption of this Policy). Nothing in this Policy in any way detracts from or limits any obligation that those subject to it have in law or pursuant to a management, employment, consulting or other agreement with the Company or any of its subsidiaries. 7.4 The remedies available to the Board under this Policy shall not be exhaustive and nothing herein shall preclude the Company from taking any disciplinary actions in respects of the acts or conduct of an Executive Officer as Company deems appropriate in the circumstances, up to and including termination of employment, as well as any other remedies or recourses available to Company. 7.5 This Policy shall not be deemed to contradict the existing terms of any outstanding agreements, plans, programs or other arrangements pursuant to which incentive compensation may be awarded or paid by the Company and shall supersede any such agreements, plans, programs or other arrangements to the extent of any inconsistency with this Policy. 7.6 The Company will not indemnify or provide insurance to cover any repayment of incentive-based compensation in accordance with this Policy. 7.7 This Policy shall be reviewed annually and may be amended from time to time. Changes to this Policy will be communicated to all persons to whom this Policy applies, and any such amendment shall only apply to incentive-based compensation paid or awarded after the date the amendment becomes effective, unless otherwise required under the Rule 10D-1 Clawback Requirements or the Sarbanes-Oxley Clawback Requirements. 7.8 Executive Officers (as defined herein) are required to acknowledge that they have read this Policy every two (2) years. Any questions about the interpretation of this Policy should be directed to the EVP General Counsel & Corporate Secretary.

EX-99.1

CERTIFICATION I, Miguel Martin, certify that: 1. I have reviewed this annual report on Form 40-F of Aurora Cannabis Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report; 4. The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and 5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting. Date: June 20, 2024 By: /s/ Miguel Martin Miguel Martin Chief Executive Officer (Principal Executive Officer)

EX-99.2

CERTIFICATION I, Simona King, certify that: 1. I have reviewed this annual report on Form 40-F of Aurora Cannabis Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report; 4. The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the issuer’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and 5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer’s internal control over financial reporting. Date: June 20, 2024 By: /s/ Simona King Simona King Chief Financial Officer (Principal Financial Officer)

EX-99.3

CERTIFICATION PURSUANT TO 18 U.S.C. §1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Aurora Cannabis Inc. (the “Company”) on Form 40-F for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Miguel Martin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company. June 20, 2024 By: /s/ Miguel Martin Miguel Martin Chief Executive Officer (Principal Executive Officer) A signed original of this written statement required by Section 906 has been provided to Aurora Cannabis Inc. and will be retained by Aurora Cannabis Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.4

CERTIFICATION PURSUANT TO 18 U.S.C. §1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Annual Report of Aurora Cannabis Inc. (the “Company”) on Form 40-F for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Simona King, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company. June 20, 2024 By: /s/ Simona King Simona King Chief Financial Officer (Principal Financial Officer) A signed original of this written statement required by Section 906 has been provided to Aurora Cannabis Inc. and will be retained by Aurora Cannabis Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.5

AURORA CANNABIS INC.

Consolidated Financial Statements

For the year ended March 31, 2024 and nine months ended March 31, 2023

(in Canadian Dollars)

Management’s Responsibility

To the Shareholders of Aurora Cannabis Inc.:

Management is responsible for the preparation and presentation of the consolidated financial statements and accompanying note disclosures in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This responsibility includes selection of appropriate accounting policies and principles as well as decisions related to significant estimates and areas of judgment.

The Board of Directors is primarily composed of Independent Directors and the Audit Committee is entirely composed of Independent Directors. The Board is responsible for the oversight of management in the performance of its financial reporting responsibilities and approval of the financial information included in the annual report. The Board fulfills these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and the external auditors. The Audit Committee is also responsible for recommending the appointment of the Company’s external auditors.

KPMG LLP, an independent registered public accounting firm, has been appointed by the Company’s shareholders to audit the consolidated financial statements and report directly to them. The external auditors have full and free access to the Audit Committee and management to discuss their audit findings.

June 19, 2024

/s/ Miguel Martin	/s/ Simona King
Miguel Martin Chief Executive Officer	Simona King Chief Financial Officer

1

Report of Independent Registered

Public Accounting Firm

To the Shareholders and Board of Directors

Aurora Cannabis Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Aurora Cannabis Inc. (the Company) as of March 31, 2024 and 2023, the related consolidated statements of loss and comprehensive loss, changes in equity, and cash flows for the year ended March 31, 2024 and the nine months ended March 31, 2023, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2024 and 2023, and its financial performance and its cash flows for the year ended March 31, 2024 and the nine months ended March 31, 2023, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of March 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated June 19, 2024 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

2

Valuation of intangible assets in the European cannabis cash generating unit

As discussed in Note 14 to the consolidated financial statements, the intangible assets balance was $40,850 thousand as of March 31, 2024. The Company conducts an impairment test annually, and whenever events or circumstances make it more likely than not that an impairment may have occurred. The recoverable amount of the European Cannabis cash generating unit (CGU) to which intangible assets are allocated was determined based on the fair value less costs of disposal method. An impairment loss is recognized for the amount by which the CGU’s carrying amount exceeds its recoverable amount. For the year ended March 31, 2024, no impairment was recognized for the European Cannabis CGU.

We identified the evaluation of the fair value less costs of disposal of the intangible assets in the European Cannabis CGU as a critical audit matter. There was a high degree of auditor judgment required to evaluate the significant assumptions used in determining the fair value less costs of disposal. The significant assumptions used in the valuation model were the forecasted revenues and the discount rate. The sensitivity of reasonably possible changes to those assumptions could have had a significant impact on the determination of the fair value less costs of disposal of the intangible assets. Additionally, the judgment associated with the discount rate assumption required the involvement of professionals with specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter. We compared the Company’s historical revenue forecast to actual results to assess the Company’s ability to accurately forecast. We evaluated the reasonableness of the Company’s forecasted revenues for the intangible assets attributable to the European Cannabis CGU by comparing the growth assumptions to historical actual results of the Company and publicly available external industry growth rates. We performed sensitivity analyses over forecasted revenues to assess their impact on the determination of the fair value less costs of disposal. In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the discount rate used in the impairment analysis by comparing it to a discount rate that was independently developed using publicly available market data for comparable entities.

Valuation of goodwill in the Plant Propagation cash generating unit

As discussed in Note 14 to the consolidated financial statements, the total goodwill balance was $43,180 thousand as of March 31, 2024. The Company conducts an impairment test annually, and whenever events or circumstances make it more likely than not that an impairment may have occurred. The recoverable amount of the Plant Propagation cash generating unit (CGU) to which goodwill is allocated was determined based on the fair value less costs of disposal method. An impairment loss is recognized for the amount by which the CGU’s carrying amount exceeds its recoverable amount. For the year ended March 31, 2024, no impairment was recognized for the Plant Propagation CGU.

We identified the evaluation of the fair value less costs of disposal of the goodwill in the Plant Propagation CGU as a critical audit matter. There was a high degree of auditor judgment required to evaluate the significant assumptions used in determining the fair value less costs of disposal. The significant assumptions used in the valuation model were forecasted revenues, gross margin, and the discount rate. The sensitivity of reasonably possible changes to those assumptions could have had a significant impact on the determination of the fair value less costs of disposal of the Plant Propagation CGU. Additionally, the judgment associated with the discount rate assumption required the involvement of professionals with specialized skills and knowledge.

3

The following are the primary procedures we performed to address this critical audit matter. We compared the Company’s historical revenue and gross margin forecasts to actual results to assess the Company’s ability to accurately forecast. We evaluated the reasonableness of the Company’s forecasted revenues and gross margin for the Plant Propagation CGU by comparing the growth assumptions to historical actual results. We compared the forecasted revenues to customer sales orders received subsequent to the year-end and to external market data. We performed sensitivity analyses over forecasted revenues and gross margins to assess their impact on the determination of the fair value less costs of disposal. In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the discount rate used in the impairment analysis by comparing it to a discount rate that was independently developed using publicly available market data for comparable entities.

/s/ KPMG LLP

Chartered Professional Accountants

We have served as the Company’s auditor since 2018.

Vancouver, Canada

June 19, 2024

4

Report of Independent Registered

Public Accounting Firm

To the Shareholders and Board of Directors

Aurora Cannabis Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited Aurora Cannabis Inc.’s (the Company) internal control over financial reporting as of March 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material weakness, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of March 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of March 31, 2024 and 2023, the related consolidated statements of loss and comprehensive loss, changes in equity, and cash flows for the year ended March 31, 2024 and the nine months ended March 31, 2023, and the related notes (collectively, the consolidated financial statements), and our report dated June 19, 2024 expressed an unqualified opinion on those consolidated financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Material weaknesses related to the following have been identified and included in management’s assessment:

Process Level Control Activities: The Company did not consistently execute and document sufficiently precise management review controls over key assumptions, estimates and period cut-off controls over payable accruals, as well as controls over review of data inputs, completeness of data entry, and the accuracy of mathematical formulas within spreadsheets. This deficiency impacts property, plant & equipment, biological assets and inventory, goodwill and impairment, purchase price accounting, accounts payable, and financial statement close processes.

Insufficient Segregation of Duties and Personnel at Bevo Agtech Inc.: Specific to the Bevo Agtech Inc. business component and due to both staffing limitations resulting in lack of segregation of duties and limited experience of personnel in key roles in implementing and performing ICFR, the Company had an aggregation of pervasive deficiencies across IT General Controls as well as business processes including manual journal entries, treasury and cash management, payroll, production and inventory, revenue and receivables, and financial reporting processes.

The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2024 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

The Company acquired Indica Industries Pty Ltd. during 2024, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of March 31, 2024, Indica Industries Pty Ltd.’s internal control over financial reporting associated with total current assets of $28,153 thousand, total non-current assets of $14,796 thousand, total current liabilities of $2,572 thousand, total non-current liabilities of $247 thousand, total revenue of $2,574 thousand and net loss of $879 thousand included in the consolidated financial statements of the Company as of and for the year ended March 31, 2024. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Indica Industries Pty Ltd.

5

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying “Management’s Discussion and Analysis – Management’s Assessment on Internal Control over Financial Reporting”. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chartered Professional Accountants

Vancouver, Canada

June 19, 2024

6

AURORA CANNABIS INC.

Consolidated Statements of Financial Position

As at March 31, 2024 and March 31, 2023

(Amounts reflected in thousands of Canadian dollars)

			Adjusted - 2(i)
	Note	March 31, 2024	March 31, 2023
		$	$
Assets
Current
Cash and cash equivalents		113,439	234,942
Restricted cash	22	65,782	65,900
Accounts receivable	4, 29(a)	45,411	41,345
Marketable securities	6(b)	4,036	—
Derivative assets		760	—
Biological assets	8	42,774	22,690
Inventory	9	143,602	106,132
Prepaids and other current assets		9,402	8,280
Assets held for sale	11(a)	1,399	638
		426,605	479,927
Property, plant and equipment	10	294,324	322,969
Derivative assets	7(b), 28	—	7,249
Deposits and other long-term assets		12,028	15,786
Lease receivable	29(a)	6,343	6,496
Intangible assets	14	40,850	59,680
Goodwill	14	43,180	18,715
Deferred tax assets	23	15,343	15,500
Total assets		838,673	926,322
Liabilities
Current
Accounts payable and accrued liabilities	29(b)	58,563	71,257
Income taxes payable	29(b)	1,547	161
Deferred revenue		1,687	1,739
Convertible debentures	15	—	132,571
Loans and borrowings	16	52,361	9,571
Lease liabilities	17	4,856	5,413
Provisions	3	5,606	4,453
Other current liabilities	5	—	12,572
		124,620	237,737
Loans and borrowings	16	4,898	36,163
Lease liabilities	17	42,676	43,804
Derivative liabilities	18(c), 19(e), 28	2,309	9,634
Contingent consideration payable	28, 29(b)	—	12,487
Other long-term liability	28	46,110	48,047
Deferred tax liability	23	16,190	16,745
Total liabilities		236,803	404,617
Shareholders’ equity
Share capital	18	6,971,416	6,841,234
Reserves		162,351	154,040
Accumulated other comprehensive loss		(206,058)	(212,365)
Deficit		(6,367,936)	(6,292,265)
Total equity attributable to Aurora Cannabis Inc. shareholders		559,773	490,644
Non-controlling interests		42,097	31,061
Total equity		601,870	521,705
Total liabilities and equity		838,673	926,322

Nature of Operations (Note 1)

Commitments and Contingencies (Note 25)

Subsequent Event (Note 31)

The accompanying notes are an integral part of these Consolidated Financial Statements.

7

AURORA CANNABIS INC.

Consolidated Statements of Loss and Comprehensive Loss

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

			Adjusted - 2(i)
		Year ended March 31,	Nine months ended March 31,
	Note	2024	2023(1)
		$	$
Revenue	26	299,824	195,305
Excise taxes	26	(29,543)	(21,617)
Net revenue		270,281	173,688
Cost of sales	9	192,668	146,840
Gross profit before fair value adjustments		77,613	26,848
Changes in fair value of inventory and biological assets sold	8, 9	80,741	57,671
Unrealized gain on changes in fair value of biological assets	8	(134,588)	(38,477)
Gross profit		131,460	7,654
Expense
General and administration		92,222	81,416
Sales and marketing		51,937	38,684
Acquisition costs		5,326	5,608
Research and development		3,572	3,780
Depreciation and amortization	10, 14	12,139	14,511
Share-based compensation	19	12,717	10,764
		177,913	154,763
Loss from operations		(46,453)	(147,109)
Other income (expenses)
Legal settlement and contract termination fees		(1,818)	(2,644)
Interest and other income		12,813	14,252
Finance and other costs		(14,186)	(29,535)
Foreign exchange gain (loss)		(436)	7,773
Other gains (losses)	21	29,089	(4,942)
Restructuring charges		(1,508)	(325)
Impairment of property, plant and equipment	10, 11(a)	(4,244)	(14,069)
Impairment of investment in associates		—	(1,240)
Impairment of intangible assets and goodwill	14	(32,856)	(20,573)
		(13,146)	(51,303)
Loss before taxes		(59,599)	(198,412)
Income tax (expense) recovery
Current		(1,109)	(3,167)
Deferred, net		1,663	18,351
		554	15,184
Net loss from continuing operations		(59,045)	(183,228)
Net loss from discontinued operations, net of tax	11(b)	(10,281)	(21,910)
Net loss		(69,326)	(205,138)

The accompanying notes are an integral part of these Consolidated Financial Statements.

(1) Comparative information has been adjusted due to discontinued operations see Note 11(b).

8

AURORA CANNABIS INC.

Consolidated Statements of Loss and Comprehensive Loss

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(Continued)

			Adjusted - 2(i)
		Year ended March 31,	Nine months ended March 31,
	Note	2024	2023(1)
		$	$
Net loss from continuing operations		(59,045)	(183,228)
Net loss from discontinued operations, net of tax	11(b)	(10,281)	(21,910)
Net loss		(69,326)	(205,138)
Other comprehensive loss (“OCI”) that will not be reclassified to net loss
Unrealized gain on marketable securities		—	(1,205)
		—	(1,205)
Other comprehensive income (loss) that may be reclassified to net loss
Realized gain on marketable securities		4,733	—
Foreign currency translation gain		1,574	561
Total other comprehensive (gain) loss		6,307	(644)
Comprehensive loss from continuing operations		(60,316)	(183,872)
Comprehensive loss from discontinued operations		(2,703)	(21,910)
Comprehensive loss		(63,019)	(205,782)
Net loss from continuing operations attributable to:
Aurora Cannabis Inc.		(55,301)	(175,930)
Non-controlling interests	13	(3,744)	(7,298)
Net loss from discontinued operations attributable to:
Aurora Cannabis Inc.	11(b)	(10,281)	(21,910)
Non-controlling interests		—	—
Comprehensive loss attributable to:
Aurora Cannabis Inc.		(59,275)	(198,484)
Non-controlling interests		(3,744)	(7,298)
Loss per share - basic and diluted
Continuing operations	20	($1.28)	($5.45)
Discontinued operations	20	($0.24)	($0.68)
Total operations	20	($1.52)	($6.13)

The accompanying notes are an integral part of these Consolidated Financial Statements.

(1) Comparative information has been adjusted due to discontinued operations see Note 11(b).

9

AURORA CANNABIS INC.

Consolidated Statements of Changes in Equity

Year ended March 31, 2024

(Amounts reflected in thousands of Canadian dollars, except share amounts)

		Share Capital		Reserves						AOCI
	Note	Common Shares(1)	Amount	Share-Based Compensation	Compensation Options/ Warrants/Shares Issued	Convertible Notes	Change in Ownership Interest	Obligation to Issue Shares	Total Reserves	Fair Value	Deferred Tax	Associate OCI Pick-up	Foreign Currency Translation	Total AOCI	Deficit(2)	Non-Controlling Interests	Total
		#	$	$	$	$	$	$	$	$	$	$	$	$	$	$	$
Balance, March 31, 2023		34,526,931	6,841,234	212,340	27,667	419	(86,800)	414	154,040	(214,599)	18,919	208	(16,893)	(212,365)	(6,292,265)	31,061	521,705
Shares issued for business combinations	18(b)	6,948,994	32,915	—	—	—	—	3,567	3,567	—	—	—	—	—	—	—	36,482
Shares released for earn out payment related to business combination	18(b)	57,008	353	—	—	—	—	—	—	—	—	—	—	—	—	—	353
Shares issued to repurchase convertible debentures	15, 18(b)	7,259,329	54,680	—	—	—	—	—	—	—	—	—	—	—	—	—	54,680
Shares issued through equity financing	18(a)	5,576,785	41,098	—	—	—	—	(414)	(414)	—	—	—	—	—	—	—	40,684
Share issuance costs		—	(3,215)	—	—	—	—	—	—	—	—	—	—	—	—	—	(3,215)
Deferred tax on transaction costs		—	(1,278)	—	—	—	—	—	—	—	—	—	—	—	—	—	(1,278)
Share issued under RSU, PSU and DSU plans	18(b)	176,725	5,629	(5,629)	—	—	—	—	(5,629)	—	—	—	—	—	—	—	—
Share-based compensation	19	—	—	10,787	—	—	—	—	10,787	—	—	—	—	—	—	—	10,787
Put option liability		—	—	—	—	—	—	—	—	—	—	—	—	—	2,119	—	2,119
Change in ownership interests in net assets	10, 11(b)	—	—	—	—	—	—	—	—	—	—	—	—	—	(12,208)	14,780	2,572
Comprehensive loss for the year		—	—	—	—	—	—	—	—	4,733	—	—	1,574	6,307	(65,582)	(3,744)	(63,019)
Reverse stock split adjustment		25	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Balance, March 31, 2024		54,545,797	6,971,416	217,498	27,667	419	(86,800)	3,567	162,351	(209,866)	18,919	208	(15,319)	(206,058)	(6,367,936)	42,097	601,870

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

(2) As described under Note 2(i), certain prior period amounts have been adjusted.

The accompanying notes are an integral part of these Consolidated Financial Statements.

10

AURORA CANNABIS INC.

Consolidated Statements of Changes in Equity

Nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share amounts)

		Share Capital		Reserves						AOCI
	Note	Common Shares(1)	Amount	Share-Based Compensation	Compensation Options/ Warrants	Convertible Notes	Change in Ownership Interest	Obligation to issue shares	Total Reserves	Fair Value	Deferred Tax	Associate OCI Pick-up	Foreign Currency Translation	Total AOCI	Deficit(2)	Non-Controlling Interests	Total
		#	$	$	$	$	$	$	$	$	$	$	$	$	$	$	$
Balance, June 30, 2022		29,777,224	6,754,626	206,244	37,350	419	(86,800)	—	157,213	(213,394)	18,919	208	(17,454)	(211,721)	(6,034,864)	511	665,765
Shares issued in business combinations		261,500	9,683	—	(9,683)	—	—	—	(9,683)	—	—	—	—	—	—	—	—
Shares issued through equity financing		4,455,125	75,154	—	—	—	—	414	414	—	—	—	—	—	—	—	75,568
Share issuance costs		—	(2,381)	—	—	—	—	—	—	—	—	—	—	—	—	—	(2,381)
Deferred tax on transaction costs		—	(516)	—	—	—	—		—	—	—	—	—	—	—	—	(516)
Share issued under RSU, PSU and DSU plans		33,082	4,668	(4,668)	—	—	—	—	(4,668)	—	—	—	—	—	—	—	—
Share-based compensation	19	—	—	10,764	—	—	—	—	10,764	—	—	—	—	—	—	—	10,764
NCI Contribution	13	—	—	—	—	—	—		—	—	—	—	—	—	—	25,925	25,925
Put option liability		—	—	—	—	—	—	—	—	—	—	—	—	—	(47,638)	—	(47,638)
Change in ownership interests in net assets		—	—	—	—	—	—	—	—	—	—	—	—	—	(11,923)	11,923	—
Comprehensive loss for the period		—	—	—	—	—	—	—	—	(1,205)	—	—	561	(644)	(197,840)	(7,298)	(205,782)
Balance, March 31, 2023		34,526,931	6,841,234	212,340	27,667	419	(86,800)	414	154,040	(214,599)	18,919	208	(16,893)	(212,365)	(6,292,265)	31,061	521,705

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

(2) As described under Note 2(i), certain prior period amounts have been adjusted.

The accompanying notes are an integral part of these Consolidated Financial Statements.

11

AURORA CANNABIS INC.

Consolidated Statements of Cash Flows

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars)

			Adjusted - 2(i)
		Year ended March 31,	Nine months ended March 31,
	Note	2024	2023(1)
		$	$
Operating activities
Net loss from continuing operations		(59,045)	(183,228)
Adjustments for non-cash items:
Unrealized gain on changes in fair value of biological assets	8	(134,588)	(38,477)
Changes in fair value of inventory and biological assets sold	9	80,741	57,671
Depreciation of property, plant and equipment	10	32,170	30,942
Amortization of intangible assets	14	901	693
Share-based compensation	19	12,717	10,764
Impairment of property, plant and equipment	10, 11(a)	4,244	14,069
Impairment of investment in associates		—	1,240
Impairment of intangible assets and goodwill	14	32,856	20,573
Net interest accrual and accretion	15	8,323	15,788
Interest and other income		(33)	(170)
Deferred tax recovery		(1,667)	(18,351)
Other (gains) losses	21	(29,091)	4,709
Foreign exchange (gain) loss		105	(1,277)
Deferred compensation amortization	24	3,807	1,903
Cash used by operating activities before changes in non-cash working capital and discontinued operations		(48,560)	(83,151)
Changes in non-cash working capital	22	(15,627)	(24,836)
Net cash used in operating activities from discontinued operations		(4,321)	(7,818)
Net cash used in operating activities		(68,508)	(115,805)
Investing activities
Proceeds from derivative asset and marketable securities		4,993	3,362
Purchase of property, plant and equipment and intangible assets	10	(16,956)	(9,327)
Proceeds from disposal of property, plant and equipment and assets held for sale	11(a)	12,276	20,253
Acquisition of businesses, net of cash acquired		(2,539)	(38,790)
Payment of contingent consideration	28	(3,006)	—
Net cash used in investing activities from discontinued operations		(255)	(2,805)
Net cash used in investing activities		(5,487)	(27,307)
Financing activities
Proceeds from loans and borrowings	16	14,544	7,242
Repayment of loans and borrowings	16	(3,042)	(3,053)
Repayment of convertible debenture	15	(91,635)	(128,706)
Net payments of principal portion of lease liabilities	17	(5,627)	(5,025)
Shares issued for cash, net of issuance costs		37,926	73,187
Net cash used in financing activities from discontinued operations		(89)	(123)
Net cash used in financing activities		(47,923)	(56,478)
Effect of foreign exchange on cash and cash equivalents		297	11,654
Decrease in cash and cash equivalents		(121,621)	(187,936)
Increase (decrease) in restricted cash	22	118	(14,929)
Cash and cash equivalents, beginning of period		234,942	437,807
Cash and cash equivalents, end of period		113,439	234,942

Supplemental cash flow information (Note 22)

The accompanying notes are an integral part of these Consolidated Financial Statements.

(1) Comparative information has been adjusted due to discontinued operations see Note 11(b).

12

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 1    Nature of Operations

Aurora Cannabis Inc. (the “Company” or “Aurora”) was incorporated under the Business Corporations Act (British Columbia) on December 21, 2006 as Milk Capital Corp. Effective October 2, 2014, the Company changed its name to Aurora Cannabis Inc. The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “ACB”, and on the Frankfurt Stock Exchange (“FSE”) under the trading symbol “21P1”.

The Company’s head office and principal address is 2207 90B St. SW Edmonton, Alberta T6X 1V8. The Company’s registered and records office address is Suite 1700, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8.

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

•Production, distribution and sale of medical and consumer cannabis products in Canada pursuant to the Cannabis Act;

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

•Distribution of wholesale medical cannabis in various international markets, including Australia, the Caribbean, South America and Israel.

The Company has a 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd., a key supplier of propagated vegetables and ornamental plants in North America.

Note 2    Material Accounting Policies and Judgments

IFRS requires management to make judgments, estimates, and assumptions that affect the carrying values of certain assets and liabilities and the reported amounts of income and expenses during the period. Actual results may differ from these judgments, estimates, and assumptions.

Material accounting policies, which affect the consolidated financial statements as a whole, as well as key accounting estimates and areas of significant judgment are highlighted in this section. This note also describes change in accounting policies, new accounting standards adopted during the current year and upcoming accounting pronouncements, which are not yet effective but are expected to impact the Company’s consolidated financial statements in the future. Accounting policies, estimates, or judgments that have a significant effect on the amounts recognized in the financial statements include, biological assets (Note 8), inventory (Note 9), impairment of nonfinancial assets (Note 9, 10, and 14), business combinations (Note 12), share-based compensation (Note 19), deferred taxes (Note 23), segmented information (Note 27) and the fair value of financial instruments, including put options (Note 28).

(a)    Basis of Presentation and Measurement

The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data.

The Company has reclassified certain comparative balances to conform with the current period’s presentation.

On February 20, 2024, the Company completed a one-to-ten (1:10) reverse share split of all of its issued and outstanding common shares (“Share Consolidation”), resulting in a reduction in the issued and outstanding shares from 545,457,970 to 54,545,797. Shares reserved under the Company’s equity, warrants, and incentive plans were adjusted to reflect the Share Consolidation. All share and per share data presented in the Company’s consolidated financial statements have been retroactively adjusted to reflect the Share Consolidation unless otherwise noted.

These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company on June 19, 2024.

The consolidated financial statements have been prepared on the historical cost basis, with the exception of financial instruments and biological assets, which are measured at fair value, as explained in the accounting policies set out below. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. In February 2023, the Company changed its reporting year end from June 30 to March 31. Accordingly, the current period is for the twelve months ended March 31, 2024, whereas the comparative period is for the nine months ended March 31, 2023. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, except where noted.

(b)    Basis of Consolidation

The consolidated financial statements include the financial results of the Company and its subsidiaries. Subsidiaries include entities which are wholly-owned as well as entities over which Aurora has the authority or ability to exert control over the investee’s financial and/or operating decisions (i.e. control), which in turn may affect the Company’s exposure or rights to the variable returns from the investee. The consolidated financial statements include the operating results of acquired or disposed entities from the date control is obtained or the date control is lost, respectively. All intercompany balances and transactions are eliminated upon consolidation.

13

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The Company’s principal subsidiaries during the year ended March 31, 2024 are as follows:

Major subsidiaries	Percentage Ownership	Functional Currency
Aurora Cannabis Enterprises Inc. (“ACE”)	100%	Canadian Dollar
Aurora Deutschland GmbH (“Aurora Deutschland”)	100%	European Euro
TerraFarma Inc.	100%	Canadian Dollar
Whistler Medical Marijuana Corporation (“Whistler”)	100%	Canadian Dollar
Bevo Agtech Inc. (“Bevo”)	50.1%	Canadian Dollar
CannaHealth Therapeutics Inc.	100%	Canadian Dollar
ACB Captive Insurance Company Inc.	100%	Canadian Dollar
Indica Industries Pty Ltd. (“MedReleaf Australia”)	100%	Australian Dollar

All shareholdings are of ordinary shares or other equity. Other subsidiaries, while included in the consolidated financial statements, are not material and have not been reflected in the table above.

(c) Discontinued Operations

The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Discontinued operations reporting occurs when the disposal of a component or a group of components of the Company represents a strategic shift that will have an impact on the Company’s operations and financial results, and where the operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

The results of discontinued operations are excluded from both continuing operations and business segment information in the consolidated financial statements and the notes to the consolidated financial statements, unless otherwise noted, and are presented net of tax in the consolidated statements of loss and comprehensive loss for the current and comparative periods. Refer to Note 11(b) Discontinued Operations.

(d)    Foreign Currency Translation

The Company’s functional currency is the Canadian dollar. Transactions undertaken in foreign currencies are translated into Canadian dollars at daily exchange rates prevailing when the transactions occur. Monetary assets and liabilities denominated in foreign currencies are translated at period-end exchange rates and non-monetary items are translated at historical exchange rates. Realized and unrealized exchange gains and losses are recognized in the consolidated statements of loss and comprehensive loss.

The assets and liabilities of foreign operations are translated into Canadian dollars using the period-end exchange rates. Income, expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from the translation of foreign operations into Canadian dollars are recognized in other comprehensive loss and accumulated in equity.

(e)    Cash and Cash Equivalents

Cash and cash equivalents are financial assets that are measured at amortized cost, which approximate fair value. Cash and cash equivalents includes cash deposits in financial institutions and other deposits that are highly liquid and readily convertible into cash.

(f)    Provisions

The Company recognizes a provision if there is a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and the obligation can be reliably estimated. The amount recognized as a provision reflects management’s best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.

An onerous contract provision is recorded when the Company has a contract under which it is more likely than not that the unavoidable costs of meeting the contractual obligations will be greater than the economic benefits that the Company expects to receive under the contract. An onerous contract provision represents the lesser of the cost of exiting from the contract and the cost of fulfilling it.

(g)    Adoption of New Accounting Pronouncements

IAS 1 - Presentation of Financial Statements

The amendments clarify that entities should disclosure material accounting policies instead of significant accounting policies. The amendments explain how to identify material accounting policies. An accounting policy is material if it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The Company has reviewed its accounting policies and has included those which were considered to be material.

14

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

IFRS 17 – Insurance Contracts

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The standard is effective for annual periods beginning on or after January 1, 2023. The Company does not currently have any contracts to be accounted for under this standard. However, the Company has a wholly owned captive insurance entity that is required to adopt this standard when reporting on a standalone basis. The impact of the captive insurance company adopting IFRS 17 was immaterial to the Company’s consolidated financial statements.

(h) New Accounting Pronouncements Not Yet Adopted

The following IFRS standards have been recently issued by the IASB. Pronouncements that are irrelevant or not expected to have a significant impact have been excluded.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

The amendment clarifies the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Under the new requirement, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. The amendment applies retrospectively for annual reporting periods beginning on or after January 1, 2024. The Company will make this assessment as required at the end of each reporting date.

(i) Revisions of Previously Issued Financial Statements

During the year ended March 31, 2024, the Company identified a non-material error in accounts payable and accrued liabilities, specifically relating to the goods received not invoiced accrual, whereby the account was not relieved in prior periods on a consistent basis when invoices were received and recorded in accounts payable. The Company believes that these errors are not material to any of the Company’s previously-issued financial statements based on an analysis of quantitative and qualitative factors. However, correcting the errors in 2024 would be material to the Company’s consolidated financial statements for the year ended March 31, 2024. Accordingly, the Company has concluded that an amendment of previously-filed periodic reports is not required. Rather, the Company made revisions to the historical periods in the Company’s Annual Report for the fiscal year ended March 31, 2024, and to the historical periods that will be presented in the Company's prospective filings. The Company has revised the opening deficit and corrected the error by revising the prior period information in these consolidated financial statements.

The following is the revision to the ending deficit for the year ended June 30, 2022:

	June 30, 2022 As previously reported	Adjustments	June 30, 2022 Adjusted
Consolidated Statements of Financial Position
June 30, 2022
Deficit	(6,038,275)	3,411	(6,034,864)

The following is a summary of the impacts to the statement of financial position, the statement of comprehensive loss, and the statement of cash flows for the year ended March 31, 2023:

	March 31, 2023 As previously reported	Adjustments	March 31, 2023 Adjusted
Consolidated Statements of Financial Position
March 31, 2023
Accounts payable and accrued liabilities	75,825	(4,568)	71,257
Deficit	(6,296,833)	4,568	(6,292,265)

15

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

	Nine months ended March 31, 2023 As previously reported(1)		Adjustments		Nine months ended March 31, 2023 Adjusted
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
March 31, 2023
Cost of sales	150,835		(1,157)		149,678
Gross profit (loss) before fair value adjustments	24,133		1,157		25,290
Gross profit	775		1,157		1,932
Income before income taxes and discontinued operations	(221,532)		1,157		(220,375)
Net loss from continuing operations	(206,295)		1,157		(205,138)
Net loss from continuing operations attributable to Aurora shareholders	(198,997)		1,157		(197,840)
Comprehensive loss	(206,939)		1,157		(205,782)
Loss per share - basic and diluted(2)	$	(6.17)	$	0.04	$	(6.13)
Continuing operations	$	(5.49)	$	0.04	$	(5.45)
Discontinued operations	$	(0.68)	$	—	$	(0.68)

(1) Amounts before impacts of discontinued operations (Note 11).

(2) As described under Note 2(a) in the Consolidated Financial Statements, comparative information has been adjusted due to 1:10 reverse stock split.

	Nine months ended March 31, 2023 As previously reported(1)		Adjustments		Nine months ended March 31, 2023 Adjusted
Consolidated Statements of Cash Flows
March 31, 2023
Net income (loss) from continuing operations	$	(206,295)	$	1,157	$	(205,138)
Changes in non-cash working capital	$	(25,116)	$	(1,157)	$	(26,273)
Net cash used in operating activities	$	(115,821)	$	—	$	(115,821)

(1) Amounts before impacts of discontinued operations (Note 11).

16

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 3    Provisions

Accounting Policy

Restructuring Provision

A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those individuals who are affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which reflect amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

Loan Loss Provision

The loan loss provision originates from the operations of the insurance company incorporated by the Company, for self insurance related to properties. A loan loss provision is an estimate for known reported losses and loss expenses plus a provision for losses incurred but not reported. These amounts are based upon estimates or losses reported by loss adjusters plus an estimate for losses incurred but not reported in accordance with the recommendations of an independent actuary using the past experience of the Company and industry data, offset by actual claims paid. Changes in the loan loss provision are reflected in the consolidated statements of loss and comprehensive loss.

	Restructuring	Loan Loss Provision	Other	Total
	$	$	$
Balance, June 30, 2022	997	3,613	800	5,410
Remeasurement	513	832	8	1,353
Settlements	(1,510)	—	(800)	(2,310)
Balance, March 31, 2023	—	4,445	8	4,453
Remeasurement	—	1,153	—	1,153
Balance, March 31, 2024	—	5,598	8	5,606

Note 4    Accounts Receivable

Accounting Policy

Accounts receivable are recognized initially at fair value and subsequently measured at amortized cost, less any provisions for impairment. Financial assets measured at amortized cost are assessed for impairment at the end of each reporting period. Impairment provisions are estimated using the expected credit loss impairment model where any expected future credit losses are provided for, irrespective of whether a loss event has occurred at the reporting date.

Estimates of expected credit losses take into account the Company’s collection history, deterioration of collection rates during the average credit period, as well as observable changes in and forecasts of future economic conditions that affect default risk. Where applicable, the carrying amount of a trade receivable is reduced for any expected credit losses. Changes in the allowance for expected credit losses are recognized in the consolidated statements of loss and comprehensive loss. Accounts receivables are written off when they are deemed uncollectible.

	Notes	March 31, 2024	March 31, 2023
		$	$
Trade receivables, net (1)	29(a)	40,542	35,016
Sales taxes receivable		1,511	1,214
Lease receivable	29(a)	2,460	2,094
Government grant receivable	5	—	1,913
Other receivables, net (1) (2)		898	1,108
		45,411	41,345

(1)    Refer to (Note 29(a)) for credit risk loss provisions.

(2)    Includes interest receivable from the convertible debenture investments (Note 7).

17

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 5    Government Grant

Accounting Policy

The Company recognizes government grants when there is reasonable assurance that it will comply with the conditions required to qualify for the grant, and that the grant will be received. Government grants related to income are recognized as other gains (losses) in the statements of net loss while government grants related to assets, including non-monetary grants at fair value, are recognized as a reduction of the related asset’s carrying amount.

In April 2020, the Government of Canada announced the Canada Emergency Wage Subsidy (“CEWS”) program. CEWS provided a wage subsidy on eligible remuneration, subject to limits per employee, to eligible employers based on certain criteria, including the demonstration of declining revenue. The Company determined that it qualified for CEWS and received benefits from the government. A corresponding provision was established during the period in which the Company received the benefits to account for uncertainty with respect to eligibility of CEWS given that it was expeditiously rolled out in response to the COVID-19 pandemic.

As at March 31, 2024, nil (March 31, 2023 – $12.4 million) is recognized as other current liabilities on the consolidated statements of financial position. The provision of $12.4 million was reversed during the year ended March 31, 2024, as a result of a Canadian Revenue Agency audit of the CEWS benefits received with no proposed audit adjustments. The reversal of the provision is recorded to other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

During the year ended March 31, 2024, the Company received nil (nine months ended March 31, 2023 – $3.3 million) government grant related to the co-generation project at the Aurora River facility to offset the costs relating to capital expenditures that would have otherwise been capitalized as property, plant and equipment.

Note 6    Marketable Securities

Accounting Policy

Marketable securities are initially measured at fair value and are subsequently measured at fair value through profit or loss (“FVTPL”) or are designated at fair value through other comprehensive income (loss) (“FVTOCI”), at the election of the Company. The designation of FVTOCI is made on an instrument by instrument basis and if elected, subsequent changes in fair value are recognized in other comprehensive (loss) income and not through profit or loss on disposition.

As at March 31, 2024, the Company held the following marketable securities:

Financial asset hierarchy level	Level 1	Level 1	Level 1
	Radient	CTT Pharmaceutical Holdings	High Tide	Total
Subsequent remeasurement policy	FVTOCI	FVTOCI	FVTPL
	Note 6(a)		Note 6(b)
	$	$	$	$
Balance, June 30, 2022	1,128	203	—	1,331
Disposals	—	(126)	—	(126)
Realized loss on changes in fair value	—	(77)	—	(77)
Unrealized loss on changes in fair value	(1,128)	—	—	(1,128)
Balance, March 31, 2023	—	—	—	—
Additions	—	—	5,025	5,025
Disposals	—	—	(2,179)	(2,179)
Unrealized gain on changes in fair value	—	—	1,190	1,190
Balance, March 31, 2024	—	—	4,036	4,036

(a)    Radient Technologies Inc. (“Radient”)

Radient is a public company listed on the TSX Venture Exchange (“TSXV”) and is a commercial manufacturer of cannabis derivatives, formulations and products.

As of March 31, 2024, the Company held 37,643,431 shares in Radient (March 31, 2023 – 37,643,431) with a fair value of nil (March 31, 2023 – nil) resulting in an unrealized loss for the year ended March 31, 2024 of nil (nine months ended March 31, 2023 – $1.1 million).

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(b)    High Tide Inc. (“High Tide”)

High Tide is an Alberta based, retail focused cannabis company and is publicly listed on the TSXV.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding. The settlement included 2,491,496 High Tide common shares with an equivalent value of $5.0 million in High Tide common shares held in trust (Note 7). The Company sold 996,538 common shares for $2.2 million in net proceeds during the year.

The High Tide common shares are classified as marketable securities, initially measured at fair value with subsequent remeasurements of fair value recorded through profit and loss. Initially, due to trading restrictions and future release dates of the common shares received, the shares were designated as level 2 on the fair value hierarchy and measured using a Monte Carlo simulation model. As at March 31, 2024, with the trading restrictions satisfied, the fair value is determined based on observable inputs, namely the share price and is classified as level 1 on the fair value hierarchy.

Note 7 Derivatives and Convertible Debentures

Accounting Policy

Derivatives and debentures are initially measured at fair value and are subsequently measured at FVTPL. If the transaction price does not equal to fair value at the point of initial recognition, management measures the fair value of each component of the investment and any unrealized gains or losses at inception are either recognized in profit or loss or deferred and recognized over the term of the investment, depending on whether the valuation inputs are based on observable market data. The resulting unrealized gain or loss at inception and subsequent changes in fair value are recognized in profit or loss for the period. Transaction costs, which are directly attributable to the acquisition of the investment, are expensed as incurred. Refer to Note 28 for significant judgments in determining the fair value of derivative financial instruments.

At March 31, 2024, the Company held the following derivative and convertible debentures:

Financial asset hierarchy level	Level 2	Level 3	Level 2	Level 3
Derivatives and convertible debentures at fair value through profit or loss (“FVTPL”)	ACI	Investee-B	High Tide	Investee-C	Total
	Note 7(a)	Note 7(b)	Note 7(c)	Note 7(d)
Balance, June 30, 2022	1,418	13,961	8,442	2,462	26,283
Repayment	—	—	(748)	(2,490)	(3,238)
Unrealized loss on changes in fair value	(1,418)	—	(580)	—	(1,998)
Realized gain (loss) on changes in fair value	—	(14,506)	—	28	(14,478)
Foreign exchange	—	680	—	—	680
Balance, March 31, 2023	—	135	7,114	—	7,249
Repayment	—	(135)	(7,916)	—	(8,051)
Adjustments	—	—	100	—	100
Unrealized gain on changes in fair value	—	—	1,462	—	1,462
Balance, March 31, 2024	—	—	760	—	760

(a)    Australis Capital Inc. (“ACI”)

ACI is a public company that is focused on investments and acquisitions in the cannabis space and more specifically, investment in the growing U.S. cannabis market. ACI was previously wholly-owned by Aurora and was spun-out to Aurora shareholders on September 19, 2018. As at March 31, 2024, the Company holds the following restricted back-in right warrants:

(a)22,628,751 warrants exercisable at $0.20 per share expiring September 19, 2028; and

(b)The number of warrants equal to 20% of the number of common shares issued and outstanding in ACI as of the date of exercise. The warrants are exercisable at the five-day volume weighted average trading price (“VWAP”) of ACI’s shares and have an expiration date of September 19, 2028.

Aurora is restricted from exercising the back-in right warrants unless all of ACI’s business operations in the U.S. are permitted under applicable U.S. federal and state laws and Aurora has received consent of the TSX and any other stock exchange on which Aurora may be listed, as required. As of March 31, 2024, the warrants remain un-exercisable.

As of March 31, 2024, the warrants had a fair value of nil (March 31, 2023 – nil). As a result, the Company recognized nil unrealized loss on the fair value during the year ended March 31, 2024 (nine months ended March 31, 2023 – $1.4 million).

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(b)    Investee-B

Investee-B is a private Canadian company that cultivates, manufactures, and distributes medical cannabis products in Jamaica. As of March 31, 2024, the Company holds a $13.5 million (U.S.$10.0 million) (March 31, 2023 – $13.5 million (U.S.$10.0 million)) convertible debenture in Investee-B that bears interest at 1.5% per annum, payable in cash or common shares equal to the fair value of shares at the time of issuance. The debentures are convertible into common shares of Investee-B at U.S.$4.9585 at Aurora’s option until July 2, 2023. As part of the arrangement, Aurora has the right to: (i) participate in any future equity offerings of Investee-B to enable Aurora to maintain its percentage ownership interest, and (ii) to nominate a director to Investee-B’s Board of Directors as long as the Company owns at least a 10% interest.

During the nine months ended March 31, 2023, in anticipation of a payment default, the Company renegotiated the payment terms of the convertible debenture agreement, which included forgiveness of $6.75 million (U.S.$5.0 million) and an extension to repay the remaining $6.75 million (U.S.$5.0 million) to June 30, 2025. Additionally, the conversion feature was removed. In consideration for the amendments, the Company received $0.3 million (U.S.$0.2 million) during the year ended March 31, 2024. As a result of these amendments, the Company determined there was a significant increase in credit risk and recognized credit losses equal to its fair value of $14.4 million (U.S.$10.6 million), including accrued interest in other expenses (income) on the consolidated statements of loss and comprehensive loss.

As of March 31, 2024, the convertible debenture had a fair value of nil (March 31, 2023 – nil). The Company recognized unrealized loss of nil during the year ended March 31, 2024 (nine months ended March 31, 2023 – nil).

(c) High Tide Inc. (“High Tide”)

On July 23, 2020, the Company entered into an amended restated secured convertible debenture (the “July 2020 Debenture”) agreement in the amount of $10.0 million. Under the terms of the amendment, the July 2020 Debenture is secured against the assets and properties of High Tide, bears no interest, is convertible into common shares of High Tide at $0.425 per share at the option of the Company at any time, and matures on January 1, 2025. The Company entered into a debt restructuring agreement on July 23, 2020 whereby High Tide will pay a 0.5% royalty payment on all non-Aurora product revenue generated by High Tide beginning November 1, 2021, with an automatic increase of an additional 0.5% each subsequent year. Payments under the July 2020 Debentures can be offset against other obligations between Aurora and High Tide.

The conversion of the July 2020 Debenture was subject to Aurora holding no more than a 25% ownership interest in High Tide in accordance with the ownership restriction applicable to licensed producers under the Cannabis Retail Regulations in Ontario.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding including interest of $10.8 million. The settlement included a cash payment of $2.8 million, set offs of $1.9 million arising from payables due from the Company to High Tide for certain agreed upon services and the equivalent value of $5.0 million in High Tide common shares held in trust (Note 6), to be released on certain future dates. As at March 31, 2024, the remaining July 2020 convertible debentures had a fair value of $0.8 million (March 31, 2023 – $7.1 million), resulting in an unrealized gain of $1.5 million for the year ended March 31, 2024 (March 31, 2023 – loss $1.5 million) net of $7.9 million in repayments (March 31, 2023 – $0.5 million). The remaining balance will be settled through the provision of services. The convertible debenture is classified as a derivative asset on the consolidated statements of financial position and is remeasured at fair value through profit and loss.

The fair value of the convertible debentures was estimated using the FINCAD model with the following assumptions: share price of $0.18 (March 31, 2023 – $0.12); credit spread of 12.17% (March 31, 2023 – 12.5%); dividend yield of 0% (March 31, 2023 – 0%); stock price volatility of 63.0% (March 31, 2023 – 69%) and an expected life of 0.76 years (March 31, 2023 – 1.76 years).

(d)    Investee-C

Investee-C is a privately held Licensed Producer, based in Ontario, focused on growing premium craft cannabis in Canada.

On May 19, 2021, the Company invested $2.5 million in a secured convertible debenture that matures on October 31, 2022. The debenture bears interest at 8% per annum on the outstanding principal with the first interest payable quarterly in arrears beginning September 30, 2021. The debenture is convertible into common shares of Investee-C at a 15% discount to, the first to occur of: (i) the consideration received by a holder of Investee-C common shares pursuant to a change of control, or (ii) the issuance price of Investee-C common shares pursuant to a public offering.

On October 31, 2022, the Company entered into a Termination Agreement, whereby Investee-C agreed to repay the remaining balance on the convertible debentures. The Company received net proceeds of $2.5 million, inclusive of accrued interest and net of amounts owed by the Company, in consideration for releasing the security.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 8    Biological Assets

Accounting Policy The Company defines biological assets as living plants up to the point of harvest. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41 - Agriculture using the income approach. The Company utilizes an income approach to determine the fair value less cost to sell at a specific measurement date, based on the existing plants’ stage of completion up to the point of harvest. The Company cultivates cannabis and propagation plants biological assets. For cannabis plants, the stage of completion is determined based on the specific date of clipping the mother plant, the period-end reporting date, the average growth rate for the strain and facility environment and is calculated on a weighted average basis for the number of plants in the specific lot. Propagation plants are comprised solely of plants from the Bevo business, and are sold as living plants to customers and therefore not harvested into inventory. For propagation plants, the stage of completion is determined based on the propagation date, the promised date, and the period-end reporting date.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of cannabis biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Average selling price per gram	Represents the average selling price per gram of dried cannabis net of excise taxes, where applicable, for the period for all strains of cannabis sold, which is expected to approximate future selling prices.	If the average selling price per gram were higher (lower), estimated fair value would increase (decrease).
Average attrition rate	Represents the weighted average number of plants culled at each stage of production.	If the average attrition rate was lower (higher), estimated fair value would increase (decrease).
Weighted average yield per plant	Represents the weighted average number of grams of dried cannabis inventory expected to be harvested from each cannabis plant.	If the weighted average yield per plant was higher (lower), estimated fair value would increase (decrease).
Cost per gram to complete production	Based on actual production costs incurred divided by the grams produced in the period.	If the cost per gram to complete production was lower (higher), estimated fair value would increase (decrease).
Weighted average effective yield	Represents the estimated percentage of harvested product that meets specifications in order to be sold as a dried cannabis product.	If the weighted average effective yield were higher (lower), the estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the weighted average number of days in production over a total average grow cycle of approximately twelve weeks.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to cannabis biological assets and include all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of propagation plants biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Selling price per plant	Represents selling price per plant, which is based on committed purchase plans or approximate future selling price.	If selling price per plant were higher (lower), estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the number of days in production over the promised date less the propagation date.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to propagation plants biological assets based on a rolling gross margin rate and includes all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The following is a breakdown of biological assets:

	March 31, 2024	March 31, 2023
	$	$
Indoor cannabis production facilities	21,522	8,428
Plant propagation production facilities	21,252	14,262
	42,774	22,690

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

	March 31, 2024	March 31, 2023
	$	$
Balance, beginning of period	22,690	23,827
Production costs capitalized	85,766	71,326
Biological assets acquired through business combinations (Note 12)	—	4,470
Sale of biological assets	(39,218)	(18,645)
Impairment related to discontinued operations	(1,126)	—
Foreign currency translation	(3)	(234)
Changes in fair value less cost to sell due to biological transformation	134,588	34,129
Transferred to inventory upon harvest	(159,923)	(92,183)
Balance, end of period	42,774	22,690

During the year ended March 31, 2024, biological assets expensed to cost of goods sold of $39.2 million (nine months ended March 31, 2023 – $18.1 million) included $8.1 million (nine months ended March 31, 2023 – $3.5 million) related to the changes in fair value of biological assets sold.

a) Indoor cannabis production facilities

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor cannabis production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per gram	$4.88		$4.42		Increase or decrease of $1.00 per gram	$5,490	$3,360
Weighted average yield (grams per plant)	68.61		38.80		Increase or decrease by 5 grams per plant	$1,538	$1,438
Weighted average effective yield	100	%	91	%	Increase or decrease by 5%	$1,057	$395
Cost per gram to complete production	$0.99		$1.65		Increase or decrease of $1.00 per gram	$5,619	$3,427

As of March 31, 2024, the weighted average fair value less cost to complete and cost to sell a gram of dried cannabis produced at the Company’s indoor cannabis cultivation facilities was $3.76 per gram (March 31, 2023 – $2.43 per gram).

During the year ended March 31, 2024, the Company’s indoor cannabis biological assets produced 44,096 kilograms of dried cannabis, (nine months ended March 31, 2023 – 40,707 kilograms).

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

b) Plant propagation production facilities

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at plant propagation production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per floral/bedding plant	$7.77		$7.58		Increase or decrease by 10%	$2,360	$1,682
Average stage of completion in the production process	59	%	56	%	Increase or decrease by 10%	$3,464	$2,295

As of March 31, 2024, the weighted average fair value less cost to complete and cost to sell per propagation plant was $2.87 per plant (March 31, 2023 – $2.35).

c) Outdoor cannabis production facilities

As at March 31, 2024, the Company did not have any outdoor cannabis plants included in biological assets.

During the year ended March 31, 2024, the Company’s outdoor cannabis biological assets produced 14,683 kilograms (nine months ended March 31, 2023 – 16,314) of fresh frozen weight of cannabis.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 9    Inventory

Accounting Policy

The Company defines inventory as all cannabis products after the point of harvest (“Cannabis Inventory”), hemp products, purchased finished goods for resale, consumable supplies and accessories. Cannabis Inventory includes harvested cannabis, trim, cannabis oils, capsules, edibles and vaporizers.

Inventories of harvested cannabis are transferred from biological assets at fair value less costs to sell at the point of harvest, which becomes the deemed cost. By-products, such as trim, are measured at their net realizable value (“NRV”) at point of harvest which is deducted from the total deemed cost to give a net cost for the primary product. Any subsequent post-harvest costs are capitalized to Cannabis Inventory to the extent that the cost is less than NRV. NRV for work-in-process (“WIP”) and finished Cannabis Inventory is determined by deducting estimated remaining conversion/completion costs and selling costs from the estimated sale price achievable in the ordinary course of business. Conversion and selling costs are determined using average cost. In the period that Cannabis Inventory is sold, the fair value portion of the deemed cost is recorded within changes in fair value of inventory sold line, and the cost of such Cannabis Inventory, including direct and indirect costs, are recorded within the cost of sales line on the consolidated statements of loss and comprehensive loss.

Products for resale, consumable supplies and accessories are initially recognized at cost and subsequently valued at the lower of cost and NRV. The Company reviews these types of inventory for obsolescence, redundancy and slow turnover to ensure that they are written-down and reflected at NRV.

The Company uses judgment in determining the NRV of inventory. When assessing NRV, the Company considers the impact of the average selling price per gram, inventory spoilage, inventory excess, age and damage.

The following is a breakdown of inventory:

	March 31, 2024			March 31, 2023
	Capitalized cost	Fair value adjustment	Carrying value	Capitalized cost	Fair value adjustment	Carrying value
	$	$	$	$	$	$
Harvested cannabis
Work-in-process	25,977	32,519	58,496	30,936	14,756	45,692
Finished goods	34,871	10,782	45,653	13,518	1,777	15,295
	60,848	43,301	104,149	44,454	16,533	60,987
Extracted cannabis
Work-in-process	8,674	4,428	13,102	11,566	2,753	14,319
Finished goods	8,749	590	9,339	8,786	561	9,347
	17,423	5,018	22,441	20,352	3,314	23,666
Supplies and consumables	14,987	—	14,987	19,923	—	19,923
Merchandise and accessories	2,025	—	2,025	1,556	—	1,556
Ending balance	95,283	48,319	143,602	86,285	19,847	106,132

During the year ended March 31, 2024, inventory expensed to cost of goods sold was $234.2 million (nine months ended March 31, 2023 – $186.4 million), which included $72.7 million (nine months ended March 31, 2023 – $54.2 million) related to the changes in fair value of inventory sold.

During the year ended March 31, 2024, the Company recognized $73.4 million in inventory provisions (nine months ended March 31, 2023 – $93.4 million) consisting of cost of sales of $28.5 million (nine months ended March 31, 2023 – $45.6 million) and changes in fair value of inventory sold of $44.9 million (nine months ended March 31, 2023 – $47.8 million).

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 10    Property, Plant and Equipment

Accounting Policy

Owned Assets

Property, plant and equipment is measured at cost, net of accumulated depreciation and any impairment losses.

Cost includes expenditures that are directly attributable to the asset acquisition. The cost of self-constructed assets includes the cost of materials, direct labor, other costs directly attributable to make the asset available for its intended use, as well as relevant borrowing costs on qualifying assets as further described below. During their construction, property, plant and equipment are classified as construction in progress (“CIP”) and are not subject to depreciation. When the asset is available for use, it is transferred from CIP to the relevant category of property, plant and equipment and depreciation commences.

Where particular parts of an asset are significant, discrete and have distinct useful lives, the Company may allocate the associated costs between the various components, which are then separately depreciated over the estimated useful lives of each respective component. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Computer software and equipment 3 - 5 years

Production equipment 5 - 10 years

Furniture and fixtures 5 years

Building and improvements 10 - 30 years

Residual values, useful lives and depreciation methods are reviewed annually and changes are accounted for prospectively.

Gains and losses on asset disposals are determined by deducting the carrying value from the sale proceeds and are recognized in profit or loss.

The Company capitalizes borrowing costs on qualifying capital construction projects. Upon the asset becoming available for use, capitalization of borrowing costs ceases and depreciation commences on a straight-line basis over the estimated useful life of the related asset.

Right-of-use leased assets

Right-of-use assets are measured at cost, which is calculated as the amount of the initial measurement of lease liability plus any lease payments made at or before the commencement date, any initial direct costs and related restoration costs. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset. The depreciation is recognized from the commencement date of the lease.

If the right-of-use asset is subsequently leased to a third party (a “sublease”), the Company will assess the classification of the sublease as to whether it is a finance or operating lease. Subleases that are classified as an operating lease will recognize lease income while a finance lease will recognize a lease receivable and derecognize the carrying value of the right-of-use asset, with the difference recorded in profit of loss.

Impairment of property, plant and equipment

The Company assesses impairment of property, plant and equipment when an impairment indicator arises (e.g. change in use or discontinued use, obsolescence or physical damage). When the asset does not generate cash inflows that are largely independent of those from other assets or group of assets, the asset is tested at the cash generating unit (“CGU”) level. In assessing impairment, the Company compares the carrying amount of the asset or CGU to the recoverable amount, which is determined as the higher of the asset or CGU’s fair value less costs of disposal and its value-in-use. Value-in-use is assessed based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects applicable market and economic conditions, the time value of money and the risks specific to the asset. An impairment loss is recognized whenever the carrying amount of the asset or CGU exceeds its recoverable amount and is recorded in the consolidated statements of loss and comprehensive loss.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The following summarizes the carrying values of property, plant and equipment for the periods reflected:

	March 31, 2024				March 31, 2023
	Cost	Accumulated depreciation	Impairment	Net book value	Cost	Accumulated depreciation	Impairment	Net book value
Owned assets
Land	43,914	—	—	43,914	52,077	—	(1,820)	50,257
Buildings	242,052	(97,885)	(300)	143,867	239,353	(83,888)	(3,842)	151,623
Construction in progress	26,330	—	(645)	25,685	37,563	—	(11,945)	25,618
Computer software & equipment	31,333	(30,135)	—	1,198	31,313	(29,570)	(20)	1,723
Furniture & fixtures	7,900	(6,444)	—	1,456	7,434	(5,596)	(42)	1,796
Production & other equipment	154,042	(106,370)	(202)	47,470	146,960	(87,425)	(1,686)	57,849
Total owned assets	505,571	(240,834)	(1,147)	263,590	514,700	(206,479)	(19,355)	288,866
Right-of-use leased assets
Land	13,890	(1,601)	—	12,289	14,859	(1,345)	(969)	12,545
Buildings	37,252	(16,640)	(2,512)	18,100	36,789	(15,836)	—	20,953
Production & other equipment	5,290	(4,945)	—	345	5,343	(4,738)	—	605
Total right-of-use lease assets	56,432	(23,186)	(2,512)	30,734	56,991	(21,919)	(969)	34,103
Total property, plant and equipment	562,003	(264,020)	(3,659)	294,324	571,691	(228,398)	(20,324)	322,969

The following summarizes the changes in the net book values of property, plant and equipment for the periods presented:

	Balance, March 31, 2023	Additions	Additions from business combinations	Disposals	Other (1)	Depreciation	Impairment	Foreign currency translation	Balance, March 31, 2024
Owned assets
Land	50,257	—	1,497	—	(7,779)	—	—	(61)	43,914
Buildings	151,623	1,168	—	(212)	3,435	(12,397)	(300)	550	143,867
Construction in progress	25,618	10,239	—	(2,137)	(7,760)	(145)	(645)	515	25,685
Computer software & equipment	1,723	313	—	(26)	(12)	(797)	—	(3)	1,198
Furniture & fixtures	1,796	407	—	(11)	159	(883)	—	(12)	1,456
Production & other equipment	57,849	3,026	—	(1,232)	4,340	(16,325)	(202)	14	47,470
Total owned assets	288,866	15,153	1,497	(3,618)	(7,617)	(30,547)	(1,147)	1,003	263,590
Right-of-use leased assets
Land	12,545	—	—	—	—	(255)	—	(1)	12,289
Buildings	20,953	5,232	298	(2,355)	(388)	(3,098)	(2,512)	(30)	18,100
Production & other equipment	605	87	—	(68)	—	(277)	—	(2)	345
Total right-of-use lease assets	34,103	5,319	298	(2,423)	(388)	(3,630)	(2,512)	(33)	30,734
Total property, plant and equipment	322,969	20,472	1,795	(6,041)	(8,005)	(34,177)	(3,659)	970	294,324

(1)Includes reclassification of construction in progress cost when associated projects are complete and transfers to assets held for sale (Note 11).

26

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

	Balance, June 30, 2022	Additions	Additions from business combinations	Disposals	Other (1)	Depreciation	Impairment	Foreign currency translation	Balance, March 31, 2023
Owned assets
Land	13,127	—	21,770	—	16,609	—	(1,820)	571	50,257
Real estate	96,804	840	52,350	—	15,467	(9,774)	(3,842)	(222)	151,623
Construction in progress	25,092	5,322	1,134	(36)	5,135	—	(11,945)	916	25,618
Computer software & equipment	3,161	710	—	—	(867)	(1,284)	(20)	23	1,723
Furniture & fixtures	2,681	37	—	—	(874)	(46)	(42)	40	1,796
Production & other equipment	60,462	1,662	17,633	(1,989)	(1,808)	(16,942)	(1,686)	517	57,849
Total owned assets	201,327	8,571	92,887	(2,025)	33,662	(28,046)	(19,355)	1,845	288,866
Right-of-use leased assets
Land	6,251	—	—	(29)	7,580	(291)	(969)	3	12,545
Real estate	25,044	57	—	(6,553)	5,363	(3,155)	—	197	20,953
Production & other equipment	843	498	—	(182)	(72)	(495)	—	13	605
Total right-of-use lease assets	32,138	555	—	(6,764)	12,871	(3,941)	(969)	213	34,103
Total property, plant and equipment	233,465	9,126	92,887	(8,789)	46,533	(31,987)	(20,324)	2,058	322,969

(1)Includes reclassification of construction in progress cost when associated projects are complete and transfers to assets held for sale (Note 11).

Depreciation relating to manufacturing equipment and production facilities for owned and right-of-use leased assets is capitalized to inventory and is expensed to cost of sales upon the sale of goods. During the year ended March 31, 2024, the Company recognized $34.2 million (nine months ended March 31, 2023 – $31.6 million) of depreciation expense of which $20.1 million (nine months ended March 31, 2023 – $14.5 million) was reflected in cost of sales.

On July 21, 2023, the Company entered into an agreement to sell its Aurora Sun facility in Medicine Hat, Alberta and related assets and liabilities to Bevo through the sale of one of the Company’s wholly-owned subsidiaries (the “Aurora Sun Transaction”). Up to $15.0 million could be payable over time by Bevo to the Company in connection with the Aurora Sun Transaction, based on Bevo successfully achieving certain financial milestones at the Aurora Sun Facility. If certain other operational and financial milestones are met, up to an additional $1.0 million could be payable by Bevo to Aurora. The Company recognized the transfer of net assets to Bevo at cost and recorded an increase in non-controlling interest equal to the non-controlling interest’s proportionate share of the carrying value of the net assets transferred at $12.2 million with a corresponding decrease to deficit on the consolidated statements of financial position.

Impairments

The Company reviews the carrying value of its property, plant and equipment at each reporting period for indicators of impairment. During the year ended March 31, 2024, Management noted indicators of impairment at the asset specific level, the cash generating unit (“CGU”) level and the operating segment level which are discussed below.

(a)    Asset Specific Impairments

Year Ended March 31, 2024

During the year ended March 31, 2024, the Company recorded an impairment loss of $1.4 million during the transfer of certain assets to assets held for sale (Note 11). The impairment loss was recorded as impairment to property, plant and equipment in the consolidated statements of loss and comprehensive loss and allocated to the cannabis operating segment (Note 27).

Nine Months Ended March 31, 2023

During the year ended June 30, 2022, the Company entered into a share purchase agreement (the “Agreement”) to sell 2105657 Alberta Ltd., a wholly-owned subsidiary which owns the Aurora Sun facility located in Alberta. The assets and liabilities of the subsidiary were reclassified to assets and liabilities held for sale (Note 12) following the execution of the Agreement. The closing of the transaction was subject to certain standard closing conditions for both parties. During the nine months ended March 31, 2023, the Company gave notice to terminate the agreement due to the prospective buyer’s failure to fulfill closing conditions and subsequently sold the facility to Bevo. The net book value of the facility while classified as held for sale was $34.4 million, the fair value of the facility based on FVLCD at the time of reclassification to property, plant, and equipment (Note 10) was $29.1 million. The reduction of $5.3 million was recognized as an impairment of property, plant and equipment in the consolidated statements of loss and comprehensive loss. The impairment loss was allocated to the former Canadian cannabis operating segment (Note 27), now cannabis operating segment.

27

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

During the nine months ended March 31, 2023, the Company recorded an impairment loss of $2.9 million for its Aurora Nordic facility located in Denmark, due to a number of operational and regulatory challenges, which are indicators of impairment as at March 31, 2023. The impairment loss was based on FVLCD of nil as at March 31, 2023. In addition, there were impairments to related ROU assets in the amount of $1.0 million recognized as impairment to property, plant and equipment in the consolidated statements of loss and comprehensive loss. The impairment loss was allocated to the European cannabis operating segment (Note 27). On May 24, 2023, the Company formally made the decision to close its Aurora Nordic facility.

During the nine months ended March 31, 2023, the Company recorded an impairment loss of $4.3 million for its Growery facility located in the Netherlands, due to regulatory and financial uncertainty and other commercial factors which are indicators of impairment as at March 31, 2023. The impairment loss was based on FVLCD of $6.5 million as at March 31, 2023 and allocated the European cannabis operating segment (Note 27). The fair value of the facility was determined based on a third-party appraisal. On June 13, 2023, the Company formally made the decision to exit the agreement with Growery.

During the nine months ended March 31, 2023, the Company recorded an impairment loss of $2.5 million for its R&D facility located in the Netherlands, due to regulatory and financial uncertainty and other commercial factors which are indicators of impairment as at March 31, 2023. The impairment loss was based on FVLCD of $2.3 million as at March 31, 2023 and allocated the European cannabis operating segment (Note 27).

Additionally, there were other individually immaterial specific asset impairment losses identified totaling $2.5 million, recognized in impairment of property, plant and equipment in the consolidated statements of loss and comprehensive loss. As at March 31, 2023, the fair value less costs to dispose of these assets were determined to be nil.

(b)    CGU and Operating Segment Impairments

Year Ended March 31, 2024

During the year ended March 31, 2024, the Company recognized impairment losses within its cannabis operating segment and Canadian CGU, and allocated impairment losses of $2.8 million to property, plant and equipment based on their recoverable amounts valued at FVLCD.

Nine Months Ended March 31, 2023

During the nine months ended March 31, 2023, the Company recognized impairment losses within its Canadian cannabis operating segment and allocated impairment losses of $1.8 million to property, plant and equipment.

28

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 11    Assets Held for Sale and Discontinued Operations

Accounting Policy

Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continued use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and the fair value less costs of disposal. Impairment losses recognized upon initial classification as held-for-sale and subsequent gains and losses on re-measurement are recognized in the consolidated statements of loss and comprehensive loss. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortized or depreciated.

(a)    Assets Held for Sale

Assets held for sale are comprised of the following:

	Whistler Alpha Lake	European R&D Facility & Land	Colombia Property	Aurora Sun	Valley	Polaris	Equipment	Total
	$	$						$
Balance, June 30, 2022	638	—	1,925	34,404	5,850	18,678	—	61,495
Transfer to property, plant, and equipment	—	—	—	(34,404)	—	—	—	(34,404)
Impairment	—	—	(1,925)	—	—	—	—	(1,925)
Transfer from liabilities held for sale	—	—	—	—	—	(3,977)	—	(3,977)
Proceeds from disposal	—	—	—	—	(5,573)	(14,680)	—	(20,253)
Loss on disposal (1)	—	—	—	—	(277)	(21)	—	(298)
Balance, March 31, 2023	638	—	—	—	—	—	—	638
Transfer from property, plant, and equipment	—	8,919	—	—	—	—	1,999	10,918
Impairment	—	(585)	—	—	—	—	—	(585)
Foreign exchange	—	(1)	—	—	—	—	—	(1)
Proceeds from disposal	(2,270)	(8,333)	—	—	—	—	(600)	(11,203)
Gain on disposal (1)	1,632	—	—	—	—	—	—	1,632
Balance, March 31, 2024	—	—	—	—	—	—	1,399	1,399

(1) The loss on disposal is recognized in other gains (losses) (Note 21) in the consolidated statements of loss and comprehensive loss.

Whistler Alpha Lake

During the year ended March 31, 2024, the facility was sold for net proceeds of $2.3 million. The Company recognized a gain of $1.6 million on disposal, which is recognized in other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

European R&D Facility and Land

During the year ended March 31, 2024, the Company decided to sell a European R&D Facility and to exit the agreement with its partners in Growery B.V. (“Growery”), one of the license holders entitled to participate in the Netherlands’ still-pending Controlled Cannabis Supply Chain Experiment. As a result, the Company reclassified the related property, plant, and equipment of $8.9 million to assets held for sale. On November 3, 2023, the Company sold its interest in Aurora Netherland B.V., a subsidiary that owns the R&D facility and related assets of Growery for gross proceeds of approximately $8.3 million (Euro 5.8 million) and recognized an impairment loss of $0.6 million (Euro 0.4 million). Following the sale, Netherlands is recognized as loss of control in non-controlling interests (Note 13).

Colombia Property

During the nine months ended March 31, 2023, the Company recognized an impairment loss on its Colombia property of $1.9 million which is recognized in other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

Valley

In connection with the restructuring announced during the year ended June 30, 2022, the Company sold its Valley facility for net proceeds of $5.6 million. As a result, the Company recognized a $0.3 million loss on disposal which is recognized in other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

Polaris

During the nine months ended March 31, 2023, the Polaris facility and its related liabilities were sold for net proceeds of $14.7 million.

29

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

b)    Discontinued Operations

During the year ended March 31, 2024, the Company formally made the decision to wind down its Reliva operations, based on recent pronouncements by the U.S. Food Drug Administration (“FDA”) regarding potential cannabidiol (“CBD”) regulation pathways and timelines. The Company does not expect to incur any additional expenses in connection with the wind down.

During the year ended March 31, 2024, the Company closed its Aurora Nordic facility (“Nordic”), located in Denmark due to a number of operational and regulatory challenges.

In connection with the closures of Nordic, Reliva and the exit of our partnership in Growery B.V., the Company has reported these as discontinued operations as the operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes from the rest of the Company.

The following table summarizes the Company's consolidated discontinued operations for the respective periods:

	Year ended March 31,	Nine months ended March 31
	2024	2023
Revenue	425	1,280
Cost of sales	6,205	2,838
Changes in fair value of inventory and biological assets sold	5,449	(184)
Unrealized loss (gain) on changes in fair value of biological assets	(4,411)	4,348
General and administration expenses	1,887	1,748
Sales and marketing	502	791
Acquisition costs	—	30
Research and development	301	1,141
Depreciation	(350)	405
Interest	193	—
Finance costs	(523)	61
Foreign exchange	55	1,798
Impairment of property, plant, and equipment	85	8,180
Impairment of goodwill	—	1,920
Other losses (gains)	(1,191)	167
Current tax	93	—
Deferred tax	—	(53)
Loss on disposal of discontinued operations	2,411	—
	10,706	23,190
Net loss from discontinued operations	(10,281)	(21,910)

30

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 12     Business Combinations

Accounting Policy

A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for using the acquisition method. The total consideration paid for the acquisition is the aggregate of the fair values of assets acquired, liabilities assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. The acquisition date is the date when the Company obtains control of the acquiree. The identifiable assets acquired and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where IFRS provides exceptions to recording the amounts at fair value. Goodwill represents the difference between the fair value of total consideration paid and the fair value of the net identifiable assets acquired. Acquisition costs incurred are expensed through the consolidated statements of loss and comprehensive loss.

Contingent consideration is measured at its acquisition date fair value and is included as part of the consideration transferred in a business combination, subject to the applicable terms and conditions. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 Financial Instruments with the corresponding gain or loss recognized in profit or loss.

Based on the facts and circumstances that existed at the acquisition date, management will perform a valuation analysis to allocate the purchase price based on the fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. Management has one year from the acquisition date to confirm and finalize the facts and circumstances that support the finalized fair value analysis and related purchase price allocation. Until such time, these values are provisionally reported and are subject to change. Changes to fair values and allocations are retrospectively adjusted in subsequent periods.

In determining the fair value of all identifiable assets acquired and liabilities assumed, the most significant estimates generally relate to contingent consideration, intangible assets and property, plant and equipment. Management exercises judgment in estimating the probability and timing of when earn-out milestones are expected to be achieved, which is used as the basis for estimating fair value. Identified intangible assets are fair valued using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows of the acquiree. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. Property, plant and equipment are fair valued using a combination of the cost approach and sales comparison approach. The significant assumptions used were the replacement costs and rate per acre in the fair value measurement of the acquired land and replacement cost per square foot in the fair value measurement of the acquired buildings.

Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions. Consideration paid for an asset acquisition is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values. Asset acquisitions do not give rise to goodwill.

MedReleaf Australia

On February 7, 2024, a wholly owned subsidiary of the Company acquired the remaining 90.43% interest in Indica Industries Pty Ltd (“MedReleaf Australia” or “MRA”) an Australian domiciled company, for total purchase price consideration of approximately $44.7 million (AUS$51.0 million), comprised of cash consideration of approximately $8.2 million (AUS$9.5 million) and issuance of Common Shares of 6,948,994(1) with a fair value of $36.5 million (AUS$41.6 million). Given the Company’s ownership interest of 9.57% prior to the acquisition, the Company applied step acquisition accounting requiring a disposal of its current position based on the fair value of its ownership interest immediate before acquisition. As a result the Company recognized a gain on disposal of $4.7 million (AUS$5.4 million), recorded as other comprehensive income in the consolidated statements of loss and comprehensive loss with a corresponding increase to the total purchase price consideration. The Company acquired the remaining interest in MRA to secure its distribution and market share in a key export market.

The total purchase price consideration includes cash held in escrow of approximately $0.8 million (AUS$0.9 million) for working capital and specified indemnifications obligations and 676,579 Common Shares with a fair value of $3.6 million (AUS$4.0 million) on closing, held in escrow. The indemnification period is up to one year following the close of the transaction, with an exception for certain tax superannuation claims, which expire five years from closing, and certain other specified claims that survive until the applicable statute of limitations. Total transactions costs of $2.2 million were expensed to acquisition costs in the consolidated statements of loss and comprehensive loss. The working capital and indemnity cash consideration held in escrow has been recorded as restricted cash with a corresponding increase to accounts payable and accrued liabilities on the consolidated statements of financial position. The common shares held in escrow have been recorded as an obligation to issues shares in the consolidated statements of changes in equity.

Goodwill arising from the acquisition represents future income, projected growth in the Australian marketplace, and other intangibles that do not qualify for separate recognition. The goodwill will be allocated to the Cannabis Operating segment.

The initial purchase price was provisionally allocated based on the Company’s estimated fair value of the identifiable assets acquired and the liabilities assumed on the acquisition date. The values assigned, including the related goodwill and deferred tax assets and liabilities, are therefore preliminary and subject to change.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

	Provisional Allocation at Acquisition
Cash paid	8,249
Common shares issued	36,482
Total purchase price for remaining 90.43% interest	44,731
Fair value of existing ownership	4,734
Total fair value of consideration	49,465
Preliminary fair value of net identifiable assets
Cash	5,710
Accounts receivable	4,785
Inventory	10,464
Prepaid expenses and other current assets	80
Property, plant and equipment	1,795
Intangible assets:
Licenses	5,500
Brand	7,500
	35,834
Accounts payable and accrued liabilities	10,206
Income taxes payable	317
Lease liability	311
	10,834
Provisional purchase price allocation
Net identifiable assets acquired	25,000
Goodwill	24,465
	49,465
Net cash outflows
Cash consideration paid	(8,249)
Cash acquired	5,710
	(2,539)

For year ended March 31, 2024, MedReleaf Australia accounted for $2.8 million in revenue and $0.9 million in net loss since the February 7, 2024 acquisition date. If the acquisition had been completed on April 1, 2023, the Company estimates that MedReleaf Australia would have accounted for $44.4 million in revenue and $6.1 million in net profit for the year ended March 31, 2024.

Bevo Agtech Inc.

On August 25, 2022, a wholly-owned subsidiary of the Company acquired a 50.1% controlling interest in Bevo Agtech Inc, the sole parent of Bevo Farms Ltd., (“Bevo”) one of the largest suppliers of propagated vegetables and ornamental plants in North America. The transaction included initial consideration of $44.8 million consisting of $38.8 million paid in cash, $3.0 million paid into escrow for indemnity holdback, and $3.0 million paid into escrow relating to performance holdback, which are released upon Bevo meeting certain financial targets. The performance holdback payable was measured at fair value of $2.2 million. The total cash consideration of $6.0 million paid into escrow has been recognized as an increase in restricted cash, with a corresponding increase of $3.0 million in accounts payable and accrued liabilities related to the indemnity holdback; $2.2 million in contingent consideration payable related to the performance holdback and $0.8 million in goodwill on the consolidated statements of financial position.

Additional consideration of up to $12.0 million as a potential earnout amount is payable in cash or Common Shares at the election of the Company, subject to Bevo successfully achieving certain financial milestones at its Site One facility in Langley, British Columbia for the period up to December 31, 2025. The additional consideration was measured at fair value and recognized as an increase of $0.7 million in contingent consideration payable, with a corresponding increase in goodwill, on the consolidated financial statements of financial position.

In connection with the potential earnout, the Company has pledged 6,596,761 of Bevo common shares owned by the Company as security to the non-controlling shareholders of Bevo.

32

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The transaction includes call options such that the Company and certain non-controlling shareholders of Bevo may acquire additional Common Shares of Bevo based on Bevo’s EBITDA performance and in the event of an Adverse Change of Control, as defined in the Bevo shareholders agreement. The call options are derivative instruments measured at fair value on the date of acquisition with subsequent changes recognized in net loss. The fair value of the call options at the date of acquisition were determined to be nominal in the provisional purchase price allocation.

In addition, the transaction includes a put option with certain non-controlling shareholders of Bevo such that the Company is required to purchase up to an additional 40.4% of the common shares of Bevo based on Bevo’s achievement of certain future EBITDA performance targets. As a result, the Company recognized a financial liability of $48.0 million on the date of acquisition at the present value of the amount payable on exercise of the put option. The put option was valued at the date of acquisition using a discounted cash flow model and is valued subsequently using a Monte Carlo simulation. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. Since the Company has elected to use the present-access method and measure the NCI of the proportionate share of the net assets in Bevo, the fair value of the put option is not included in the purchase price allocation.

During the year ended March 31, 2024, the indemnity holdback of $3.0 million was paid out of escrow with a corresponding decrease in restricted cash. Additionally, the performance holdback became payable in the amount of $3.0 million, the fair value at the date of determination.

	Provisional allocation at acquisition	Adjustments	Final
Cash paid	38,844	—	38,844
Performance holdback	2,153	—	2,153
Indemnity holdback	3,000	—	3,000
Contingent consideration	749	—	749
	44,746	—	44,746
Preliminary fair value of net identifiable assets
Cash	54	—	54
Accounts receivable	3,317	—	3,317
Biological assets	4,873	(403)	4,470
Inventory	4,366	—	4,366
Prepaid expenses and other current assets	749	—	749
Property, plant and equipment	92,887	—	92,887
Intangible assets			—
Customer relationships	5,600	—	5,600
Software	247	—	247
	112,093	(403)	111,690
Accounts payable and accrued liabilities	3,699	—	3,699
Income taxes payable	1,660	(1,744)	(84)
Deferred revenue	151	—	151
Loans and borrowings	39,934	(237)	39,697
Deferred tax liability	14,762	1,509	16,271
	60,206	(472)	59,734
Provisional purchase price allocation
Net identifiable assets acquired	51,887	69	51,956
Non-controlling interest	(25,891)	(34)	(25,925)
Goodwill	18,750	(35)	18,715
	44,746	—	44,746
Net cash outflows
Cash consideration paid	(38,844)	—	(38,844)
Cash acquired	54	—	54
	(38,790)	—	(38,790)

Goodwill arising from the acquisition represents future income and growth, and other intangibles that do not qualify for separate recognition. The goodwill arising on this acquisition is expected to be fully deductible for tax purposes.

Based on Management’s review of relevant information received after the acquisition date for circumstances that existed at the acquisition date, adjustments were made to the fair value of the net identifiable assets acquired and liabilities assumed. As such, the initial purchase price

33

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

previously reported was provisionally allocated based on the Company’s estimated fair value of the identifiable assets acquired and the liabilities assumed on the acquisition date. As at March 31, 2023, Management finalized its purchase price allocation for the fair value of identifiable assets acquired and liabilities assumed and the resulting allocation of goodwill.

In connection with the acquisition of Bevo, the Company recognized non-controlling interests in Bevo of $25.9 million, which represents the non-controlling interest portion of 49.9% of the fair value of the net identifiable assets acquired.

As a result of the transaction, the Company recognized a deferred tax asset of $16.3 million with a corresponding recovery of deferred taxes on the consolidated statements of loss and comprehensive loss.

Transaction costs directly related to the acquisition of Bevo for $1.0 million was expensed to acquisition costs in the consolidated statements of loss and comprehensive loss.

Goodwill arising from the acquisition represents expected synergies, future income and growth, and other intangibles that do not qualify for separate recognition. The goodwill arising on this acquisition is expected to be fully deductible for tax purposes.

Note 13     Non-controlling Interest (“NCI”)

Accounting Policy

Non-controlling interests (“NCI”) are recognized either at fair value or at the NCI’s proportionate share of the acquiree’s net assets, determined on an acquisition-by-acquisition basis. For each acquisition, the excess of the total consideration, the fair value of previously held equity interests held prior to obtaining control and the NCI in the acquiree, over the fair value of the identifiable net asset acquired, is recorded as goodwill.

The change in non-controlling interest is as follows:

	Bevo	Other	Total
	$	$	$
Balance, June 30, 2022	—	511	511
Acquired through business acquisitions (Note 12)	25,925	—	25,925
Change in ownership interests in net assets	11,923	—	11,923
Share of loss for the period	(4,944)	(2,354)	(7,298)
Balance, March 31, 2023	32,904	(1,843)	31,061
Additions	—	—	—
Change in ownership interests in net assets	12,208	—	12,208
Discontinued operations (Note 11)	—	2,572	2,572
Share of loss for the period	(3,519)	(225)	(3,744)
Balance, March 31, 2024	41,593	504	42,097

During the nine months ended March 31, 2023, the Company entered into an agreement to sell its Aurora Sky facility in Edmonton, Alberta and related assets and liabilities to Bevo (a 50.1% controlled subsidiary) (the “Aurora Sky Transaction”). Up to $25.0 million could be payable over time by Bevo to the Company in connection with the Aurora Sky Transaction, based on Bevo successfully achieving certain financial milestones at the Aurora Sky Facility. The Aurora Sky Transaction closed on September 30, 2022. The Company recognized the inter-company transfer of net assets to Bevo at cost and recorded an increase in non-controlling interest equal to the non-controlling interest’s proportionate share of the carrying value of the net assets transferred of $12.2 million with a corresponding decrease to deficit on the consolidated statements of financial position.

34

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 14    Intangible Assets and Goodwill

Accounting Policy Intangible assets Intangible assets are recorded at cost less accumulated amortization and any impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is calculated on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any, over the following terms:
	Customer relationships Health Canada licenses Other operating licenses Patents IP and Know-how ERP Software	20 years Useful life of the facility 10 years 10 years 10 years 5 years
The estimated useful lives, residual values and amortization methods are reviewed annually and any changes in estimates are accounted for prospectively. Intangible assets with an indefinite life or not yet available for use are not subject to amortization. Indefinite life permits and licenses are predominantly held by the Company’s foreign subsidiaries. Given that these permits and licenses are connected to the subsidiary rather than a specific asset, there is no foreseeable limit to the period over which these assets are expected to generate future cash inflows for the Company. Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Other development expenditures are recognized as research and development expenses on the consolidated statements of loss and comprehensive loss as incurred. Capitalized deferred development costs are internally generated intangible assets. Goodwill Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is allocated to the cash generating unit (“CGU”) or group of CGUs which are expected to benefit from the synergies of the combination. Goodwill is not subject to amortization. Impairment of intangible assets and goodwill Goodwill and intangible assets with an indefinite life or not yet available for use are tested for impairment annually and whenever events or circumstances that make it more likely than not that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose all or a portion of a reporting unit. Finite life intangible assets are tested whenever there is an indication of impairment. Goodwill and indefinite life intangible assets are tested annually as required for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Indefinite life intangible assets are tested for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Goodwill is tested for impairment based on the level at which it is monitored by management, and not at a level higher than an operating segment. The allocation of goodwill to the CGUs or group of CGUs requires the use of judgment. An impairment loss is recognized for the amount by which the operating segment or CGU’s carrying amount exceeds it recoverable amount. The recoverable amounts of the CGUs’ assets have been determined based on the higher of fair value less costs of disposal and value-in-use. There is a material degree of uncertainty with respect to the estimates of the recoverable amounts of the CGU, given the necessity of making key economic assumptions about the future. Impairment losses recognized in respect of a CGU are first allocated to the carrying value of goodwill and any excess is allocated to the carrying value of assets in the CGU. Any impairment is recorded in profit and loss in the period in which the impairment is identified. A reversal of an asset impairment loss is allocated to the assets of the CGU on a pro rata basis. In allocating a reversal of an impairment loss, the carrying amount of an asset shall not be increased above the lower of its recoverable amount and the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior period. Impairment losses on goodwill are not subsequently reversed.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The following is a continuity schedule of intangible assets and goodwill:

	March 31, 2024				March 31, 2023
	Cost	Accumulated amortization	Impairment	Net book value	Cost	Accumulated amortization	Impairment	Net book value
Definite life intangible assets:
Customer relationships	42,439	(37,349)	—	5,090	42,529	(37,068)	—	5,461
Permits and licenses	54,002	(43,305)	(10,652)	45	56,782	(42,826)	(2,783)	11,173
Patents	982	(793)	—	189	928	(771)	—	157
Intellectual property and know-how	52,590	(52,590)	—	—	52,590	(52,590)	—	—
Software	18,661	(16,408)	(1,504)	749	20,121	(16,390)	(3,460)	271
Indefinite life intangible assets:
Brand	28,200	—	(20,700)	7,500	36,200	—	(15,500)	20,700
Permits and licenses	27,277	—	—	27,277	21,918	—	—	21,918
Total intangible assets	224,151	(150,445)	(32,856)	40,850	231,068	(149,645)	(21,743)	59,680
Goodwill	43,180	—	—	43,180	19,465	—	(750)	18,715
Total	267,331	(150,445)	(32,856)	84,030	250,533	(149,645)	(22,493)	78,395

The following summarizes the changes in the net book value of intangible assets and goodwill for the periods presented:

	Balance, March 31, 2023	Additions from business combinations	Additions	Other	Amortization	Impairment	Foreign currency translation	Balance, March 31, 2024
Definite life intangible assets:
Customer relationships	5,461	—	—	(90)	(281)	—	—	5,090
Permits and licenses	11,173	—	2	(51)	(493)	(10,652)	66	45
Patents	157	—	55	—	(23)	—	—	189
Software	271	—	2,000	86	(104)	(1,504)	—	749
Indefinite life intangible assets:
Brand	20,700	7,500	—	—	—	(20,700)	—	7,500
Permits and licenses	21,918	5,500	—	—	—	—	(141)	27,277
Total intangible assets	59,680	13,000	2,057	(55)	(901)	(32,856)	(75)	40,850
Goodwill	18,715	24,465	—	—	—	—	—	43,180
Total	78,395	37,465	2,057	(55)	(901)	(32,856)	(75)	84,030

At the end of each reporting period, the Company assesses whether events or changes in circumstances have occurred that would indicate that a CGU or group of CGUs, comprising an operating segment were impaired. The Company considers external and internal factors, including overall financial performance, market expectations and relevant entity-specific factors, as part of this assessment.

Goodwill arising from business combinations were allocated to the Cannabis segment and Plant Propagation segment for $24.5 million and $18.7 million, respectively (March 31, 2023 – nil and $18.7 million). The goodwill in the Cannabis segment arose in the fourth quarter of fiscal 2024 from the acquisition of MedReleaf Australia (Note 12).

During the year ended March 31, 2024, the Company had two reportable operating segments: (i) Cannabis and (ii) Plant Propagation, compared to the nine months ended March 31, 2023, of three reportable segments: (i) Canadian Cannabis, (ii) European Union (“EU”) Cannabis and (iii) Plant Propagation (Note 27). The Cannabis segment is comprised of the Canadian and EU CGUs and Plant Propagation is comprised of a single CGU.

(a)    Asset Specific Impairments

During the nine months ended March 31, 2023, management had noted indicators of impairment for permits and licenses intangible assets related to its Growery joint venture, located in the Netherlands. As a result, the Company recognized a $1.9 million impairment loss for the nine months ended March 31, 2023. The impairment loss was allocated to the European cannabis operating segment (Note 27). On June 13, 2023, the Company formally made the decision to exit the agreement with Growery.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(b)    CGU and Goodwill Impairments

As at March 31, 2024, management had noted the following impairment indicators:

•Decline in stock price and market capitalization - The carrying amount of the Company’s total net assets exceeded the Company’s market capitalization; and

•Changes in cannabis market conditions and capital market environment.

During the year ended March 31, 2024, the Company performed its annual impairment test on its indefinite life intangible assets and goodwill. The recoverable amount of the operating segments to which goodwill is allocated and the CGUs to which indefinite life intangibles are allocated were determined based on FVLCD using Level 3 inputs in a discounted cash flow (“DCF”) analysis. Where applicable, the Company uses its market capitalization and comparative market multiples to corroborate DCF results. The significant assumptions applied in the determination of the recoverable amount are described below:

i.Cash flows: Estimated cash flows were projected based on actual operating results from internal sources as well as industry and market trends. Estimated cash flows are primarily driven by forecasted revenues, gross margins and earnings before interest, taxes, depreciation and amortization (EBITDA) margins. The Canadian Cannabis CGU, European Cannabis CGU and the Cannabis Operating Segment forecasts are extended to a total of 4 years (and a terminal year thereafter). The Plant Propagation CGU and operating segment forecasts are extended to a total of 7 years (and a terminal year thereafter). The Company extended the forecast period an additional two years to account for the maturation of the new orchid business

ii.Terminal value growth rate: The terminal growth rate was based on historical and projected consumer price inflation, historical and projected economic indicators, and projected industry growth;

iii.Post-tax discount rate: The post-tax discount rate is reflective of the CGUs and Operating Segments Weighted Average Cost of Capital (“WACC”). The WACC was estimated based on the risk-free rate, equity risk premium, beta adjustment to the equity risk premium based on a direct comparison approach, an unsystematic risk premium, and after-tax cost of debt based on corporate bond yields; and

iv.Tax rate: The tax rates used in determining the future cash flows were those substantively enacted at the respective valuation date.

The following table outlines the key assumptions used in calculating the recoverable amount for each CGU and operating segment for impairment as at March 31, 2024 (Impairment testing date of January 1, 2024) and March 31, 2023:

	Indefinite Life Intangible Impairment Testing			Goodwill Impairment Testing
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Cannabis Operating Segment	Plant Propagation
March 31, 2024
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	12.0%	10.0%	12.0%	12.0%	10.0%
Budgeted revenue growth rate over forecast period	4.6%	10.6%	17.4%	4.6%	10.6%
Fair value less cost to dispose	$74,175	$192,729	$48,143	$138,395	$192,729
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Canadian Cannabis Operating Segment	Plant Propagation	European Cannabis Operating Segment
March 31, 2023
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	16.5%	11.0%	17.0%	16.5%	11.0%	17.0%
Budgeted revenue growth rate over forecast period	16.7%	10.0%	48.8%	16.5%	10.0%	48.8%
Fair value less cost to dispose	$258,228	$184,832	$78,612	$236,345	$184,832	$87,420

CGU impairment

Canadian Cannabis CGU

The Company’s Canadian Cannabis CGU represents its operations dedicated to the cultivation and sale of cannabis products within Canada and certain international markets and forms part of the Company’s Cannabis operating segment. During the year ended March 31, 2024, it was concluded that the recoverable amount was lower than the carrying value resulting in assessment of the recoverable amounts of its long lived assets, indicating an impairment. The impairment loss was allocated based on the relative carrying amounts of the CGU’s assets at the impairment date, with no individual asset being reduced below its recoverable amount. The Company allocated $32.9 million of impairment losses to the CGU’s intangible assets and $2.8 million of impairment losses to property, plant and equipment (Note 10). The allocation of impairment recognized to intangible assets was to the extent that that the intangible assets were not impaired beyond their recoverable amount. The fair value of the intangible assets were measured using valuation techniques including the relief from royalty method for brands and the with

37

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

and without method for permits and licenses. As a result, the intangible assets in the Canadian Cannabis CGU were fully impaired. The significant assumptions were budgeted revenue growth rate over forecast period (nil – 14.2%) forecasted earnings before interest, taxes, royalty rate of 1.0% - 1.5%, depreciation and amortization (EBITDA) margins ranging from 2.3% for fiscal 2025 up to 4.8% by fiscal 2028 and discount rate of 13.0% - 15.0%. If the discount rates increased or decreased by 5%, the estimated fair value of intangible assets would increase or decrease by $1.2 million.

European Cannabis CGU

The Company’s European Cannabis CGU represents its operations dedicated to the cultivation and sale of cannabis products within Europe. The recoverable amount was higher than the carrying value as at March 31, 2024, and therefore no impairment was recognized within the European Cannabis CGU (March 31, 2023 – nil). In addition to the key assumptions noted above, forecasted earnings before interest, taxes, depreciation and amortization (EBITDA) margins range from 4.0% for fiscal 2025 up to 14.9% by fiscal 2028 (March 31, 2023, 22.7% – 36.6%) is key assumption in determining the recoverable amount of the European Cannabis CGU.

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$2,542
Revenue	Decrease of 2%	$7,525
EBITDA margin	Decrease of 0.25%	$1,398

Plant Propagation CGU

The Company’s Plant Propagation CGU is dedicated to the propagation of vegetables and ornamental plants within North America and is the single CGU in the Company’s Plant Propagation operating segment. In addition to the key assumptions noted above, revenue growth forecasted during the period ranges from 32% in calendar 2025 to 2% in calendar 2029 onwards (March 31, 2023, 2% – 39%) to account for the ramp up of orchid sales, gross margin ranges from 30% to 32% (March 31, 2023, 24% – 33%) and EBITDA margins range from 24% – 26% (March 31, 2023, 18% – 29%). The recoverable amount was higher than the carrying value as at March 31, 2024, and therefore no impairment was recognized within the Plant Propagation CGU (March 31, 2023 – nil).

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$12,595
Revenue	Decrease of 2%	$16,880
Gross margin	Decrease of 1%	$8,244

Operating Segment Impairment

Cannabis Operating Segment (Note 27)

During the year ended March 31, 2024, it was concluded that the recoverable amount was lower than the carrying value resulting in assessment of the recoverable amounts of its long lived assets, indicating an impairment. The impairment loss was allocated based on the relative carrying amounts of the operating segment’s assets at the impairment date, with no individual asset being reduced below its recoverable amount. The Company allocated $32.9 million of impairment losses to the Canadian Cannabis CGU’s intangible assets and $2.8 million of impairment losses to the Canadian Cannabis CGU’s property, plant and equipment, as noted above.

Canadian Cannabis Operating Segment (Note 27)

During the nine months March 31, 2023, it was concluded that the recoverable amount was lower than the carrying value and recorded an impairment of $22.4 million, including an impairment to the remaining goodwill of $0.8 million. The remaining impairment loss was allocated based on the relative carrying amounts of the operating segment’s assets at the impairment date, with no individual asset being reduced below its recoverable amount. Management allocated $19.8 million of impairment losses to the operating segment’s intangible assets and $1.8 million of impairment losses to property, plant and equipment (Note 10). The allocation of impairment recognized to intangible assets was to the extent that that the intangible assets were not impaired beyond their recoverable amount. The fair value of the intangible assets were measured using valuation techniques including the relief from royalty method for brands and the with and without method for permits and licenses. The significant assumptions were budgeted revenue growth rate over forecast period (6% – 24.4%) forecasted earnings before interest, taxes, depreciation and amortization (EBITDA) margins ranging from 13.2% to 21.3%) discount rates ranging from 11% to 17.5%, and royalty rates between 2.5% – 5%. If the discount rates increased or decreased by 5%, the estimated fair value of intangible assets would increase or decrease by $4.2 million.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 15    Convertible Debentures

Accounting Policy

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through profit and loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

Transaction costs are apportioned to the debt liability and equity components in proportion to the allocation of proceeds.

	$
Balance, June 30, 2022	226,504
Interest paid	(13,305)
Accretion	16,123
Accrued interest	8,956
Debt repurchased	(128,706)
Realized loss on debt repurchased	10,874
Realized loss on foreign exchange	12,125
Balance, March 31, 2023	132,571
Interest paid	(3,043)
Accretion	5,363
Accrued interest	2,199
Amortized cost of debt repurchased	(145,770)
Realized loss on debt repurchased	9,244
Unrealized gain on foreign exchange	(564)
Balance, March 31, 2024	—

On January 24, 2019, the Company issued $460.6 million (U.S.$345.0 million) in aggregate principal amount of Convertible Senior Notes due 2024 (“Senior Notes”) issued at par value. Holders may convert all or any portion of the Senior Notes at any time. The Senior Notes are unsecured, mature on February 28, 2024 and bear cash interest semi-annually at a rate of 5.5% per annum. The initial conversion rate for the Senior Notes is 11.53 Common Shares per U.S.$1,000 principal amount of Senior Notes, equivalent to an initial conversion price of approximately U.S.$86.72 per Common Share.

During the year ended March 31, 2024 the Company repurchased a total of $148.3 million (U.S.$109.9 million) (nine months ended March 31, 2023 – $135.0 million (U.S.$99.0 million)) in principal amount of the convertible debentures at a total cost, including accrued interest, of $147.6 million (U.S.$109.3 million) (nine months ended March 31, 2023 – $130.4 million (U.S.$95.7 million)) and recognized a loss of $9.2 million (nine months ended March 31, 2023 – $10.9 million) within other gains (losses) (Note 21) in the consolidated statements of loss and comprehensive loss.

During the year ended March 31, 2024, the convertible debentures were fully repurchased at a 1.36% average discount to par value, for aggregate cash consideration of approximately $91.6 million (U.S.$109.3 million) and the issuance of 7,259,329 Common Shares (March 31, 2023 – 4.68% average discount to par value, cash consideration of $128.7 million (U.S.$95.7 million).

As of March 31, 2024, nil (March 31, 2023 – $148.5 million (U.S.$109.9 million) principal amount of the Senior Notes are outstanding.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 16    Loans and Borrowings

Accounting Policy

Loans and Borrowings are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss

over the period of the borrowings using the effective interest method. Loans are derecognized from the Consolidated Statement of Financial Position when the obligation specified in the contract is discharged, cancelled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as finance costs. Loans are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

On August 25, 2022, through the acquisition of a controlling interest of 50.1% in Bevo, the Company acquired the term loans under Bevo credit facility (the “Credit Agreement”).

The changes in the carrying value of current and non-current credit facilities are as follows:

	Credit facilities
Balance, June 30, 2022	—
Acquired through business combination	39,697
Drawings	7,242
Interest accretion	343
Principal repayments	(1,548)
Balance, March 31, 2023	45,734
Drawings	14,544
Interest accretion	23
Principal repayments	(3,042)
Balance, March 31, 2024	57,259
Current portion	(52,361)
Long-term portion	4,898

During the year ended March 31, 2024, the original Credit Agreement was amended (“Amended Credit Agreement”) to reduce the amounts available to be drawn from the Term Loan by $1.5 million to $36.6 million and increase the amounts available to be drawn from the Revolver by $6.0 million to $18.0 million.

Credit Facility 1

Credit Facility 1 represents the three tranches of advances which are now consolidated and have been fully drawn upon. During the year ended March 31, 2024, total interest expense of $2.5 million (nine months ended March 31, 2023 – $1.5 million) was recognized as finance and other costs in the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the total term loan balance outstanding is $35.5 million (March 31, 2023 – $38.2 million), including accrued interest of $0.8 million (March 31, 2023 – $0.8 million). As at March 31, 2024, the borrowing rate was 7.20%. The Company makes quarterly principal payments of $0.5 million. Any remaining principal balance will be due at maturity on January 21, 2025.

Credit Facility 2

On October 20, 2023, the Company entered into another amendment to the Credit Agreement to include an additional term loan (“Term Facility 2”) with multiple advances for up to $16.0 million and a maturity date of October 20, 2026, specifically to fund capital expansion. The transaction costs related to the amendments were nominal. As at March 31, 2024, the total amount drawn from Term Facility 2 was $2.8 million with a borrowing rate of 8.4%.

Revolver

The Revolver provides available aggregate borrowings of up to $18.0 million. Interest payments are based on prime plus a margin that ranges

between 0.25% and 1.75%. During the year ended March 31, 2024, total interest expense of $0.9 million (nine months ended March 31, 2023 – $0.2 million). As at March 31, 2024, $16.8 million (March 31, 2023 – $7.5 million) was drawn from the revolver loan.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Creditor Agreement

During the year ended March 31, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a rate of 14.0% per annum. As at March 31, 2024, $4.8 million of the funds pursuant to the Credit Agreement were received. The principal and accrued interest are due on May 31, 2025. The Company advanced funds of $2.5 million, which is eliminated upon consolidation (Note 24), as is any related accrued interest.

During the year ended March 31, 2024, the Company recognized a total interest expense, excluding imputed interest of $3.5 million (nine months ended March 31, 2023 – $1.5 million) recognized in finance and other costs on the consolidated statements of loss and comprehensive loss, in relation to its loans and borrowings.

On December 29, 2023, Bevo entered into a Third Supplemental Credit Agreement which provided a waiver for the breach in financial covenants as at June 30, 2023 and September 30, 2023 and amended the financial covenants taking into account Bevo revised forecasts. Based on the forecasts and the amendments to the covenants, the Company expects to be in compliance with the financial covenants for the next 15 months. As at March 31, 2024, Bevo was in compliance with all covenants relating to the Credit Agreement.

Total undiscounted loans and borrowings principal repayments as at March 31, 2024 are as follows:

	$
Next 12 months	52,361
Over 1 year to 3 years	4,898
Total long-term debt repayments	57,259

Note 17    Lease Liabilities

Accounting Policy

The Company assesses whether a contract is or contains a lease at inception of the contract. A lease is recognized as a right-of-use asset and corresponding liability at the commencement date. Each lease payment included in the lease liability is apportioned between the repayment of the liability and a finance cost. The finance cost is recognized in “finance and other costs” in the consolidated statements of loss and comprehensive loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. Lease liabilities represent the net present value of fixed lease payments (including in-substance fixed payments); variable lease payments based on an index, rate, or subject to a fair market value renewal condition; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if it is probable that the lessee will exercise that option.

The Company’s lease liability is recognized net of lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be determined, the lessee’s incremental borrowing rate. The period over which the lease payments are discounted is the expected lease term, including renewal and termination options that the Company is reasonably certain to exercise.

Subsequently, if there is a change to the expected lease term within the control of the lessee, the lease liability will be remeasured using the updated term and revised discount rate on a prospective basis.

Payments associated with short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis in general and administration and sales and marketing expense in the consolidated statements of loss and comprehensive loss. Short-term leases are defined as leases with a lease term of 12 months or less. Variable lease payments that do not depend on an index, rate, or subject to a fair market value renewal condition are expensed as incurred and recognized in costs of goods sold, general and administration, or sales and marketing expense, as appropriate given how the underlying leased asset is used, in the consolidated statements of loss and comprehensive loss.

If the right-of-use asset is subsequently leased to a third party (a “sublease”), the Company will assess the classification of the sublease as to whether it is a finance or operating lease. Subleases that are classified as an operating lease will recognize lease income, while a financing lease will recognize a lease receivable and derecognize the carrying value of the right-of-use asset, with the difference recorded in profit or loss.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The changes in the carrying value of current and non-current lease liabilities are as follows:

	$
Balance, June 30, 2022	42,987
Lease additions	555
Disposal of leases	(272)
Lease payments	(6,709)
Net lease term reduction and other items	10,166
Changes due to foreign exchange rates	244
Interest expense on lease liabilities	2,246
Balance, March 31, 2023	49,217
Current portion	(5,413)
Long-term portion	43,804
Balance, March 31, 2023	49,217
Lease additions	5,618
Disposal of leases	(635)
Lease payments	(8,446)
Net lease term increase and other items	(1,402)
Changes due to foreign exchange rates	28
Interest expense on lease liabilities	3,152
Balance, March 31, 2024	47,532
Current portion	(4,856)
Long-term portion	42,676

For the year ended March 31, 2024, the Company recorded $3.1 million in leasing expenses (nine months ended March 31, 2023 – $1.6 million) related to short-term leases, variable leases, and low-value leases.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 18    Share Capital

Accounting Policy

Share Purchase Warrants

Warrants issued in foreign currencies are classified as derivative liabilities. Upon exercise, in exchange for a fixed amount of common shares, the expected cash receivable is variable due to changes in foreign exchange rates. The Company measures derivative financial liabilities at fair value through profit or loss at initial recognition and in subsequent reporting periods. Fair value gains or losses are recognized in other (losses) gains on the statement of comprehensive income. The fair value of foreign currency share purchase warrants is determined using the quoted market price on the valuation date, which is a Level 1 input. Transaction costs, which are directly attributable to the offering, are allocated to equity and classified as equity financing transaction costs.

(a)    Authorized

The authorized share capital of the Company is comprised of the following:

i.Unlimited number of common voting shares without par value.

Each Common Share carries the right to attend and vote at all general meetings of shareholders. Holders of Common Shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by the Board at its discretion from funds legally available for the payment of dividends. Upon the liquidation, dissolution or winding up of the Company these holders are entitled to receive, on a pro rata basis, the net assets of the Company after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

ii.Unlimited number of Class “A” Shares each with a par value of $1.00. As at March 31, 2024, no Class “A” Shares were issued and outstanding.

Class A shares may be issued from time to time in one or more series, and the directors may fix from time to time, before such issue, the number of Class A shares of each series and the designation, rights and restrictions attached thereto including any voting rights, dividend rights, redemption, purchase or conversion rights, sinking fund or other provisions. The Class A shares rank in priority over Common Shares and any other shares ranking by their terms junior to the Class A shares as to dividends and return of capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets of the Company.

iii.Unlimited number of Class “B” Shares each with a par value of $5.00. As at March 31, 2024, no Class “B” Shares were issued and outstanding.

Class B shares may be issued from time to time in one or more series, and the directors may fix from time to time, before such issue, the number of Class B shares of each series and the designation, rights and privileges attached thereto including any voting rights, dividend rights, redemption, purchase or conversion rights, sinking fund or other provisions. The Class B shares rank in priority over Common Shares and any other shares ranking by their terms junior to the Class B shares as to dividends and return of capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets of the Company.

(b)     Shares Issued and Outstanding

As described under Note 2(a), on February 20, 2024, the Company completed a one-for-ten (1:10) reverse share split of all of its issued and outstanding common shares. Shares reserved under the Company’s equity, warrants, and incentive plans were adjusted to reflect the Share Consolidation. All current and prior period share and per share data presented below has been retroactively adjusted to reflect the Share Consolidation unless otherwise noted.

As at March 31, 2024, 54,545,797 Common Shares (March 31, 2023 – 34,526,9311) were issued and fully paid.

(i)    Shares for business combinations

During the year ended March 31, 2024, the Company issued 6,948,994 Common Shares with a fair value of $32.9 million, in connection with the acquisition of Industries Pty Ltd (“MedReleaf Australia”)

During the year ended March 31, 2024, at the Company’s election paid an earn out in connection with the business acquisition of Thrive in the amount of $0.4 million with the issuance of 57,0081 Common Shares.

1 As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

43

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(ii) Shares issued to repurchase convertible debentures

During the year ended March 31, 2024, the Company issued 7,259,329(1) (nine months ended March 31, 2023 – nil) Common Shares with a fair value of $54.7 million (nine months ended March 31, 2023 – nil) in connection with convertible debenture repurchases (Note 15).

(iii)    Shares issued for equity financing

On October 3, 2023, the Company closed a bought deal offering of 5,318,7501 Common Shares of the Company at $7.301 per Common Share for gross proceeds of approximately $38.8 million. Transactions costs were approximately $2.2 million resulting in net proceeds of $36.6 million.

The Company issued the following Common Shares in the periods indicated:

					U.S.$ equivalence
	Year ended March 31, 2024		Nine months ended March 31, 2023		Year ended March 31, 2024		Nine months ended March 31, 2023
Gross proceeds	$	2,271	$	75,568	$	1,686	$	55,381
Commission	$	45	$	1,422	$	34	$	1,107
Net proceeds	$	2,226	$	74,146	$	1,652	$	54,274
Average gross price(1)	$	8.80	$	16.96	$	6.53	$	12.43
Number of shares issued(1)	258,035		4,455,125

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

(iv)    Share issued under RSU, PSU and DSU plans

During the year ended March 31, 2024, the Company issued 176,725(1) (nine months ended March 31, 2023 – 33,082(1)) Common Shares with a fair value of $5.6 million (nine months ended March 31, 2023 – $4.7 million) related to the exercise of RSUs, PSUs, and DSUs connected to the Company’s share-based compensation program (Note 19).

(c)     Share Purchase Warrants

A summary of warrants outstanding is as follows:

	Warrants(1)	Weighted average exercise price(1)
	#	$
Balance, March 31, 2023	8,912,479	70.90
Expired	(1,838,131)	1,124.60
Balance, March 31, 2024	7,074,348	432.39

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

On June 1, 2022, the Company completed an offering of 7,040,875(1) units of the Company (“June 2022 Offering”) for gross proceeds of approximately $21.8 million (U.S.$17.3 million). The Company paid commissions and issuance costs of $9.9 million for net proceeds of $11.9 million. Each unit consists of one Common Share and one common share purchase warrant (“June 2022 Offering Warrant”) of the Company. Each June 2022 Offering Warrant entitles the holder to purchase one Common Share of the Company at a price of U.S.$32.00 per share until November 30, 2025 (Note 18(c).

The June 2022 Offering warrants were determined to be derivative liabilities as the proceeds receivable upon exercise may vary due to fluctuations in the foreign exchange rates. The June 2022 Offering Warrants are recognized at their fair values based on quoted market prices with gains and losses recognized in other gains (losses) (Note 21) on the consolidated statements of loss and comprehensive loss. Of the $11.9 million total net proceeds received, $35.6 million was allocated to the warrant derivative liabilities and $172.7 million was allocated to share capital.

The November 2020 and January 2021 Offering Warrants, which are denominated in U.S. Dollars, were determined to be derivative liabilities as the proceeds receivable upon exercise may vary due to fluctuations in the foreign exchange rates. The Offering Warrants are recognized at their fair values based on quoted market prices with gains and losses recognized in other (losses) gains (Note 21) on the consolidated statements of loss and comprehensive loss. Of the $381.2 million total net proceeds received, $74.0 million was allocated to the warrant derivative liabilities and $381.2 million was allocated to share capital.

44

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The following summarizes the warrant derivative liabilities:

					U.S.$ equivalent
	November 2020 Offering	January 2021 Offering	June  2022 Offering	Total	November 2020 Offering	January 2021 Offering	June  2022 Offering	Total
	$	$		$	$	$		$
Balance, June 30, 2022	4,014	1,531	31,752	37,297	3,113	1,188	24,644	28,945
Unrealized gains on derivative liability	(3,939)	(1,486)	(22,238)	(27,663)	(3,059)	(1,155)	(17,603)	(21,817)
Balance, March 31, 2023	75	45	9,514	9,634	54	33	7,041	7,128
Unrealized gains on derivative liability	(75)	(45)	(9,038)	(9,158)	(54)	(33)	(6,688)	(6,775)
Balance, March 31, 2024	—	—	476	476	—	—	353	353

The following table summarizes the warrants that remain outstanding as at March 31, 2024:

Exercise Price ($)(1)	Expiry Date	Warrants (#)(1)
111.06 - 433.22	April 1, 2024 - November 30, 2025	7,072,977
1,160.89	August 22, 2024	1,371
		7,074,348

45

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 19    Share-Based Compensation

Accounting Policy

Stock Options

Stock options issued to employees are measured at fair value at the grant date and are recognized as an expense over the relevant vesting periods with a corresponding credit to share reserves.

Stock options issued to non-employees are measured at the fair value of goods or services received or the fair value of equity instruments issued, if it is determined that the fair value of the goods or services cannot be reliably measured. The fair value of non-employee stock options is recorded as an expense at the date the goods or services are received with a corresponding credit to share reserves.

Depending on the complexity of the stock option terms, the fair value of options is calculated using either the Black-Scholes option pricing model or the Binomial model. When determining the fair value of stock options, management is required to make certain assumptions and estimates related to expected lives, volatility, risk-free rate, future dividend yields and estimated forfeitures at the initial grant date.

The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. Upon the exercise of stock options, proceeds received from stock option holders are recorded as an increase to share capital and the related share reserve is transferred to share capital.

Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”)

RSUs are equity-settled share-based payments. RSUs are measured at their intrinsic fair value on the date of grant based on the closing price of the Company’s shares on the date prior to the grant, and is recognized as share-based compensation expense over the vesting period with a corresponding credit to share reserves. Under IFRS, the Company’s DSUs are classified as equity-settled share-based payment transactions as they are settled in either cash or common shares at the sole discretion of Aurora. As such, the DSUs are measured in the same manner as RSUs.

The amount recognized for services received as consideration for the RSUs and DSUs granted is based on the number of equity instruments that eventually vest. Upon the release of RSUs and DSUs, the related share reserve is transferred to share capital.

Performance Share Units (“PSUs”)

PSUs are equity-settled share-based payments and have both a service and market condition. PSUs are measured at their fair value on the grant date and are recognized as share-based compensation expense over the vesting period with a corresponding credit to share reserves. The fair value of PSUs is calculated using the Monte Carlo model which factors in the probability of achieving the market-based performance target. When determining the fair value, management is required to make certain assumptions and estimates related to volatility, risk-free rate, equity correlations between Aurora and a peer group of companies, future stock prices, and estimated forfeitures. The amount recognized for services received as consideration for the PSUs granted is based on the number of equity instruments that eventually vest. Upon the release of PSUs, the related share reserve is transferred to share capital.

Cash Settled Share-based Compensation

Share-based compensation subject to cash settlement are classified as a derivative liability. They are initially measured at fair value and recorded as a derivative liability in the consolidated statements of financial position.

Share-based compensation that is in recognition of past service is recorded at the full amount to share-based compensation expense and are remeasured each reporting period with the difference going through share-based compensation expense. Upon settlement they are remeasured and the derivative liability is extinguished at the remeasured amount.

Share-based compensation that is in recognition of future service is amortized ratably over the future service period. Each reporting period, they are remeasured with the change in value reflected in the share-based compensation expense.

The Company currently has in place a “rolling maximum” or “evergreen” stock option plan (“Option Plan”), Fixed Restricted Share Unit Plan (“RSU Plan”), Fixed Performance Share Unit Plan (“PSU Plan”), and a Fixed Deferred Share Unit Plan (“DSU Plan”), which is applicable to non- employee directors only. The Board may from time to time, in its discretion and in accordance with Toronto Stock Exchange requirements, grant to directors, officers, employees and consultants, as applicable, non-transferable stock options, RSUs, PSUs and DSUs in accordance with these plans. The maximum number of Common Shares issuable pursuant to all equity-based compensation arrangements shall not, at any time, exceed 10.0% of the issued and outstanding Common Shares.

At the Company’s Annual General and Special Meeting held on November 13, 2017 (“2017 AGM”), shareholders approved the adoption of the Option Plan. At the Company’s Annual General and Special Meeting held on November 14, 2022 (“2022 AGM”), shareholders approved amendments to the Option Plan. The Option Plan amendments provides the right for directors, officers, employees and consultants to purchase

46

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

shares at a specified price (exercise price) in the future. The amendments include reducing the Option Plan 10.0% “rolling” plan to 7.5%, and therefore, the number of Common Shares issuable under the Option Plan and under all other equity-based compensation arrangements shall not exceed 7.5% of the total number of issued and outstanding Common Shares.

(a)     Stock Options

A summary of stock options outstanding is as follows:

	Stock Options(1)	Weighted Average Exercise Price(1)
	#	$
Balance, June 30, 2022	427,928	539.69
Granted	338,500	18.57
Expired	(27,789)	905.30
Forfeited	(66,489)	588.72
Balance, March 31, 2023	672,150	257.28
Granted	633,485	7.60
Expired	(34,855)	1,033.90
Forfeited	(83,956)	205.10
Balance, March 31, 2024	1,186,824	104.90

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the stock options that are outstanding as at March 31, 2024:

Exercise Price ($)	Expiry Date	Weighted Average Remaining Life	Options Outstanding (#)	Options Exercisable (#)
7.60 - 48.60	February 28, 2027 - June 23, 2028	3.98	961,539	143,162
82.20 - 272.40	January 10, 2025 - November 30, 2026	2.05	148,007	118,771
385.20 - 996.00	August 28, 2024 - November 13, 2024	1.73	73,195	73,195
1,008.00 - 1,563.60	April 4, 2024 - March 13, 2026	0.15	4,083	4,083
			1,186,824	339,211

During the year ended March 31, 2024, stock option expense of $2.9 million (nine months ended March 31, 2023 – $2.5 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The stock options have a service requirement of three years and are amortized on an accelerated basis over that period and expire after five years.

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

	Year ended March 31, 2024			Nine months ended March 31
	2024			2023
Risk-free annual interest rate (1)	4.34		%	3.70		%
Expected annual dividend yield	—		%	—		%
Expected stock price volatility (2)	85.06		%	86.86		%
Expected life of options (years) (3)	2.67			2.54
Forfeiture rate	19.63		%	20.65		%
Weighted Average Value	$	4.11		$	9.90

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

(2)Volatility was estimated by using the average historical volatilities of the Company and certain competitors.

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

47

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(b)     Restricted Share Units (“RSU”)

At the 2017 AGM, shareholders also approved the adoption of the RSU Plan, which was subsequently amended and approved by shareholders at the 2022 AGM to change the limit from a fixed maximum plan to a rolling plan, subject to a global limit of 7.5% of the Company’s issues and outstanding Common Shares under all equity compensation plans in aggregate, and a rolling limit for all full value award plans of the Company of 4.0%, which includes RSU, PSU and DSU plans. The RSU Plan was designed to provide certain executive officers and other key employees of the Company and its subsidiaries with the opportunity to acquire RSUs of the Company in order to enable them to participate in the long-term success of the Company and to promote a greater alignment of their interests with the interests of the shareholders. Under the terms of the RSU Plan, officers, employees and consultants of the Company may be granted RSUs that are released as Common Shares upon completion of the vesting period. Each RSU gives the participant the right to receive one common share of the Company.

A summary of the RSUs outstanding are as follows:

	RSUs	Weighted Average Issue Price of RSUs(1)
	#	$
Balance, June 30, 2022	110,056	107.53
Issued	603,245	18.70
Vested	(32,689)	142.47
Expired	(1,410)	47.67
Forfeited	(17,753)	273.38
Balance, March 31, 2023	661,449	26.14
Issued	378,900	7.50
Vested	(158,248)	34.86
Expired	(27)	21.99
Forfeited	(84,385)	126.10
Balance, March 31, 2024	797,689	15.99

(1)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

During the year ended March 31, 2024, RSU expense of $5.8 million (nine months ended March 31, 2023 – $5.6 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The RSUs have a service requirement of three years and are amortized on an accelerated basis over that period and expire after three years.

The following table summarizes the RSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
5.17 - 33.20	May 25, 2025 - March 4, 2027	767,204	48,304
46.50 - 85.00	May 18, 2024 - March 24, 2025	30,485	14,637
		797,689	62,941

(c)     Deferred Share Units (“DSU”)

At the Company’s Annual General and Special Meeting held on November 30, 2018, shareholders approved the adoption of the DSU Plan, which most recently amended and approved by shareholders at the 2022 AGM to change the limit from a fixed maximum plan to a rolling plan, subject to a global limit of 7.5% of the Company’s issues and outstanding Common Shares under all equity compensation plans in aggregate, and a rolling limit for all full value award plans of the Company of 4.0%, which includes RSU, PSU and DSU plans. Under the terms of the DSU plan, non-employee directors of the Company may be granted DSUs. Each non-employee director is entitled to redeem their DSUs for period of 90 days following their termination date, being the date of their retirement from the Board. The DSUs can be redeemed, at the Company’s sole discretion, for (i) cash; (ii) Common Shares issued from treasury; (iii) common shares purchased in the open market; or (iv) any combination of the foregoing.

48

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

	DSUs	Weighted Average Issue Price of DSUs(1)
	#	$
Balance, June 30, 2022	21,397	77.06
Issued	69,648	13.64
Vested	—	—
Expired	—	—
Forfeited	—	—
Balance, March 31, 2023	91,045	28.54
Issued	225,292	20.43
Vested	(21,397)	16.74
Forfeited	(17,734)	21.87
Balance, March 31, 2024	277,206	24.03

(1)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

During the year ended March 31, 2024, DSU expense of $1.2 million (nine months ended March 31, 2023 – $0.9 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The DSUs vest immediately upon issuance and have no expiry date.

The following table summarizes the DSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
4.43 - 85.00	N/A	273,935	273,935
100.90 - 217.20	N/A	2,956	2,956
901.20 - 1,131.60	N/A	315	315
		277,206	277,206

(d)     Performance Share Units (“PSUs”)

A summary of the PSUs outstanding is as follows:

	PSUs(2)	Weighted Average Issue Price of PSUs(2)
	#	$
Balance, June 30, 2022	69,437	87.99
Issued (1)	173,475	18.78
Vested	(363)	21.62
Forfeited	(11,725)	54.43
Balance, March 31, 2023	230,824	37.74
Issued (1)	522,907	7.60
Vested	(26)	18.70
Expired	(24,080)	101.57
Forfeited	(28,745)	34.71
Balance, March 31, 2024	700,880	13.18

(1)Includes PSUs issued under cash settlement plan Note 19(e).

(2)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the PSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
7.60 - 135.90	September 10, 2023 - June 23, 2026	700,880	2

During the year ended March 31, 2024, PSU expense of $2.5 million (nine months ended March 31, 2023 – $1.7 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The PSUs have a three years cliff vesting structure and are amortized completely in the third year and expire after three years.

49

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

PSUs granted during the respective periods highlighted below were fair valued based on the following weighted average assumptions:

	Year ended March 31, 2024		Nine months ended March 31
	2024		2023
Risk-free annual interest rate (1)	4.76	%	3.99	%
Dividend yield	—	%	—	%
Expected stock price volatility (2)	90.65	%	94.04	%
Expected stock price volatility of peer group (2)	91.51	%	86.71	%
Expected life of options (years) (3)	3.00		3.00
Forfeiture rate	12.45	%	16.98	%
Equity correlation against peer group (4)	39.14	%	49.74	%

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

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

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

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

The weighted average fair value of PSUs granted during the year ended March 31, 2024 was $8.45 per unit (nine months ended March 31, 2023 – $10.50 per unit).

(e) Cash Settled DSUs and PSUs

During the year ended March 31, 2024, the Company issued 206,100 DSUs and 395,759 PSUs that will be settled in cash, pursuant to the Performance Share Unit and Restricted Share Unit Long-Term Cash Settled Plan and Non-Employee Directors Deferred Share Unit Cash Plan, respectively. The DSUs and RSUs issued under these plans are included in the continuities above.

The DSUs subject to cash settlement are classified as a derivative liability. They are initially measured at fair value and recorded as a derivative liability in the consolidated statements of financial position. DSUs are issued in recognition of past service for Directors and are therefore recorded at the full amount to share-based compensation expense in the consolidated statements of loss and comprehensive loss. The DSUs are remeasured each reporting period with the difference going through share-based compensation expense. Upon settlement, the DSU’s are remeasured and the derivative liability is extinguished at the remeasured amount. During the year ended, March 31, 2024, included in the DSUs expense the Company recognized $1.2 million (nine months ended March 31, 2023 – nil) in share-based compensation expense on the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the related derivative liability is $1.2 million.

The PSUs subject to cash settlement are classified as a derivative liability. They are initially measured at fair value using a Monte Carlo simulation model and recorded as a derivative liability in the consolidated statements of financial position. The PSUs have a service requirement of three years and are amortized ratably over that period. The PSUs are remeasured each reporting period with the change in value reflected in the share-based compensation expense. During the year ended, March 31, 2024, included in the PSUs expense is $0.6 million (nine months ended March 31, 2023 – nil) in share-based compensation expense in the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the related derivative liability is $0.6 million.

50

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 20    Loss Per Share

Accounting Policy

The Company calculates basic (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted (loss) earnings per share is determined by adjusting profit or loss attributable to common shareholders and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares, which comprise convertible debentures, RSU, DSU, warrants and share options issued.

The following is a reconciliation of basic and diluted loss per share:

Basic and diluted loss per share

	Year ended March 31	Nine months ended March 31
	2024	2023
Net loss from continuing operations attributable to Aurora shareholders	($55,301)	($175,930)
Net loss from discontinued operations attributable to Aurora shareholders	($10,281)	($21,910)
Net loss attributable to Aurora shareholders	($65,582)	($197,840)
Weighted average number of Common Shares outstanding(1)	43,223,233	32,273,516
Basic loss per share, continuing operations	($1.28)	($5.45)
Basic loss per share, discontinued operations	($0.24)	($0.68)
Basic loss per share	($1.52)	($6.13)

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

Diluted loss per share is the same as basic loss per share as the issuance of shares on the exercise of convertible debentures, RSU, DSU, PSU, warrants and share options are anti-dilutive.

Note 21    Other Gains (Losses)

		Year ended March 31	Nine months ended March 31
	Note	2024	2023
		$	$
Unrealized gain (loss) on derivative assets		2,540	(15,797)
Unrealized gain on derivative liability	18(c)	9,158	27,663
Gain (loss) on disposal of assets held for sale and property, plant and equipment	10, 11(a)	1,158	(914)
Gain on contingent consideration	28	9,760	5,238
Contract termination fee	25(b)	—	(2,750)
Government grant income (expense)	5	12,547	—
Provisions		1,501	(4,145)
Realized loss on repurchase of convertible debt	15	(9,244)	(10,874)
Other gains		1,669	(3,363)
Total other gains (losses)		29,089	(4,942)

51

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 22    Supplemental Cash Flow Information

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

	Years ended March 31,		Nine months ended March 31
	2024		2023
	$		$
Accounts receivable	(4,333)		2,966
Biological assets	(46,450)		(50,950)
Inventory	50,065		49,509
Prepaid and other current assets	(548)		(16,655)
Accounts payable and accrued liabilities	(15,699)		(8,080)
Income taxes payable	1,230		98
Deferred revenue	133		(467)
Provisions	—		(1,281)
Deposits	$	—	16
Other current liabilities	(25)		8
Changes in non-cash working capital	(15,627)		(24,836)

Additional supplementary cash flow information is as follows:

	Years ended March 31,	Nine months ended March 31
	2024	2023
	$	$
Property, plant and equipment in accounts payable	(255)	(193)
Right-of-use asset additions	—	555
Amortization of prepaids	14,416	19,901
Interest paid	11,700	16,933
Interest received	(3,610)	(1,949)

Included in restricted cash as of March 31, 2024 is $3.4 million (March 31, 2023 – $3.4 million) attributed to collateral held for letters of credit and corporate credit cards, nil (March 31, 2023 – $6.0 million) related to the Bevo acquisition, $0.8 million (March 31, 2023 – nil) related to the MedReleaf Australia acquisition, $22.7 million (March 31, 2023 – $20.7 million) for self-insurance, $0.1 million (March 31, 2023 – $0.1 million) attributed to international subsidiaries, and $38.8 million (March 31, 2023 – $35.7 million) of funds reserved for the segregated cell program for insurance coverage.

52

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 23    Income Taxes

Accounting Policy

Tax expense recognized in profit or loss comprises the sum of current and deferred taxes not recognized in other comprehensive (loss) income or equity.

Current tax assets and liabilities

Current tax assets and/or liabilities comprise those claims from, or obligations to, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted at the end of the reporting period. Current tax assets arise when the amount paid for taxes exceeds the amount due for the current and prior periods.

Deferred tax assets and liabilities

Deferred taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective periods of realization, provided they are enacted or substantively enacted at the end of the reporting period. Deferred tax liabilities are always provided for in full.

Deferred tax assets are recognized to the extent that it is probable that they will be able to be utilized against future taxable income. Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive income or equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively.

Significant estimates are required in determining the Company’s provision for income taxes and uncertain tax positions. Some of these estimates are based on interpretations of existing tax laws or regulations. Various internal and external factors may have favorable or unfavorable effects on the Company’s future effective tax rate. These factors include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, changes in estimates of prior years’ items, results of tax audits by tax authorities, future levels of research and development spending, changes in estimates related to repatriation of undistributed earnings of foreign subsidiaries, and changes in overall levels of pre-tax earnings. The realization of the Company’s deferred tax assets is primarily dependent on whether the Company is able to generate sufficient capital gains and taxable income prior to expiration of any loss carry forward balance. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The assessment of whether or not a valuation allowance is required often requires significant judgment with regard to management’s assessment of the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made.

The Company records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. There is inherent uncertainty in quantifying income tax positions. The Company has recorded tax benefits for those tax positions where it is more likely than not that a tax benefit will result upon ultimate settlement with a tax authority that has all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will result, no tax benefit has been recognized in the consolidated financial statements.

53

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The net tax provision differs from that expected by applying the combined federal and provincial tax rates of 27.0% (March 31, 2023 – 27.0%) to loss before income tax for the following items:

	March 31, 2024		March 31, 2023
	$		$
Loss before tax	(59,599)		(220,376)
Combined federal and provincial rate	27.0	%	27.0	%
Expected tax recovery	(16,092)		(59,502)
Change in estimates from prior year	34		(23)
Foreign exchange	368		(2,637)
Non-deductible expenses	3,170		5,715
Non-deductible (non-taxable) portion of capital items	(2,441)		(7,469)
Goodwill and other impairment items	1,674		612
Tax impact on divestitures	953		3,076
Difference in statutory tax rate	1,070		6,655
Effect of change in tax rates	(5,277)		(99)
Changes in deferred tax benefits not recognized	15,987		38,488
Income tax expense (recovery)	(554)		(15,184)

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of asset and liabilities for financial reporting purposes and their tax values. Movements in deferred tax assets (liabilities) at March 31, 2024 and March 31, 2023 are comprised of the following:

	Balance, March 31, 2023	Recovered through (charged to) earnings	Recovered through (charged to) other comprehensive income	Recovered through (charged to) equity	Balance, March 31, 2024
	$	$	$	$	$
Deferred tax assets
Non-capital losses	31,903	(6,842)	(43)	(1,278)	23,740
Capital losses	142	(86)	—	—	56
Finance costs	118	(54)	—	—	64
Investment tax credit	1,282	(1,282)	—	—	—
Derivatives	26	(26)	—	—	—
Leases	6,529	(287)	(4)	—	6,238
Others	1	(122)	12	—	(109)
Total deferred tax assets	40,001	(8,699)	(35)	(1,278)	29,989
Deferred tax liabilities
Convertible debenture	(3,402)	3,402	—	—	—
Investment in associates	(12)	12	—	—	—
Intangible assets	(12,624)	4,826	56	—	(7,742)
Property, plant and equipment	(16,265)	3,893	(8)	—	(12,380)
Inventory	(5,218)	(491)	—	—	(5,709)
Biological assets	(2,070)	(2,793)	—	—	(4,863)
Others	(1,655)	1,513	—	—	(142)
Total deferred tax liabilities	(41,246)	10,362	48	—	(30,836)
Net deferred tax liabilities	(1,245)	1,663	13	(1,278)	(847)

54

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

	Balance, June 30, 2022	(Charged to) / recovered through earnings (restatement)	Recovered through (charged to) earnings	Recovered through (charged to) other comprehensive income	Recovered through (charged to) equity	Balance, March 31, 2023
	$	$	$	$	$	$
Deferred tax assets
Non-capital losses	24,691	839	5,924	965	(516)	31,903
Capital losses	—	—	142	—	—	142
Finance costs	10	133	(25)	—	—	118
Investment tax credit	1,282	—	—	—	—	1,282
Derivatives	26	—	—	—	—	26
Leases	8,718	—	(2,228)	39	—	6,529
Others	5,538	—	(5,537)	—	—	1
Total deferred tax assets	40,265	972	(1,724)	1,004	(516)	40,001
Deferred tax liabilities
Convertible debenture	(11,896)	—	8,494	—	—	(3,402)
Investment in associates	(8)	—	(4)	—	—	(12)
Intangible assets	(10,920)	(1,581)	449	(572)	—	(12,624)
Property, plant and equipment	(4,969)	(15,304)	4,427	(419)	—	(16,265)
Inventory	(11,648)	—	6,441	(11)	—	(5,218)
Biological assets	(3,686)	(407)	2,025	(2)	—	(2,070)
Others	—	49	(1,704)	—	—	(1,655)
Total deferred tax liabilities	(43,127)	(17,243)	20,128	(1,004)	—	(41,246)
Net deferred tax liabilities	(2,862)	(16,271)	18,404	—	(516)	(1,245)

Deferred tax assets (liabilities) as presented in the consolidated statements of financial position:

	March 31, 2024	March 31, 2023
	$	$
Deferred tax assets	15,343	15,500
Deferred tax liabilities	(16,190)	(16,745)
Net deferred tax liabilities	(847)	(1,245)

Deferred tax assets have not been recognized with respect to the following deductible temporary differences:

	March 31, 2024	March 31, 2023
	$	$
Non-capital losses carried forward	1,359,623	1,267,104
Investment in associates	—	1,240
Capital losses	203,843	186,093
Property, plant and equipment	555,376	581,993
Intangible assets	74,068	60,219
Goodwill	29,936	31,728
Marketable securities	22,210	25,075
Investment tax credits	6,696	6,696
Derivatives	11,254	22,164
Capital lease obligations	17,250	15,970
Other	29,143	56,776
	2,309,399	2,255,058

The Company has income tax loss carryforwards of approximately $1,251.2 million (March 31, 2023 – $1,242.6 million) which are predominately from Canada and if unused, will expire between 2024 to 2044.

55

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 24    Related Party Transactions

Accounting Policy

The Company considers a person or entity as a related party if they are a member of key management personnel including their close relatives, an associate or joint venture, those having significant influence over the Company, as well as entities that are under common control or controlled by related parties.

The Company’s key management personnel have the authority and responsibility for planning, directing and controlling the activities of the Company and consists of the Company’s executive management team and management directors. Compensation expense for key management personnel was as follows:

	Year ended	Nine months ended
	March 31, 2024	March 31, 2023
	$	$
Short-term employment benefits (1)	10,440	5,454
Long-term employment benefits	41	31
Termination benefit	1,089	489
Directors’ fees	322	273
Share-based compensation (2)	10,218	8,886
Total management compensation (3)	22,110	15,133

(1)As of March 31, 2024, $1.8 million is payable or accrued for key management compensation (March 31, 2023 – $1.2 million).

(2)Share-based compensation represent the fair value of options granted and vested to key management personnel and directors of the Company under the Company’s share-based compensation plans (Note 19). Director DSUs are included in share-based compensation.

(3)As of March 31, 2024, there are 10 key management personnel (March 31, 2023 – 14).

In connection with the acquisition of all of the issued and outstanding shares of CannaHealth, the Company paid $21.9 million to the minority interest of a consolidated subsidiary. The allocation of the consideration paid was determined to be solely deferred compensation, which is being amortized over a five year period. During the year ended March 31, 2024, the Company recognized amortization expense of $3.8 million (nine months ended March 31, 2023 – $1.9 million) in the consolidated statements of loss and comprehensive loss. The transaction is in the normal course of operations and are measured at the exchange value, being the amounts agreed to by the parties.

During the year ended March 31, 2024, In connection with a Creditor Agreement (Note 16), the Company entered into an unsecured loan agreement (“Agreement”) with Bevo which the Company holds a controlling interest of 50.1%. The Agreement was for a loan of $2.5 million which bears interest of 14.0% per annum. The principal loan and all outstanding accrued and interest are due on May 31, 2025 (Note 16).

Note 25    Commitments and Contingencies

(a)Claims and Litigation

From time to time, the Company and/or its subsidiaries may become defendants in legal actions and the Company intends to take appropriate action with respect to any such legal actions, including by defending itself against such legal claims as necessary. Other than the claims described below, as of the date of this report, Aurora is not aware of any other material or significant claims against the Company.

On November 21, 2019, a purported class action proceeding was commenced in the United States District Court for the District of New Jersey against the Company and certain of its current and former directors and officers on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities between October 23, 2018 and February 6, 2020. The judge rendered a decision on August 24, 2023 on Aurora’s motion to dismiss. On September 8, 2023, the Plaintiffs filed a motion for reconsideration as to the stock drop that occurred following

Aurora’s September 2019 financials. Aurora opposed this motion. Mediation was held and a tentative settlement was reached on March 4, 2024. The proposed settlement must now be approved by a court.

On June 16, 2020, the Company and its subsidiary, ACE, were named in a purported class action proceeding in the Province of Alberta in relation to the alleged mislabeling of cannabis products with inaccurate THC/CBD content. The class action involves a number of other parties including Aleafia Health Inc., Hexo Corp, Tilray Canada Ltd., among others, and alleges that upon laboratory testing, certain cannabis products were found to have lower THC potency than the labeled amount, suggesting, among other things, that plastic containers may be leeching cannabinoids. While this matter is ongoing, the Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On June 15, 2020, a claim was commenced by a party to a former term sheet with the King's Bench of Alberta against Aurora and a former officer alleging a claim of breach of obligations under said term sheet, with the plaintiff seeking $18.0 million in damages. While this matter is ongoing, the Company believes the action to be without merit and intends to defend the claim.

56

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

On August 10, 2020, a purported class action lawsuit was filed with the King's Bench of Alberta against Aurora and certain executive officers in the Province of Alberta on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities and suffered losses as a result of Aurora releasing statements containing misrepresentations during the period of September 11, 2019 and December 21, 2019. Plaintiff and Defendant have each prepared factums for a leave application. Prior to the hearing, Defendants filed a request for adjournment and leave to amend their pleadings. The amended Statement of Claim was filed on March 8, 2024. The Company has filed a Notice of Application to disallow the amendment. The Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On January 4, 2021, a civil claim was filed with the King’s Bench of Alberta against Aurora and Hempco by a former landlord regarding unpaid rent in the amount of $8.9 million, representing approximately $0.4 million for rent in arrears and costs, plus $8.5 million for loss of rent and remainder of the term. The Company filed a statement of defence on March 24, 2021. Plaintiffs brought an Application seeking summary judgment as against the Company and the Company has filed Affidavit evidence in response. Cross-examinations for the Company’s affiants and for Plaintiff’s affiant have been completed. While this matter is ongoing, the Company intends to continue to defend against the claims.

On November 1, 2022, a claim was commenced by a former employee of Aurora against Aurora Cannabis Enterprises Inc. and another former employee of Aurora (the “Defendant Employee”). The plaintiffs claim that the Defendant Employee entered a lease for a property owned by the plaintiffs in January 2017 and states that Aurora was a guarantor for the Defendant Employee. The claim states that the Defendant Employee left the property and caused damage. The plaintiffs further claim outstanding rent and legal fees. There is no record of any documentation of Aurora being a party to any such relationship. Plaintiffs have received a summary judgment against the Defendant Employee and will now attempt to recover their judgment against the Defendant Employee. Plaintiffs will then decide whether to pursue the indemnity claim against the Company. The Company disputes the allegations and intends to defend against the claims.

On November 15, 2022, the Company, its subsidiary ACE, and MedReleaf Corp. (which amalgamated with ACE in July 2020) were named in a purported class action proceeding in the Ontario Superior Court of Justice. The purported class action claims that the Company failed to warn of certain risks purported to be associated with the consumption of cannabis. The statement of claim was served upon the Company on November 22, 2022 and a statement of defence was filed and served. The next major step in the process is scheduling a timetable for the remaining deliverables of the process, including delivery of the plaintiff’s certification motion record. The plaintiff must either deliver their certification materials or come to an agreement with the Aurora Defendants on a timetable for doing so within one year of commencing the proposed class action. On January 24, 2024, the plaintiff’s delivered their motion record regarding class certification. We are reviewing and will establish our timeline for responding which will not be before June 2024. The Company disputes the allegations and intends to defend against the claims.

The Company is subject to litigation and similar claims in the ordinary course of our business, including claims related to employment, human resources, product liability and commercial disputes. The Company has received notice of, or are aware of, certain possible claims against us where the magnitude of such claims is negligible, or it is not currently possible for us to predict the outcome of such claims, possible claims or lawsuits due to various factors including: the preliminary nature of some claims; an incomplete factual record; and the unpredictable nature of opposing parties and their demands. Management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any of these claims would result in liability to the Company, to the extent not provided for through insurance or otherwise, would have a material effect on the consolidated financial statements, other than the claims described above.

In respect of the aforementioned claims, as at March 31, 2024 the Company has recognized total provisions of $2.3 million (March 31, 2023 – $1.0 million) in provisions on the consolidated statements of financial position and a settlement accrual for nil (March 31, 2023 – $1.0 million) in accounts payable and accrued liabilities on the consolidated statements of financial position.

(b)Commitments

The Company has various lease commitments related to various office space, production equipment, vehicles, facilities and warehouses expiring up to June 2033. The Company has certain leases with optional renewal terms that the Company may exercise at its option.

In addition to lease liability commitments disclosed in Note 29(b) and loans and borrowing repayments in Note 16, the Company has $3.2 million in future capital commitments and purchase commitments payments, which are due over the next 12 months.

57

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 26    Revenue

Accounting Policy

The Company generates revenue primarily from the sale of cannabis, cannabis related products, plant propagation and provision of services. The Company uses the following five-step contract-based analysis of transactions to determine if, when and how much revenue can be recognized:

1. Identify the contract with a customer;

2. Identify the performance obligation(s) in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to the performance obligation(s) in the contract; and

5. Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenue from the sale of cannabis is generally recognized when control over the goods has been transferred to the customer. Payment for medical sales is typically due prior to shipment. Payment for wholesale transactions is due within a specified time period as permitted by the underlying agreement and the Company’s credit policy upon the transfer of goods to the customer. The Company generally satisfies its performance obligation and transfers control to the customer upon delivery and acceptance by the customer. Revenue is recorded at the estimated amount of consideration to which the Company expects to be entitled.

Revenue from plant propagation is recognized at a point in time when control of the goods is transferred to the customer, at an amount which reflects the consideration to which the Company expects to be entitled to in exchange for those goods. The Company goods consist of propagation seedlings and bedding plants. The sale is completed upon delivery as the Company bears the responsibility of transportation and related costs.

For bill-and-hold arrangements, revenue is recognized before delivery but only upon transfer of control of the good to the customer. Control is transferred to the customer when the substance of the bill-and-hold arrangement is substantive, the Company cannot sell the goods to another customer, the goods can be identified separately and are ready for physical transfer to the customer.

Service revenues, including patient referral services, are recognized over a period of time as performance obligations are completed. Payment of the transaction price for patient counselling is typically due prior to the services being rendered and therefore, the transaction price is recognized as a contract liability, or deferred revenue, when payment is received. Contract liabilities are subsequently recognized into revenue as or when the Company fulfills its performance obligation.

Effective October 17, 2018, Canada Revenue Agency (“CRA”) began levying an excise tax on the sale of medical and consumer cannabis products. The Company becomes liable for these excise duties when cannabis products are delivered to the customer. The excise taxes payable is the higher of (i) a flat-rate duty which is imposed when a cannabis product is packaged, and (ii) an advalorem duty that is imposed when a cannabis product is delivered to the customer. Effective May 1, 2019, excise tax calculated on edible cannabis products, cannabis extracts and cannabis topicals will prospectively be calculated as a flat rate based on the quantity of total tetrahydrocannabinol (THC) contained in the final product. There were no changes in the legislation in calculating excise taxes for fresh cannabis, dried cannabis, seeds and plants. Where the excise tax has been billed to customers, the Company has reflected the excise tax as part of revenue in accordance with IFRS 15. Net revenue from sale of goods, as presented on the consolidated statements of comprehensive (loss) income, represents revenue from the sale of goods less applicable excise taxes. Given that the excise tax payable/paid to CRA cannot be reclaimed and is not always billed to customers, the Company recognizes that the excise tax is an operating cost that affects gross margin to the extent that it is not recovered from its customers.

For certain sale of goods in which the Company earns a manufacturing fee, the Company records net revenue as an agent on the basis that the Company does not control pricing or bear inventory or credit risk.

58

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

The Company generates revenue from the transfer of goods and services over time and at a point-in-time from the revenue streams below. Net revenue from sale of goods is reflected net of actual returns and estimated variable consideration for future returns and price adjustments of $1.6 million for the year ended March 31, 2024 (nine months ended March 31, 2023 – $3.0 million). The estimated variable consideration is based on historical experience and management’s expectation of future returns and price adjustments. As of March 31, 2024, the net return liability for the estimated variable consideration was $1.2 million (March 31, 2023 – $1.6 million) and is included in deferred revenue on the consolidated statements of financial position.

Year ended March 31, 2024	Consumer	Medical	Other Cannabis(1)	Plant Propagation	Total
	$	$	$	$	$
Canada	46,958	103,068	2,403	12,792	165,221
Australia	—	31,679	—	—	31,679
Europe	—	40,767	—	—	40,767
U.S.	—	—	—	31,967	31,967
Other	—	647	—	—	647
Total net revenue	46,958	176,161	2,403	44,759	270,281
Nine months ended March 31, 2023	Consumer	Medical	Other Cannabis(1)	Plant Propagation	Total
	$	$	$	$	$
Canada	42,850	72,117	2,371	10,849	128,187
Australia	—	9,831	—	—	9,831
Europe	—	24,171	—	—	24,171
U.S.	—	—	—	9,833	9,833
Other	—	1,666	—	—	1,666
Total net revenue	42,850	107,785	2,371	20,682	173,688

(1) Includes core and non-core wholesale bulk cannabis.

59

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 27    Segmented Information

Accounting Policy

Operating segments are components of the Company that engage in business activities which generate revenues and incur expenses (including intercompany revenues and expenses related to transactions conducted with other components of the Company). The operations of an operating segment are distinct and the operating results are regularly reviewed by the chief operating decision maker (“CODM”) for the purposes of resource allocation decisions and assessing its performance. Reportable segments are Operating segments whose revenues or profit/loss or total assets exceed ten percent or more of those of the combined entity.

Key measures used by the CODM to assess performance and make resource allocation decisions include revenues, gross profit and net (loss) income. The Company’s operating results are divided into three reportable segments plus corporate. The three reportable segments are (i) Canadian Cannabis; (ii) EU Cannabis and (iii) Plant Propagation

During the year ended March 31, 2023, the Company had three reportable operating segments: (i) Canadian Cannabis, (ii) EU Cannabis and (iii) Plant Propagation. During the year ended March 31, 2024, the Company changed its internal management reporting which resulted in a change in the composition of the operating segments. With the closure of Nordic, most of the European market is fulfilled from Canadian sourced cannabis, which impacts how resources are allocated. Additionally, Canada, Europe and other export markets are being managed centrally. Accordingly, Management has identified two reportable operating segments, Cannabis and Plant Propagation. The comparative periods have been restated to conform with the change in segment composition, consolidating the former Canadian and EU Cannabis operating segments.

Operating Segments	Cannabis	Plant Propagation	Corporate (1)	Total
	$		$	$
Year ended March 31, 2024
Net revenue	225,522	44,759	—	270,281
Gross profit (loss) before fair value adjustments	74,340	3,261	12	77,613
Gross profit	126,353	5,095	12	131,460
Selling, general, and administrative expense	127,155	3,304	13,700	144,159
Loss before taxes	(30,401)	(1,210)	(27,988)	(59,599)
Nine months ended March 31, 2023
Net revenue	153,008	20,680	—	173,688
Gross profit (loss) before fair value adjustments	25,505	1,343	—	26,848
Gross profit	5,004	2,650	—	7,654
Selling, general and administrative expense	103,973	1,783	14,344	120,100
Loss before taxes	(156,249)	(2,918)	(39,245)	(198,412)

(1)Net (loss) income under the Corporate allocation includes fair value gains and losses from investments in marketable securities, derivatives and investment in associates. Corporate and administrative expenditures such as regulatory fees, share-based compensation and financing expenditures relating to debt issuances are also included under Corporate.

Geographical Segments	Canada	EU	Australia	Uruguay	Total
	$	$	$	$	$
Non-current assets
March 31, 2024	308,816	29,368	38,197	14,001	390,382
March 31, 2023	360,254	41,866	—	15,030	417,150

During the year ended March 31, 2024 and nine months ended March 31, 2023, no customer contributed 10 per cent or more to the Company’s net revenue.

60

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 28    Fair Value of Financial Instruments

Accounting Policy Fair Value Hierarchy Financial instruments recorded at fair value are classified using a hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 - Inputs for the asset or liability that are not based on observable market data. The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine fair value of each financial instrument.
	Fair Value Method
Financial Instruments Measured at Fair Value
Marketable securities	Closing market price of common shares as of the measurement date (Level 1)
Derivatives	Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3)
Contingent consideration payable	Discounted cash flow model (Level 3)
Other long term liability	Discounted cash flow model (level 3)
Derivative liability	Closing market price of warrants (Level 1) or Kynex valuation model (Level 2)
Financial Instruments Measured at Amortized Cost
Cash and cash equivalents, restricted cash, accounts receivable, loans receivable	Carrying amount (approximates fair value due to short-term nature)
Accounts payable and accrued liabilities, other current and long-term liabilities	Carrying amount (approximates fair value due to short-term nature)
Lease receivable, convertible debentures, loans and borrowings, and lease liabilities.	Carrying value discounted at the effective interest rate approximates fair value

The following is a continuity schedule of contingent consideration payable:

	Thrive	Bevo	Total
	$	$	$
Balance, June 30, 2022	14,371	—	14,371
Additions	451	2,902	3,353
Unrealized loss from changes in fair value	(4,882)	(355)	(5,237)
Payments		—	—
Balance, March 31, 2023	9,940	2,547	12,487
Additions	275	—	275
Unrealized gain from changes in fair value	(10,215)	—	(10,215)
Realized gain from changes in fair value	—	459	459
Payments	—	(3,006)	(3,006)
Balance, March 31, 2024	—	—	—

The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration. If the probabilities of achieving the milestones decreased by 10%, the estimated fair value of the contingent consideration would decrease by nil (March 31, 2023 – $1.0 million). If the discount rates increased or decreased by 5%, the estimated fair value of contingent consideration would increase or decrease by nil (March 31, 2023 – $0.7 million).

The carrying values of the financial instruments at March 31, 2024 are summarized in the following table:

	Amortized cost	FVTPL	Total
	$	$	$
Financial Assets
Cash and cash equivalents	113,439	—	113,439
Restricted cash	65,782	—	65,782
Accounts receivable, excluding sales taxes and lease receivable	41,440	—	41,440
Marketable securities	—	4,036	4,036
Derivative assets	—	760	760
Loans receivable	—	—	—
Lease receivable	8,803	—	8,803
Financial Liabilities
Accounts payable and accrued liabilities	58,563	—	58,563
Lease liabilities	47,532	—	47,532
Derivative liabilities	—	2,309	2,309
Loans and borrowings	57,259	—	57,259

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

	Notes	Level 1	Level 2	Level 3	Total
		$	$	$	$
As at March 31, 2024
Marketable securities	7	4,036	—	—	4,036
Derivative assets		—	760	—	760
Other long term liability		591	—	45,519	46,110
Derivative liabilities	18(c), 19(e)	1,698	611	—	2,309
As at March 31, 2023
Derivative assets		—	7,114	135	7,249
Contingent consideration payable(1)		—	—	12,487	12,487
Other long term liability		409	—	47,638	48,047
Derivative liabilities	18(c), 19(e)	9,634	—	—	9,634

(1) The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration.

During the year ended March 31, 2024, certain marketable securities were reclassified from Level 2 to Level 1 hierarchy (Note 6(b)).

Other long term liability includes the put option arising from the acquisition of Bevo (Note 12). The put option is valued at using a Monte Carlo simulation. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. As at March 31, 2024, the present value of the amount payable on exercise of the put option was $45.5 million which is recorded in other long term liability in the consolidated statements of financial position. The change of $0.2 million is recorded in deficit in the consolidated statements of financial position.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

Note 29    Financial Instruments Risk

The Company is exposed to a variety of financial instrument related risks. The Board mitigates these risks by assessing, monitoring and approving the Company’s risk management processes.

(a)Credit risk

Credit risk is the risk of a potential loss to the Company if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company is moderately exposed to credit risk from its cash and cash equivalents, accounts receivable and loans receivable. The risk exposure is limited to their carrying amounts reflected on the consolidated statements of financial position. The risk for cash and cash equivalents is mitigated by holding these instruments with highly rated Canadian financial institutions. Certain restricted funds in the amount of $38.8 million are retained by an insurer under the Segregated Accounts Companies Act governed by the Bermuda Monetary Authority. As the Company does not invest in asset-backed deposits or investments, it does not expect any credit losses. The Company periodically assesses the quality of its investments and is satisfied with the credit rating of the financial institutions and the investment grade of its Guaranteed Investment Certificates (“GICs”). The Company mitigates the credit risk associated with the loans receivable by managing and monitoring the underlying business relationship.

The Company provides credit to certain customers in the normal course of business and has established credit evaluation and monitoring processes to mitigate credit risk. Credit risk is generally limited for receivables from government bodies, which generally have low default risk. Credit risk for non-government customers is assessed on a case-by-case basis and a provision is recorded where required. As of March 31, 2024, $22.8 million of accounts receivable, net of allowances, are from non-government wholesale customers (March 31, 2023 – $20.9 million).

As at March 31, 2024, two customers made up 10% or more of trade accounts receivable (March 31, 2023 – three customers).

As at March 31, 2024, the provision for estimated credit losses is $1.3 million (March 31, 2023 – $3.4 million). During the year ended March 31, 2024, the Company wrote off $2.1 million (March 31, 2023 – $5.0 million), and recognized an additional provision for estimated credit losses of nil (nine months ended March 31, 2023 – nil) recorded in the consolidated statements of loss and comprehensive loss.

The Company’s aging of trade receivables, net was as follows:

	March 31, 2024	March 31, 2023
	$	$
0 – 60 days	33,239	28,355
61+ days	7,303	6,661
	40,542	35,016

The Company’s undiscounted contractual cash flows from lease receivables is as follows:

		March 31, 2024
		$
Next 12 months		2,897
Over 1 year to 2 years		2,023
Over 2 years to 3 years		1,919
Over 3 years to 4 years		1,628
Over 4 years to 5 years		1,046
Thereafter		504
Total undiscounted lease payments receivable		10,017
Unearned finance income		(1,214)
Total lease receivable		8,803
Current	Note 4	(2,460)
Long-term		6,343

63

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(b)     Liquidity risk

The composition of the Company’s accounts payable and accrued liabilities was as follows:

	March 31, 2024	March 31, 2023
	$	$
Trade payables	20,325	21,942
Accrued liabilities	20,097	33,608
Payroll liabilities	15,496	12,610
Excise tax payable	2,107	2,611
Income and sales tax payable	1,940	161
Other payables	145	486
	60,110	71,418

In addition to the commitments outlined in Note 25, the Company has the following undiscounted contractual obligations as at March 31, 2024, which are expected to be payable in the following respective periods:

	Total	≤1 year	Over 1 year - 3 years	Over 3 years - 5 years	> 5 years
	$	$	$	$	$
Accounts payable and accrued liabilities	58,563	58,563	—	—	—
Lease liabilities (2)	93,656	7,678	21,180	13,698	51,100
Loans and borrowings	57,259	52,361	4,898	—	—
Capital commitments(3)	3,217	3,217	—	—	—
	212,695	121,819	26,078	13,698	51,100

(1)Assumes the principal balance of the debentures outstanding at March 31, 2024 remains unconverted and includes the estimated interest payable until the maturity date.

(2)Includes interest payable until maturity date.

(3)Relates to remaining commitments that the Company has made to vendors for equipment purchases and capital projects pertaining to existing construction.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with its financial liabilities when they are due. The Company manages liquidity risk through the management of its capital structure and resources to ensure that it has sufficient liquidity to settle obligations and liabilities when they are due. Our ability to fund our operating requirements depends on future operating performance and cash flows, which are subject to economic, financial, competitive, business and regulatory conditions, and other factors, some of which are beyond our control. Our primary short-term liquidity needs are to fund our net operating losses, capital expenditures to maintain existing facilities, convertible debenture repayment and lease payments. Our medium-term liquidity needs primarily relate lease payments and our long-term liquidity needs primarily relate to potential strategic plans.

As of March 31, 2024, the Company has access to the following capital resources available to fund operations and obligations:

•$113.4 million cash and cash equivalents; and

•access to the 2023 Shelf Prospectus (as defined below). The Company currently has access to securities registered for sale under the 2023 Shelf Prospectus currently covering U.S.$650.0 million of issuable securities. Of the U.S.$650.0 million of securities registered under the 2023 Shelf Prospectus and corresponding registration statement on form F-10 filed with the U.S. Securities and Exchange Commission in the U.S., approximately U.S.$225.3 million is allocated to the potential exercise of currently outstanding warrants issued in financing transactions from 2022. Following the closing of the bought deal offering on October 3, 2023 and the expiration of warrants during the year approximately U.S.$396.4 million is available for potential new issuances of Common Shares, warrants, options, subscription receipts, debt securities or any combination thereof during the 25-month period that the 2023 Shelf Prospectus remains effective. Volatility in the cannabis industry, stock market and the Company’s share price may impact the amount and our ability to raise financing under the 2023 Shelf Prospectus.

Based on all of the aforementioned factors, the Company believes that its reduction of operating costs, current liquidity position, and access to the 2023 Shelf Prospectus are adequate to fund operating activities and cash commitments for investing, financing and strategic activities for the foreseeable future. In addition, the Company could access restricted cash of $61.4 million relating to its self-insurance policy, if necessary.

(c) Market risk

Market risk is the risk that changes in the market related factors, such as foreign exchange rates and interest rates, will affect the Company’s (loss) income or the fair value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters.

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AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended March 31, 2024 and nine months ended March 31, 2023

(Amounts reflected in thousands of Canadian dollars, except share and per share amounts)

(i)     Currency risk

The operating results and financial position of the Company are reported in Canadian dollars. As the Company operates internationally, certain of the Company’s financial instruments and transactions are denominated in currencies other than the Canadian dollar. The results of the Company’s operations are, therefore, subject to currency transaction and translation risks. 

The Company’s main risk is associated with fluctuations in Euros, Australian dollars and U.S. dollars. The Company holds cash in Canadian dollars, U.S. dollars, Australian dollars and Euros; U.S.$0.4 million (March 31, 2023 – U.S.$7.1 million) of warrant derivative liabilities are exercisable in U.S. dollars. Assets and liabilities are translated based on the Company’s foreign currency translation policy.

The Company has determined that as at March 31, 2024, the effect of a 10% increase or decrease in Euros, Australian dollars, and U.S. dollars against the Canadian dollar on financial assets and liabilities would result in an increase or decrease of approximately $1.9 million (March 31, 2023 – $15.2 million) to net loss and $6.7 million (March 31, 2023 – $11.4 million) to consolidated statements of loss and comprehensive loss for the nine months ended March 31, 2023.

(ii)    Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. Cash and cash equivalents bear interest at market rates. The Company is exposed to interest rate risk on the variable rate of interest on its term credit facilities which is based on the prime rate plus a margin. Otherwise, the Company’s other financial liabilities as at March 31, 2024, consisted of short term, non-interest bearing accounts and as a result are not impacted by changes in market interest rates.

(iii)     Price risk

Price risk is the risk of variability in fair value due to movements in equity or market prices. The Company’s warrant derivative liabilities, marketable securities and investments are susceptible to price risk arising from uncertainties about their future outlook, future values and the impact of market conditions. The fair value of warrant derivative liabilities, marketable securities and derivative investments held in publicly traded entities are based on quoted market prices which the warrants or investment shares can be exchanged for. The fair value of marketable securities and derivatives held in privately-held entities are based on various valuation techniques, as detailed in Note 28, and is dependent on the type and terms of the security.

If the fair value of these financial assets and liabilities were to increase or decrease by 10% as of March 31, 2024, the Company would incur an associated increase or decrease in loss and comprehensive loss of approximately nil (March 31, 2023 – $2.5 million). Refer to Note 7 of the financial statements for details on the fair value of marketable securities and derivatives investments and Note 18(c) for details on the warrant derivative liabilities.

Note 30    Capital Management

As at March 31, 2024, the capital structure of the Company consists of $706.7 million (March 31, 2023 – $749.2 million) in shareholders’ equity and debt.

The Company’s objectives when managing capital are to ensure that there are adequate capital resources to safeguard the Company’s ability to continue as a going concern and maintain adequate levels of funding to support ongoing operations and future growth such that the Company can continue to deliver returns to shareholders and benefits for other stakeholders.

From time to time, the Company may adjust its capital structure in light of changes in economic conditions and the risk characteristics of the Company’s underlying assets. In addition, the Company plans to use existing funds, as well as funds from the future sale of products to fund operations and expansion activities.

Note 31    Subsequent Event

Subsequent to March 31, 2024, the Company made a formal decision to exit from its operations in Uruguay that is operated through its wholly-owned subsidiary ICC Labs Inc. (“ICC”). ICC has total net assets of $13.8 million as at March 31, 2024, primarily consisting of property, plant and equipment. During the year ended March 31, 2024, ICC incurred operating losses of approximately $2.0 million. The Company is still evaluating its options for disposal.

65

EX-99.6

AURORA CANNABIS INC.

Management’s Discussion & Analysis

For the year ended March 31, 2024 and nine months ended March 31, 2023

(in Canadian Dollars)

Management’s Discussion & Analysis

Table of Contents

Business Overview	3
Condensed Statement of Comprehensive Loss	5
Key Quarterly Financial and Operating Results	7
Key Developments During and Subsequent to Three Months Ended March 31, 2024	8
Financial Review	9
Liquidity and Capital Resources	17
Related Party Transactions	19
Critical Accounting Estimates	20
Change in Accounting Policies	22
Recent Accounting Pronouncements	22
Financial Instruments	23
Financial Instruments Risk	25
Summary of Outstanding Share Data	26
Historical Quarterly Results	27
Risk Factors	30
Disclosure Controls and Procedures and Internal Controls Over Financial Reporting	42
Cautionary Statement Regarding Forward-Looking Statements	44
Cautionary Statement Regarding Certain Non-GAAP Performance Measures	45

2 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Management’s Discussion and Analysis of Financial Condition and Results of Operations for the year ended March 31, 2024

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) of Aurora Cannabis Inc. (“Aurora” or the “Company”) should be read in conjunction with both the Company’s audited consolidated financial statements as at and for the year ended March 31, 2024 and the accompanying notes thereto (the “Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The MD&A has been prepared as of June 19, 2024 pursuant to the disclosure requirements under National Instrument 51-102 - Continuous Disclosure Obligations (“NI 51-102”) of the Canadian Securities Administrators (“CSA”). Under the United States (“U.S.”) / Canada Multijurisdictional Disclosure System, we are permitted to prepare the MD&A in accordance with Canadian disclosure requirements which may differ from U.S. disclosure requirements.

In 2022, the Company announced a change to its fiscal year end from June 30 to March 31. The Company filed a notice of change of year end

on February 24, 2023 pursuant to Part 4 of NI 52-102. Consequently, the Company is reporting annual financial results for a nine-month

transition period from July 1, 2022 to March 31, 2023 compared to the twelve months ended March 31, 2024 (“FY 2024”). References to “fiscal 2023” or “FY 2023” are in respect of the nine months ended March 31, 2023.

Given the Company’s change in year end and recent business transformation initiatives to realign its operational footprint and increase financial flexibility, in addition to year over year comparison, this MD&A provides comparative disclosures for the fourth quarter ended March 31, 2024 (“Q4 2024”) to the third quarter of fiscal 2023 ended March 31, 2023 (“Q3 2023”) and to the third quarter of fiscal 2024 ended December 31, 2023 (“Q3 2024”). Management believes that these comparatives provide relevant and current information.

On February 20, 2024, the Company completed a one-to-ten (1:10) reverse share split of all of its issued and outstanding common shares (“Share Consolidation”), resulting in a reduction in the issued and outstanding shares from 545,457,970 to 54,545,797. Shares reserved under the Company’s equity, warrants, and incentive plans were adjusted to reflect the Share Consolidation. All share and per share data presented in the Company’s consolidated financial statements and this MD&A have been retroactively adjusted to reflect the Share Consolidation unless otherwise noted.

All dollar amounts are expressed in thousands of Canadian dollars, except for share and per share amounts, and where otherwise indicated.

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

This MD&A, Financial Statements, annual information form (“AIF”) and press releases have been filed in Canada on SEDAR+ at www.sedarplus.com and in the U.S. on EDGAR at www.sec.gov/edgar. Additional information can also be found on the Company’s website at www.auroramj.com.

Business Overview

Aurora was incorporated under the Business Corporations Act (British Columbia) on December 21, 2006 as “Milk Capital Corp.” Effective October 2, 2014, the Company changed its name to “Aurora Cannabis Inc.” The Company’s shares are listed on the Nasdaq Global Select Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “ACB”, and on the Frankfurt Stock Exchange (“FSE”) under the trading symbol “21P”.

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

The Company’s principal strategic business lines are focused on the production, distribution and sale of cannabis and cannabis-derivative products in Canada and internationally, and the propagation of vegetables and ornamental plants.

The Company’s primary market opportunities are:

•Global medical cannabis market: Production, distribution and sale of pharmaceutical-grade cannabis products in countries around the world permitted by government legislation. Currently, there are approximately 50 countries that have implemented regimes for some form of access to cannabis for medical purposes. The Company’s current principal medical markets are in Canada, Germany, UK, Poland, and Australia. Aurora has established a leading market position in most of these countries; and

•Global consumer use cannabis market: Currently, only Canada and Uruguay have implemented federally-regulated consumer use of cannabis regimes and the Company has primarily focused on the opportunities in Canada. Longer-term, the Company believes that the increasing success of medical cannabis regimes globally may lead to increased legalization of consumer markets.

On February 7, 2024, a wholly owned subsidiary of the Company acquired the remaining interest of 90.43% in Indica Industries Pty Ltd (“MedReleaf Australia”) an Australian domiciled company, for a purchase price of $44.7 million (AUS$51.0 million).

On August 25, 2022, a wholly-owned subsidiary of the Company acquired a 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd., a key supplier of propagated vegetables and ornamental plants in North America. The acquisition of a controlling interest in Bevo allows the Company to immediately benefit from a profitable, cash flow positive and growing business, and may have the potential to add long term value to Aurora's existing cannabis business via the application of Bevo's industry extensive propagation expertise.

Our Strategy

3 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Aurora’s strategy is to leverage our diversified and scaled platform, our leadership in global medical markets, and our cultivation, science and genetics expertise and capabilities to drive profitability in our core Canadian and international operations in order to build sustainable, long-term shareholder value.

Medical leadership

Our established leadership in the Canadian and International medical markets positions us well for new regulated medical market openings, as well as potential U.S. federal legalization of medical cannabis. At the core of Aurora’s near term objective to deliver sustainable profitability and positive operating cash flow is our focus on maintaining and growing our industry leading Canadian and international medical cannabis operations.

Our Canadian medical platform is characterized by leading market share, high barriers to entry through regulatory expertise, investment in technology and distribution, and unwavering commitment to science, testing and compliance. Our Canadian medical operations allow for a direct-to-patient sales channel that does not rely on provincial wholesalers or private retailers to get product to patients. This direct-to-patient model allows Aurora to achieve sustainable gross profit margins of better than 60% with substantially better pricing power relative to the Canadian adult-use segment.

Our leadership in the International medical cannabis segment provides us with what we expect to be a high growth, profitable business segment that consistently delivers strong adjusted gross profit before fair value adjustments. Our expertise in managing the complexity of multiple jurisdictions’ regulatory frameworks and relationships, as well as providing export and in-country EU GMP (European Union Good Manufacturing Practices) and other key certificated cannabis production, are capabilities that we believe will us to succeed as new medical and recreational markets open.

Consumer

Leveraging our leading strength in science, cultivation and post-harvest processing, Aurora is working to build a sustainable and profitable Canadian consumer business. Advances in Aurora production related to cultivar breeding, cultivation, and post-harvest techniques have repositioned the Aurora flower portfolio to one that has the characteristics that consumers are looking for: high THC and terpene levels, and distinctive experiences. These advances have also driven significant improvement in per unit production costs with higher yields and consistent delivery of specification resulting in all-in per unit costs for Aurora’s new portfolio that are 30% or better improvement from our legacy cultivars. We believe this economic advantage will allow us to compete and make a profit in certain categories in which we currently do not operate. We have also refocused our innovation pipeline for efficient delivery of targeted new products and line extensions. The pace of innovation required to compete in the current Canadian consumer market is significant, with most new products delivering 80% of their lifetime value in the nine to 12 months following launch.

Combined, Aurora’s ability to deliver products that deliver exceptional customer value in all price tiers, while at the same time achieving strong contribution and gross margins, allows us to build towards a profitable and growing business and provides the know-how to leverage these lessons into future global consumer markets that are expected to open over the next few years.

Science leadership: Genetics, Breeding, Biosynthetics

We believe that our scientific leadership and ongoing investment in cannabis breeding and genetics provides Aurora with a strong competitive advantage in premium margin consumer and medical categories driven by what we believe to be our industry leading genetics and breeding program. Our breeding program, located at Aurora Coast, a state-of-the-art facility in Vancouver Island’s Comox Valley, is driving revenues by injecting rotation and variety into our product pipeline and has delivered nineteen new proprietary cultivars, grown at scale, to our product pipeline since June 2021. These new cultivars have consistently delivered high potency flower with intensely aromatic profiles – critical attributes to delight consumers and deliver the effects patients are seeking. The latest new cultivar to launch in EU and Australia is now Chemango Kush, joining Farm Gas, Sourdough and Electric Honeydew as “next generation” high potency cultivars released to international markets. Domestically, the Company continues to expand its offering with Cosmic Cream, and Black Jelly to all Canadian markets, and has added the latest new cultivar with high aromatics, Critical Diesel to Aurora’s Medical channel. Further launches of other new cultivars, including Pink Diesel’71 and Moon Berry, are underway in international markets.

In addition, high quality and high potency cultivars that also deliver meaningful improvements in yield are setting Aurora up for long-term success with lower per gram cultivation costs. In selecting Aurora’s “next-generation” cultivars, we are able to set substantially higher minimum thresholds for yield which continue to drive up our overall production using the same cultivation footprint, improving our cultivation efficiency over time in both indoor and outdoor applications. This improvement allows us to produce top quality flower at industry leading margins. Our pipeline is now full at every stage of the breeding and selection cycle, and Aurora plans to continue to introduce new cultivars including new high THC, intensely aromatic flower, and new balanced cultivars.

Our genetics and breeding program is also expected, over time, to generate incremental, capital efficient revenue through licensing these genetic innovations to other licensed producers.

Global and U.S. expansion

We believe that the global expansion of medical and recreational cannabis markets is just beginning. The Company believes its strengths in navigating complex regulatory environments, compliance, testing, cultivar breeding, genetic science, and cultivating high quality cannabis are essential strengths that create a repeatable, credible and portable process to new market development. These drive our current leadership in international medical markets which should allow us to win as new medical markets emerge and potentially transition to recreational markets. For instance, Aurora was awarded a tender to supply extracts in the French medical cannabis trial program, a large medical market. In addition, Aurora is at the forefront of large developing federally legal consumer markets, with a leading position in the German medical market and as one of three domestic German producers, is well positioned to benefit from the recent regulatory changes introduced by the German Government on April 1, 2024. These changes are expected to support greater access to medical cannabis for German patients following the de-scheduling of cannabis, with further regulatory changes expected in the coming years.

4 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

We also believe that the U.S. cannabis market will eventually be federally regulated, with states’ rights respected, in a framework similar to every other comparable market. The timeframe for this is unknown, but Aurora is well positioned to create significant value for our shareholders once that federal permissibility allows. Our strategic strengths of medical and regulatory expertise in a federal framework, and our scientific expertise, including genetics, breeding, and biosynthetics, position us as a partner of choice, and to be successful in lucrative components of the cannabis value chain.

Plant Propagation

With the acquisition of Bevo in August 2022, Aurora moved into the adjacent segment of plant propagation. Building on Bevo’s established record of profitable and positive cash flow, Aurora is accelerating the growth of plant propagation through the repurposing of Aurora Sky and Aurora Sun, which will open additional geographic regions for the existing propagation business, as well as allowing entry into the higher gross margin orchid business, one which is currently served in North America by lower-quality imports.

Financial leadership in a rapidly maturing industry

Aurora believes that profitable growth, positive cash flow, smart capital allocation and balance sheet health are critical success factors in such a dynamic and rapidly developing global industry. Our medical businesses, with country diversification, growth, and strong gross margins provide the foundation for profitability. Aurora has right sized selling, general & administration costs (“SG&A”), centralized and optimized production facilities, and leveraged the Company’s cultivar breeding success to shift the Company’s portfolio in the Canadian consumer business to products with higher gross margins.

Aurora has one of the strongest balance sheets in the Canadian cannabis industry with approximately $180.0 million of cash and cash equivalents, inclusive of restricted cash, as at March 31, 2024 and access to a shelf prospectus filed on April 27, 2023 (the “2023 Shelf Prospectus”) currently covering U.S.$650.0 million of issuable securities. Of the U.S.$650.0 million of securities registered under the 2023 Shelf Prospectus and corresponding registration statement on form F-10 filed with the U.S. Securities and Exchange Commission in the U.S., approximately U.S.$225.3 million is allocated to the potential exercise of currently outstanding warrants issued in financing transactions from 2022. Following the closing of the bought deal offering on October 3, 2023 and the expiration of warrants during the year approximately U.S.$396.4 million is available for potential new issuances of Common Shares, warrants, options, subscription receipts, debt securities or any combination thereof during the 25-month period that the 2023 Shelf Prospectus remains effective. Volatility in the cannabis industry, stock market and the Company’s share price may impact the amount and our ability to raise financing under the 2023 Shelf Prospectus.

Cash used in operating activities during Q4 2024 was $21.1 million compared to $5.3 million and $20.4 million during Q3 2024 and Q3 2023, respectively. Excluding changes in non-cash working capital1 and net cash used in discontinued operations2, net cash used in operating activities during Q4 2024 was $10.5 million compared to $11.7 million and $13.6 million during Q3 2024 and Q3 2023, respectively. The Company’s plan to reduce costs by $40 million annualized during fiscal 2024 is expected to continue to improve operating cash use over the next several quarters and support the Company’s initiative to achieve positive free cash flow during calendar year 2024.

Condensed Statements of Loss

This MD&A reflects only the results of continuing operations, unless otherwise noted.

The consolidated statements of loss and comprehensive loss and consolidated statements of cash flows for the previously reported Growery and Nordic, formerly part of the EU Cannabis operating segment and Reliva, formerly part of the Canadian Cannabis operating segment, are presented as discontinued operations, separate from the Company’s continuing operations. Certain prior period financial information on the consolidated statements of loss and comprehensive loss and the consolidated statements of cash flows have been updated to present Growery, Nordic and Reliva as discontinued operations, and has therefore been excluded from both continuing operations and results for all periods presented in this MD&A.

The loss from discontinued operations included in the consolidated statements of loss and comprehensive loss for the three and twelve months ended March 31, 2024 was nil and $10.3 million, respectively compared to the three and nine months ended March 31, 2023 – $10.7 million and $21.9 million, respectively.

1“Working Capital” is a Non-GAAP Measure and is not recognized, defined or standardized measure under IFRS. Refer to the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A

2Net cash used in operating activities before changes in non-cash working capital and net cash used in operating activities from discontinued operations is a Non-GAAP Measure and is not a recognized, defined or standardized measure under IFRS. Refer to the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A

5 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

	Three months ended			Year ended	Nine Months Ended
($ thousands)	March 31, 2024	December 31, 2023(3)	March 31, 2023(2)	March 31, 2024	March 31, 2023(2)
Net revenue (1a)	$67,411	$64,419	$63,951	$270,281	$173,688
Gross profit before FV adjustments (1b)	$23,740	$20,438	$20,995	$77,613	$26,848
Gross profit	$46,145	$24,825	$18,828	$131,460	$7,654
Operating expenses	$48,864	$42,846	$49,938	$177,913	$154,763
Loss from operations	($2,719)	($18,021)	($31,110)	($46,453)	($147,109)
Other income (expense)	($18,785)	$199	($48,149)	($13,146)	($51,303)
Net loss from continuing operations	($20,793)	($17,755)	($76,150)	($59,045)	($183,228)
Net income (loss) from discontinued operations, net of taxes	$25	($345)	($10,688)	($10,281)	($21,910)
Net loss	($20,768)	($18,100)	($86,838)	($69,326)	($205,138)

(1)These terms are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. Refer to the following sections for reconciliation of Non-GAAP Measures to the IFRS equivalent measure:

a.Refer to the “Cost of Sales and Gross Margin” section for a reconciliation of net revenue to the IFRS equivalent.

b.Refer to the “Adjusted Gross Margin” section for reconciliation to the IFRS equivalent.

(2) Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable

and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

(3) During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

6 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Key Quarterly Financial and Operating Results

($ thousands, except Operational Results)	Three months ended
	March 31, 2024		March 31, 2023(6)		$ Change	% Change		December 31, 2023(7)		$ Change	% Change
Financial Results
Net revenue (1)(2a)	$67,411		$63,951		$3,460	5	%	$64,419		$2,992	5	%
Medical cannabis net revenue (1)(2a)	$45,648		$37,910		$7,738	20	%	$45,082		$566	1	%
Consumer cannabis net revenue (1)(2a)	$10,233		$14,491		($4,258)	(29	%)	$11,623		($1,390)	(12	%)
Plant propagation revenue	$10,416		$10,755		($339)	(3	%)	$7,285		$3,131	43	%
Adjusted gross margin before FV adjustments on total net revenue (2b)	49	%	49	%	N/A	0	%	53	%	N/A	(4	%)
Adjusted gross margin before FV adjustments on core cannabis net revenue (2b)	56	%	52	%	N/A	4	%	56	%	N/A	0	%
Adjusted gross margin before FV adjustments on medical cannabis net revenue (2b)	66	%	60	%	N/A	6	%	62	%	N/A	4	%
Adjusted gross margin before FV adjustments on consumer cannabis net revenue (2b)	16	%	25	%	N/A	(9	%)	29	%	N/A	(13	%)
Adjusted gross margin before FV adjustments on plant propagation net revenue (2b)	25	%	36	%	N/A	(11	%)	28	%	N/A	(3	%)
Adjusted SG&A expense(2d)(5)	$31,598		$27,470		$4,128	15	%	$27,759		$3,839	14	%
Adjusted EBITDA (2c)(5)	$1,891		$1,983		($92)	(5	%)	$5,169		($3,278)	(63	%)
Balance Sheet
Working capital (2e)	$301,985		$242,190		$59,795	25	%	$308,743		($6,758)	(2)	%
Cannabis inventory and biological assets (3)	$148,112		$93,081		$55,031	59	%	$112,645		$35,467	31	%
Total assets	$838,673		$926,322		($87,649)	(9	%)	$824,272		$14,401	2	%
Operational Results – Cannabis
Average net selling price of dried cannabis excluding bulk sales (2f)	$5.37		$4.74		$0.63	13	%	$4.77		$0.60	13	%
Kilograms sold (4)	15,179		16,578		(1,399)	(8	%)	14,440		739	5	%

(1)Includes the impact of actual and expected product returns and price adjustments (Q4 2024 – nil; Q3 2024 – $0.1 million; Q3 2023 – $0.3 million).

(2)These terms are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. Refer to the following sections for reconciliation of Non-GAAP Measures to the IFRS equivalent measure:

a.Refer to the “Revenue” and “Cost of Sales and Gross Margin” section for a reconciliation of cannabis net revenue to the IFRS equivalent.

b.Refer to the “Adjusted Gross Margin” section for reconciliation to the IFRS equivalent.

c.Refer to the “Adjusted EBITDA” section for reconciliation to the IFRS equivalent.

d.Refer to the “Operating Expenses” section for reconciliation to the IFRS equivalent.

e.“Working capital” is defined as Current Assets less Current Liabilities as reported on the Company’s Consolidated Statements of Financial Position.

f.Net selling price of dried cannabis excluding bulk sales is comprised of revenue from dried cannabis excluding bulk sales (Q4 2024 – $41.7 million; Q3 2024 – $42.7 million; Q3 2023 – $37.1 million) less excise taxes on dried cannabis revenue excluding bulk sales (Q4 2024 – $4.4 million; Q3 2024 – $4.6 million; Q3 2023 –$4.5 million).

(3)Represents total biological assets and inventory, exclusive of merchandise, accessories, supplies, consumables and plant propagation biological assets.

(4)The kilograms sold, net of returns during the period.

(5)Prior period comparatives were adjusted to include the adjustments for markets under development, business transformation costs, and non-recurring charges related to non-core bulk cannabis wholesales to be comparable to the current period presentation.

(6)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

(7)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

7 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Key Developments During and Subsequent to the Three Months Ended March 31, 2024

Financing Activities

Convertible Debt Buy Back

During the year ended March 31, 2024, the Company repurchased approximately $148.3 million (U.S.$109.9 million) in principal amount of convertible debentures at a 1.36% average discount to par value, for aggregate consideration of $146.3 million, and paid accrued interest of approximately $1.3 million (U.S.$0.9 million), resulting in a full extinguishment of the convertible debentures.

During the year ended March 31, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a rate of 14.0% per annum. The principal and accrued interest are due on May 31, 2025.

Share Consolidation

On February 20, 2024, the Company affected a Share Consolidation of its issued and outstanding Common Shares on the basis of 1 Common Share for every 10 Common Shares then outstanding to gain compliance with Nasdaq listing requirements. The Common Shares issued and outstanding reduced from 545,457,970 to 54,545,797 on February 20, 2024.

Operating Activities

The Company continues to focus on growth opportunities that are also expected to deliver profit and positive cash flow:

On February 7, 2024, a wholly owned subsidiary of the Company acquired the remaining interest of 90.43% in Indica Industries Pty Ltd (“MedReleaf Australia”), an Australian domiciled company, for a purchase price of $44.7 million (AUS$51.0 million), comprised of approximately $8.2 million (AUS$9.5 million) in cash and the remainder by issuance of Common Shares. Prior to the acquisition, revenue was recognized when the product was delivered to MedReleaf Australia. Subsequent to the acquisition, revenue is recognized when the product is sold through to MedReleaf Australia’s retail customers.

Subsequent to March 31, 2024, the Company made a formal decision to exit from its operations in Uruguay that is operated through its wholly-owned subsidiary ICC Labs Inc. (“ICC”). ICC has total net assets of $13.8 million as at March 31, 2024, primarily consisting of property, plant and equipment. During the year ended March 31, 2024, ICC incurred operating losses of approximately $2.0 million. The Company is still evaluating its options for disposal.

8 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Financial Review

Net Revenue

The Company primarily operates in the cannabis market. The table below outlines the revenue attributed to medical, consumer and bulk sales channels for the year ended March 31, 2024 and the comparative periods.

($ thousands)	Three months ended			Year ended	Nine months ended
	March 31, 2024	December 31, 2023(4)	March 31, 2023(3)	March 31, 2024	March 31, 2023(3)
Medical cannabis net revenue(1)
Canadian medical cannabis net revenue	26,449	25,797	24,087	103,068	72,116
International medical cannabis revenue	19,199	19,285	13,823	72,902	35,668
International medical cannabis revenue provisions	—	—	—	191	—
Total international medical cannabis net revenue	19,199	19,285	13,823	73,093	35,668
Total medical cannabis net revenue	45,648	45,082	37,910	176,161	107,784
Consumer cannabis net revenue(1)
Consumer cannabis net revenue	10,228	11,718	14,750	47,900	45,826
Consumer cannabis net revenue provisions	5	(95)	(259)	(942)	(2,976)
Total consumer cannabis net revenue	10,233	11,623	14,491	46,958	42,850
Wholesale bulk cannabis net revenue(1)
Core wholesale bulk cannabis net revenue	221	106	307	434	971
Non-core wholesale bulk cannabis net revenue	893	323	488	1,969	1,400
Wholesale bulk cannabis net revenue	1,114	429	795	2,403	2,371
Total cannabis net revenue(1)	56,995	57,134	53,196	225,522	153,005
					—
Plant propagation revenue(2)	10,416	7,285	10,755	44,759	20,683
Total net revenue	67,411	64,419	63,951	270,281	173,688

(1)Net revenue is a Non-GAAP Measure and is defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A. Refer to the “Cost of Sales and Gross Margin” section of this MD&A for a reconciliation to IFRS equivalent.

(2)Comprised of revenue from Bevo. Revenue for fiscal 2023 reflects the period from August 26, 2022 to March 31, 2023.

(3)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements)..

(4)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “ Historical Quarterly Results” section of this MD&A for further detail.

Medical Cannabis Net Revenue

During the three months ended March 31, 2024, total medical cannabis net revenue was $45.6 million compared to the three months ended December 31, 2023 of $45.1 million, and $37.9 million for the three months ended March 31, 2023, representing an increase of $0.6 million and $7.7 million, respectively.

Canadian medical cannabis net revenue increased by $0.7 million to $26.4 million during the three months ended March 31, 2024 compared to $25.8 million for the three months ended December 31, 2023, and $24.1 million for three months ended March 31, 2023. The steady increase compared to the prior quarter and prior year comparative period was due to higher sales to insurance covered patients and increased basket sizes.

International medical cannabis net revenue was $19.2 million during the three months ended March 31, 2024, compared to $19.3 million for the three months ended December 31, 2023 and $13.8 million for the three months ended March 31, 2023. The decrease of $0.1 million was driven by an initial change in revenue recognition upon acquiring MedReleaf Australia. Prior to the acquisition on February 7, 2024, revenue was recognized when the product was delivered to MedReleaf Australia. Subsequent to the acquisition, revenue is recognized when the product is sold through to MedReleaf Australia’s retail customers. Compared to the prior year comparative period, the increase of $5.4 million was due to increased sales to Australia due to significant growth in the Australian market, in addition to higher sales to Poland and the United Kingdom during the quarter.

During the year ended March 31, 2024, total medical cannabis net revenue was $176.2 million, an increase of $68.4 million compared to $107.8 million during the nine months ended March 31, 2023. The increase is partly due to the current year consisting of four quarters compared to prior year which was three quarters, in addition to organic growth.

9 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Canadian medical cannabis net revenue increased by $31.0 million to $103.1 million during the year ended March 31, 2024 compared to the nine months ended March 31, 2023. The increase is partly due to the current year consisting of four quarters compared to three quarters in the prior year, in addition to higher sales to insurance covered patients and increased basket sizes.

International medical cannabis net revenue was $73.1 million for the year ended March 31, 2024, an increase of $37.4 million compared to $35.7 million for the nine months ended March 31, 2023. The increase is partly due to the current year consisting of four quarters compared to three quarters in the prior year, significantly higher sales to Australia and improved sales to Poland and the United Kingdom.

Consumer Cannabis Net Revenue

During the three months ended March 31, 2024, consumer cannabis net revenue was $10.2 million compared to the prior quarter of $11.6 million and $14.5 million for the prior year comparative period. The decrease was due to a focus on portfolio optimization.

During the year ended March 31, 2024, consumer cannabis net revenue increased to $47.0 million compared to $42.9 million during the nine months ended March 31, 2023. Adjusting for the number of quarters between the current year and comparative period, consumer cannabis net revenue declined as the Company shifted its focus to portfolio optimization and allocation of cannabis flower to Aurora’s highest margin business segments.

Plant Propagation Revenue

During the three months ended March 31, 2024, the Company’s plant propagation revenue was $10.4 million compared to the prior quarter of $7.3 million and $10.8 million in the prior year comparative period. The increase from the prior quarter is due to the seasonality of the Bevo business, which delivers higher revenue in the late winter and spring months as orders are fulfilled. Historically, approximately 65-75% of plant propagation revenue has been earned in the first half of the calendar year.

During the year ended March 31, 2024 and nine months ended March 31, 2023, plant propagation revenue was $44.8 million and $20.7 million, respectively. The increase is mainly due to the comparative period reflecting six months of sales compared to twelve months in the current period. Bevo was acquired in August 2022.

Cost of Sales and Gross Margin

	Three Months Ended						Year ended		Nine months ended
($ thousands)	March 31, 2024		December 31, 2023(3)		March 31, 2023(2)		March 31, 2024		March 31, 2023(2)
Revenue from sale of goods	75,123		72,466		70,884		299,292		194,217
Revenue from provision of services	113		141		213		532		1,088
Excise taxes	(7,825)		(8,188)		(7,146)		(29,543)		(21,617)
Net revenue (1)	67,411		64,419		63,951		270,281		173,688
Cost of sales	(43,671)		(43,981)		(42,956)		(192,668)		(146,840)
Gross profit before FV adjustments (1)	23,740		20,438		20,995		77,613		26,848
Gross margin before FV adjustments (1)	35	%	32	%	33	%	29	%	15	%
Changes in fair value of inventory sold	(21,584)		(22,886)		(8,747)		(80,741)		(57,671)
Unrealized gain on changes in fair value of biological assets	43,989		27,273		6,580		134,588		38,477
Gross profit	46,145		24,825		18,828		131,460		7,654
Gross margin	68	%	39	%	29	%	49	%	4	%

(1)These terms are Non-GAAP Measures and neither is a recognized, defined or standardized measure under IFRS. Refer to the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A.

(2)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

(3)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

Gross margin before fair value adjustments was 35% for the three months ended March 31, 2024 compared to 32% for the three months ended December 31, 2023 and 33% for the three months ended March 31, 2023. The improvement quarter over quarter is due to efficiencies in the production cost, purposeful evolution of the channel mix through increasing participation of the medical market channel which has better adjusted gross margin before fair value adjustments than the consumer channel, sourcing change supplying Europe from Canada, and the related positive impact of closing the Nordic production facility. The increase compared to the three months ended March 31, 2023 is largely driven by lower net inventory impairments, provisions, and destruction charges on cannabis inventory as the Company’s supply is being fully allocated to sales channels with minimal excess production.

Gross margin before fair value adjustments was 29% for the year ended March 31, 2024 compared to 15% for the nine months ended March 31, 2023. The improvement is driven by positive production spend variances, lower net inventory impairments, provisions and destruction charges on cannabis inventory during the current period.

10 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Adjusted Gross Margin – Q4 2024

The table below outlines adjusted gross profit and margin before fair value adjustments for the indicated three month period:

($ thousands)	Medical Cannabis		Consumer Cannabis		Core Wholesale Bulk Cannabis		Total Core Cannabis		Non-Core Wholesale Bulk Cannabis			Plant Propagation			Total
Three months ended March 31, 2024
Gross revenue	48,466		15,240		221		63,927		893			10,416			75,236
Excise taxes	(2,818)		(5,007)		—		(7,825)		—			—			(7,825)
Net revenue (1)	45,648		10,233		221		56,102		893			10,416			67,411
Non-recurring net revenue adjustments (4)	—		—		—		—					(192)			(192)
Adjusted net revenue	45,648		10,233		221		56,102		893			10,224			67,219
Cost of sales	(20,976)		(11,682)		(131)		(32,789)		(2,555)			(8,327)			(43,671)
Depreciation	2,262		1,195		14		3,471		270			660			4,401
Inventory impairment and non-recurring costs included in cost of sales (2)(5)	2,985		1,842		22		4,849		416			42			5,307
Adjusted gross profit (loss) before FV adjustments (1)	29,919		1,588		126		31,633		(976)			2,599			33,256
Adjusted gross margin before FV adjustments (1)	66	%	16	%	57	%	56	%	(109		%)	25		%	49	%
Three months ended December 31, 2023(8)
Gross revenue	47,942		16,951		106		64,999		323			7,285			72,607
Excise taxes	(2,860)		(5,328)		—		(8,188)		—			—			(8,188)
Net revenue(1)	45,082		11,623		106		56,811		323			7,285			64,419
Non-recurring revenue adjustments (4,5)	—		—		—		—		$	—		$	(872)		(872)
Adjusted net revenue	45,082		11,623		106		56,811		323			6,413			63,547
Cost of sales	(23,786)		(12,292)		(133)		(36,211)		(449)			(7,321)			(43,981)
Depreciation	2,665		1,340		14		4,019		48			1,052			5,119
Inventory impairment, non-recurring, out-of-period, and market development costs included in cost of sales (2)(3)(4)(6)	4,201		2,719		28		6,948		95			1,681			8,724
Adjusted gross profit (loss) before FV adjustments (1)	28,162		3,390		15		31,567		17			1,825			33,409
Adjusted gross margin before FV adjustments (1)	62	%	29	%	14	%	56	%	5		%	28		%	53	%
Three months ended March 31, 2023(7)
Gross revenue	40,592		18,956		307		59,855		488			10,754			71,097
Excise taxes	(2,681)		(4,465)		—		(7,146)		—			—			(7,146)
Net revenue(1)	37,911		14,491		307		52,709		488			10,754			63,951
Cost of sales	(19,549)		(14,556)		(173)		(34,278)		(646)			(8,032)			(42,956)
Depreciation	2,453		1,773		21		4,247		77			877			5,201
Inventory impairment, out-of-period, and non-recurring adjustments included in cost of sales (2)(4)(6)	2,555		1,912		25		4,492		96			233			4,821
Adjusted gross profit (loss) before FV adjustments (1)	23,370		3,620		180		27,170		15			3,832			31,017
Adjusted gross margin before FV adjustments (1)	60	%	25	%	59	%	52	%	3		%	36		%	49	%

(1)These terms are Non-GAAP Measures and are note recognized, defined or standardized measures under IFRS. Refer to the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A.

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

(3)Markets under development represents the adjustment for business operations focused on developing international markets prior to commercialization.

(4)Non-recurring items includes one-time excise tax refunds, inventory count adjustments resulting from facility shutdowns and inter-site transfers, and abnormal spikes to utilities costs on its plant propagation business.

(5)Non-recurring items includes business transformation costs in connection with the re-purposing and ramp-up of the Company’s Sky facility.

11 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

(6)Out-of-period adjustments include adjustments to year-end bonus accruals included in the current quarter but relating to prior quarters and adjustments to input assumptions related to fair value of biological assets.

(7)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

(8)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

Medical Cannabis Adjusted Gross Margin

Aurora’s leading medical cannabis businesses in Canada, Europe and Australia continued to perform well during the three months ended March 31, 2024 and delivered 90% (three months ended December 31, 2023 – 84%, three months ended March 31, 2023 – 75%) of adjusted gross profit before fair value adjustments. Excluding the plant propagation business, the medical cannabis business delivered 98% of the adjusted gross profit before fair value adjustments for the three months ended March 31, 2024 (three months ended December 31, 2023 – 89%, three months ended March 31, 2023 – 86%) of adjusted gross profit before fair value adjustments.

Adjusted gross margin before fair value adjustments on medical cannabis net revenue was 66% for the three months ended March 31, 2024, compared to 62% in three months ended December 31, 2023, and 60% in three months ended March 31, 2023. The adjusted gross margin before fair value adjustments has improved from the comparative prior period through sustainable cost reductions, higher selling prices in Australia, and improved efficiency in production operations, including shifting sourcing of Europe from Canada due to the closure of the Company’s Nordic production facility.

Consumer Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on consumer cannabis net revenue was 16% for the three months ended March 31, 2024, compared to 29% in three months ended December 31, 2023 and 25% in three months ended March 31, 2023. The decrease in adjusted gross margin before fair value adjustments from the prior comparative quarter is largely due to product sales with lower margins relative to the comparative prior periods.

Plant Propagation Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on plant propagation revenue was 25% for the three months ended March 31, 2024 as compared to 28% for the three months ended December 31, 2023 and 36% in three months ended March 31, 2023. The fluctuations in the plant propagation adjusted gross margin before fair value adjustments is due to timing of higher margin product revenue.

12 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Adjusted Gross Margin – Q4 2024 YTD

The table below outlines adjusted gross profit and margin before fair value adjustments for the indicated nine month period:

($ thousands)	Medical Cannabis		Consumer Cannabis		Core Wholesale Bulk Cannabis		Core Cannabis		Non-Core Wholesale Bulk Cannabis		Plant Propagation		Total
Year ended March 31, 2024
Gross revenue	187,016		65,646		434		253,096		1,969		44,759		299,824
Excise taxes	(10,855)		(18,688)		—		(29,543)		—		—		(29,543)
Net revenue (1)	176,161		46,958		434		223,553		1,969		44,759		270,281
Non-recurring revenue adjustments (4,5)	(598)		(249)		—		(847)		—		(1,582)		(2,429)
Adjusted net revenue	175,563		46,709		434		222,706		1,969		43,177		267,852
Cost of sales	(93,124)		(53,236)		(415)		(146,775)		(4,394)		(41,499)		(192,668)
Depreciation	10,429		5,619		43		16,091		465		3,478		20,034
Inventory impairment, non-recurring, out-of-period, business transformation, and market development costs included in cost of sales (2)(3)(4)(5)(6)	17,510		12,714		90		30,314		883		5,028		36,225
Adjusted gross profit (loss) before FV adjustments (1)	110,378		11,806		152		122,336		(1,077)		10,184		131,443
Adjusted gross margin before FV adjustments (1)	63	%	25	%	35	%	55	%	(55	%)	24	%	49	%
Nine months ended March 31, 2023(8)
Gross revenue	116,179		56,073		971		173,223		1,400		20,682		195,305
Excise taxes	(8,394)		(13,223)		—		(21,617)		—		—		(21,617)
Net revenue (1)	107,785		42,850		971		151,606		1,400		20,682		173,688
Non-recurring revenue adjustments (4)	—		(752)		—		(752)		—		—		(752)
Adjusted net revenue	107,785		42,098		971		150,854		1,400		20,682		172,936
Cost of sales	(63,865)		(58,098)		(1,186)		(123,149)		(4,354)		(19,337)		(146,840)
Depreciation	6,601		5,269		89		11,959		362		2,163		14,484
Inventory impairment, non-recurring, and out-of-period adjustments in cost of sales (2)(4)(5)	18,966		20,433		461		39,860		1,892		1,811		43,563
Adjusted gross (loss) profit before FV adjustments (1)	69,487		9,702		335		79,524		(700)		5,319		84,143
Adjusted gross margin before FV adjustments (1)	64	%	23	%	35	%	53	%	(50	%)	26	%	49	%

(1)These terms are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A.

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

(3)Markets under development represents the adjustment for business operations focused on developing international markets prior to commercialization.

(4)Non-recurring items includes one-time excise tax refunds, inventory count adjustments resulting from facility shutdowns and inter-site transfers, and abnormal spikes to utilities costs on its plant propagation business.

(5)Out-of-period adjustments includes adjustments related to year-end bonus accruals, adjustments to fair value assumptions related to biological assets, and raw material count adjustments.

(6)Business transformation includes costs in connection with the re-purpose of the Company’s Sky facility.

(7)Prior year comparatives have been adjusted to conform to the current period’s presentation.

(8)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

Medical Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on medical cannabis net revenue was 63% for the year ended March 31, 2024 compared to 64% for the nine months ended March 31, 2023. Adjusted gross margin before fair value adjustments will fluctuate depending on sales mix during the year. In fiscal 2024, sales to Australia doubled over the comparative period. However, prior to the acquisition of MedReleaf Australia in February 2024, the contribution margin in Australia was the lowest of Aurora’s three medical regions as Aurora did not yet own the distribution part of the value chain. Subsequent to the MedReleaf Australia acquisition, margins are commensurate with the rest of Aurora’s international medical businesses.

Consumer Cannabis Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on consumer cannabis net revenue increased to 25% for the year ended March 31, 2024 as compared to 23% for the nine months ended March 31, 2023, mainly driven by sales mix. The increase in adjusted gross margin before fair value adjustments is driven by the focus on improving margins and the increased sales of high margin brands.

13 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Plant Propagation Adjusted Gross Margin

Adjusted gross margin before fair value adjustments on plant propagation was 24% for the year ended March 31, 2024 compared to 26% for the nine months ended March 31, 2023. The fluctuations are due to product mix of vegetables and ornamental plants. The prior year comparative period represented the truncated period from the date of closing the acquisition of Bevo on August 25, 2022 and therefore not representative of the variation of product sales that may occur throughout the quarter or year.

Operating Expenses

	Three months ended			Year ended	Nine months ended
($ thousands)	March 31, 2024	December 31, 2023	March 31, 2023	March 31, 2024	March 31, 2023
General and administration	25,658	22,259	26,046	92,222	81,416
Sales and marketing	14,537	12,106	13,246	51,937	38,684
Acquisition costs	2,970	1,567	696	5,326	5,608
Research and development	743	782	1,656	3,572	3,780
Depreciation and amortization(1)	1,927	3,293	4,674	12,139	14,511
Share-based compensation	3,029	2,839	3,620	12,717	10,764
Total operating expenses	48,864	42,846	49,938	177,913	154,763

(1)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

General and administration (“G&A”)

During the three months ended March 31, 2024, G&A expense increased by $3.4 million compared to the prior quarter and decreased $0.4 million compared to the prior year comparative quarter. The increase compared to the prior quarter is largely due to severance costs and additional professional fees relating to public company costs incurred in the fourth quarter of the fiscal year.

During the year ended March 31, 2024, G&A expense increased by $10.8 million compared to the nine months ended March 31, 2023 which is primarily due to the current period consisting of four quarters compared to prior year which was three quarters. Adjusting for this period difference, G&A costs decreased from a reduction in headcount, resulting in lower compensation costs, lower professional fees and a reduction in utility costs.

Sales and marketing (“S&M”)

During the three months ended March 31, 2024, S&M expense increased by $2.4 million compared to the prior quarter and increased by $1.3 million compared to the prior year comparative quarter. The increases are due to freight and logistics costs, notably from sales to Europe with the increase in sourcing from Canada with the closure of Nordic and incremental costs following the acquisition of MedReleaf Australia.

During the year ended March 31, 2024, S&M expense increased by $13.3 million compared to the nine months ended March 31, 2023, primarily due to the current period consisting of four quarters compared to prior year which was three quarters. Otherwise, there is a slight increase related to freight and logistics costs.

Research and development (“R&D”)

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

R&D expenses for the three months ended March 31, 2024 was relatively consistent as compared to the prior quarter and decreased $0.9 million compared to the prior year comparative quarter. The decrease compared to the prior year comparative quarter is due to a reduction in headcount.

During the year ended March 31, 2024, R&D expenses was relatively consistent compared to the nine months ended March 31, 2023.

Depreciation and amortization

During the three months ended March 31, 2024, depreciation and amortization expense decreased by $1.4 million compared to the prior quarter and decreased by $2.7 million compared to the three months ended March 31, 2023. The decreases relate to timing of additions of property, plant and equipment and facility disposals and asset impairment charges recognized during the three months ended March 31, 2023.

14 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

During the year ended March 31, 2024, depreciation and amortization expense decreased by $2.4 million as compared to the prior year. This decrease is primarily due to facility disposals, closures and asset impairment charges recognized in the prior year.

Share-based compensation

During the three months ended March 31, 2024, share-based compensation expense increased by $0.2 million compared to prior quarter and decreased by $0.6 million compared the three months ended March 31, 2023. The increase over the prior quarter relates to reversals from forfeitures during the prior quarter. The decrease compared to the prior year comparative quarter is due to fewer share-based grants resulting from a reduction in headcount.

During the year ended March 31, 2024, share-based compensation expense increased by $2.0 million compared to the nine months ended March 31, 2023, which is primarily because the current period consists of four quarters whereas the prior period was three quarters. Adjusting for this difference, share-based compensation expense decreased over the year because the actual forfeiture rate was higher than estimated in conjunction with a decrease in the fair value of share-based awards.

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

	Three months ended			Year ended	Nine months ended
($ thousands)	March 31, 2024	December 31, 2023(2)	March 31, 2023	March 31, 2024	March 31, 2023
Sales and marketing	14,537	12,106	13,246	51,937	38,684
General and administration	25,658	22,259	26,046	92,222	81,416
Business transformation costs(3)	(6,862)	(5,150)	(7,209)	(22,590)	(27,239)
Out-of-period adjustments(3)	(642)	214	(818)	(1,236)	(1,801)
Non-recurring costs	(1,093)	(1,670)	(2,837)	(3,768)	(6,243)
Market development costs	—	—	(958)	—	(2,935)
Adjusted SG&A (1)	31,598	27,759	27,470	116,565	81,882

(1)Adjusted SG&A is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A.

(2)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

(3)Comparative periods have been adjusted for changes in presentation.

Other Income (Expenses)

	Three months ended			Year ended	Nine months ended
($ thousands)	March 31, 2024	December 31, 2023(1)	March 31, 2023	March 31, 2024	March 31, 2023
Legal settlement and contract termination fees	(272)	(1,024)	(1,199)	(1,818)	(2,644)
Interest and other income	2,889	3,326	5,970	12,813	14,252
Finance and other costs	(2,057)	(2,573)	(8,543)	(14,186)	(29,535)
Foreign exchange	4,716	(3,526)	1,114	(436)	7,773
Other gains (losses)	12,090	4,322	(11,570)	29,089	(4,942)
Restructuring charges	(281)	(326)	—	(1,508)	(325)
Impairment of property, plant and equipment	(3,014)	—	(12,108)	(4,244)	(14,069)
Impairment of investment in associates	—	—	(1,240)	—	(1,240)
Impairment of intangible assets and goodwill	(32,856)	—	(20,573)	(32,856)	(20,573)
Other income (expenses)	(18,785)	199	(48,149)	(13,146)	(51,303)

(1)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

Other expenses for the three months ended March 31, 2024 and March 31, 2023 was an expense of $18.8 million and an expense of $48.1 million, respectively. The improvement of $29.4 million is partly due to other gains and losses which was a loss of $11.6 million in the prior year comparative quarter compared to a gain of $12.1 million in the current quarter. The gain in the current quarter is primarily from a fair value adjustment for the acquisition of Thrive, in which the contingent consideration was zero based on not achieving the requisite performance milestones. Finance costs decreased by $6.5 million in the current quarter compared to the prior year comparative quarter, as the convertible debentures have been settled over the last two years. In addition, the impairment of intangible assets and goodwill and property, plant and

15 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

equipment was $32.9 million and $3.0 million, respectively for the current quarter compared to $20.6 million and $12.1 million, respectively in the prior year comparative quarter.

Other expenses for the year ended March 31, 2024 and nine months ended March 31, 2023 was $13.1 million and $51.3 million, respectively. The improvement of $38.2 million is largely due to a reduction in finance costs of $15.3 million related to the extinguishment of the convertible debentures throughout the year and a reversal of a $12.4 million provision. The provision was established to account for uncertainty regarding eligibility of the government grant that was rolled out expeditiously in response to the COVID-19 pandemic and was reversed upon the conclusion of a Canada Revenue Agency audit with no findings.

Net Loss

Net loss from continuing operations for the three months ended March 31, 2024 was $20.8 million compared to net loss of $76.2 million for the three months ended March 31, 2023. The decrease in net loss of $55.4 million compared to prior quarter is primarily due to: (i) increase in gross profit of $27.3 million (ii) decrease in operating expenses by $1.1 million and (iii) decrease in other expenses by $29.4 million

.

Net loss from continuing operations for the year ended March 31, 2024 was $59.0 million compared to $183.2 million for the nine months ended March 31, 2023. The decrease in net loss of $124.2 million was primarily due to an increase in gross profit of $123.8 million, decrease in operating expense of $23.2 million and decrease in other expenses of $38.2 million.

Adjusted EBITDA

The following is the Company’s adjusted EBITDA:

($ thousands)	Three months ended			Year ended	Nine months ended
	March 31, 2024	December 31, 2023(7)	March 31, 2023(6)	March 31, 2024	March 31, 2023(6)
Net income (loss) from continuing operations	(20,793)	(17,755)	(76,150)	(59,045)	(183,228)
Income tax expense (recovery)	(711)	(67)	(3,109)	(554)	(15,184)
Other income (expense)	18,785	(199)	48,149	13,146	51,303
Share-based compensation	3,029	2,839	3,620	12,717	10,764
Depreciation and amortization	6,328	8,411	9,875	32,225	28,995
Acquisition costs	2,970	1,567	696	5,326	5,608
Inventory and biological assets fair value and impairment adjustments	(16,940)	(479)	6,719	(25,345)	64,862
Business transformation related charges (1)	7,539	5,132	7,253	25,189	28,202
Out-of-period adjustments (2)	(185)	613	1,333	1,236	2,316
Non-recurring items (3)	1,869	5,107	2,425	7,859	2,608
Markets under development (4)	—	—	1,172	—	3,308
Adjusted EBITDA (5)	1,891	5,169	1,983	12,754	(446)

(1)Business transformation related charges includes costs related to closed facilities, certain IT project costs, costs associated with the repurposing of Sky, severance and retention costs in connection with the business transformation plan, costs associated with the retention of certain medical aggregators. Some prior period amounts have been adjusted for changes in presentation.

(2)Out-of-period adjustments reflect adjustments to net loss for the financial impact of transactions recorded in the current period that relate to prior periods. Some prior period amounts have been adjusted for changes in presentation.

(3)Non-recurring items includes one-time excise tax refunds, non-core adjusted wholesale bulk margins, inventory count adjustments resulting from facility shutdowns and inter-site transfers, litigation and non-recurring project costs.

(4)Markets under development represents the adjustment for business operations focused on developing international markets prior to commercialization.

(5)Adjusted EBITDA is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of the MD&A. Prior period comparatives were adjusted to include the adjustments for markets under development, business transformation costs, and non-recurring charges related to non-core bulk cannabis wholesales to be comparable to the current period presentation.

(6)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

(7)During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated as at December 31, 2023. Certain balances in the condensed consolidated interim financial statements as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as a result and the amounts shown above reflect such adjustment. Refer to discussion under “Historical Quarterly Results” section of this MD&A for further detail.

Adjusted EBITDA was $1.9 million for the three months ended March 31, 2024, as compared to $5.2 million for the three months ended December 31, 2023 and $2.0 million for the three months ended March 31, 2023. The decrease from prior quarter is from increasing freight and logistics costs from sourcing Europe from Canada and incremental costs following the acquisition of MedReleaf Australia.

Adjusted EBITDA was $12.8 million for the year ended March 31, 2024 compared to Adjusted EBITDA loss of $0.4 million for the nine months ended March 31, 2023. The improvement is primarily due to an increase in gross profit before fair value adjustments of $47.3 millionand reduction in Adjusted SG&A of $34.7 million, partially offset by the current year consisting of four quarters compared to prior year which was three quarters.

16 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Liquidity and Capital Resources

($ thousands)	March 31, 2024	March 31, 2023
Cash and cash equivalents	113,439	234,942
Restricted cash	65,782	65,900
Working capital (1)	301,985	242,190
Total assets	838,673	926,322
Total non-current liabilities	112,183	166,880
Capitalization
Convertible notes	—	132,571
Loans and borrowings	57,259	45,734
Lease liabilities	47,532	49,217
Total debt	104,791	227,522
Total equity	601,870	521,705
Total capitalization	706,661	749,227

(1)Working Capital is a Non-GAAP Measure and is not a recognized, defined, or a standardized measure under IFRS. Refer to the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A.

During the year ended March 31, 2024, the Company primarily financed its operations, capital expenditures and growth initiatives through the generation of net revenue, working capital, equity offerings, and cash on hand. For more information on key cash flows related to operations, investing and financing activities during the quarter, refer to the “Cash Flow Highlights” discussion below.

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

As of March 31, 2024, the Company has access to the following capital resources available to fund operations and obligations:

•$113.4 million cash and cash equivalents; and

•access to the 2023 Shelf Prospectus (as defined below). The Company currently has access to securities registered for sale under the 2023 Shelf Prospectus currently covering U.S.$650.0 million of issuable securities. Of the U.S.$650.0 million of securities registered under the 2023 Shelf Prospectus and corresponding registration statement on form F-10 filed with the U.S. Securities and Exchange Commission in the U.S., approximately U.S.$225.3 million is allocated to the potential exercise of currently outstanding warrants issued in financing transactions from 2022. Following the closing of the bought deal offering on October 3, 2023 and the expiration of warrants during the year approximately U.S.$396.4 million is available for potential new issuances of Common Shares, warrants, options, subscription receipts, debt securities or any combination thereof during the 25-month period that the 2023 Shelf Prospectus remains effective. Volatility in the cannabis industry, stock market and the Company’s share price may impact the amount and our ability to raise financing under the 2023 Shelf Prospectus.

Based on all of the aforementioned factors, the Company believes that its reduction of operating costs, current liquidity position, and access to the 2023 Shelf Prospectus are adequate to fund operating activities and cash commitments for investing, financing and strategic activities for the foreseeable future. In addition, the Company could access restricted cash of $61.4 million relating to its self-insurance policy, if necessary.

Cash Flow Highlights

The table below summarizes the Company’s cash flows, including discontinued operations:

($ thousands)	Three months ended		Year ended	Nine months ended
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Cash used in operating activities	(21,125)	(20,437)	(68,508)	(115,805)
Cash used in investing activities	(6,237)	(3,461)	(5,487)	(27,307)
Cash provided by (used in) financing activities	399	1,518	(47,923)	(56,478)
Effect of foreign exchange	1,187	(477)	297	11,654
Decrease in cash and cash equivalents	(25,776)	(22,857)	(121,621)	(187,936)

Cash used in operating activities for the three months ended March 31, 2024 increased by $0.7 million to $21.1 million compared to the three months ended March 31, 2023. Excluding changes in non-cash working capital and discontinued operations, cash used in operating activities during the three months ended March 31, 2024 was $10.5 million compared to $13.6 million for the three months ended March 31, 2023. The improvement of $3.1 million is a combination of increased net revenue and improved contribution margin.

17 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Cash used in investing activities for the three months ended March 31, 2024 was $6.2 million compared to $3.5 million for the three months ended March 31, 2023. The increase of $2.8 million relates to the acquisition of MedReleaf Australia resulting in net cash out flow of $2.5 million and an increase in capital expenditures, net of disposals of $1.5 million. In addition, discontinued operations used $0.2 million during the three months ended March 31, 2023.

Cash provided by financing activities decreased by $1.1 million during the three months ended March 31, 2024 compared to the prior year quarter. The decrease primarily relates to repayment of convertible debentures of $7.2 million whereas the comparative period was nil, offset with proceeds from long term loans of $10.0 million compared to the comparative period of $1.3 million.

Cash used in operating activities for the year ended March 31, 2024 was $68.5 million compared to cash used $115.8 million during the nine months ended March 31, 2023. The improvement of $47.3 million is a combination of increased net revenue and profit margin due to the comparative period consisting of three quarters whereas the current period is for four quarters. Adjusting for this, there was also a reduction in operating expenses as a result of the fiscal 2022 restructuring initiative.

Cash used in investing activities for the year ended March 31, 2024 was $5.5 million compared to cash used of $27.3 million during the nine months ended March 31, 2023. The decrease of $21.8 million in cash used primarily relates to the costs of business acquisitions which were $2.5 million in the current period compared to $38.8 million in the prior period. In addition, discontinued operations used $0.3 million in the current period compared to $2.8 million in the prior period.

Cash used in financing activities was $47.9 million during the year ended March 31, 2024 compared to $56.5 million for the nine months ended March 31, 2023. In the current period, the repayment of convertible debentures was $91.6 million compared to a repayment of $128.7 million in the prior period. This was partially offset by proceeds from share issuances of $37.9 million compared to proceeds of $73.2 million in the comparative prior period. Additionally, proceeds from long term loans increased by $7.3 million over the prior period.

Contractual Obligations

As at March 31, 2024, the Company had the following undiscounted contractual obligations:

($ thousands)	Total	≤ 1 year	Over 1 year to 3 years	Over 3 years to 5 years	> 5 years
Accounts payable and accrued liabilities	58,563	58,563	—	—	—
Lease liabilities (1)	93,656	7,678	21,180	13,698	51,100
Loans and borrowings, principal repayment	57,259	52,361	4,898	—	—
Capital commitments (2)	3,217	3,217	—	—	—
Total contractual obligations	212,695	121,819	26,078	13,698	51,100

(1)Includes interest payable until maturity date.

(2)Relates to remaining commitments that the Company has made to vendors for equipment purchases and capital projects pertaining to existing construction.

Contingencies

From time to time, the Company and/or its subsidiaries may become defendants in legal actions and the Company intends to take appropriate action with respect to any such legal actions, including by defending itself against such legal claims as necessary. Other than the claims described below, as of the date of this report, Aurora is not aware of any other material or significant claims against the Company.

On November 21, 2019, a purported class action proceeding was commenced in the United States District Court for the District of New Jersey against the Company and certain of its current and former directors and officers on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities between October 23, 2018 and February 6, 2020. The judge rendered a decision on August 24, 2023 on Aurora’s motion to dismiss. On September 8, 2023, the Plaintiffs filed a motion for reconsideration as to the stock drop that occurred following Aurora’s September 2019 financials. Aurora opposed this motion. Mediation was held and a tentative settlement was reached on March 4, 2024. The proposed settlement must now be approved by a court.

On June 16, 2020, the Company and its subsidiary, ACE, were named in a purported class action proceeding in the Province of Alberta in relation to the alleged mislabeling of cannabis products with inaccurate THC/CBD content. The class action involves a number of other parties including Aleafia Health Inc., Hexo Corp, Tilray Canada Ltd., among others, and alleges that upon laboratory testing, certain cannabis products were found to have lower THC potency than the labeled amount, suggesting, among other things, that plastic containers may be leeching cannabinoids. While this matter is ongoing, the Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On June 15, 2020, a claim was commenced by a party to a former term sheet with the King's Bench of Alberta against Aurora and a former officer alleging a claim of breach of obligations under said term sheet, with the plaintiff seeking $18.0 million in damages. While this matter is ongoing, the Company believes the action to be without merit and intends to defend the claim.

On August 10, 2020, a purported class action lawsuit was filed with the King's Bench of Alberta against Aurora and certain executive officers in the Province of Alberta on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities and suffered losses as a result of Aurora releasing statements containing misrepresentations during the period of September 11, 2019 and December 21, 2019. Plaintiff and Defendant have each prepared factums for a leave application. Prior to the hearing, Defendants filed a request for adjournment and leave to amend their pleadings. The amended Statement of Claim was filed on March 8, 2024. The Company has filed a

18 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Notice of Application to disallow the amendment. The Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On January 4, 2021, a civil claim was filed with the King’s Bench of Alberta against Aurora and Hempco by a former landlord regarding unpaid rent in the amount of $8.9 million, representing approximately $0.4 million for rent in arrears and costs, plus $8.5 million for loss of rent and remainder of the term. The Company filed a statement of defence on March 24, 2021. Plaintiffs brought an Application seeking summary judgment as against the Company and the Company has filed Affidavit evidence in response. Cross-examinations for the Company’s affiants and for Plaintiff’s affiant have been completed. While this matter is ongoing, the Company intends to continue to defend against the claims.

On November 1, 2022, a claim was commenced by a former employee of Aurora against Aurora Cannabis Enterprises Inc. and another former employee of Aurora (the “Defendant Employee”). The plaintiffs claim that the Defendant Employee entered a lease for a property owned by the plaintiffs in January 2017 and states that Aurora was a guarantor for the Defendant Employee. The claim states that the Defendant Employee left the property and caused damage. The plaintiffs further claim outstanding rent and legal fees. There is no record of any documentation of Aurora being a party to any such relationship. Plaintiffs have received a summary judgment against the Defendant Employee and will now attempt to recover their judgment against the Defendant Employee. Plaintiffs will then decide whether to pursue the indemnity claim against the Company. The Company disputes the allegations and intends to defend against the claims.

On November 15. 2022. the Company, its subsidiary ACE, and MedReleaf Corp. (which amalgamated with ACE in July 2020) were named in a purported class action proceeding in the Ontario Superior Court of Justice. The purported class action claims that the Company failed to warn of certain risks purported to be associated with the consumption of cannabis. The statement of claim was served upon the Company on November 22, 2022 and a statement of defence was filed and served. The next major step in the process is scheduling a timetable for the remaining deliverables of the process, including delivery of the plaintiff’s certification motion record. The plaintiff must either deliver their certification materials or come to an agreement with the Aurora Defendants on a timetable for doing so within one year of commencing the proposed class action. On January 24, 2024, the plaintiff’s delivered their motion record regarding class certification. We are reviewing and will establish our timeline for responding which will not be before June 2024. The Company disputes the allegations and intends to defend against the claims.

The Company is subject to litigation and similar claims in the ordinary course of our business, including claims related to employment, human resources, product liability and commercial disputes. The Company has received notice of, or are aware of, certain possible claims against us where the magnitude of such claims is negligible, or it is not currently possible for us to predict the outcome of such claims, possible claims or lawsuits due to various factors including: the preliminary nature of some claims; an incomplete factual record; and the unpredictable nature of opposing parties and their demands. Management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any of these claims would result in liability to the Company, to the extent not provided for through insurance or otherwise, would have a material effect on the consolidated financial statements, other than the claims described above.

In respect of the aforementioned claims, as at March 31, 2024 the Company has recognized total provisions of $2.3 million (March 31, 2023 – $1.0 million) in provisions on the consolidated statements of financial position and a settlement accrual for nil (March 31, 2023 – $1.0 million) in accounts payable and accrued liabilities on the consolidated statements of financial position.

Off-balance sheet arrangements

As at the date of this MD&A, the Company has $0.9 million letters of credit outstanding with the Bank of Montreal. There are no other material off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the financial performance or financial condition of the Company.

Related Party Transactions

The Company’s key management personnel consists of the Company’s executive management team and management directors who, collectively, have the authority and responsibility for planning, directing and controlling the activities of the Company. Compensation expense for key management personnel was as follows:

($ thousands)	Three months ended		Year ended	Nine months ended
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Short-term employment benefits (1)	1,773	1,494	10,440	5,454
Long-term employment benefits	10	13	41	31
Termination benefits	1,089	—	1,089	489
Directors’ fees (2)	68	103	322	273
Share-based compensation (3)	2,360	3,207	10,218	8,886
Total management compensation (4)	5,300	4,817	22,110	15,133

(1)As of March 31, 2024, $1.8 million is payable or accrued for key management compensation (March 31, 2023 - $1.2 million).

(2)Share-based compensation represent the fair value of options granted and vested to key management personnel and directors of the Company under the Company’s share-based compensation plans (Note 19). Director DSUs are included in share-based compensation.

(3)As of March 31, 2024, there are 10 key management personnel (March 31, 2023 - 14).

19 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

In connection with the acquisition of all of the issued and outstanding shares of CannaHealth, the Company paid $21.9 million to the minority interest of a consolidated subsidiary. The allocation of the consideration paid was determined to be solely deferred compensation, which is being amortized over a five year period. During the year ended March 31, 2024, the Company recognized amortization expense of $3.8 million (nine months ended March 31, 2023 - $1.9 million) in the consolidated statements of loss and comprehensive loss.

During the year ended March 31, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement with Bevo, in which participating shareholders of Bevo provided the funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a rate of 14.0% per annum. As at March 31, 2024, $4.8 million of the funds pursuant to the Creditt Agreement were received. The principal and accrued interest are due on May 31, 2025. The Company, advanced funds of $2.5 million, which is eliminated upon consolidation.

Critical Accounting Estimates

The preparation of the Consolidated Financial Statements under IFRS requires management to make judgments, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the Consolidated Financial Statements are as follows:

Biological Assets

The Company defines biological assets as cannabis plants up to the point of harvest. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41, Agriculture using the income approach. The Company utilizes an income approach to determine the fair value less cost to sell at a specific measurement date, based on the existing plants’ stage of completion up to the point of harvest.

Inputs and assumptions	Description	Correlation between inputs and fair value
Average selling price per gram	Represents the average selling price per gram net of excise taxes, where applicable, for the period for all strains of cannabis sold, which is expected to approximate future selling prices.	If the average selling price per gram were higher (lower), estimated fair value would increase (decrease).
Average selling price per plant	Represents the average selling price per plant, which is expected to approximate future selling prices or committed purchase plans.	If the average selling price per plant were higher (lower), estimated fair value would increase (decrease).
Average attrition rate	Represents the weighted average number of plants culled at each stage of production.	If the average attrition rate was lower (higher), estimated fair value would increase (decrease).
Weighted average yield per plant	Represents the weighted average number of grams of dried cannabis inventory expected to be harvested from each cannabis plant.	If the average yield per plant was higher (lower), estimated fair value would increase (decrease).
Standard cost per gram to complete production	Based on actual production costs incurred divided by the grams produced in the period.	If the standard cost per gram to complete production was lower (higher), estimated fair value would increase (decrease).
Weighted average effective yield	Represents the estimated loss in fair value due to harvested product not meeting specifications.	If the weighted average effective yield were higher (lower), the estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the weighted average number of days in production over a total average grow cycle of the specific plant.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).

Significant assumptions used in the fair value of biological assets include (i) the average selling price per gram; (ii) the weighted average yield per plant; (iii) weighted average effective yield; and (iv) the standard cost per gram to complete production. Refer to Note 8 for sensitivities and the impact of changes to these significant assumptions on the fair value of biological assets.

Production costs are capitalized to biological assets and include all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labour, growing materials, as well as indirect costs such as indirect labour and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.

Inventory

Cannabis inventory is transferred from biological assets at fair value less costs to sell at the point of harvest, which becomes the deemed cost. By-products, such as trim, are measured at their net realizable value (“NRV”) at point of harvest which is deducted from the total deemed cost to give a net cost for the primary product. Any subsequent post-harvest costs are capitalized to cannabis inventory to the extent that the cost is less than NRV. NRV for work-in-process (“WIP”) and finished cannabis inventory is determined by deducting estimated remaining conversion/

20 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

completion costs and selling costs from the estimated sale price achievable in the ordinary course of business. Products for resale, consumable supplies and accessories are initially recognized at cost and subsequently valued at the lower of cost and NRV. The Company uses judgment in determining the NRV of inventory. When assessing NRV, the Company considers the impact of price fluctuation, inventory spoilage, inventory excess, age, and damage.

Impairment of property, plant and equipment

Refer to Note 14 in the 2024 Consolidated Financial Statements for significant assumptions applied in the determination of the recoverable amount of cash generating units (“CGU”).

The Company assesses impairment of property, plant and equipment when an impairment indicator arises (e.g. change in use or discontinued use, obsolescence or physical damage). When the asset does not generate cash inflows that are largely independent of those from other assets or group of assets, the asset is tested at the CGU level. In assessing impairment, the Company compares the carrying amount of the asset or CGU to the recoverable amount, which is determined as the higher of the asset or CGU’s fair value less costs of disposal and its value-in-use. Value-in-use is assessed based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects applicable market and economic conditions, the time value of money and the risks specific to the asset. An impairment loss is recognized whenever the carrying amount of the asset or CGU exceeds its recoverable amount and is recorded in the consolidated statements of loss and comprehensive loss.

Impairment of intangible assets and goodwill

Refer to Note 14 in the 2024 Consolidated Financial Statements for significant assumptions applied in the determination of the recoverable amount of the CGU.

Goodwill and intangible assets with an indefinite life or not yet available for use are tested for impairment at the end of each fiscal period, and whenever events or circumstances that make it more likely than not that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose all or a portion of a reporting unit. Finite life intangible assets are tested whenever there is an indication of impairment.

Goodwill and indefinite life intangible assets are tested at each fiscal period end for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Indefinite life intangible assets are tested for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Goodwill is tested for impairment based on the level at which it is monitored by management, and not at a level higher than an operating segment. The Company’s goodwill is allocated to the Canadian Cannabis operating segment and the international cannabis operating segment, which represents the lowest level at which management monitors goodwill. The allocation of goodwill to the CGUs or group of CGUs requires the use of judgment.

An impairment loss is recognized for the amount by which the operating segment or CGU’s carrying amount exceeds it recoverable amount. The recoverable amounts of the CGUs’ assets have been determined based on the higher of fair value less costs of disposal and value-in-use. There is a material degree of uncertainty with respect to the estimates of the recoverable amounts of the CGU, given the necessity of making key economic assumptions about the future. Impairment losses recognized in respect of a CGU are first allocated to the carrying value of goodwill and any excess is allocated to the carrying value of assets in the CGU. Any impairment is recorded in profit and loss in the period in which the impairment is identified. A reversal of an asset impairment loss is allocated to the assets of the CGU on a pro rata basis. In allocating a reversal of an impairment loss, the carrying amount of an asset shall not be increased above the lower of its recoverable amount and the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior period. Impairment losses on goodwill are not subsequently reversed.

Business combinations

Refer to Note 12 in the 2024 Consolidated Financial Statements for significant assumptions applied in the determination of the fair value of all identifiable assets acquired and liabilities assumed for the acquisition of Indica Industries Pty Ltd (“MedReleaf Australia”).

In determining the fair value of all identifiable assets acquired and liabilities assumed, the most significant estimates generally relate to contingent consideration, property, plant and equipment and intangible assets. Management exercises judgment in estimating the probability and timing of when earn-out milestones are expected to be achieved, which is used as the basis for estimating fair value. The fair value of the identified intangible assets are calculated using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows of the acquiree. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied.

Share-based compensation

Depending on the complexity of the specific stock option and warrant terms, the fair value of options and warrants is calculated using either the Black-Scholes option pricing model or the Binomial model. When determining the fair value of stock options and warrants, management is required to make certain assumptions and estimates related to expected lives, volatility, risk-free rate, future dividend yields and estimated forfeitures at the initial grant date. Changes in assumptions used to estimate fair value could result in materially different results.

21 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Deferred tax assets

Significant estimates are required in determining the Company’s provision for income taxes and uncertain tax positions. Some of these estimates are based on interpretations of existing tax laws or regulations. Various internal and external factors may have favorable or unfavorable effects on the Company’s future effective tax rate. These factors include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, changes in estimates of prior years’ items, results of tax audits by tax authorities, future levels of research and development spending, changes in estimates related to repatriation of undistributed earnings of foreign subsidiaries, and changes in overall levels of pre-tax earnings. The assessment of whether or not a valuation allowance is required on deferred tax assets often requires significant judgment with regard to management’s assessment of the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made.

Fair value of financial instruments

The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, put options, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing to fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Information about valuation techniques and inputs used in determining the fair value of financial instruments is disclosed in Note 28 of the Financial Statements.

Adoption of New Accounting Pronouncements

IAS 1 - Presentation of Financial Statements

The amendment clarifies that entities should disclosure material accounting policies instead of significant accounting policies. The amendments explains how to identify material accounting policies. An accounting policy is material if it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The Company has reviewed its accounting policies and has included those which were considered to be material.

IFRS 17 – Insurance Contracts

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The standard is effective for annual periods beginning on or after January 1, 2023. The Company does not currently have any contracts to be accounted for under this standard. However, the Company has a wholly owned captive insurance entity that is required to adopt this standard when reporting on a standalone basis. The impact of the captive insurance company adopting IFRS 17 was immaterial to the Company’s consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted

The following IFRS standards have been recently issued by the IASB. Pronouncements that are irrelevant or not expected to have a significant impact have been excluded.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

The amendment clarifies the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Under the new requirement, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. The amendment applies retrospectively for annual reporting periods beginning on or after January 1, 2024. The Company will make this assessment as required at the end of each reporting date.

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Financial Instruments

Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine the fair value of each financial instrument.

	Fair Value Method
Financial Instruments Measured at Fair Value
Marketable securities	Closing market price of Common Shares as of the measurement date (Level 1)
Derivatives	Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3)
Contingent consideration payable	Discounted cash flow model (Level 3)
Other long term liability	Discounted cash flow model (Level 3)
Derivative liability	Closing market price of warrants (Level 1) or Kynex valuation model (Level 2)
Financial Instruments Measured at Amortized Cost
Cash and cash equivalents, restricted cash, accounts receivable, loans receivable	Carrying amount (approximates fair value due to short-term nature)
Accounts payable and accrued liabilities, other current and long-term liabilities, loans and borrowings	Carrying amount (approximates fair value due to short-term nature)
Lease receivable, convertible debentures, loans and borrowings, and lease liabilities.	Carrying value discounted at the effective interest rate which approximates fair value

Summary of Financial Instruments

The carrying values of the financial instruments at March 31, 2024 are summarized in the following table:

($ thousands)	Amortized cost	FVTPL	Total
	$	$	$
Financial Assets
Cash and cash equivalents	113,439	—	113,439
Restricted cash	65,782	—	65,782
Accounts receivable, excluding sales taxes and lease receivable	41,440	—	41,440
Marketable securities	—	4,036	4,036
Derivatives	—	760	760
Lease receivable	8,803	—	8,803
Financial Liabilities
Accounts payable and accrued liabilities	58,563	—	58,563
Lease liabilities	47,532	—	47,532
Derivative liability	—	2,309	2,309
Loans and borrowings	57,259	—	57,259

Fair Value Hierarchy

Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs to fair value measurements. The three levels of hierarchy are:

Level 1	Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and
Level 3	Inputs for the asset or liability that are not based on observable market data.

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The following is a summary of financial instruments measured at fair value segregated based on the various levels of inputs as at March 31, 2024:

($ thousands)	Level 1	Level 2	Level 3	Total
As at March 31, 2024
Marketable securities	4,036	—	—	4,036
Derivative assets (1)	—	760	—	760
Other long term liability	591	—	45,519	46,110
Derivative liability (2)	1,698	611	—	2,309
As at March 31, 2023
Derivative assets (1)	—	7,114	135	7,249
Contingent consideration payable	—	—	12,487	12,487
Other long term liability	409	—	47,638	48,047
Derivative liability (2)	9,634	—	—	9,634

(1)    For a reconciliation of realized and unrealized gains and losses applicable to financial assets measured at fair value for the year ended and nine months ended March 31, 2024 and March 31, 2023 respectively, refer to Note 7 the Financial Statements.

(2)    For a reconciliation of unrealized gains and losses applicable to financial liabilities measured at fair value for the year and nine months ended March 31, 2024 and March 31, 2023 respectively, refer to Note 15 and Note 18(c) in the Financial Statements.

During the year ended March 31, 2024, certain marketable securities were reclassified from Level 2 to Level 1 hierarchy as trading restrictions were removed and the fair value is now determined based on observable inputs.

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Financial Instruments Risk

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Company’s board of directors mitigates these risks by assessing, monitoring and approving the Company’s risk management processes.

Credit risk

Credit risk is the risk of a potential loss to the Company if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company is moderately exposed to credit risk from its cash and cash equivalents, accounts receivable and loans receivable. The risk exposure is limited to their carrying amounts reflected on the consolidated statements of financial position. The risk for cash and cash equivalents is mitigated by holding these instruments with highly rated Canadian financial institutions. Certain restricted funds in the amount of $38.8 million are retained by an insurer under the Segregated Accounts Companies Act governed by the Bermuda Monetary Authority. As the Company does not invest in asset-backed deposits or investments, it does not expect any credit losses. The Company periodically assesses the quality of its investments and is satisfied with the credit rating of the financial institutions and the investment grade of its Guaranteed Investment Certificates (“GICs”). The Company mitigates the credit risk associated with the loans receivable by managing and monitoring the underlying business relationship.

The Company provides credit to certain customers in the normal course of business and has established credit evaluation and monitoring processes to mitigate credit risk. Credit risk is generally limited for receivables from government bodies, which generally have low default risk. Credit risk for non-government customers is assessed on a case-by-case basis and a provision is recorded where required. As of March 31, 2024, $22.8 million of accounts receivable, net of allowances, are from non-government wholesale customers (March 31, 2023 – $20.9 million).

As at March 31, 2024, two customers made up 10% or more of trade accounts receivable (March 31, 2023 – three customers).

As at March 31, 2024, the provision for estimated credit losses is $1.3 million (March 31, 2023 – $3.4 million). During the year ended March 31, 2024, the Company wrote off $2.1 million (March 31, 2023 – $5.0 million), and recognized an additional provision for estimated credit losses of nil (nine months ended March 31, 2023 – nil) recorded in the consolidated statements of loss and comprehensive loss.

For the periods indicated, the Company’s aging of trade receivables were as follows:

($ thousands)	March 31, 2024	March 31, 2023
0 – 60 days	33,239	28,355
61+ days	7,303	6,661
	40,542	35,016

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with its financial liabilities when they are due. The Company’s objective is to manage liquidity risk through the management of its capital structure and resources to ensure that it has sufficient liquidity to settle obligations and liabilities when they are due, while executing on its operating and strategic plans. Refer to “Liquidity and Capital Resources” section of this MD&A for detailed discussion.

The Company’s contractual cash flows from lease receivables was as follows:

($ thousands)	March 31, 2024
	$
Next 12 months	2,897
Over 1 year to 2 years	2,023
Over 2 years to 3 years	1,919
Over 3 years to 4 years	1,628
Over 4 years to 5 years	1,046
Thereafter	504
Total undiscounted lease payments receivable	10,017
Unearned finance income	(1,214)
Total lease receivable	8,803
Current	(2,460)
Long-term	6,343

Market risk

Market risk is the risk that changes in the market related factors, such as foreign exchange rates and interest rates, will affect the Company’s (loss) income or the fair value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters.

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(i)     Currency risk

The operating results and financial position of the Company are reported in Canadian dollars. As the Company operates internationally, certain of the Company’s financial instruments and transactions are denominated in currencies other than the Canadian dollar. The results of the Company’s operations are, therefore, subject to currency transaction and translation risks. 

The Company’s main risk is associated with fluctuations in Euros, Australian dollars and U.S. dollars. The Company holds cash in Canadian dollars, U.S. dollars, Australian dollars and Euros; U.S.$0.4 million (March 31, 2023 – U.S.$7.1 million) of warrant derivative liabilities exercisable in U.S. dollars. Assets and liabilities are translated based on the Company’s foreign currency translation policy.

The Company has determined that as at March 31, 2024, the effect of a 10% increase or decrease in Euros, Australian dollars, and U.S. dollars against the Canadian dollar on financial assets and liabilities would result in an increase or decrease of approximately $1.9 million (March 31, 2023 – $15.2 million) to net loss and $6.7 million (March 31, 2023 – $11.4 million) to consolidated statements of loss and comprehensive loss for the nine months ended March 31, 2023.

(ii)    Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. Cash and cash equivalents bear interest at market rates. During the year ended March 31, 2024, the Company’s financial liabilities consisted of long-term fixed rate debt.

(iii)     Price risk

Price risk is the risk of variability in fair value due to movements in equity or market prices. The Company’s warrant derivative liabilities, marketable securities and investments are susceptible to price risk arising from uncertainties about their future outlook, future values and the impact of market conditions. The fair value of warrant derivative liabilities, marketable securities and derivative investments held in publicly traded entities are based on quoted market prices which the warrants or investment shares can be exchanged for. The fair value of marketable securities and derivatives held in privately-held entities are based on various valuation techniques, as detailed in Note 28, and is dependent on the type and terms of the security.

If the fair value of these financial assets and liabilities were to increase or decrease by 10% as of March 31, 2024, the Company would incur an associated increase or decrease in loss and comprehensive loss of approximately nil (March 31, 2023 – $2.5 million). Refer to Note 7 of the financial statements for details on the fair value of marketable securities and derivatives investments and Note 18(c) for details on the warrant derivative liabilities.

Summary of Outstanding Share Data

The Company had the following securities issued and outstanding as at June 19, 2024 :

Securities (1)	Units Outstanding
Issued and outstanding Common Shares	54,548,700
Stock options	1,184,097
Warrants	7,071,189
Restricted share units	788,428
Deferred share units	277,206
Performance share units	696,377

(1)Refer to Note 18 “Share Capital” in the Financial Statements for a detailed description of these securities.

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Historical Quarterly Results

($ thousands, except earnings per share and operational results)	March 31, 2024		December 31, 2023(8)		September 30, 2023		June 30, 2023
Financial Results
Net revenue (2)	67,411		64,419		63,418		75,033
Adjusted gross margin before FV adjustments on total net revenue (3)	50	%	53	%	51	%	44	%
Income (loss) from continuing operations attributable to common shareholders (4)	(21,150)		(16,691)		1,860		(19,320)
Loss from discontinued operations attributable to common shareholders	25		(345)		(2,383)		(7,578)
Loss attributable to common shareholders	(21,125)		(17,036)		(523)		(26,898)
Basic and diluted income (loss) per share from continuing operations(8)	(0.41)		(0.35)		0.05		(0.55)
Basic and diluted loss per share(8)	(0.41)		(0.36)		(0.02)		(0.76)
Balance Sheet
Working capital	301,985		308,743		200,837(7)		157,090(7)
Cannabis inventory and biological assets (4)	148,112		112,645		114,781		100,846
Total assets	838,673		824,272		818,371		832,188
Operational Results – Cannabis
Average net selling price of dried cannabis (3)	5.37		4.77		4.75		4.80
Kilograms sold	15,179		14,440		13,582		15,682
	March 31, 2023(1)		December 31, 2022(1)		September 30, 2022(1)		June 30, 2022(1)
Financial Results
Net revenue (2)	63,951		61,089		48,648		50,539
Adjusted gross margin before FV adjustments on total net revenue (3)	49	%	46	%	52	%	47	%
Loss from continuing operations attributable to common shareholders (4)	(70,926)		(60,161)		(44,843)		(611,888)
Loss from discontinued operations attributable to common shareholders	(10,688)		(4,826)		(6,396)		(6,900)
Loss attributable to common shareholders	(81,614)		(64,987)		(51,239)		(618,788)
Basic and diluted loss per share from continuing operations(8)	(2.07)		(1.84)		(1.49)		(24.57)
Basic and diluted loss per share(8)	(2.39)		(1.99)		(1.71)		(24.85)
Balance Sheet
Working capital	242,190		413,909		517,968		617,675
Cannabis inventory and biological assets (5)	93,081		93,675		121,776		127,836
Total assets	926,322		1,023,835		1,169,927		1,084,356
Operational Results – Cannabis
Average net selling price of dried cannabis (2)(3)	4.74		4.71		5.21		5.15
Kilograms sold	16,578		15,269		12,165		13,130

(1)Certain previously reported amounts have been adjusted to exclude the results related to discontinued operations and adjusted for the accounts payable and accrued liabilities non-material prior period adjustment (refer to Note 2(i) in the consolidated financial statements).

(2)Net revenue represents our total gross revenue net of excise taxes levied by the CRA on the sale of medical and consumer use cannabis products. Given that our gross revenue figures exclude excise taxes that were levied and billed back to customers, as reflected in accordance with IFRS 15, we believe that the presentation of net revenue more accurately reflects the level of revenue earned during the relevant period.

(3)Adjusted gross margin before FV adjustments” is a Non-GAAP Measure and is not a recognized, defined, or standardized measure under IFRS. Refer to

the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of this MD&A.

(4)Loss from continuing operations attributable to common shareholders includes asset impairment and restructuring charges. Refer to “Adjusted EBITDA” section.

(5)Represents total biological assets and inventory, exclusive of merchandise, accessories, supplies, consumables and plant propagation biological assets.

(6)Working capital for the three months ended June 30, 2023 and September 30, 2023 has been adjusted. Refer to discussion under “Liquidity and Capital Resources” section of this MD&A.

(7)As described under Note 2(a) in the Financial Statements, comparative information has been adjusted due to 1:10 reverse stock split.

(8)Information for the three months ended December 31, 2023 has been adjusted as discussed below.

27 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

During the three months ended March 31, 2024, and subsequent to the filing of the Company’s Q3 2024 condensed consolidated interim financial statements, the Company noted that inventory and property, plant and equipment was understated and accounts payable and accrued liabilities was overstated as at December 31, 2023. As a result, certain balances in the condensed consolidated interim financial statements of financial position as at December 31, 2023 and in the condensed consolidated interim statement of loss and comprehensive loss for the three and nine months ended December 31, 2023 were adjusted as follows:

($ thousands)	Previously reported	Adjustments	Adjusted
Consolidated Statements of Financial Position
December 31, 2023
Assets
Inventory	112,524	4,664	117,188
Total current assets	406,530	4,664	411,194
Property, plant and equipment	295,641	2,441	298,082
Total assets	817,167	7,105	824,272
Accounts payable and accrued liabilities	75,825	(4,925)	70,900
Total liabilities and equity	817,167	4,567	821,734

($ thousands)	Previously reported		Adjustments		Adjusted
Consolidated Statements of Loss and Comprehensive Loss
Three months ended
December 31, 2023
Cost of sales	44,525		(544)		43,981
Gross profit before fair value adjustments	19,894		544		20,438
Changes in fair value of inventory sold	22,833		53		22,886
Unrealized gain on changes in fair value of biological assets	(22,742)		(4,531)		(27,273)
Gross profit	19,803		5,022		24,825
Expense
Depreciation and amortization	4,140		(847)		3,293
Loss from operations	(23,890)		5,869		(18,021)
Other (expense) income
Other gains (losses)	2,728		1,594		4,322
Loss before income taxes and discontinued operations	(25,285)		7,463		(17,822)
Net loss from continuing operations	(25,218)		7,463		(17,755)
Net loss from continuing operations attributable to Aurora shareholders	(24,154)		7,463		(16,691)
Comprehensive loss	(25,689)		7,463		(18,226)
Loss per share - basic and diluted(1)	$	(0.36)	$	0.16	$	(0.20)
Continuing operations	$	(0.35)	$	0.16	$	(0.19)
Discontinued operations	$	(0.01)	$	—	$	(0.01)

(1)As described under Note 2(a) in the Consolidated Financial Statements, comparative information has been adjusted due to 1:10 reverse stock split.

28 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

($ thousands)	Previously reported	Adjustments	Adjusted
Consolidated Statements of Loss and Comprehensive Loss
Nine months ended
December 31, 2023
Cost of sales	149,541	(544)	148,997
Gross profit before fair value adjustments	53,329	544	53,873
Changes in fair value of inventory sold	59,104	53	59,157
Unrealized gain on changes in fair value of biological assets	(86,068)	(4,531)	(90,599)
Gross profit	80,293	5,022	85,315
Expense
Depreciation and amortization	11,059	(847)	10,212
Loss from operations	(49,603)	5,869	(43,734)
Other (expense) income
Other gains (losses)	15,405	1,594	16,999
Loss before income taxes and discontinued operations	(45,558)	7,463	(38,095)
Net loss from continuing operations	(45,715)	7,463	(38,252)
Net loss from continuing operations attributable to Aurora shareholders	(41,614)	7,463	(38,252)
Comprehensive loss	(55,211)	7,463	(47,748)
Loss per share - basic and diluted
Continuing operations	(1.37)	0.18	(1.19)
Discontinued operations	(1.11)	0.18	(0.93)
Total operations	(0.26)	—	(0.26)

29 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Risk Factors

Our business, operations and outlook are subject to certain risks described below.

There is no assurance we will be able to achieve or maintain profitability.

Aurora Marijuana Inc. was the entity in which our operating business was originally organized. This company was incorporated in 2013 and our business began operations in 2015. We started generating revenue from the sale of cannabis in January 2016. Due to the disruption and slower than anticipated growth of the cannabis market globally and in Canada, we are subject to all of the associated business risks and uncertainties which include, but are not limited to, under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, and lack of revenues.

We have incurred operating losses in recent periods. We may not be able to achieve or maintain profitability and may continue to incur significant losses in the future. In addition, as we explore and implement initiatives to grow our business, we expect to continue to increase operating expenses. If our revenues do not increase to offset these expected increases in costs and operating expenses, we may not be profitable. It may make it difficult for investors to evaluate our prospects for success, based on our operating history. There is no assurance that we will be successful in achieving a return on shareholders’ investments and the likelihood of success is uncertain.

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

Our ability to continue our business of cannabis cultivation, storage, and distribution is dependent on the good standing of all of our licenses, authorizations, and permits and adherence to all regulatory requirements related to such activities. We will incur ongoing costs and obligations related to regulatory compliance. Any failure to comply with the terms of the licenses, or to renew the licenses after their expiry dates, would have a material adverse impact on the financial conditions and operations of the business. Although we believe that we will meet the requirements of the Cannabis Act (S.C. 2018, c. 16) (the "Cannabis Act") for future extensions or renewals of the licenses, there can be no assurance that the Canadian Ministry of Health for Canada (“Health Canada”) will extend or renew the licenses, or if extended or renewed, that they will be extended or renewed on the same or similar terms. Should Health Canada or the Canada Revenue Agency (“CRA”) not extend or renew the licenses, or should they renew the licenses on different terms, our business, financial condition and operations would be materially adversely affected. The same risks may arise when expanding our operations to foreign jurisdictions.

We are committed to regulatory compliance, including but not limited to the maintenance of good production practices and physical security measures required by Health Canada. Failure to comply with regulations may result in additional costs for corrective measures, penalties, or restrictions on our operations. In addition, changes in regulations, more vigorous enforcement thereof, or other unanticipated events could require changes to our operations, increased compliance costs or give rise to material liabilities, which could have an adverse effect on our business, financial condition and operations.

Our Canadian licenses are reliant on our established sites.

The Canadian licenses we hold are specific to individual facilities. Any adverse changes or disruptions to the functionality, security and sanitation of our sites or any other form of non-compliance may put our licenses at risk, and ultimately adversely impact our business, financial condition and operations. As our operations and financial performance may be adversely affected if we are unable to keep up with such requirements, we are committed to the maintenance of our sites and intend to comply with Health Canada and their inspectors as required.

As our business continues to grow, any expansion to or update of our current operating sites, will require the approval of Health Canada. There is no guarantee that Health Canada will approve any such expansions and/or renovations, which could adversely affect our business, financial condition and operations.

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

Our business and activities are heavily regulated in all jurisdictions where we carry on business. Achievement of our business objectives is contingent, in part, upon compliance with the regulatory requirements enacted by applicable government authorities, including those imposed by Health Canada, and obtaining all applicable regulatory approvals, where necessary. We cannot predict the time required to secure all appropriate regulatory approvals for our products, or with respect to any activities or our facilities, or the extent of testing and documentation that may be required by government authorities on an ongoing basis. The impact of regulatory compliance regimes and any delays in obtaining, maintaining or renewing, or failure to obtain, maintain or renew, regulatory approvals may significantly delay or impact the development of our business and operations. Non-compliance could also have a material adverse effect on our business, financial condition and operations.

On December 5, 2023, Health Canada published new guidance on cannabis products with what it deems to be intoxicating cannabinoids other than THC. The guidance identifies the cannabinoids CBN and THCV as “intoxicating” and recommends that they be regulated in the same manner as THC, whose potency is capped in the edible and extract categories. While the guidance encourages licensed processors to follow recommended controls, it does not mandate any action and does not have the force of law without legislative change. The guidance does, however, create some uncertainty regarding the manner in which certain cannabinoids may be regulated in the future.

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

Our business is subject to a variety of laws, regulations, and guidelines relating to the marketing, manufacturing, management, transportation, storage, sale, packaging and labeling, disposal and, if necessary, acquisition of cannabis. We are also subject to laws, regulations, and guidelines relating to health and safety, the conduct of operations, taxation of products and the protection of the environment. As the laws, regulations and guidelines pertaining to the cannabis industry are relatively new, it is possible that significant legislative amendments may still be enacted – either provincially or federally – that address current or future regulatory issues or perceived inadequacies in the regulatory framework. It is also possible that laws that impact our business may not develop as we expect or on the timeline we expect, including the federal legalization of cannabis use in the U.S. if and when it occurs. Changes to such laws, regulations, and guidelines, may cause material adverse effects on our business, financial condition and operations.

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The legislative framework pertaining to the Canadian non-medical cannabis market is subject to significant provincial and territorial regulation. The legal framework varies across provinces and territories and results in asymmetric regulatory and market environments. Different competitive pressures, additional compliance requirements, and other costs may limit our ability to participate in such markets.

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

We are subject to a variety of domestic and international laws and regulations pertaining to money laundering, financial recordkeeping and proceeds of crime, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended and the rules and regulations thereunder, the Criminal Code (Canada) and any related or similar rules, regulations or guidelines, issued, administered or enforced by governmental authorities internationally.

In the event that any of our operations or investments, any proceeds thereof, any dividends or distributions therefrom, or any profits or revenues accruing from such operations or investments were found to be in violation of money laundering legislation or otherwise, such transactions may be viewed as proceeds of crime under one or more of the statutes noted above or any other applicable legislation, and any persons, including such U.S. based investors, found to be aiding and abetting us in such violations could be subject to liability. Any violations of these laws, or allegations of such violations, could disrupt our operations, involve significant management distraction and involve significant costs and expenses, including legal fees. We could also suffer severe penalties, including criminal and civil penalties, disgorgement and other remedial measures. This could restrict or otherwise jeopardize our ability to declare or pay dividends, effect other distributions or subsequently repatriate such funds back to Canada.

We compete for market share with a number of competitors and many of our competitors may have longer operating histories, more financial resources, and lower costs than us.

As the cannabis market continues to mature, both domestically and internationally, the overall demand for products and the number of competitors is expected to increase.

Consumers that once solely relied on the medical cannabis market may shift some, or all, of their consumption or preferences away from medical cannabis and towards consumer cannabis. The Cannabis Act also permits patients to produce a limited amount of cannabis for their own purposes or to designate a person to produce a limited amount of cannabis on their behalf. Such shifts in market demand, and other factors that we cannot currently anticipate, could potentially reduce the market for our products, which could ultimately have a material adverse effect on our business, financial condition and operations.

The cannabis industry is undergoing substantial change, which has resulted in an increase in new and existing competitors, consolidation and the formation of strategic relationships. Acquisitions or other consolidating transactions could harm our business in a number of ways, including losing patients and/or customers, revenue and market share, or forcing us to expend greater resources to meet new or additional competitive threats. There is potential that we will face intense competition from not only existing companies but from new entrants including those resulting from the federal legalization of cannabis use in the U.S. if and when it occurs, all of which could harm our operating results. Changes in the number of licenses granted and the number of entities holding all valid licenses in the jurisdictions they operate to cultivate cannabis ("Licensed Producers") ultimately authorized by Health Canada, as well as other regulatory changes in both Canada and the U.S. that have the effect of increasing competition, could have an adverse impact on our ability to compete for market share in Canada’s cannabis market.

Some competitors may have significantly greater financial, technical, marketing, and other resources compared to us. Such companies may be able to devote greater resources to the development, promotion, sale and support of their products and services, and may have more extensive customer bases and broader customer relationships. Such competition may make it difficult to enter into supply agreements, negotiate favourable prices, recruit or retain qualified employees, and acquire the capital necessary to fund our capital investments.

We also face competition from illegal cannabis dispensaries and ‘black market’ operations and participants, who do not have a valid license, that are selling cannabis to individuals, including products with higher concentrations of active ingredients, using flavours or other additives or engaging in advertising and promotion activities that are not permitted by law. Because they do not comply with the regulations governing the cannabis industry, illegal market participants’ operations may also have significantly lower costs.

In order for us to be competitive, we will need to invest significantly in research and development, market development, marketing, new client identification, distribution channels, and client support. If we are not successful in obtaining sufficient resources to invest in these areas, our ability to compete in the market may be adversely affected, which could materially and adversely affect our business, financial conditions and operations.

Our future success depends upon our ability to maintain competitive production costs through economies of scale and our ability to recognize higher margins through the sale of higher margin products. To the extent that we are not able to continue to produce our products at competitive prices or consumers prioritize established low margin products over innovative, higher margin products, our business, financial conditions and operations could be materially adversely affected.

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

Our revenues are in a large part derived from the production, sale, and distribution of cannabis. The cost of production, sale, and distribution of cannabis is dependent on a number of key inputs and their related costs, including equipment and supplies, labour and raw materials related to our growing operations, as well other overhead costs such as electricity, water, and utilities. In particular, our cannabis cultivation operations consume considerable energy, making us vulnerable to rising energy costs. Rising or volatile energy costs may have a material adverse effect on our business, financial condition and results of operations.

Although our business has not been materially impacted by ongoing international military conflicts, the measures that have been taken, and could be taken in the future, may have a negative impact on our costs, including for input materials, energy and transportation. Any significant interruption or negative change in the availability or economics of the supply chain for key inputs, including an inability to secure required supplies and services or to do so on appropriate terms could materially and adversely impact our business, financial condition, and results of operations. This includes any change in the selling price of products set by the applicable province or territory. The price of cannabis is affected by numerous factors beyond our control and any price decline may have a material adverse effect on our business, financial condition and operations.

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We may not be able to realize our growth targets.

Our ability to continue the production of cannabis products at the same pace as we are currently producing, or at all, and our ability to continue to increase both our production capacity and our production volumes, may be affected by a number of factors, including plant design errors, non-performance by third party contractors, increases in materials or labour costs, construction performance falling below expected levels of output or efficiency, contractor or operator errors, breakdowns, aging or failure of equipment or processes, and labour disputes. Factors specifically related to indoor agricultural and processing practices, such as reliance on provision of energy and utilities to our facilities, those specifically related to outdoor cultivation practices, such as droughts, environmental pollution and inadvertent contamination, and any major incidents or catastrophic events affecting the premises, such as fires, explosions, earthquakes or storms, may all materially and adversely impact the growth of our business.

In addition, the Company may be subject to other growth-related risks, including pressure on its internal systems and controls. The ability of the Company to manage growth effectively will require it to continue to implement and improve its operational and financial systems and to expand, train and manage its employee base. If the Company is unable to deal with this growth, it may have a material adverse effect on the Company’s business, financial condition, results of operations and prospects.

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

Part of our current revenues depend upon our supply contracts with the various Canadian provinces and territories. There are many factors which could impact our contractual agreements and alterations to, or the termination or renewal of, such contracts may adversely impact our business, financial condition and operations.

In addition, not all of the Company’s supply arrangements with the various Canadian provinces and territories contain purchase commitments or otherwise obligate the provincial or territorial wholesaler to buy a minimum or fixed volume of cannabis products from the Company. The amount of cannabis that the provincial and territorial wholesalers may purchase under the supply arrangements may therefore vary from what the Company expects or has planned for. As a result, the Company’s revenues could fluctuate materially in the future and could be materially and disproportionately impacted by the purchasing decisions of the provincial and territorial wholesalers. If any of the provincial or territorial wholesalers decide to purchase lower volumes of products from the Company than the Company expects, alters its purchasing patterns at any time with limited notice, decides to return product or decides not to continue to purchase the Company’s cannabis products at all, the Company’s revenues could be materially adversely affected, which could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects.

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

Our continued development may require additional financing. The failure to raise such capital could result in the delay or indefinite postponement of our current business strategy or our ceasing to carry on business. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be available on favorable terms. If additional funds are raised through issuances of equity, equity-linked securities, or convertible debt securities, existing shareholders could suffer significant dilution, and any new equity securities issued could have rights, preferences, and privileges superior to those of holders of Common Shares. In addition, from time to time, we may enter into transactions to acquire assets or equity securities of other companies. These transactions may be financed wholly or partially with debt, which may increase our debt levels above industry standards and our ability to service such debt. Any debt financing obtained in the future could involve restrictive covenants relating to capital raising activities and other financial and operational matters, which could make it more difficult for us to obtain additional capital and pursue business opportunities, including potential acquisitions. Debt financings may contain provisions, which, if breached, entitle lenders to accelerate repayment of debt and there is no assurance that we would be able to repay such debt in such an event or prevent the enforcement of security, if any, granted pursuant to such debt financing.

An economic downturn of global capital markets may make raising additional capital more difficult. If uncertain market conditions persist, the Company’s ability to raise capital could be jeopardized, which could have an adverse impact on the Company’s operations and the trading price of the Company’s shares on the TSX and Nasdaq.

Any default under our existing debt that is not waived by the applicable lenders could materially adversely impact our results of operations and financial results and may have a material adverse effect on the trading price of our Common Shares.

Covenants in respect of our existing debt may create a risk of default on our debt if we cannot satisfy or continue to satisfy these covenants. If we cannot comply with a debt covenant or anticipates that it will be unable to comply with a debt covenant under any debt instrument it is party to, management may seek a waiver and/or amendment to the applicable debt instrument in respect of any such covenant in order to avoid any breach or default that might otherwise result therefrom. If we default under a debt instrument and the default is not waived by the lender(s), the debt extended pursuant to all of its debt instruments could become due and payable prior to its stated due date. If such event were to occur, we cannot give any assurance that (i) its lenders will agree to any covenant amendments or waive any covenant breaches or defaults that may occur, and (ii) it could pay this debt if it became due prior to its stated due date. Accordingly, any default by us on existing debt that is not waived by the applicable lenders could materially adversely impact our results of operations and financial results and may have a material adverse effect on the trading price of our Common Shares.

We may be subject to credit risk.

Credit risk is the risk that the counterparty to a financial instrument fails to meet its contractual obligations, resulting in a financial loss to us. We have credit risk exposure based on the balance of our cash, accounts receivable, investments, and taxes recoverable. There are no assurances that our counterparties, including parties to whom we extended credit, or customers will meet their contractual obligations to us.

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

The medical and non-medical cannabis industries are in their early stages of development and it is likely that we, and our competitors, will seek to introduce new products in the future. In attempting to keep pace with any new market developments, we may need to expend significant amounts of capital in order to successfully develop and generate revenues from new products introduced by us. As well, we may be

32 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

required to obtain additional regulatory approvals from Health Canada and any other applicable regulatory authorities, which may take significant amounts of time and entail significant costs. We may not be successful in developing effective and safe new products, bringing such products to market in time to be effectively commercialized, or obtaining any required regulatory approvals, which, together with any capital expenditures made in the course of such product development and regulatory approval processes, may have a material adverse effect on our business, financial condition and operations.

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

Because the cannabis market and associated products and technology are rapidly evolving, both domestically and internationally, we may be unable to anticipate and/or respond to developments in a timely and cost-efficient manner. The process of developing our products is complex and requires significant costs, development efforts, and third-party commitments. Our failure to develop new products and technologies and the potential disuse of our existing products and technologies could adversely affect our business, financial condition and operations. Our success will depend, in part, on our ability to continually invest in research and development and enhance our existing technologies and products in a competitive manner.

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

Our success depends on our ability to attract and retain customers. The Cannabis Act strictly regulates the way cannabis is packaged, labelled, and displayed. The associated provisions are quite broad and are subject to change. It is currently prohibited to use testimonials and endorsements, depict people, characters and animals and produce any packaging that may be appealing to young people. The restrictions on packaging, labelling, and the display of our cannabis products may adversely impact our ability to establish brand presence, acquire new customers, retain existing customers and maintain a loyal customer base. This may ultimately have a material adverse effect on our business, financial conditions and operations.

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

We believe that the cannabis industry is highly dependent upon positive consumer and investor perception regarding the benefits, safety, efficacy and quality of the cannabis distributed to consumers. Cannabis is a controversial topic, and there is no guarantee that future scientific research, publicity, regulations, medical opinion, and public opinion relating to cannabis will be favorable. Consumer perception of our products can be significantly influenced by scientific research or findings, regulatory investigations, litigation, media attention and other publicity regarding the consumption of cannabis products. There can be no assurance that future scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity will be favorable to the cannabis market or any particular product, or consistent with earlier publicity. Future scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity that are perceived as less favorable than, or that question, earlier research reports, findings or publicity could have a material adverse effect on the demand for our products and our business, financial condition, results of operations and prospects. Our dependence upon consumer perception means that adverse scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity, whether or not accurate or with merit, could have a material adverse effect on us, the demand for products, and our business, financial condition, results of operations and prospects.

Adverse publicity reports or other media attention regarding the safety, efficacy and quality of cannabis in general, or our products specifically, or associating the consumption of cannabis with illness or other negative effects or events, could have such a material adverse effect on us. Such adverse publicity reports or other media attention could arise even if the adverse effects associated with such products resulted from consumers’ failure to consume such products legally, appropriately, or as directed. Although we believe that we operate in a manner that is respectful to all stakeholders and that we take care in protecting our image and reputation, we do not ultimately have direct control over how we are perceived by others. There is also a risk that the actions of other companies and service providers in the cannabis industry may negatively affect the reputation of the industry as a whole and, thereby, negatively impact our reputation. The increased usage of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users has made it increasingly easier for individuals and groups to communicate and share negative opinions and views in Canada and elsewhere in regard to our activities and the cannabis industry in general, whether true or not. The legal restrictions with respect to labelling and marketing cannabis may exacerbate these risks by increasing the influence of social media users and prohibiting us from effectively responding to negative publicity.

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

The parties with which we do business may perceive that they are exposed to reputational risk as a result of our cannabis business activities. In particular, while we attempt to conduct our cannabis-related business activities in compliance with all laws, negative perception of cannabis-related activities could cause the parties with whom we do business to discontinue their relationships with us and may cause potential counterparties to decline to do business with us. These risks may increase during periods in jurisdictions where cannabis-related activities are illegal and where jurisdictions focus their enforcement efforts on eliminating such activities. Failure to establish or maintain business relationships could have a material adverse effect on our business, financial condition and operations.

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

There is little in the way of longitudinal studies on the short-term and long-term effects of cannabis use on human health, whether used for recreational or medicinal purposes. As such, there are inherent risks associated with using our cannabis and cannabis derivative products, including unexpected side effects or safety concerns, the discovery of which could lead to civil litigation, regulatory actions and even possibly criminal enforcement actions.

Previously unknown or unforeseeable adverse reactions arising from human consumption of cannabis products may occur and consumers should consume cannabis at their own risk or in accordance with the direction of a health care practitioner.

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We may enter into strategic alliances or expand the scope of currently existing relationships with third parties that we believe complement our business, financial condition and results of operation and there are risks associated with such activities.

We have entered into, and may in the future enter into, strategic alliances with third parties that we believe will complement or augment our existing business, including third party supply. Our ability to complete and develop strategic alliances is dependent upon, and may be limited by, the availability of suitable candidates and capital. In addition, strategic alliances could present unforeseen regulatory issues, integration obstacles or costs, may not enhance our business, and may involve risks that could adversely affect us, including significant amounts of management time that may be diverted from current operations in order to pursue and complete such transactions or maintain such strategic alliances. Future strategic alliances could result in the incurrence of additional debt, costs and contingent liabilities, and there can be no assurance that future strategic alliances will achieve, or that our existing strategic alliances will continue to achieve, the expected benefits to our business or that we will be able to consummate future strategic alliances on satisfactory terms, or at all. Any of the foregoing could have a material adverse effect on our business, financial condition and operations.

Our success will depend on attracting and retaining key personnel.

The success of the Company is dependent upon the ability, expertise, judgment, discretion and good faith of its key personnel.

Our future success will depend on our directors’ and officers’ ability to develop and execute our business strategies and manage our ongoing operations, as well as our ability to attract and retain key personnel. Competition for qualified professionals, technical, sales and marketing staff, as well as officers and directors can be intense, and no assurance can be provided that we will be able to attract or retain key personnel in the future, which may adversely impact our operations. While employment and consulting agreements are customary, these agreements cannot assure the continued services of such individuals.

Further, as a Licensed Producer under the Cannabis Act, certain key personnel are required to obtain a security clearance by Health Canada. Licenses will not be granted until all key personnel have been granted security clearance. Under the Cannabis Act, a security clearance cannot be valid for more than five years and must be renewed before the expiry of a current security clearance. There is no assurance that any of our existing or future key personnel will be able to obtain or renew such clearances. A failure by key personnel to maintain or renew their security clearance could result in a material adverse effect on our business, financial condition and operations. There is also a risk that if key personnel leave the Company, we may not be able to find a suitable replacement that can obtain a security clearance in a timely manner, or at all.

Dependence on senior management

The success of the Company and its strategic focus is dependent to a significant degree upon the contributions of senior management. The loss of any of these individuals, or an inability to attract, retain and motivate sufficient numbers of qualified senior management personnel could adversely affect the Company’s business. As well, the implementation of employee compensation packages, composed of monetary short-term compensation and long-term equity-based compensation, has been designed for the retention of key employees.

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

We may be subject to potential conflicts of interest as some of our directors and officers may be engaged in a range of other business activities. Our directors and officers are permitted to devote time to their outside business interests, so long as such activities do not materially or adversely interfere with their duties to the Company. However, in some cases these outside business interests can require significant time and attention which may interfere with their ability to devote the necessary time to our business, and there is no assurance that such occurrences would not adversely affect our operations.

We may also become involved in other transactions which conflict with the interests of its directors and officers who may, from time to time, deal with persons, institutions or corporations with which we may be dealing, or which may be seeking investments similar to those the Company desires. The interests of these persons could conflict with our interests. In addition, from time to time, these persons may be competing with us for available investment opportunities. Conflicts of interest, if any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict of interest arises at a meeting of the Company’s board of directors, a director who has such a conflict will abstain from voting for or against the approval thereof in accordance with applicable laws. In accordance with applicable laws, our directors are required to act honestly, in good faith and in the Company’s best interests.

Future execution efforts may not be successful.

There is no guarantee that our current execution strategy will be completed in the currently proposed form, if at all, nor is there any guarantee that we will be able to expand into additional jurisdictions. There is also no guarantee that expansions to our marketing and sales initiatives will be successful. Any such activities will require, among other things, various regulatory approvals, licenses and permits (such as additional licenses from Health Canada under the Cannabis Act) and there is no guarantee that all required approvals, licenses and permits will be obtained in a timely fashion or at all. There is also no guarantee that we will be able to complete any of the foregoing activities as anticipated or at all. Our failure to successfully execute our strategy could adversely affect our business, financial condition and operations and may result in our failing to meet anticipated or future demand for products, when and if it arises.

In addition, the construction (or remaining construction) of any current or future facilities is subject to various potential problems and uncertainties, and may be delayed or adversely affected by a number of factors beyond our control, including the failure to obtain regulatory approvals, permits, delays in the delivery or installation of equipment by our suppliers, difficulties in integrating new equipment with its existing facilities, shortages in materials or labour, defects in design or construction, diversion of management resources, or insufficient funding or other resource constraints. Moreover, actual costs for construction may exceed our budgets. As a result of construction delays, cost overruns, changes in market circumstances or other factors, we may not be able to achieve the intended economic benefits, which in turn may materially and adversely affect our business, prospects, financial condition and operations.

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

As international demand grows, we intend to consider the expansion of our operations and business into jurisdictions outside of Canada, some of which are emerging markets, but there can be no assurance that any market for our products will develop in any such foreign jurisdiction.

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The continuation or expansion of our operations internationally will depend on our ability to renew or secure the necessary permits, licenses, or other approvals in those jurisdictions. An agency's denial of or delay in issuing or renewing a permit, license, or other approval, or revocation or substantial modification of an existing permit or approval, could prevent us from continuing our operations in or exports to other countries.

Operations in non-Canadian markets may expose us to new or unexpected risks or significantly increase our exposure to one or more existing risk factors. Some governmental regulations may require us to award contracts in, employ citizens of, and/or purchase supplies from the jurisdiction. These factors may limit our capability to successfully expand our operations and may have a material adverse effect on our business, financial condition and operations.

In addition, we are further subject to a wide variety of laws and regulations domestically and internationally with respect to the flow of funds and product across international borders and the amount of medical cannabis we export may be limited by the various drug control conventions to which Canada is a signatory.

While we continue to monitor developments and policies in the emerging markets in which we operate and assess the impact thereof to our operations, such developments cannot be accurately predicted and could have an adverse effect on our business, operations or profitability.

On April 1, 2024, cannabis was reclassified as a non-narcotic by the German government, allowing adults to possess small amounts of cannabis, and making Germany the largest European Union country to legalize possession for recreational use. While the Company is one of three existing domestic medical cannabis producers in Germany, there is no assurance that we will be successful in the German recreational market, if and when commercial cultivation, manufacturing, and retail sales are permitted.

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

We may be affected by political or economic instability. The risks include, but are not limited to, terrorism, military repression, extreme fluctuations in currency exchange rates, high rates of inflation and other negative impacts on the global economy, capital markets or other geopolitical conditions. Changes in medical and agricultural development or investment policies or shifts in political viewpoints of certain countries may adversely affect our business. Operations may be affected in varying degrees by government regulations with respect to restrictions on production, distribution, price controls, export controls, income taxes, expropriation of property, maintenance of assets, environmental legislation, land use, land claims of local people, and water use. The effect of these factors cannot be accurately predicted.

In the past year, the worldwide economy has experienced significant inflation and inflationary pressures. Inflation may negatively impact our business, raise cost and reduce profitability. While we have and will continue to take actions, wherever possible, to reduce the impact of the effects of inflation, in the case of sustained inflation across several of the markets in which we operate, it could become increasingly difficult to effectively mitigate the increases to our costs. In addition, the effects of inflation on consumers’ budgets could result in the reduction of our customers’ spending habits. If we are unable to take actions to effectively mitigate the effect of the resulting higher costs, our profitability and financial position could be negatively impacted.

We rely on international advisors and consultants in foreign jurisdictions.

The legal and regulatory requirements in the foreign countries in which we currently or intend to operate are different from those in Canada. Our officers and directors must rely, to a great extent, on local legal counsel and consultants in order to ensure our compliance with material legal, regulatory and governmental developments as they pertain to and affect our business operations, to assist with governmental relations and enhance our understanding of and appreciation for the local business culture and practices. Any developments or changes in such legal, regulatory or governmental requirements or in local business practices are beyond our control. The impact of any such changes may adversely affect our business, financial condition and operations.

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

We are subject to the CFPOA and the FCPA, which generally prohibit companies and their employees from engaging in bribery, kickbacks or making other prohibited payments to foreign officials for the purpose of obtaining or retaining business. The CFPOA and the FCPA also require companies to maintain accurate books and records and internal controls, including at foreign controlled subsidiaries. In addition, we are subject to other anti-bribery laws of other countries in which we conduct, or will conduct, business that apply similar prohibitions as the CFPOA and FCPA (e.g. the Organization for Economic Co-operation and Development Anti-Bribery Convention). Our employees or other agents may, without our knowledge and despite our efforts, engage in prohibited conduct under our policies and procedures and the CFPOA, the FCPA, or other anti-bribery laws to which we may be subject for which we may be held responsible. If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences that may have a material adverse effect on our business, financial condition and operations.

We may be subject to uninsured or uninsurable risks.

While we may have insurance to protect our assets, operations, and employees, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which we are exposed. No assurance can be given that such insurance will be adequate to cover our liabilities or that it will be available in the future or at all, and that it will be commercially justifiable. We may be subject to liability for risks against which we cannot insure or against which we may elect not to insure due to the high cost of insurance premiums or other factors. The payment of any such liabilities would reduce the funds available for our normal business activities. Payment of liabilities for which we do not carry insurance may have a material adverse effect on our business, financial condition and operations.

We may be subject to product liability claims.

As a manufacturer and distributor of products designed to be topically applied, inhaled and ingested or otherwise consumed by humans, we face an inherent risk of exposure to product liability claims, regulatory action and litigation if our products are alleged to have caused significant loss or injury. In addition, the manufacture and sale of cannabis products involves the risk of injury to consumers due to tampering by unauthorized third parties or product contamination. We may in the future have to recall certain of our cannabis products as a result of potential contamination and quality assurance concerns. Previously unknown adverse reactions resulting from human consumption of

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cannabis products alone or in combination with other medications or substances could occur. We may be subject to various product liability claims, including, among others, that the products produced by us caused or contributed to injury or illness, include inadequate instructions for use or include inadequate warnings concerning possible side effects or interactions with other substances. A product liability claim or regulatory action against us could result in increased costs, adversely affect our reputation and goodwill with our customers, and could have a material adverse effect on our business, financial condition and operations. There can be no assurances that we will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage against potential liabilities. The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability claims could prevent or inhibit the commercialization of such products.

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

Manufacturers and distributors of consumer goods and products are sometimes subject to the recall or return of their products for a variety of reasons, including product defects, such as contamination, unintended harmful side effects or interactions with other substances, packaging safety and inadequate or inaccurate labeling disclosure. If any of the products produced by us are recalled due to an alleged product defect or for any other reason, we could be required to incur the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. We may lose a significant amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product recall may require significant management attention. Although we have detailed procedures in place for testing finished products, there can be no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls, regulatory action or lawsuits, whether frivolous or otherwise. Additionally, if any of the products produced by us were subject to recall, the reputation and goodwill of that product and/or us could be harmed. A recall for any of the foregoing reasons could lead to decreased demand for our products and could have a material adverse effect on our business, financial condition and results of operations. Additionally, product recalls may lead to increased scrutiny of our operations by Health Canada or other regulatory agencies, requiring further management attention, increased compliance costs and potential legal fees, fines, penalties and other expenses. Furthermore, any product recall affecting the cannabis industry more broadly could lead consumers to lose confidence in the safety and security of the products sold by participants in the industry generally, which could have a material adverse effect on our business, financial condition and operations.

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

We are and may in the future become party to regulatory proceedings, litigation, mediation, and/or arbitration from time to time in the ordinary course of business, which could adversely affect our business, financial condition and operations. Monitoring and defending against legal actions, with or without merit, can be time-consuming, divert management’s attention and resources and can cause us to incur significant expenses. In addition, legal fees and costs incurred in connection with such activities may be significant and we could, in the future, be subject to judgments or enter into settlements of claims for significant monetary damages. While we have insurance that may cover the costs and awards of certain types of litigation, the amount of insurance may not be sufficient to cover any costs or awards. Substantial litigation costs or an adverse result in any litigation may adversely impact our business, financial condition, or operations. Litigation, and any decision resulting therefrom, may also create a negative perception of our company. We are currently subject to class action proceedings in both the U.S. and Canada (as further detailed herein). Though we believe these to be without merit and intend to vigorously defend against the claims, there is no assurance that we will be successful.

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

We depend on fast, cost-effective, and efficient third-party courier services to distribute our product to both wholesale and retail customers. Any prolonged disruption of these courier services could have an adverse effect on our business, financial condition and operations. Rising costs associated with the courier service we use to ship our products may also adversely impact our business and our ability to operate profitably.

Due to the nature of our products, security during transportation is of the utmost concern. Any breach of the security measures during the transport or delivery of our products, including any failure to comply with recommendations or requirements of government regulators, whether intentional or not, could have a materially adverse impact on our ability to continue operating under our current licenses and may potentially impact our ability to renew such licenses.

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

Since our business revolves mainly around the growth and processing of cannabis, an agricultural product, the risks inherent with agricultural businesses apply to our business. Such risks may include disease and insect pests, among others. Cannabis growing operations consume considerable energy and any rise in energy costs may have a material adverse effect on our ability to produce cannabis, and therefore, our business, financial condition and results of operations.

Although we currently grow, and expect to grow, most of our cannabis in climate-controlled, monitored, indoor locations, some of our production takes place outdoors and there is no guarantee that changes in outside weather and climate will not adversely affect such production. Like other agricultural products, the quality of cannabis grown outdoors is affected by weather and the environment, which can change the quality or size of the harvest. If a weather event is particularly severe, such as a major drought or hurricane, the affected harvest could be destroyed or damaged to an extent that results in lost revenues. In addition, other items may affect the marketability of cannabis grown outdoors, including, among other things, the presence of non-cannabis related material, genetically modified organisms and excess residues of pesticides, fungicides, and herbicides. High degrees of quality variance can affect processing velocity and capacity utilization, as the process required to potentially upgrade lower quality product requires significant time and resources. There can be no assurance that natural elements will not have a material adverse effect on the production of our products and ultimately our business, financial condition and operations.

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

Our cannabis inventory in our cannabis operations and cannabis retail segments has a finite shelf life and is subject to obsolescence, expiration, spoilage, shrinkage, unacceptable quality, contamination or other declines in value prior to wholesale or retail sale. We have in the past, and may in the future, be required to record substantial write-downs or impairments related to loss of value in our cannabis inventory. In addition, our facilities may be subject to obsolescence, damage, loss of fair market value or other declines in value.

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

Our operations are subject to environmental and safety laws and regulations concerning, among other things, emissions and discharges to water, air, and land, the handling and disposal of hazardous and non-hazardous materials and wastes, and employee health and safety. We incur ongoing costs and obligations related to compliance with environmental and employee health and safety matters. Failure to obtain an environmental compliance approval under applicable regulations or otherwise comply with environmental and safety laws and regulations may result in additional costs for corrective measures, penalties or restrictions on our manufacturing operations. In addition, changes in environmental, employee health and safety or other laws, more vigorous enforcement thereof, or other unanticipated events could require extensive changes to our operations or give rise to material liabilities, which could have a material adverse effect on our business, financial condition and operations.

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

Over the past several years, changing weather patterns and climatic conditions due to natural and man-made causes have added to the unpredictability and frequency of extreme weather events such as severe weather, heat waves, wildfires, flooding, hailstorms, snowstorms, and the spread of disease and insect infestations. These events could damage, destroy or hinder the operations at our physical facilities, or the facilities of our suppliers or customers, and adversely affect our financial results as a result of decreased production output, increased operating costs or reduced availability of transportation.

Government action to address climate change, greenhouse gas (GHG) emissions, water and land use may result in the enactment of additional or more stringent laws and regulations that may require us to incur additional capital expenditures, pay higher taxes, increased transportation costs, or could otherwise adversely affect our financial conditions.

In addition, increasingly our employees, customers and investors expect that we minimize the negative environmental impacts of our operations Although we make efforts to create positive impacts where possible and anticipate potential costs associated with climate change, failure to mitigate the risks of climate change and adequately respond to their changing expectations as well as those of governments on environmental matters, could result in missed opportunities, additional regulatory scrutiny, loss of team members, customers and investors, and adverse impact on our brand and reputation.

We may not be able to protect our intellectual property.

Our success depends in part on our ability to own and protect our trademarks, patents, trade secrets and other intellectual property rights. We rely on certain trade secrets, technical know-how and proprietary information that are not protected by patents to maintain our competitive position. Our trade secrets, technical know-how and proprietary information, which are not protected by patents, may become known to or be independently developed by competitors. Even if we move to protect our intellectual property with trademarks, patents, copyrights or by other means, we are not assured that competitors will not develop similar technology and business methods or that we will be able to exercise our legal rights.

Other countries may not protect intellectual property rights to the same standards as does Canada, particularly in the U.S. where cannabis remains federally illegal. Policing the unauthorized use of current or future trademarks, patents, trade secrets or intellectual property rights could be difficult, expensive, time-consuming and unpredictable, as may be enforcing these rights against unauthorized use by others.

Actions taken to protect or preserve intellectual property rights may require significant financial and other resources such that said actions may have a materially adverse impact our ability to successfully grow our business. An adverse result in any litigation or defense proceedings could put one or more of the trademarks, patents or other intellectual property rights at risk of being invalidated or interpreted narrowly and could put existing intellectual property applications at risk of not being issued. Any or all of these events could materially and adversely affect our business, financial condition and operations.

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

Given the nature of our product and its lack of legal availability outside of channels approved by the Government of Canada, as well as the concentration of inventory in our facilities, despite meeting or exceeding Health Canada’s security requirements, there remains a risk of shrinkage as well as theft. A security breach at one of our facilities could expose us to additional liability, potentially costly litigation, increased expenses relating to the resolution and future prevention of these breaches and may deter potential customers from choosing our products.

In addition, we collect and store personal information about our customers and are responsible for protecting that information from privacy breaches. A privacy breach may occur through procedural or process failure, information technology malfunction, or deliberate unauthorized intrusions. Data theft for competitive purposes, particularly patient lists and preferences, is an ongoing risk whether perpetrated via employee collusion or negligence, or through a deliberate cyber-attack. Any such theft or privacy breach would have a material adverse effect on our business, reputation, financial condition and results of operations.

Furthermore, there are several federal and provincial laws protecting the confidentiality of certain patient health information, including patient records, and restricting the use and disclosure of that protected information. In particular, the privacy rules under the Personal Information Protection and Electronics Documents Act (Canada) (“PIPEDA”), protect medical records and other personal health information by limiting their use and disclosure of health information to the minimum level reasonably necessary to accomplish the intended purpose. If we were found to be in violation of the privacy or security rules under PIPEDA or other laws protecting the confidentiality of patient health information, we could be subject to sanctions and civil or criminal penalties, which could increase our liabilities, harm our reputation, and have a material adverse effect on our business, financial condition and operations.

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

We have entered into agreements with third parties for hardware, software, telecommunications and other information technology services in connection with our operations. Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems

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and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, intentional damage and destruction, fire, power loss, hacking, computer viruses, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems, depending on the nature of any such failure, could adversely impact our business, financial condition and operations.

Cyber-attacks could result in important remediation costs, increased cybersecurity costs, lost revenues due to a disruption of activities, litigation, and reputational harm affecting customer and investor confidence, which ultimately could materially adversely affect our business, financial condition and operations.

In December 2020, the Company was the target of a cybersecurity incident that involved the theft of company information. The subsequent investigation identified that certain personally identifiable information of our employees and consumers was compromised. It also confirmed that our patient database was not compromised, and our performance and financial information was not impacted. All impacted individuals were notified, as were all required government privacy offices.

We have not experienced any material losses to date relating to cyber-attacks or other information security breaches, but there can be no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access is a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

Globally, cybersecurity incidents have increased in number and severity and it is expected that these external trends will continue. In response to this incident, or any potential future incident, we may incur substantial costs which may include:

•remediation costs, such as liability for stolen information, repairs to system or data damage, or implementation of new security;

•measures in response to the evolving security landscape; and

•legal expenses, including costs related to litigation, regulatory actions or penalties.

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

We have in the past, and may in the future, seek strategic acquisitions. Our ability to identify and consummate any future potential acquisitions on terms that are favorable to us may be limited by the number of attractive acquisition targets, internal demands on our resources and, to the extent necessary, our ability to obtain financing on satisfactory terms, if at all. Over the past few years, we have completed a number of such acquisitions.

Material acquisitions, dispositions, and other strategic transactions involve a number of risks, including: (i) potential disruption of our ongoing business; (ii) distraction of management; (iii) increased financial leverage; (iv) the anticipated benefits and cost savings of those transactions may not be realized fully, or at all, or may take longer to realize than expected; (v) increased scope and complexity of our operations; and (vi) loss or reduction of control over certain of our assets.

The presence of one or more material liabilities and/or commitments of an acquired company that are unknown to us at the time of acquisition could have a material adverse effect on our business, financial condition and operations. A strategic transaction may result in a significant change in the nature of our business, operations and strategy. In addition, we may encounter unforeseen obstacles or costs in implementing a strategic transaction or integrating any acquired business into our existing operations.

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

Aurora Cannabis Inc. is a holding company. Essentially all of our operating assets are the capital stock of our subsidiaries and substantially all of our business is conducted through subsidiaries which are separate legal entities. Consequently, our cash flows and ability to pursue future business and expansion opportunities are dependent on the earnings of our subsidiaries and the distribution of those earnings to us. The ability of these entities to pay dividends and other distributions will depend on their operating results and will be subject to applicable laws and regulations which require that solvency and capital standards be maintained by such companies and contractual restrictions contained in the instruments governing their debt. In the event of a bankruptcy, liquidation or reorganization of any of our subsidiaries, holders of indebtedness and trade creditors will generally be entitled to payment of their claims from the assets of those subsidiaries before any assets are made available for distribution to us.

The price of our Common Shares has historically been volatile. This volatility may affect the value of your investment in Aurora, the price at which you could sell our Common Shares and the sale of substantial amounts of our Common Shares could adversely affect the price of our Common Shares and the value of your convertible debentures/notes.

The market price for Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control, including the following:

•actual or anticipated fluctuations in our results of operations;

•recommendations by securities research analysts;

•changes in the economic performance or market valuations of companies in the same industry in which we operate;

•addition or departure of our executive officers and other key personnel;

•release or expiration of transfer restrictions on outstanding Common Shares;

•sales or perceived sales of additional Common Shares;

•operating and financial performance that varies significantly from the expectations of management, securities analysts and investors;

•regulatory changes affecting the Company’s industry, business and operations;

•announcements of developments and other material events by us or our competitors;

•fluctuations in the costs of vital production inputs, materials and services;

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•changes in global financial markets, global economies and general market conditions, such as interest rates and product price volatility;

•significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors;

•operating and share price performance of other companies that investors deem comparable to us; and

•news reports relating to trends, concerns, technological or competitive developments, regulatory changes and other related issues in the Company’s industry or target markets.

Financial markets have recently experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values, or prospects of such companies. Such volatility has been particularly evident with regards to the share prices of medical cannabis companies that are public issuers in Canada. Accordingly, the market price of Common Shares may decline even if our operating results, underlying asset values, or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are lasting and not temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in share price and volume will not occur. If such increased levels of volatility and market turmoil continue, our operations could be adversely impacted, and the trading price of Common Shares may be materially adversely affected.

It is not anticipated that any dividend will be paid to holders of our Common Shares for the foreseeable future.

No dividends on our Common Shares have been paid to date. We currently intend to retain future earnings, if any, for future operation and expansion. Our board of directors has the discretion to declare dividends and to prescribe the timing, amount and payment of such dividends. Such decision will depend upon our future earnings, cash flows, acquisition capital requirements and financial condition, and other relevant factors that our Board may deem relevant.

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

We may sell or issue additional equity securities in subsequent offerings (including through the sale of securities convertible into equity securities and the issuance of equity securities in connection with acquisitions). We cannot predict the size of future issuances of equity securities or the size and terms of future issuances of debt instruments or other securities convertible into equity securities or the effect, if any, that future issuances and sales of our securities will have on the market price of our Common Shares.

Additional issuances of our securities may involve the issuance of a significant number of Common Shares at prices less than the current market prices. Issuances of a substantial number of Common Shares, or the perception that such issuances could occur, may adversely affect prevailing market prices of our Common Shares. Any transaction involving the issuance of previously authorized but unissued Common Shares, or securities convertible into Common Shares, may result in significant dilution to security holders.

Sales of substantial amounts of our securities by us or our existing shareholders, or the availability of such securities for sale, could adversely affect the prevailing market prices for our securities and dilute investors’ earnings per share. Exercises of presently outstanding share options or warrants may also result in dilution to security holders. A decline in the market prices of our securities could impair our ability to raise additional or sufficient capital through the sale of securities should we desire to do so.

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

Our management will have substantial discretion concerning the use of proceeds from any future share sales and financing transactions, as well as the timing of the expenditure of the proceeds thereof. As a result, investors will be relying on the judgment of management as to the specific application of the proceeds of any future sales. Management may use the net proceeds in ways that an investor may not consider desirable. The results and effectiveness of the application of the net proceeds are uncertain.

The regulated nature of our business may impede or discourage a takeover, which could reduce the market price of our Common Shares and the value of any outstanding convertible debentures/notes.

We require and hold various government licenses to operate our business, which would not necessarily continue to apply to an acquirer of our business following a change of control. These licensing requirements could impede a merger, amalgamation, takeover, or other business combination involving us or discourage a potential acquirer from making a tender offer for our Common Shares, which, under certain circumstances, could reduce the market price of our Common Shares.

There is no assurance we will continue to meet the listing standards of Nasdaq and the TSX.

We must meet continuing listing standards to maintain the listing of our Common Shares on Nasdaq and the TSX. If we fail to comply with listing standards and Nasdaq and/or the TSX delists our Common Shares, we and our shareholders could face significant material adverse consequences, including:

•a limited availability of market quotations for our Common Shares;

•reduced liquidity for our Common Shares;

•a determination that our Common Shares are “penny stock”, which would require brokers trading in our Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Common Shares;

•a limited amount of news and analyst coverage of us; and

•a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future.

As a public company, Aurora is subject to evolving corporate governance and public disclosure regulations that may from time to time increase both our compliance costs and the risk of non-compliance, which could adversely impact the price of our Common Shares.

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

We are subject to the public company reporting obligations under the Securities Exchange Act of 1934 (the "U.S. Exchange Act") and the

rules and regulations regarding corporate governance practices, including those under the Sarbanes-Oxley Act ("SOX"), the Dodd-Frank Act, and the listing requirements of Nasdaq. We incur significant legal, accounting, reporting and other expenses in order to maintain a dual listing on both the TSX and Nasdaq. Moreover, our listing on both the TSX and Nasdaq may increase price volatility due to various factors, including the ability to buy or sell Common Shares, different market conditions in different capital markets and different trading volumes. In addition, low trading volume may increase the price volatility of our Common Shares.

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

Under Section 404, we are required to design, document and test the effectiveness of our internal controls over financial reporting (“ICFR”) during the financial year ended March 31, 2024. ICFR are designed to provide reasonable assurance that our financial reporting is reliable and that its financial statements have been prepared in accordance with IFRS. Regardless of how well controls are designed, internal controls have inherent limitations and can only provide reasonable assurance that the controls are meeting our objectives in providing reliable financial reporting information in accordance with IFRS. Effective internal controls are required for us to provide reasonable assurance that our financial results and other financial information are accurate and reliable. Any failure to design, develop or maintain effective controls, or difficulties encountered in implementing, improving or remediation lapses in internal controls may affect our ability to prevent fraud, detect material misstatements, and fulfill our reporting obligations. As a result, investors may lose confidence in our ability to report timely, accurate and reliable financial and other information, which may expose us to certain legal or regulatory actions, thus negatively impacting our business, the trading process of our Common Shares and market value of other securities.

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

We are organized and exist under the laws of British Columbia, Canada and, accordingly, are governed by the Business Corporations Act

(British Columbia) (the "BCBCA"). The BCBCA differs in certain material respects from laws generally applicable to U.S. corporations and

shareholders, including the provisions and proceedings relating to interested directors, mergers, amalgamations, restructuring, takeovers,

shareholders’ suits, indemnification of directors, and inspection of corporation records.

We are a foreign private issuer within the meaning of the rules under the U.S. Exchange Act, and as such is exempt from certain provisions applicable to U.S. domestic issuers.

Because we are a “foreign private issuer” under the U.S. Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the U.S. that are applicable to U.S. domestic issuers, including:

•the rules under the U.S. Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

•the sections of the U.S. Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of securities registered under the U.S. Exchange Act;

•the sections of the U.S. Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

•the selective disclosure rules by issuers of material non-public information under Regulation Fair Disclosure.

We are required to file an annual report on Form 40-F with the U.S. Securities and Exchange Commission (the "SEC") within three months of the end of each fiscal year. We do not intend to voluntarily file annual reports on Form 10-K and quarterly reports on Form 10-Q in lieu of Form 40-F requirements. For so long as we choose to only comply with foreign private issuer requirements, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information which would be made available to you if you were investing in a U.S. domestic issuer.

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

A foreign visitor who is involved either directly or indirectly in the cannabis industry may be subject to increased border scrutiny when attempting to enter the U.S. Multiple states have legalized aspects of cannabis production, sale and consumption; however, cannabis remains illegal federally in the U.S. The U.S. Customs and Border Protection previously advised that border agents may deem a foreign visitor who is involved, either directly or indirectly, in a state-legal cannabis industry as inadmissible. While unassociated trips to the U.S. may not result in problems entering the U.S., a foreign visitor attempting to enter the U.S. to proliferate cannabis-associated business may be deemed inadmissible, at the discretion of the border agents. As a company with operations in both the U.S. and Canada, inability of our employees or counterparties to enter the U.S. could harm our ability to conduct our business.

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

Because cannabis remains illegal federally in the U.S., U.S. banks and financial institutions remain wary of accepting funds from businesses in the cannabis industry, as such funds may technically be considered proceeds of crime. Consequently, businesses involved in the cannabis industry continue to have trouble establishing banking infrastructure and relationships. The inability or limitation on our ability to open or maintain a bank account in the U.S. or other foreign jurisdictions, obtain other banking services and/or accept credit card and debit card payments may make it difficult to operate and conduct business in the U.S. or other foreign jurisdictions.

40 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

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

The Company is exposed to the risk that its employees, independent contractors and consultants may engage in fraudulent or other illegal activity. Misconduct by these parties could include intentional, reckless and/or negligent conduct that violates: (i) government regulations; (ii) manufacturing standards; (iii) federal and provincial healthcare fraud and abuse laws and regulations; or (iv) laws that require the true, complete and accurate reporting of financial information or data. It is not always possible for the Company to identify and deter misconduct by its employees and other third parties, and the precautions taken by the Company to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting the Company from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws or regulations. If any such actions are instituted against the Company, and it is not successful in defending itself or asserting its rights, those actions could have a significant impact on the Company’s business, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of the Company’s operations, any of which could have a material adverse effect on the Company’s business, financial condition and results of operations.

Our business may be subject to disruptions as a result of health epidemics and other infectious diseases.

A local, regional, national or international outbreak of a contagious disease, such as COVID-19, or the fear of a potential outbreak, could decrease the willingness of the general population to travel, cause staff shortages, reduced customer traffic, supply shortages and increased government regulation all of which may negatively impact the business, financial condition and results of operations of the Company. The risk of a pandemic, or public perception of the risk, could cause customers to avoid public places, including retail properties, and could cause temporary or long-term disruptions in our supply chains and/or delays in the delivery of our inventory. Further, such risks could also adversely affect the financial condition of the Company's customers, resulting in reduced spending for the products we sell. Moreover, an epidemic, pandemic, outbreak or other public health crisis, such as COVID-19, could cause employees to avoid Company properties, which could adversely affect the Company’s ability to adequately staff and manage its businesses. “Shelter-in-place” or other such orders by governmental entities could also disrupt our operations, if employees who cannot perform their responsibilities from home, are not able to report to work. Risks related to an epidemic, pandemic or other health crisis could also lead to the complete or partial closure of one or more of our stores, facilities or operations of the Company’s sourcing partners. The ultimate extent of the impact of any epidemic, pandemic or other health crisis on our business, financial condition and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of such epidemic, pandemic or other health crisis and actions taken to contain or prevent their further spread, among others. These and other potential impacts of an epidemic, pandemic or other health crisis, such as COVID-19, could therefore materially and adversely our business, financial condition and results of operations.

On May 5, 2023, the World Health Organization declared that the COVID-19 pandemic would no longer qualify as a global health emergency. However, the duration and full financial effects of the COVID-19 global health pandemic are unpredictable at this time, as are the measures taken by governments, companies and others to attempt to address any future spread of COVID-19 and its impact. Any estimate of the length and severity of these developments is therefore subject to significant uncertainty, and accordingly estimates of the extent to which COVID-19 may materially and adversely affect the Company’s operations, financial results and condition in future periods are also subject to significant uncertainty.

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

There have been a number of highly publicized cases involving lung and other illnesses and deaths that appear to be related to vaporizer devices and/or products used in such devices (such as vaporizer liquids). The focus is currently on the vaporizer devices, the manner in which the devices were used and the related vaporizer device products - THC, nicotine, other substances in vaporizer liquids, possibly adulterated products and other illegal unlicensed cannabis vaporizer products. Some states, provinces, territories and cities in Canada and the U.S. have already taken steps to prohibit the sale or distribution of vaporizers, restrict the sale and distribution of such products or impose restrictions on flavors or use of such vaporizers. This trend may continue, accelerate and expand.

Cannabis vaporizers in Canada are regulated under the Cannabis Act and the regulations enacted under the Cannabis Act. Negative public sentiment may prompt regulators to decide to further limit or defer the industry’s ability to sell cannabis vaporizer products, and may also diminish consumer demand for such products. For instance, Health Canada has proposed new regulations that would place stricter limits on the advertising and promotion of vaping products and make health warnings on vaping products mandatory, although such regulations explicitly exclude cannabis and cannabis accessories. The provincial governments in Quebec, Alberta and Newfoundland and Labrador have imposed provincial regulatory restrictions on the sale of cannabis vape products. These actions, together with potential deterioration in the public’s perception of cannabis containing vaping liquids, may result in a reduced market for our vaping products. There can be no assurance that we will be able to meet any additional compliance requirements or regulatory restrictions, or remain competitive in face of unexpected changes in market conditions.

This controversy could well extend to non-nicotine vaporizer devices and other product formats. Any such extension could materially and adversely affect our business, financial condition, operating results, liquidity, cash flow and operational performance. Litigation pertaining to vaporizer products is accelerating and that litigation could potentially expand to include our products, which would materially and adversely affect our business, financial condition, operating results, liquidity, cash flow and operational performance.

Vaporizers, electronic cigarettes and related products were recently developed and therefore the scientific or medical communities have had a limited period of time to study the long-term health effects of their use. Currently, there is limited scientific or medical data on the safety of such products for their intended use and the medical community is still studying the health effects of the use of such products, including the long-term health effects. If the scientific or medical community were to determine conclusively that use of any or all of these products pose long-term health risks, market demand for these products and their use could materially decline. Such a determination could also lead to litigation, reputational harm and significant regulation. Loss of demand for our product, product liability claims and increased regulation stemming from unfavorable scientific studies on cannabis vaporizer products could have a material adverse effect on our business, results of operations and financial condition.

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

Given the early stage of the cannabis industry, we rely largely on our own market research and internal data to forecast industry trends and statistics as detailed forecasts are, with certain exceptions, not generally available from other sources. A failure in the demand for our products to materialize as a result of competition, technological change, change in the regulatory or legal landscape or other factors could have a material adverse effect on our business, financial condition and results of operations.

The Canadian excise duty framework affects profitability.

Canada’s excise duty framework imposes an excise duty and various regulatory-like restrictions on certain cannabis products sold in Canada. We currently hold licenses issued by the CRA required to comply with this excise framework. Any change in the rates or application of excise duty to cannabis products sold by us in Canada, and any restrictive interpretations by the CRA or the courts of the provisions of the Excise Act, 2001 (which may be different than those contained in the Cannabis Act) may affect our profitability and ability to compete in the market.

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

We may hedge or enter into forward sales of our forecasted right to purchase cannabis. Hedging involves certain inherent risks including: (i) credit risk (the risk that the creditworthiness of a counterparty may adversely affect its ability to perform its payment and other obligations under its agreement with us or adversely affect the financial and other terms the counterparty is able to offer us); (ii) market liquidity risk (the risk that we have entered into a hedging position that cannot be closed out quickly, by either liquidating such hedging instrument or by establishing an offsetting position); and (iii) unrealized fair value adjustment risk (the risk that, in respect of certain hedging products, an adverse change in market prices for cannabis will result in us incurring losses in respect of such hedging products as a result of the hedging products being out-of-the-money on their settlement dates).

There can be no assurance that a hedging program designed to reduce the risks associated with price fluctuations will be successful. Although hedging may protect us from adverse changes in price fluctuations, it may also prevent us from fully benefiting from positive changes in price fluctuations.

Disclosure Controls and Procedures and Internal Controls over Financial Reporting

Disclosure Controls and Procedures

As required by National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings and Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures(“DC&P”) (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Annual Report. Disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the CSA and SEC.

Based upon the evaluation, our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) have concluded that our disclosure controls and procedures were not effective as of March 31, 2024 at the reasonable assurance level due to the material weaknesses described below under “Management’s Assessment on Internal Control Over Financial Reporting.” As a result of the material weaknesses identified, we performed additional analysis and other post-closing procedures. Notwithstanding these material weaknesses, management has concluded that the consolidated financial statements included in this Annual Report present fairly, in all material respects, the financial position of the Company at March 31, 2024 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board and KPMG LLP, an independent registered accounting firm, has issued an unqualified opinion on our consolidated financial statements as of and for the year ended March 31, 2024.

Changes to Internal Control over Financial Reporting

In fiscal 2024, the Company experienced changes that materially affected or are reasonably likely to continue to materially affect the Company’s internal controls over financial reporting (“ICFR”). Management has continued efforts to develop and enhance the performance of ICFR, as described below.

Continued Enhancement of Internal Controls over Financial Reporting

In fiscal 2024, management implemented a number of business process and control improvements to address known control deficiencies and continue to enhance the Company’s control environment, including:

•Continuing to improve controls over management’s review of company data, information, assumption and estimates

•Modifying existing controls and implementing new controls that operated effectively to address known system limitations regarding assurance and segregation of duties

•The ongoing implementation of ICFR within the Bevo Agtech Inc. business component

Aside from these initiatives and the identified material weaknesses resulting from this work and testing of controls as described in management’s assessment of ICFR below, no changes to the Company’s ICFR occurred during the quarter that have materially affected, or are likely to materially affect, the Company’s ICFR.

42 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

Acquisition of Indica Industries Pty Ltd.

On February 7, 2024, the Company acquired Indica Industries Pty Ltd. (Australia), triggering the Company’s business combination controls as well as select internal integration activities. While management has extended its oversight and monitoring processes that support our ICFR, we continue to review and assess Indica Industries Pty Ltd.’s ICFR framework, which may result in additions or changes to the Company’s overall ICFR or processes.

Management’s Assessment on Internal Control over Financial Reporting

In accordance with National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings and as required by Rule 13a-15(f) and 15d-5(f) of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, management is responsible for establishing and maintaining adequate internal controls over financial reporting (“ICFR”). The Company’s management, including the CEO and CFO, has designed ICFR based on the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework”) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with IFRS.

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

Management, under the supervision and with the participation of our CEO and CFO and oversight of the Board of Directors, evaluated the effectiveness of our ICFR as of March 31, 2024 against the COSO Framework. Based on this evaluation, management concluded that material weaknesses existed as of March 31, 2024, as described below, and due to these material weaknesses, ICFR is not effective as of March 31, 2024.

Process Level Control Activities: The Company did not consistently execute and document sufficiently precise management review controls over key assumptions, estimates and period cut-off controls over payable accruals, as well as controls over review of data inputs, completeness of data entry, and the accuracy of mathematical formulas within spreadsheets. This deficiency impacts property, plant & equipment, biological assets and inventory, goodwill and impairment, purchase price accounting, accounts payable, and financial statement close processes.

Insufficient Segregation of Duties and Personnel at Bevo Agtech Inc.:Specific to the Bevo Agtech Inc. business component and due to both staffing limitations resulting in lack of segregation of duties and limited experience of personnel in key roles in implementing and performing ICFR, the Company had an aggregation of pervasive deficiencies across IT General Controls as well as business processes including manual journal entries, treasury and cash management, payroll, production and inventory, revenue and receivables, and financial reporting processes.

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

KPMG LLP, an independent registered public accounting firm, has audited the Company’s consolidated financial statements and has issued an adverse report on the effectiveness of Internal Control over Financial Reporting.

Management has excluded the acquisition of a controlling interest in Indica Industries Pty Ltd. from its assessment of effectiveness of DC&P and ICFR as of March 31, 2024.

Selected financial information from the statement of earnings for the excluded controls related to the acquired business

($ thousands)
Revenue	2,754
Net loss	(879)

Selected financial information from the statement of financial position for the excluded controls related to acquired business

($ thousands)
Current Assets	28,153
Non-current Assets	14,796
Current Liabilities	2,572
Non-Current Liabilities	247

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As the goodwill and intangible assets acquired in the Indica Industries Pty Ltd. acquisition were tested as part of the Company’s testing of DC&P and ICFR, as applicable, it has been excluded from the table above.

Remediation Plan

Management, with oversight from the Audit Committee will continue to implement remediation measures related to the identified material weaknesses, with a continued focus on reducing the reliance on manual review procedures over data and information in key business processes, providing training to control owners, hiring additional staff to enable the performance of timely internal controls, and enhancement to business processes and controls as the Company continues to mature. The Company’s ERP transformation is a critical step to reducing our dependency on manual review controls.

Additionally, management is actively working to improve the robustness of source data used in key assumptions and estimates, including data used in business and operational forecasting, and believes that the precision of assumptions and estimates will continue to improve as additional market and historical company data becomes available as the industry matures.

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

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

•plans for the repayment of the balance of the outstanding convertible notes at maturity and the potential to repurchase some of the remaining outstanding convertible notes prior to maturity;

•expectations regarding production capacity, costs and yields;

•statements made under the heading “Our Strategy”;

•statements made with respect to the anticipated disposition of legal claims disclosed under the heading “Contingencies”;

•the Company’s strategy and path to deliver profitability and achieve positive free cash flow in calendar 2024;

•the Bevo business and associated benefits to the Company, including, but not limited to, those in respect of revenues and the creation of long-term value;

•expectations for the plant propagation segment, including contributions from the Sky and Sun facilities;

•future strategic opportunities;

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

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

•the repositioning and improvements in the Company’s consumer business, and associated benefits to the business including, but not limited to, its ability to contribute towards profitability;

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

•product portfolio and innovation, and associated revenue growth and impact on future long-term success;

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

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

•the availability of funds under the Company’s 2023 Shelf Prospectus, and

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

Forward looking information or statements contained in this document have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable.

Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management’s estimates of consumer demand in Canada and in

44 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management’s estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, COVID-19, and other risks as set out under “Risk Factors” contained herein. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements.

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

Cautionary Statement Regarding Certain Non-GAAP Performance Measures

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

•Cannabis net revenue represents revenue from the sale of cannabis products, excluding excise taxes. Cannabis net revenue is further broken down as follows:

◦Medical cannabis net revenue represents Canadian and international cannabis net revenue for medical cannabis sales only.

◦Consumer cannabis net revenue represents cannabis net revenue for consumer cannabis sales only.

◦Wholesale bulk cannabis net revenue represents cannabis net revenue for wholesale bulk cannabis only.

•Management believes the cannabis net revenue measures provide more specific information about the net revenue purely generated from our core cannabis business and by market type.

•Average net selling price of dried cannabis excluding bulk sales, is calculated by taking net revenue from dried cannabis, less net revenue from wholesale bulk cannabis sold in the period, which is then divided by total grams and gram equivalent of cannabis sold in the period. Management believes the average net selling price per gram or gram equivalent measure provides more specific information about the pricing trends over time

•Gross profit and margin before FV adjustments on cannabis net revenue is calculated by subtracting (i) cost of sales, before the effects of changes in FV of biological assets and inventory, and (ii) cost of sales from plant propagation ancillary support functions, from total cannabis net revenue. Gross margin before FV adjustments on cannabis net revenue is calculated by dividing gross profit before FV adjustments on cannabis net revenue divided by cannabis net revenue. Management believes that these measures provide useful information to assess the profitability of our cannabis operations as it excludes the effects of non-cash FV adjustments on inventory and biological assets, which are required by IFRS.

•Adjusted gross profit and margin before FV adjustments on cannabis net revenue represents cash gross profit and gross margin on cannabis net revenue and is calculated by subtracting from total cannabis net revenue (i) cost of sales, before the effects of changes in FV of biological assets and inventory; (ii) cost of sales from plant propagation ancillary support functions; and removing (iii) depreciation in cost of sales; (iv) cannabis inventory impairment; and (v) business transformation, non-recurring, and out-of-period adjustments. Adjusted gross margin before FV adjustments on cannabis net revenue is calculated by dividing adjusted gross profit before FV adjustments on cannabis net revenue divided by cannabis net revenue. Adjusted gross profit and gross margin before FV adjustments on cannabis net revenue is further broken down as follows:

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

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

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

•Management believes that these measures provide useful information to assess the profitability of our cannabis operations as it represents the cash gross profit and margin generated from cannabis operations and excludes (i) out-of-period adjustments to provide information that reflects current period results; and (ii) excludes the effects of non-cash FV adjustments on inventory and biological assets, which are required by IFRS.

•Adjusted EBITDA is calculated as net income (loss) from continuing operations excluding income tax expense (recovery), other income (expenses), share-based compensation, depreciation and amortization, acquisition costs, changes in fair value of inventory sold, inventory impairment adjustments, changes in fair value of biological assets, costs related to our business transformation, out-of-period adjustments, non-recurring items and costs related to business operations focused on developing international markets prior to commercialization. Adjusted EBITDA is intended to provide a proxy for the Company’s operating cash flow and is widely used by industry analysts to compare Aurora to its competitors, and derive expectations of future financial performance for Aurora, and excludes out-of-period adjustments that are not reflective of current operating results.

•Management believes that working capital is an important liquidity measure and is defined as current assets less current liabilities as stated on the Company’s Consolidated Statements of Financial Position.

•Management believes that cash used in operating activities, before changes in non-cash working capital and net cash used from discontinued operations, is an important liquidity measure as it excludes investments in working capital.

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

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•Adjusted R&D is defined as R&D, less business transformation, non-recurring and out-of-period costs. Management believes this measure provides useful information to assess the recurring costs of our operations.

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

46 | AURORA CANNABIS INC. 2024 ANNUAL REPORT

EX-99.7

{00269672:2} Responsible Growth Toward Bold New Horizons ANNUAL INFORMATION FORM For the financial year ended March 31, 2024 June 20, 2024

1 | P a g e WHAT’S INSIDE: FORWARD-LOOKING STATEMENTS ............................................................................ 1 CORPORATE STRUCTURE ............................................................................................ 3 GENERAL DEVELOPMENT OF THE BUSINESS ........................................................... 3 DESCRIPTION OF THE BUSINESS .............................................................................. 10 RISK FACTORS ............................................................................................................. 20 DESCRIPTION OF CAPITAL STRUCTURE .................................................................. 33 MARKET FOR SECURITIES .......................................................................................... 34 ESCROWED SECURITIES ............................................................................................. 35 DIRECTORS AND OFFICERS ....................................................................................... 35 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ............................................. 38 INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ..... 39 TRANSFER AGENT AND REGISTRARS ...................................................................... 39 MATERIAL CONTRACTS .............................................................................................. 39 INTEREST OF EXPERTS ............................................................................................... 39 AUDIT COMMITTEE ....................................................................................................... 39 ADDITIONAL INFORMATION ........................................................................................ 40 SCHEDULE “A”: AUDIT COMMITTEE CHARTER ....................................................... 41

2 | P a g e ANNUAL INFORMATION FORM In this Annual Information Form, unless otherwise noted or the context indicates otherwise, the “Company”, “Aurora”, “we”, “us” and “our” refer to Aurora Cannabis Inc. and its subsidiaries. All financial information in this Annual Information Form is prepared in Canadian dollars, unless otherwise indicated, and using International Financial Reporting Standards as issued by the International Accounting Standards Board. The information contained herein is dated as of June 20, 2024, unless otherwise stated. FORWARD-LOOKING STATEMENTS This Annual Information Form contains certain statements which may constitute “forward-looking information” and “forward- looking statements” within the meaning of Canadian securities law requirements (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this Annual Information Form and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this Annual Information Form include, but are not limited to, statements with respect to:  pro forma measures including revenue, cash flow, adjusted gross margin before fair value adjustments, expected selling, general and administrative (“SG&A”) run-rates, and grams produced;  the strategy of the Company and other matters discussed under the heading “Our Strategy”;  the anticipated disposition of legal claims disclosed under the heading “Legal Proceedings and Regulatory Actions”;  the Company’s ability to deliver positive EBITDA and operating cash flow;  the Company’s ability to fund operations until the Company is cash flow positive;  planned cost efficiencies, including, but not limited to, operational efficiencies and other reductions in SG&A expenses;  expectations related to the development and legalization of adult recreational and medical markets;  growth opportunities, including the expansion into additional international adult recreational markets;  expectations related to the Company’s ability to participate in the adult recreational market in Germany when it opens;  the Company’s product portfolio and innovation;  competitive advantages including, but not limited to, medical and scientific leadership, multi-jurisdictional regulatory expertise, and the Company’s ongoing investment in cannabis breeding and genetics; and  the acquisitions of MedReleaf Australia and Thrive and the majority interest in Bevo, and the associated benefits. Forward looking information or statements contained in this Annual Information Form have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward- looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management’s estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management’s estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crise ,and other risks as set out under “Risk Factors” contained herein. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on the information available to the Company on the date hereof, no assurance can be given as to future results, approvals or achievements. Forward-looking statements contained in this Annual Information Form and in the documents incorporated by reference herein are expressly qualified by this cautionary statement.

3 | P a g e KEY TERMS ACE Aurora Cannabis Enterprises Inc., a wholly owned subsidiary of the Company and license-holder AIF or Annual Information Form this annual information form of the Company dated June 20, 2024 for the financial year ended March 31, 2024 Aurora or the Company Aurora Cannabis Inc. Aurora Coast Aurora’s research facility dedicated to cannabis breeding located in Comox, British Columbia Aurora Germany Aurora Deutschland GmbH, a wholly owned subsidiary of the Company Aurora River Aurora’s production facility located in Bradford, Ontario BCBCA Business Corporations Act (British Columbia) Bevo Bevo Agtech Inc., of which the Company owns a controlling (50.1%) interest Board Board of Directors of the Company Cannabis Act Cannabis Act (S.C. 2018, c. 16), which sets out the legal framework for controlling the production, distribution, sale and possession of cannabis across Canada Cannabis Regulations the regulations enacted under the Cannabis Act that set out the rules and standards that apply to the production, distribution, sale, importation and exportation of cannabis by federal licence holders CannaHealth CannaHealth Therapeutics Inc., a company with assets in the Canadian medical aggregator space which the Company acquired on September 30, 2022 CanniMed CanniMed Therapeutics Inc., a former wholly owned subsidiary of the Company which amalgamated to form ACE on July 1, 2020 CanvasRx CanvasRx Inc., a wholly owned subsidiary of the Company CBD cannabidiol, an active ingredient and one of the primary cannabinoids derived from cannabis plants Common Shares common shares in the capital of the Company COVID-19 the novel coronavirus known as COVID-19 CUMCS Control Union Medical Cannabis Standard GACP certification, the leading certification standard for medical cannabis cultivation EBITDA earnings before interest, taxes, depreciation, and amortization EU European Union Health Canada the Canadian Ministry of Health for Canada having regulatory oversight over and administration of the Cannabis Act GMP Good Manufacturing Practices Industrial Hemp Regulations the regulations enacted under the Cannabis Act that set out the rules and standards that apply to the commercial production of industrial hemp KPMG KPMG LLP, an independent registered public accounting firm and the Company’s auditors Licensed Producer an entity that holds all valid licenses in the jurisdiction it operates to cultivate cannabis MedReleaf MedReleaf Corp., a former wholly owned subsidiary of the Company which amalgamated to form ACE on July 1, 2020 MedReleaf Australia Indica Industries Pty Ltd., (dba MedReleaf Australia), a wholly owned subsidiary of the Company, which was fully acquired on February 7, 2024 Nasdaq Nasdaq Capital Market NI 51-102 National Instrument 51-102 - Continuous Disclosure Obligations adopted by the Canadian Securities Administrators NI 52-110 National Instrument 52-110 - Audit Committees adopted by the Canadian Securities Administrators SEC U.S. Securities and Exchange Commission TGA Australia's Therapeutic Goods Administration THC tetrahydrocannabinol, the principal psychoactive constituent of cannabis Thrive Thrive Cannabis Inc., a wholly owned subsidiary of the Company TSX Toronto Stock Exchange UK United Kingdom U.S. or USA United States of America U.S. Exchange Act Securities Exchange Act of 1934 WMMC Whistler Medical Marijuana Inc., a wholly owned subsidiary of the Company

4 | P a g e CORPORATE STRUCTURE Name, Address and Incorporation The Company was incorporated under the BCBCA on December 21, 2006 under the name “Milk Capital Corp”. Effective October 2, 2014, the Company changed its name to “Aurora Cannabis Inc.”. The Company’s head office is located at 2207-90b Street SW, Edmonton, Alberta, T6X 1V8, and its registered office is located at Suite 1700, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8. The Common Shares are listed on the TSX and Nasdaq under the trading symbol “ACB” and on the Frankfurt Stock Exchange under the symbol “21P”. Until May 24, 2021, the Common Shares were listed on the NYSE. On May 24, 2021, the Common Shares were delisted from the NYSE in order to list on the Nasdaq. Aurora is a reporting issuer in all of the provinces of Canada and is reporting in the U.S. under the Securities Act of 1933. On February 20, 2024, the Company completed a one-for-ten (1:10) reverse share split of all of its issued and outstanding Common Shares (the “Share Consolidation”), resulting in a reduction in the issued and outstanding Common Shares from 545,457,970 to 54,545,797. Common Shares reserved under the Company’s equity and incentive plans were adjusted to reflect the Share Consolidation. All Common Share and per share data presented in this AIF have been retroactively adjusted to reflect the Share Consolidation unless otherwise noted. Intercorporate Relationships As of the date of this AIF, the Company operates its businesses through the following material wholly owned subsidiaries:  Aurora Cannabis Enterprises Inc., a holder of licenses under the Cannabis Act, which was formed under the Business Corporations Act (Alberta) on July 1, 2020 through the amalgamation of MedReleaf, CanniMed, CanniMed Ltd., Prairie Plant Systems Ltd. and the former Aurora Cannabis Enterprises Inc.,  Aurora Germany, a limited liability company under German law, which is a registered wholesale importer, exporter and distributor of medical cannabis in Germany and which we acquired on May 30, 2017.  CannaHealth, a company with assets in the Canadian medical aggregator space and incorporated under the Business Corporations Act (Ontario), which we acquired on September 20, 2022.  Thrive, a holder of licenses under the Cannabis Act, which was incorporated under the Business Corporations Act (Ontario). We acquired Thrive on May 5, 2022.  WMMC, a holder of licenses under the Cannabis Act, which was incorporated under the BCBCA and holds the WMMC Pemberton Facility. We acquired WMMC on March 1, 2019.  MedReleaf Australia, a licensed medical cannabis company operating in Australia, which was fully acquired on February 7, 2024. GENERAL DEVELOPMENT OF THE BUSINESS Developments during the financial year ended June 30, 2022 During fiscal 2022, the Company continued to execute against its business transformation plan announced in February 2020, with a focus on the rationalization of its Canadian cost structure and disciplined use of capital. Key highlights for fiscal 2022 include: Business transformation plan, balance sheet strength, and cash use  On September 21, 2021, the Company confirmed the centralization of much of its Canadian manufacturing processes to the Aurora River facility and the resultant closure of the facility known as “Aurora Polaris”, located at the Edmonton International Airport.  On May 5, 2022, the Company completed the acquisition of Thrive for aggregate initial consideration of $38 million paid in cash and Common Shares and up to $30 million in potential earnout amounts payable in cash, Common Shares or a combination of both, subject to Thrive achieving certain revenue targets within two years of closing of the transaction. This acquisition strategically strengthened Aurora’s position in the Canadian cannabis market by placing the Thrive team in charge of Aurora’s Canadian consumer cannabis portfolio, advancing the shift in focus to innovative premium products including dried flower, pre-rolls, vapour products, and concentrates. Pursuant to Part 8 of NI 51-102, this acquisition did not constitute a significant acquisition and a Business Acquisition Report in Form 51-102F4 was not required to be filed.  On May 13, 2022, concurrent with the release of fiscal third quarter results, the Company announced an increase to its original target for expense savings, with an expectation of $150 to $170 million in annualized cost savings by the end of first half fiscal 2023, versus the stated target of $60 to $80 million. Projected savings included further rationalizing of the Company’s operational footprint with the closure of the Aurora Polaris facility and the Aurora Sky facility, both located in Edmonton, Alberta. In addition, the Company took steps to further rationalize with the closure of a secondary production site in British Columbia, Alpha Lake, and the closure of Anandia Laboratories, the Company’s third-party testing laboratory. Collectively, these decisions reflected responsible decision making necessary for the financial health and stability of the organization. The Company subsequently identified a profitable opportunity to repurpose the Aurora Sky

5 | P a g e facility for orchid cultivation and vegetable propagation with minimal capital investment as part of its acquisition of a controlling interest in Bevo. Please refer to the discussion under “Developments subsequent to the financial year ended June 30, 2022” for more details.  On June 1, 2022, the Company announced the closing of a bought deal offering (the “2022 Offering”) of units of the Company for gross proceeds of approximately US$172.5 million. The Company sold approximately 7.04 million units at a price of US$24.50 per unit, including approximately 0.9 million Units sold pursuant to the exercise in full of the underwriters’ overallotment option. Each unit was comprised of one Common Share and one warrant. Each warrant is exercisable to acquire one Common Share for a period of 36 months following the closing date at an exercise price of US$32.00, subject to adjustment in certain events. In connection with the 2022 Offering, the Company filed a prospectus supplement to the Company’s 2021 Shelf Prospectus with the securities regulatory authorities in all provinces of Canada except Quebec (the “Canadian Regulators”), and with the SEC as part of the corresponding shelf registration statement on Form F-10 on May 27, 2022.  During fiscal 2022, the Company repurchased an aggregate of US$120 million in principal amount of convertible debt at an average discount of 94.9% to par value, for a total discounted cost to repurchase of US$113,875,000, in order to reduce the Company’s debt and annual cash interest costs. Global strategy  On July 15, 2021, the Company announced the delivery of a cannabis shipment worth nearly $8 million, in one of the largest single shipments of cannabis that Israel has received, through its supply agreement with Cantek. The sale was a significant step in advancing the Company’s international medical cannabis business.  On August 25, 2021, the Company announced that Aurora Germany and Ethypharm SAS (“Ethypharm”) successfully delivered their initial shipment of cannabis to France in connection with the French medical cannabis pilot program. Aurora and Ethypharm were selected by The National Agency for the Safety of Medicines and Health Products (ANSM) in France to supply the entire medical cannabis dried flower range (three lots of the tender) to French patients during the pilot program. Aurora and Ethypharm signed an agreement to serve the French pilot program in October 2020, leveraging both parties' expertise. Under the terms of the exclusive agreement, Aurora supplied medical cannabis as well as EU GMP manufacturing and logistics support. In March 2024, ANSM announced that cannabis flower would be excluded from the pilot program going forward. Accordingly, effective March 26, 2024, the Company discontinued its supply of cannabis flower for the pilot program. The pilot program is expected to run until at least 2025, and lead to market generalization if successful.  On November 8, 2021, the Company announced that Aurora Nederland B.V. had entered into an agreement to invest in an equity stake in Netherlands-based Growery B.V. ("Growery"), one of the license holders entitled to participate in the Controlled Cannabis Supply Chain Experiment (the “CCSCE”). A decision to exit this agreement was made in fiscal 2024. Please refer to “Developments during the financial year ended March 31, 2024” for more details.  On January 4, 2022, the Company announced the delivery of a cannabis shipment worth approximately $10 million through its supply agreement with Cantek - the Company’s largest ever shipment to Israel, and what is believed to be the largest export of medical cannabis into the Israeli cannabis market.  On May 18, 2022, the Company announced it had received EU GMP certification for its state-of-the-art medical cannabis production facility in Leuna, Germany. As a leading manufacturer of medical cannabis worldwide, achieving EU GMP certification of the Company’s first German manufacturing site marked a significant milestone in the fulfillment of an awarded tender by the German Federal Institute for Drugs and Medical Devices (BfArM). Enhancing the Board and executive leadership team  On July 26, 2021, the Company announced the appointment of Theresa Firestone to the Board. Ms. Firestone joined the Board following a distinguished career as a senior healthcare executive with leadership positions in Canada, Europe and Asia. An expert in strategic planning, operations and new business development, she has served in various sectors such as retail, healthcare, pharmaceuticals and government. Her experience includes over 15 years of international P&L management, 15 years in senior roles at Pfizer Inc., over ten years at the Ontario Ministry of Health and seven years in retail and health and wellness, including Shoppers Drug Mart where she oversaw the design and launch of the company’s medical cannabis business. In addition, Ms. Firestone has more than 20 years of public and private board experience including with Orion Biotechnology, Merus Labs International and several not-for-profit organizations. On January 4, 2022, Ms. Firestone was appointed as the Chair of the Human Resources and Compensation Committee of the Board.  On January 4, 2022, the Company announced the appointment of Chitwant Kohli to the Board. Mr. Kohli joined the Board following a fulsome career as a senior financial executive with significant experience in finance, strategic planning, real estate, and operations. After 29 years of service at Royal Bank of Canada (“RBC”) where he enhanced RBC’s industry leading position, Mr. Kohli retired as Senior Vice President of Enterprise Operations and Payments. In his last role at RBC, he led a global team of 1,800 members and was responsible for operating and expanding the shared services of payments and trade, cash processing, human resources and finance related services. Mr. Kohli also held key executive roles including Senior Vice President of Retail Finance where he was responsible for providing finance leadership for Canadian, U.S. and Caribbean banking, wealth management, insurance, technology and operations, and Global

6 | P a g e Functions. Mr. Kohli was appointed as the Chair of the Audit Committee following the Company’s annual general meeting on August 14, 2023.  Following the departure of Jillian Swainson, former Chief Legal Officer, the Company welcomed Nathalie Clark as EVP, General Counsel and Corporate Secretary on March 21, 2022. Ms. Clark joined Aurora with over 25 years’ experience, during which she has held progressive executive leadership roles in law, compliance, risk management, operations and human resources across retail and financial services. Ms. Clark was most recently the SVP, General Counsel and Corporate Secretary at Computershare Canada where she led the legal function and served as the principal legal advisor to all Canadian lines of business, operations and shared services functions, the Canadian executive team and board of directors. Ms. Clark previously held senior roles including Vice President, Human Resources at TD Securities, Managing Vice President, Chief Operating Officer & General Counsel at Capital One Bank (Canada Branch) and VP, General Counsel & Corporate Secretary for the Canadian Bankers Association. In addition to her legal training, she has completed several business executive training programs including corporate governance, executive leadership and operational excellence. Ms. Clark is a member of both the Québec Bar and the Law Society of Ontario. Developments during the nine-month financial period ended March 31, 2023 During fiscal 2023, the Company remained laser-focused on completing its business transformation plan and its goal of achieving positive Adjusted EBITDA through further cost structure rationalization, profitable growth opportunities and disciplined capital deployment. For context, the Company changed its financial year end in this fiscal year and, as such, it represents the three quarters ended March 31, 2023. Key highlights for fiscal 2023 are disclosed below. Continued business transformation plan, balance sheet strength, and cash use  On January 4, 2023, the Company closed the sale of its Aurora Polaris facility for gross proceeds of approximately $15 million, which was previously announced to be closing under the Company’s business transformation plan.  On February 9, 2023, the Company announced its financial and operational results for the fiscal second quarter ended December 31, 2022, including delivery on its commitment to achieve positive Adjusted EBITDA in Q2 2023, following a tremendous effort to realize approximately $340 million of total annualized savings since February 2020. As of the date of this AIF, the Company has now reported its sixth consecutive quarter of positive Adjusted EBITDA.  During fiscal 2023, the Company repurchased an aggregate of US$99 million in principal amount of convertible debt at an average discount of 96.59% to par value, for a total discounted cost to repurchase of US$95.7 million in order to further reduce the Company’s debt and annual cash interest costs. Accretive acquisitions  On August 25, 2022, the Company announced it had acquired a 50.1% controlling interest in Bevo, the sole parent of Bevo Farms Ltd., one of the largest suppliers of propagated vegetables and ornamental plants in North America. Concurrent with closing, Bevo entered into an agreement to acquire the Company’s Aurora Sky facility. The total cash consideration paid to Bevo on closing was approximately $45 million. Up to an additional $12 million shall be payable to the Bevo selling shareholders over the three years following closing, conditional on Bevo successfully achieving certain financial milestones at its Site One facility in Langley, British Columbia, which additional amounts may be satisfied, at Aurora’s option, through the issuance of Common Shares, subject to approval of the TSX. Up to $25 million could be payable over time by Bevo to Aurora in connection with the Aurora Sky vend-in, based on Bevo successfully achieving certain financial milestones at the Aurora Sky facility. This transaction aligned with the Company’s plan to achieve Adjusted EBITDA profitability on a run-rate basis in the first half of fiscal 2023, allowed the Company to immediately benefit from a profitable, cash flow positive and growing business, and may have the potential to drive long term value to the Company’s existing cannabis business via the application of Bevo’s industry leading plant propagation expertise.  On September 20, 2022, the Company acquired all of the issued and outstanding shares of CannaHealth, a company with assets in the Canadian medical aggregator space, for $21.9 million payable in cash. Pursuant to Part 8 of NI 51-102, this acquisition did not constitute a significant acquisition and a Business Acquisition Report in Form 51-102F4 was not required to be filed. Product innovation  On February 22, 2023, the Company and MedReleaf Australia announced the launch of CraftPlant, a new medical cannabis brand for patients in the Australian market. The CraftPlant brand includes three products available for doctors to prescribe – Greendae, Navana and HiVolt. All three are developed from ultra-premium cultivars and are THC- dominant with high percentages of terpenes. The cultivars were developed by Aurora’s leading science and genetics business. This range is produced under strict EU GMP certified conditions. At the time of this announcement, the Company held a 10% ownership stake in MedReleaf Australia, however, fully acquired that entity on February 7, 2024. Please see “Developments during the financial year ended March 31, 2024” for more details. Nasdaq listing  On March 24, 2023, the Company issued a news release announcing the receipt of a notification letter (the “Notification Letter”) from Nasdaq dated the same day advising that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1) as the bid price of the Company’s listed securities had closed at less than US$1.00 per share over the 30 consecutive business days (the “Minimum Bid Price Requirement”) from February 8, 2023 to March 23, 2023. The

7 | P a g e Company subsequently completed the Share Consolidation which allowed the Company to regain compliance with the Minimum Bid Price Requirement. Please refer to the section “Developments during the financial year ended March 31, 2024” for more details. Developments during the financial year ended March 31, 2024 During fiscal 2024, the Company was focused on its goal of achieving positive free cash flow before the end of calendar 2024 through continued smart, targeted and profitable growth. Key highlights for fiscal 2024 are disclosed below. Financial Discipline  On April 24, 2023, the Company announced it had repurchased an aggregate of approximately $22.3 million (US$16.6 million) principal amount of its convertible debt in multiple transactions since the start of April 2023 at a total cash cost, including accrued interest, of $16.7 million (US$12.4 million) and $5.3 million (US$4.0 million), including accrued interest, satisfied by the issuance of an aggregate ~0.635 million Common Shares. Following completion of these repurchases, the Company had approximately $79 million (US$59 million) of its convertible debt outstanding.  On April 27, 2023, the Company filed a short form base shelf prospectus (the “2023 Shelf Prospectus”) with the Canadian Regulators and a corresponding shelf registration statement on Form F-10 with the SEC (the “2023 Registration Statement”). The 2023 Shelf Prospectus, together with the 2023 Registration Statement, replaced the 2021 Shelf Prospectus and qualifies the issuance of US$650 million of Common Shares, warrants, options, subscription receipts, debt securities and/or units during the 25-month period that the 2023 Shelf Prospectus remains effective. Of the US$650 million of securities registered under the 2023 Shelf Prospectus, approximately US$396.4 million is currently available for potential new issuances thereunder.  On July 24, 2023 the Company announced that a wholly owned subsidiary of the Company had closed the sale of its Medicine Hat, Alberta facility (the "Aurora Sun Facility") on July 21, 2023 to Bevo. The sale of the Aurora Sun Facility was completed via Bevo’s acquisition of one of Aurora's wholly-owned subsidiaries. Up to $15 million could be payable over time by Bevo to Aurora in connection with this transaction, based on Bevo successfully achieving certain financial milestones at that facility. Strategically, this transaction accelerated Bevo's plans to increase revenue and earnings, builds on Bevo management's strong track record of profitable growth and combined 85 years of agricultural experience to expand their vegetable and floral propagation production footprint, allowing the company to further extend its established distribution reach, and reduced annual carrying costs associated with maintaining the Aurora Sun Facility as an idle asset by ~$2 million.  On October 3, 2023, the Company closed a bought deal offering of 5,318,750 Common Shares at a price of $7.30 per Common Share for aggregate gross proceeds of approximately C$38,826,875 (the "2023 Offering"). The gross proceeds include the full exercise of an over-allotment option by Canaccord Genuity to purchase 693,750 additional Common Shares of the Company on the same terms as the 2023 Offering. A prospectus supplement to the Company's 2023 Shelf Prospectus was filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, except Quebec. The primary use of proceeds from the 2023 Offering was for repayment of the remaining balance of convertible notes at or prior to maturity.  On February 29, 2024, the Company announced that it had repaid an aggregate of approximately $7.2 million (US$5.3 million), representing the final payment on the principal amount of its convertible senior notes at a total cash cost of $7.4 million (~US$5.5 million), including accrued interest. This final repayment represented a significant milestone for Aurora, having fully paid off nearly $465 million in convertible debt since 2021. Following completion of this repayment, Aurora’s cannabis business is debt-free. Nasdaq Listing  On September 19, 2023, the Company announced that it has received approval to transfer the listing of its Common Shares from the Nasdaq Global Select Market to the Nasdaq Capital Market (the "Transfer"). The Transfer became effective at the opening of business on September 19, 2023, and was completed to allow the Company to seek an additional 180 days to regain compliance with the Minimum Bid Price Requirement.  On February 20, 2024, the Company completed the Share Consolidation on a 10 to 1 basis. The Common Shares began trading on a post-consolidation basis on Nasdaq and the TSX under the symbol "ACB" at the opening of trading that day. The Share Consolidation was completed to restore compliance with the Minimum Bid Price Requirement and to ensure the Company continues to have access to a wide range of institutional investors. On March 5, 2024, Nasdaq notified the Company that it had regained compliance and that the matter was closed. Global Developments  On April 28, 2023, the Company announced the expansion of its portfolio in Germany with the launch of two new cannabis flower products for patients. Pedanios 27/1 FRG CA and Pedanios 29/1 SRD CA are dried cannabis flower with high THC content. Providing patients with a broad spectrum of cannabis products and formats is important to individualized and patient-specific care.

8 | P a g e  On June 13, 2023, as a result of regulatory uncertainty and other commercial factors, the Company made a decision to exit the agreement with Growery, one of the license holders entitled to participate in the Netherlands’ still-pending CCSCE, in order to focus on other international growth priorities. The Company does not currently have any material commercial interests in the Netherlands.  On September 6, 2023, the Company announced an expansion of its hemp-derived CBD portfolio into Brazil. In partnership with Herbarium, the leading Brazilian company in herbal medicine, Aurora launched its full-spectrum, single- source 3% CBD oil, under the Herbarium brand. Now available under the direction of medical doctors, patients across Brazil have access to high quality CBD as part of their healthcare.  On February 7, 2024, Aurora, through its wholly owned subsidiary, purchased the remaining approximately 90% equity interest of MedReleaf Australia at a total enterprise value of AUD$50 million, subject to customary adjustments. As consideration, Aurora (i) issued the selling shareholders an aggregate of approximately 6.95 million Common Shares; and (ii) paid the selling shareholders AUD$9.45 million in cash, subject to customary adjustments post-closing. Approximately 10% of the total consideration is held in escrow to ensure certain obligations of the selling shareholders. The acquisition of MedReleaf Australia represents a strategic milestone in Aurora's global cannabis leadership, demonstrating our commitment to investing in markets that offer opportunities for sustainable and profitable growth.  On March 4, 2024, the Company announced the availability of medical cannabis pastilles for doctors to prescribe to patients in Australia. The novel product is produced by Aurora and distributed by MedReleaf Australia. MedReleaf Australia is committed to providing Australian patients with a consistent and reliable supply of superior quality products, including dried flower, resin cartridges and oils, and now pastilles. The new pastille products are available under the Aurora brand, exclusive to MedReleaf Australia. This initial pastille launch will soon be followed by additional options in terms of pack size and potency, as well as future pastille offerings under the IndiMed brand.  On March 20, 2024, the Company announced it had received GMP certification from Australia's Therapeutic Goods Administration (TGA) for its Canadian production facilities, Aurora River and Aurora Ridge. The TGA is responsible for regulating the supply, import, export, manufacturing and advertising of therapeutic goods in Australia. Obtaining the TGA's GMP certification enables the Company to deliver top-tier cannabis products to Australia while confirming Aurora's dedication to exporting products fully compliant with TGA regulations and the stipulations of TGO 93 (Standard for Medical Cannabis). The license grants approval for Aurora to broaden its product range offerings in the country, comprising dried flower, resin cartridges, pastilles and oils. This landmark certification, granted on March 15, 2024, strengthens Aurora's dedication to supporting the continued growth and development of the Australian medical cannabis market, which is rapidly expanding. Science and Innovation  On August 1, 2023, the Company announced it had launched its first high-potency infused pre-roll for medical cannabis patients, with more than 50% total THC. Sourdough Shortcuts, launched under the San Rafael '71 brand, are infused with pure live resin THCA diamonds, delivering 50-56% THC, and giving patients a shortcut to get the benefits they rely on from their medical cannabis. The first lot to hit the Aurora Medical channel were tested at 52.8% total THC. Available in a three-pack of individual 0.35g pre-rolls, Sourdough Shortcuts contain a proprietary blend of live resin and whole milled flower from one of Aurora's most popular original cultivars, Sourdough. Developed from a cross of Cake and Sour Diesel strains, Sourdough is known for its distinct aroma of sour mixed with baked goods.  On September 7, 2023, the Company announced the launch of Honour, a new cannabis cultivar designed for veterans, by veterans and the second offering from Aurora's Strain for Heroes portfolio. Five per cent of net profits from the sale of Strain for Heroes products will be used to support veteran organizations across Canada. Honour, available under the MedReleaf brand, was selected with direct input from Canadian veterans. Aurora proudly welcomed Canadian veterans to the Company's unique research and development facility in Comox, BC, for a firsthand, interactive experience with the cultivation program underway at the site. Honour and Valour strains were chosen from meaningful feedback from the veteran community and aim to provide veterans with the distinct cannabis experience they seek. Honour is derived from premium cultivars and features notes of pungent gas, earthy soil and sweet aromas. A premium indica, Honour contains 20-26% THC and is available now in 15g dried flower and in pre-rolls. Both are exclusive to veteran Aurora medical patients.  On October 24, 2023, the Company announced that it and Willow Bioscience, Inc. (“Willow”) had successfully completed a confidential settlement resolving the ongoing patent litigation between the two parties in Canada. Aurora commenced a patent infringement action in July 2021, alleging that Willow's biosynthetic process for synthesizing cannabinoids infringed Aurora's exclusive rights to patents co-owned by the University of Saskatchewan and the National Research Council of Canada (NRC). The technology of the asserted patents was invented by Anandia co-founder and former Chief Science Officer at Aurora, Jonathan Page and his colleagues, following their work at the University of Saskatchewan and the NRC, identifying key enzymes and corresponding genes in the biosynthetic pathways of cannabis plants. In December 2022, Willow announced that it had consolidated its R&D operations, transferring equipment and key personnel from its Canadian facilities to Mountain View, California. Aurora continues to advance the Company's leadership in genomic research and novel innovation that will differentiate the Company's position as a global leader.

9 | P a g e Board and Executive Leadership Changes  Effective as of the Company’s annual general meeting held on August 14, 2023, the size of the Board was reduced from nine (9) to (7) directors, with Lance Friedmann and Shan Atkins not standing for re-election at the meeting. Following Ms. Atkins’ departure, Chitwant Kohli was appointed as the Chair of the Audit Committee.  On February 20, 2024, the Company announced the appointment of Simona King, a former executive of Bristol Myers Squibb, a leading multinational pharmaceutical company, as Chief Financial Officer of the Company. Ms. King brings over 25 years of progressive finance leadership experience, with deep business knowledge and proven success with global and emerging organizations. She served nearly 20 years with Bristol Myers-Squibb, where she held increasingly senior finance roles and enabled the company's growth strategy. Glen Ibbott, former CFO, stepped down from his full- time role effective the same day to pursue new opportunities and has remained in an advisory role to ensure a smooth transition. Developments subsequent to the financial year ended March 31, 2024  Effective as of April 17, 2024, KPMG LLP, on its own initiative, notified the Company that it will not stand for reappointment as the auditor of the Company for the fiscal year ending March 31, 2025. The resignation was considered and accepted by the Company's Audit Committee, and the Company filed a Notice of Change of Auditor as required pursuant to Section 4.11 of NI 51-102.  On April 30, 2024, the Company, in conjunction with MedReleaf Australia, announced the expansion of its portfolio with the introduction of a new range of premium dried cannabis flower product for the Australian market. The new dried flowers, including Black Jelly, Chemango Kush, and Moon Berry, are proprietary cultivars cultivated exclusively by Aurora. Vespera, a previously existing proprietary cultivar, was also relaunched under the Aurora brand. Further, on June 5, 2024, the Company and MedReleaf Australia further expanded the portfolio with the launch of Aurora’s premium 1.2g resin cartridges in Australia. These products mark a significant step forward for MedReleaf Australia as they continue to expand their offerings under the Aurora brand.  On May 8, 2024, the Company announced the arrival of Aurora branded medical cannabis products to the New Zealand market. This new line of premium dried flowers represents a significant milestone in medical cannabis accessibility in New Zealand, an emerging market poised for growth. This inaugural product offering from Aurora sets a new standard for medical cannabis in New Zealand, backed by uncompromised quality and scientific rigor. Aurora strives to make a meaningful difference in the lives of patients across New Zealand, empowering them to manage their health and wellness with confidence.  On May 15, 2024, the Company announced the appointment of Rajesh Uttamchandani to the Board of directors. Mr. Uttamchandani joined the Board with notable expertise in strategy development, innovation, human capital and governance. His impressive career is characterized by executive level roles with leading businesses in emerging technology, FinTech, human capital consulting and global education. Mr. Uttamchandani holds several degrees and professional designations, including a Master of Industrial Relations and Human Resources from University of Toronto; a Juris Doctor from Osgoode Hall Law School; and an L.L.M in Employment and Labour, also from Osgoode Hall Law School. He is a holder of the Institute of Corporate Directors Director designation (ICD.D) and is a lawyer called to the Bar of Ontario. DESCRIPTION OF THE BUSINESS General The Company’s principal strategic business lines are focused on the production, distribution and sale of cannabis and cannabis-derivative products in Canada and internationally. The Company’s primary market opportunities are: • Global medical cannabis market: Production, distribution and sale of pharmaceutical-grade cannabis products in countries around the world permitted by government legislation. Currently, there are approximately 50 countries that have implemented regimes for some form of access to cannabis for medical purposes. The Company’s current principal medical markets are in Canada, Germany, UK, Poland, and Australia. Aurora has established a leading market position in most of these countries; and • Global consumer use cannabis market: Currently, only Canada and Uruguay have implemented federally- regulated consumer use of cannabis regimes and the Company has primarily focused on the opportunities in Canada. Longer-term, the Company believes that the increasing success of medical cannabis regimes globally may lead to increased legalization of consumer markets. On August 25, 2022, a wholly owned subsidiary of the Company acquired a 50.1% controlling interest in Bevo. The acquisition of a controlling interest in Bevo allows the Company to benefit from a profitable, cash flow positive and growing business, and may have the potential to add long term value to Aurora's existing cannabis business via the application of Bevo's industry extensive propagation expertise.

10 | P a g e Our Strategy Aurora’s strategy is to leverage our diversified and scaled platform, our leadership in global medical markets, and our cultivation, science and genetics expertise and capabilities to drive profitability in our core Canadian and international operations in order to build sustainable, long- term shareholder value.  Medical Leadership: Our established leadership in the Canadian and International medical markets positions us well for new regulated medical market openings, as well as potential U.S. federal legalization of medical cannabis. At the core of Aurora’s mid-term objective to deliver sustainable profitability and positive operating cash flow is our focus on maintaining and growing our industry leading Canadian and international medical cannabis operations. Our Canadian medical platform is characterized by leading market share, high barriers to entry through regulatory expertise, investment in technology and distribution, and unwavering commitment to science, testing and compliance. Our Canadian medical operations allow for a direct-to-patient sales channel that does not rely on provincial wholesalers or private retailers to get product to patients. This direct-to-patient model allows Aurora to achieve sustainable gross profit margins of better than 60% with substantially better pricing power relative to the Canadian adult-use segment. Our leadership in the international medical cannabis segment provides us with what we expect to be a high growth, profitable business segment that consistently delivers strong adjusted gross profit before fair value adjustments. Our expertise in managing the complexity of multiple jurisdictions’ regulatory frameworks and relationships, as well as providing export and in-country EU GMP and other key certificated cannabis production, are capabilities that we believe will us to succeed as new medical and recreational markets open.  Consumer: Leveraging our leading strength in science, cultivation and post-harvest processing, Aurora is working to build a sustainable and profitable Canadian consumer business. Advances in Aurora production related to cultivar breeding, cultivation, and post-harvest techniques have repositioned the Aurora flower portfolio to one that has the characteristics that consumers are looking for: high THC and terpene levels, and distinctive experiences. These advances have also driven significant improvement in per unit production costs with higher yields and consistent delivery of specification resulting in all-in per unit costs for Aurora’s new portfolio that are 30% or better improvement from our legacy cultivars. We believe this economic advantage will allow us to compete and make a profit in certain categories in which we currently do not operate. We have also refocused our innovation pipeline for efficient delivery of targeted new products and line extensions. The pace of innovation required to compete in the current Canadian consumer market is significant, with most new products delivering 80% of their lifetime value in the nine to 12 months following launch. Combined, Aurora’s ability to deliver products that deliver exceptional customer value in all price tiers, while at the same time achieving strong contribution and gross margins, allows us to build towards a profitable and growing business and provides the know-how to leverage these lessons into future global consumer markets that are expected to open over the next few years.  Science Leadership - Genetics, Breeding, Biosynthetics: We believe that our scientific leadership and ongoing investment in cannabis breeding and genetics provides Aurora with a strong competitive advantage in premium margin consumer and medical categories driven by what we believe to be our industry leading genetics and breeding program. Our breeding program, located at Aurora Coast, a state-of-the-art facility in Vancouver Island’s Comox Valley, is driving revenues by injecting rotation and variety into our product pipeline and has delivered nineteen new proprietary cultivars, grown at scale, to our product pipeline since June 2021. These new cultivars have consistently delivered high potency flower with intensely aromatic profiles – critical attributes to delight consumers and deliver the effects patients are seeking. The latest new cultivar to launch in EU and Australia is now Chemango Kush, joining Farm Gas, Sourdough and Electric Honeydew as “next generation” high potency cultivars released to international markets. Domestically, the Company continues to expand its offering with Cosmic Cream, and Black Jelly to all Canadian markets, and has added the latest new cultivar with high aromatics, Critical Diesel to Aurora’s Medical channel. Further launches of other new cultivars, including Pink Diesel’71 and Moon Berry, are underway in international markets. In addition, high quality and high potency cultivars that also deliver meaningful improvements in yield are setting Aurora up for long-term success with lower per gram cultivation costs. In selecting Aurora’s “next-generation” cultivars, we are able to set substantially higher minimum thresholds for yield which continue to drive up our overall production using the same cultivation footprint, improving our cultivation efficiency over time in both indoor and outdoor applications. This improvement allows us to produce top quality flower at industry leading margins. Our pipeline is now full at every stage of the breeding and selection cycle, and Aurora plans to continue to introduce new cultivars including new high THC, intensely aromatic flower, and new balanced cultivars. Our genetics and breeding program is also expected, over time, to generate incremental, capital efficient revenue through licensing these genetic innovations to other licensed producers. Global and U.S. Expansion: We believe that the global expansion of medical and recreational cannabis markets is just beginning. The Company believes its strengths in navigating complex regulatory environments, compliance, testing, cultivar breeding, genetic science, and cultivating high quality cannabis are essential strengths that create a repeatable, credible and portable process to new market development. These drive our current leadership in international medical markets which should allow us to win as new medical markets emerge and potentially transition to recreational markets. For instance, Aurora was awarded a tender to supply extracts in the French medical cannabis trial program, a large

11 | P a g e medical market. In addition, Aurora is at the forefront of large developing federally legal consumer markets, with a leading position in the German medical market and as one of three domestic German producers, is well positioned to benefit from the recent regulatory changes introduced by the German Government on April 1, 2024. These changes are expected to support greater access to medical cannabis for German patients following the de-scheduling of cannabis, with further regulatory changes expected in the coming years. We also believe that the U.S. cannabis market will eventually be federally regulated, with states’ rights respected, in a framework similar to every other comparable market. The timeframe for this is unknown, but Aurora is well positioned to create significant value for our shareholders once that federal permissibility allows. Our strategic strengths of medical and regulatory expertise in a federal framework, and our scientific expertise, including genetics, breeding, and biosynthetics, position us as a partner of choice, and to be successful in lucrative components of the cannabis value chain.  Plant Propagation: With the acquisition of Bevo in August 2022, Aurora moved into the adjacent segment of plant propagation. Building on Bevo’s established record of profitable and positive cash flow, Aurora is accelerating the growth of plant propagation through the repurposing of Aurora Sky and Aurora Sun, which will open additional geographic regions for the existing propagation business, as well as allowing entry into the higher gross margin orchid business, one which is currently served in North America by lower-quality imports.  Financial Leadership in a Rapidly Maturing Industry: Aurora believes that profitable growth, positive cash flow, smart capital allocation and balance sheet health are critical success factors in such a dynamic and rapidly developing global industry. Our medical businesses, with country diversification, growth, and strong gross margins provide the foundation for profitability. Aurora has right sized SG&A centralized and optimized production facilities, and leveraged the Company’s cultivar breeding success to shift the Company’s portfolio in the Canadian consumer business to products with higher gross margins. Aurora has one of the strongest balance sheets in the Canadian cannabis industry with approximately $180.0 million of cash and cash equivalents, inclusive of restricted cash, as at March 31, 2024 and access to the 2023 Shelf Prospectus currently covering U.S.$650.0 million of issuable securities. Of the U.S.$650 million of securities registered under the 2023 Shelf Prospectus and 2023 Registration Statement, approximately U.S.$225.3 million is allocated to the potential exercise of currently outstanding warrants issued in financing transactions from 2022. Following the closing of the bought deal offering on October 3, 2023 and the expiration of warrants during the year approximately U.S.$396.4 million is available for potential new issuances of Common Shares, warrants, options, subscription receipts, debt securities or any combination thereof during the 25-month period that the 2023 Shelf Prospectus remains effective. Volatility in the cannabis industry, stock market and the Company’s share price may impact the amount and our ability to raise financing under the 2023 Shelf Prospectus. Cash used in operating activities during Q4 2024 was $21.1 million compared to $5.3 million and $20.4 million during Q3 2024 and Q3 2023, respectively. Excluding changes in non-cash working capital and net cash used in discontinued operations, net cash used in operating activities during Q4 2024 was $10.5 million compared to $11.7 million and $13.6 million during Q3 2024 and Q3 2023, respectively. The Company’s plan to reduce costs by $40 million annualized during fiscal 2024 is expected to continue to improve operating cash use over the next several quarters and support the Company’s initiative to achieve positive free cash flow during calendar year 2024. Our Brands and Cannabis Products Aurora’s principal market is patients and consumers who use cannabis in Canada and other international jurisdictions. The Company is authorized to cultivate and sell dried cannabis, cannabis oils, capsules, edible cannabis and cannabis extracts pursuant to the requirements of the Cannabis Act. The Company’s cannabis products can be ingested in a variety of ways, including smoking, vaporizing, and consumption in the form of oil, capsules, edibles and extracts. Medical The Company is paving the way to a new era of high-quality, consistent and innovative cannabis products. Our trusted family of medical brands showcase an extensive portfolio of products and delivery methods, offering unique, research-based healthcare solutions. As one of the first brands in the Canadian medical cannabis market, Aurora offers a wide range of cannabis products including oils, capsules, dried flower, and vapes. As a longstanding supporter of Canadian veterans, Aurora drives veteran access to medical cannabis through strong prescriber/clinic relationships, robust veteran support programs, and ongoing advocacy work. The CanniMed brand portfolio includes a number of dried milled strains and cannabis oils for medical patients. CanniMed’s 1:20 Oil has been used in clinical trials studying symptom management in treatment-resistant childhood epilepsies.

12 | P a g e MedReleaf is known for its extensive product line and strain-specific extracts. MedReleaf products are safe and dependable medical cannabis that focus on individual patient needs to improve lives. The MedReleaf brand portfolio includes dried cannabis varieties, strain specific cannabis oils, capsules, vapes and concentrates. Founded in 2013, WMMC was the first Canadian Licensed Producer to obtain organic certification and sell a full suite of organic-certified cannabis products. WMMC has commercialized more than 30 flower varieties and strain-specific oil products from an extensive genetics bank of over 150 strains. One of the leading medical cannabis brands in the German market, Pedanios offers flower and full- spectrum extracts to suit patient’s needs. Bidiol is a brand of high-quality medical cannabis, made in a state-of-the-art extraction and formulation lab in Uruguay. Products are developed under strict quality controls, from the planting of hemp to the production and extraction of CBD to manufacture a superior quality medical product. Consumer The Company provides a broad selection of high-quality recreational cannabis products in different formats. There’s something for everyone to enjoy with our flowers, vapes, ingestibles, concentrates, extracts, and CBD products. Product Development Innovation is key to ensuring the relevance of the Company’s product lineups in global medical and consumer cannabis markets. In fiscal 2024, the Company launched over 140 new SKUs across all channels a number of new products, with a focus on delivering high quality experiences to patients and consumers across all major categories: flower, pre-rolls, oils, concentrates, vapes and gummies. Looking ahead, the Company has a robust pipeline of new products for all categories, positioned to deliver for all channels and regions. Research and development and consumer research resources continue to be prioritized in key growth and margin accretive derivative segments of the cannabis market, and the Company has a variety of new, differentiated cannabis products at various stages of development. Focus areas for fiscal 2025 and beyond, include:  Developing and releasing a continuous rotation of proprietary new high-quality cultivars that appeal to consumers and patients, both in Canada and in key international markets. In addition to high-THC and high-yield, our internal breeding program is adding new focus on disease resistance and aroma traits.  Launching an expansive assortment of dried flower, pastille, vape and oil products to serve Australia’s growing medical market.  Serving growing medical markets in the EU.  Delivering value for consumers at every tier and product format we offer, including expansion into new convenient and potent formats.

13 | P a g e  Expanding and accelerating a portfolio of differentiated and innovative ingestible and edible formats.  Delivering the varieties our Canadian patients are seeking through our medical marketplace.  Completing proof-of-concept trials around proprietary seed-derived high-THC cultivars, bred internally by our Breeding and Genetics team. The Company will continue to leverage its portfolio of brands and prioritize initiatives that are accretive to the business and deliver a positive patient and consumer experience. Revenue The following table sets out the cannabis net revenue for each category of products within the segment that accounted for 15% or more of the total consolidated revenue of the Company for the applicable financial year derived from sales to entities in which Aurora maintains an investment accounted for by the equity method and/or sales to customers. Source Financial year ended March 31, 2024 ($ thousands) Nine-month financial period ended March 31, 2023(1) ($ thousands) Net revenue from dried flower 150,420 98,850 Net revenue from extracts 75,102 55,437 Cannabis net revenue 225,522 154,287 Note: (1) Figures presented are for the nine-month period ended March 31, 2023 due to the change in fiscal year end from June 30 for fiscal 2023. Patient Counseling and Outreach Services Aurora provides patient counseling and outreach services through its subsidiary CanvasRx, as well as through a number of other cannabis clinics. CanvasRx helps patients learn how to safely and effectively use medical cannabis, how to select a strain from the hundreds available in Canada and how to register with their choice of Licensed Producer. CanvasRx plays an important role in supporting the medical cannabis segment domestically through the ongoing education of physicians and patients interested in learning more about the medical benefits of cannabis and the procedures under applicable regulations to obtain cannabis. CanvasRx increases Aurora’s presence in the medical cannabis sector and provides Aurora with access to valuable aggregate data on patient use of medical cannabis, the ability to jointly develop new services for patients, and the insight necessary to tailor its product line to offer an industry-leading and demand-matching selection of products and strains tailored to the needs of patients. Distribution Methods The Company distributes cannabis products in accordance with the various regulatory frameworks in the respective provinces and territories governing the medical and consumer cannabis markets in Canada. We also distribute medical cannabis products internationally in accordance with applicable international laws and regulations. We have robust distribution networks spanning every province and territory in Canada in both the recreational and medical cannabis markets and are operating in other locations worldwide. The Company’s registered patients can order products directly from Aurora through our online shop or by phoning our client care center. Medical cannabis is, and will continue to be, delivered by secured courier or other methods permitted by the Cannabis Act. Distribution of cannabis to the adult-use consumer market in Canada is done through provincial regulators. The Company has agreements with provincial regulators to supply cannabis for the Canadian adult-use consumer market. Under the terms of these agreements, the Company supplies the provinces with a wide variety of product from its various facilities. Supply quantities are determined based on demand on an ongoing basis. Through a combination of strategic investments, domestic production, and supply agreements, the Company is positioned to access a growing number of key international markets. With the EU and TGA GMP and CUMCS certifications of certain of our facilities, the Company is one of only a handful of companies globally with this pharma-grade designation across both production and distribution facilities in Canada and Germany respectively, allowing us to sell into the most restrictive and promising markets in Europe and abroad. Research and Development In addition to the production and sale of cannabis and cannabis products, the Company is also focused on research and development (R&D) activities centered on delivering an on-going pipeline of genetics that deliver a combination of attributes that consumers are looking for, as well as creating tangible efficiencies and reduced costs to the Company. The breeding and genetics program at our research-dedicated Aurora Coast facility leverages a combination of genomics, marker-assisted selection, analytical chemistry, pathology and cultivation expertise to enable our globally-leading breeding program. Fiscal 2024 presented the second year of a robust trialing protocol, bringing a pipeline of high-potency and high-yielding cultivars to our production sites to validate them at scale and select the top candidates for commercial release. The pipeline is scalable to meet our commercial needs globally, and also presents opportunities to out-license genetics to third party Licensed Producers generating further value from the program.

14 | P a g e Through our investment and the support of Genome Canada, we have identified novel powdery mildew resistance (patents pending) and are actively breeding – using traditional breeding approaches – next generation cultivars with this resistance. We are also now tackling additional pathogens that present critical risk to cannabis in large-scale production. The progress we have made in cannabis breeding in the four years since Aurora Coast was licensed has had a significant impact on the Company’s financial stability. In addition to our continued focus on potency, yield and disease resistance, we are making progress on number of new priorities in fiscal 2025 that will drive growth and even greater competitive advantage: unique and differentiated aromas, exploring the transition to seed-derived cultivars; and new disease targets. Production Facilities and Licenses Our cannabis products are currently primarily cultivated and manufactured in the following licensed production facilities. FACILITY LOCATION SIZE ESTIMATED ANNUAL PRODUCTION FULL OPERATION LICENSE/CERTIFICATION Cultivation Sale EU GMP CUMCS TGA GMP Aurora River Bradford, ON 210,000 ft2 32,000 kg ● ● ● ● ● ● Aurora Ridge Markham, ON 55,000 ft2 7,000 kg ● ● ● ● ● WMMC Pemberton, BC 62,000 ft2 4,500 kg ● ● ● Thrive Townsend, ON 14,000 ft2 indoor 1,100 kg ● ● ● 6 acre outdoor ~15,000 kg Leuna Leuna, Germany 29,400ft2 1,000 kg ● ● ● ● Estimated annual production capacity is based on the Company’s experience in growing cannabis as well as data available concerning the wide variety of strains under growing conditions maintained at its facilities. The material assumptions on which actual or expected annual kilograms harvested are determined include, but is not limited to:  the number of cultivation rooms in the facility;  the planned (or actual) number of plants each cultivation room is built to contain;  the average per gram yield per plant based on Aurora’s historical averages for the strain and growing conditions;  the number of harvests (turns) planned (or realized) per year; and  licensing from the relevant governmental authority to operate at the stated capacity. About our Production Facilities Aurora River Through the acquisition of MedReleaf in July 2018, we acquired a 210,000 square foot indoor cultivation facility in Bradford, Ontario. Aurora River is built to EU and TGA GMP specifications and includes areas for propagation, trimming, drying, commercial-scale oil extraction, pharmaceutical-grade manufacturing, shipping, storage, water treatment, laboratories, plant-based and analytical research and development facilities, quality assurance and quality control facilities, maintenance areas, shipping and distribution areas, and administrative offices. The Company expects a production capacity of up to 32,000 kg of cannabis per year from this facility. Aurora Ridge Through the acquisition of MedReleaf, we also acquired a 55,000 square foot facility in Markham, Ontario. Aurora Ridge is a modern, fully operational facility that has approximately 23,500 square feet of dedicated cultivation space organized into 10 cultivation rooms, and approximately 31,500 square feet of support and auxiliary services space, including areas for propagation, trimming, drying, extraction, shipping, storage, water treatment, laboratories, quality assurance and quality control facilities, maintenance areas, shipping and distribution areas, management offices, and a patient care center. The Company expects a production capacity of 7,000 kg of cannabis per year from this facility. Aurora Ridge is also EU and TGA certified. WMMC Through the acquisition of WMMC, we acquired the WMMC Pemberton Facility, an existing purpose- built, state-of-the-art facility that has been constructed in compliance with EU GMP standards. The Company expects a production capacity of approximately 4,500 kg of cannabis per year from this facility. Thrive Through the acquisition of Thrive in May 2022, we acquired the Thrive indoor and outdoor production site located in Townsend, Ontario. This facility is fully operational and consists of 14,000 square feet of indoor grow space, and 6 acres of outdoor grow space, with an estimated annual production capacity of 1,100 kg and ~15,000kg, respectively. The site is also licensed for research and development and in 2021 received its Retail Store Authorization (RSA) for a retail store on site, making it the first farm-gate cannabis store in all of Canada. Leuna Leuna is a state-of-the-art medical cannabis production facility located in Leuna, Germany. The facility received EU GMP certification in 2022 and expects to deliver 1,000 kg of high-quality medical cannabis flower per year for the German medical cannabis tender. Research Facility In addition to our production facilities, we have our Aurora Coast facility in Comox, BC, which is used for research activities:

15 | P a g e FACILITY LOCATION SIZE STATUS LICENSE (Research) Aurora Coast Comox, BC 22,500 ft2 Operating research facility ● Storage and Security The Cannabis Act prescribes physical security requirements that are necessary to secure sites where Licensed Producers conduct activities with cannabis. All facilities currently in production operate in accordance with the Cannabis Act requirements, including in relation to the security requirements. Health Canada conducts ad hoc, unscheduled site inspections of Licensed Producers. As of the date hereof, there are no material outstanding inspection issues with Health Canada. Specialized Skill and Knowledge All aspects of the Company’s business require specialized skills and knowledge. The Company’s management is comprised of individuals with extensive experience and expertise in areas including, but not limited to, the cultivation and growing of cannabis, consumer packaged goods, product development, strategy, science, innovation, analytical testing, internationally regulated products, and legal and regulatory compliance. The Company is dedicated to ensuring regulatory compliance in all aspects of the business with the end goal of patient and consumer satisfaction. There is a high level of quality assurance and testing protocols in place within the Company, including a system that provides additional certainty regarding the purity and safety of the cannabis we produce and sell. Therefore, the Company must employ skilled personnel within these areas. Experience in cannabis or other regulated industries assists the Company with compliance with applicable laws and regulations. Specialized skills and knowledge are important to the Company’s success as the Company continues to evolve with the industry and grow its brands, and we continue to build on the skills and knowledge required within our organization to meet our objectives. Intangible Properties To protect our intellectual property, we define the competitive value of our intangible assets and seek to secure enforceable protection (including patents, trademark registrations, and plant variety protection registrations). Currently, we own trademark applications and registrations for our brands and product names in Canada and internationally, and also have rights to 11 patent families filed globally, making up approximately 14 issued patents and/or patent pending applications in technical areas including:  genetics;  horticultural methods and apparatus;  medical and recreational products; and  plant variety protection We monitor and respond to emerging infringement and competition threats, relying on our protected intellectual property assets. To safeguard the confidentiality of our inventions, trade secrets, technical know-how, and proprietary information, we maintain physical and electronic security over our risk sensitive intangible assets. Confidentiality is essential to our relationships with business partners, collaborators, employees, and consultants. We are mindful of the different types of intellectual property and understand how our intellectual property assets can be used to protect and leverage product development efforts to achieve key business goals. For additional information related to the Company’s intellectual property, see “Research and Development” above. INDUSTRY OVERVIEW Regulatory Framework of Cannabis in Canada Cannabis in Canada is subject to a complex regulatory framework arising from federal, provincial, and territorial legislation. The Cannabis Act and Cannabis Regulations provide the framework for legal access to medical and non-medical cannabis, and control and regulate its production, distribution, sale, import and export. The provinces and territories of Canada have enacted legislation to control and regulate how non-medical cannabis is distributed and sold within their respective jurisdictions. Canada’s regulatory framework for cannabis is constantly evolving and both Health Canada, and provincial and territorial regulators frequently release and update guidance to assist the industry in interpreting and applying the applicable laws to their operations. Licensing The Cannabis Regulations establish six classes and various sub-classes of licenses that authorize specific activities, namely: (1) cultivation (standard cultivation, micro-cultivation, nursery); (2) processing (standard processing, micro-processing); (3) sales (sale for medical purposes); (4) analytical testing; (5) research; and (6) and cannabis drug license. Licensing requirements and authorized activities vary by class and sub-class, and authorized activities can also be narrowed by conditions described in individual licenses when they are issued.

16 | P a g e Health Canada is responsible for reviewing and approving all federal licensing applications. While Health Canada does provide service standards for new applications, renewals, and amendments, they are not guaranteed and may not always be met. The volume of applications in queue or under review by Health Canada, the complexity of an application or amendment, and the quality of the submission, among other factors, can impact the duration of the review process, creating uncertainty in timelines. After a license is issued, it is the holder’s responsibility to comply with all applicable requirements in the Cannabis Act and Cannabis Regulations, including periodic inspections by Health Canada to ensure continued compliance. Security Clearances Certain people associated with cannabis licensees, including individuals occupying a “key position” such as directors, officers, large shareholders, and individuals identified by the Minister of Health (the “Minister”), must hold a valid security clearance issued by the Minister. The Minister may refuse to grant security clearances to individuals with organized crime associations or past convictions for, or in association with, drug trafficking, corruption, or violent offences. Individuals who have a history of nonviolent, lower-risk criminal activity (for example, simple possession of cannabis, or small-scale cultivation of cannabis plants) are not precluded by legislation from participating in the legal cannabis industry, and the granting of security clearance to such individuals is at the discretion of the Minister. Cannabis Tracking System The Cannabis Tracking and Licensing System (“CTLS”) was established by Health Canada to, among other things, track cannabis throughout the supply chain to help prevent diversion of cannabis into, and out of, the illicit market. Under the CTLS, holders of a cultivation, processing and/or sale for medical purposes licenses are required to submit monthly reports to Health Canada setting out inventory levels of finished and unfinished cannabis for each cannabis class. Cannabis Products The Cannabis Act differentiates between cannabis depending on its form (referred to as “classes” of cannabis in the Cannabis Act) and only permits the sale of specified classes of cannabis. Upon enactment of the Cannabis Act on October 17, 2018, these classes included dried cannabis, fresh cannabis, cannabis plants, cannabis seeds, and cannabis oil. On October 17, 2019, edible cannabis, cannabis extracts and cannabis topicals were added to the authorized classes of cannabis, also known as “Cannabis 2.0”). Cannabis oil was subsumed into cannabis extracts and ceased to exist as a standalone class as of October 17, 2020. Health Products and Cosmetics Containing Cannabis Health Canada has taken a scientific, evidence-based approach to the oversight of health products containing cannabis that are approved with health claims, including prescription and non-prescription drugs, natural health products, veterinary drugs and veterinary health products, and medical devices. Per Health Canada’s Cosmetic Ingredient Hotlist, the use of cannabis species (hemp) derivatives (other than certain hemp seed derivatives containing no more than 10 parts per million THC) in cosmetics, are permitted, subject to the provisions of the Cosmetic Ingredient Hotlist and the Industrial Hemp Regulations. Packaging and Labelling The Cannabis Regulations set out a comprehensive approach to the packaging and labelling of cannabis products. This approach helps to promote informed consumer choice and encourage the safe handling and storage of cannabis. All cannabis products must be packaged in plain packaging that is child-resistant and tamper-evident and displays a variety of information such as the standardized cannabis symbol, THC and CBD potency, and prescribed health warning messages. Promotion The Cannabis Act and Cannabis Regulations outline several prohibitions that can potentially apply to anyone who may be involved in the promotion of cannabis, cannabis accessories and services related to cannabis, or related activities. These prohibitions are intended to protect public health and safety, including by protecting the health of young persons by restricting their access to cannabis, and young persons and others from inducements to use cannabis. Cannabis for Medical Purposes The Cannabis Regulations set out the regime for medical cannabis under the Cannabis Act. Patients who obtain the authorization of their healthcare practitioner have access to medical cannabis, either purchased directly from the holder of a sale for medical purposes license, or by registering to produce a limited amount of cannabis for their own medical purposes or designating someone to produce cannabis for them. Starting materials for personal production, such as plants or seeds, must be obtained from a license holder. Provincial and Territorial Regulatory Regimes Provinces and territories of Canada are authorized to license and oversee the distribution and sale of non-medical cannabis to adult consumers in their respective jurisdictions. As a result, regulations pertaining to the sale and distribution of non- medical cannabis vary from province to province and territory to territory. The Cannabis Act prohibits individuals aged 18 years or older from possessing more than 30 grams of dried cannabis (or its equivalent) in public and from the personal cultivation of more than four plants at any one time. Provinces and territories have the flexibility to increase the minimum age of consumption, lower possession limits, and set added requirements on personal cultivation within their respective jurisdictions. Provinces and territories can also restrict where cannabis can be consumed in

17 | P a g e public. The following chart outlines basic details regarding the current regulatory regime by province and territory. The possession limit of 30 grams remains unchanged in all provinces. Province/Territory Legal Age Where it’s Legal to Purchase: Alberta 18 Private licensed stores or government-operated online store British Columbia 19 Government-operated stores or online, or private licensed stores Manitoba 19 Private licensed stores or online New Brunswick 19 Government-operated stores or online Newfoundland and Labrador 19 Private licensed stores or government-operated online store Northwest Territories 19 Government-operated stores or online Nova Scotia 19 Government-operated stores or online Nunavut 19 Government-operated online store Ontario 19 Private licensed stores or government-operated online store Prince Edward Island 19 Government-operated stores or online Québec 21 Government-operated stores or online Saskatchewan 19 Private licensed stores or online Yukon 19 Government-operated online store or private licensed stores Industrial Hemp The regulatory framework for industrial hemp is set out in the Industrial Hemp Regulations. Industrial hemp is defined under the Industrial Hemp Regulations as a cannabis plant – or any part of the plant – in which the concentration of THC is 0.3% (weight by weight) or less in the flowering heads and leaves. Under this framework, a license from Health Canada is required in order to conduct various activities with industrial hemp. These activities include the cultivation, sale, import, export, cleaning, preparing, and processing of certain parts of the industrial hemp plant. Not every activity that involves industrial hemp falls within the scope of the Industrial Hemp Regulations and may instead fall under the Cannabis Regulations. For example, the extraction of phytocannabinoids from the flowering heads, leaves and branches of the plant requires a processing license under the Cannabis Regulations. Additionally, only seeds of approved industrial hemp varieties which have a THC level lower than 0.3% in their leaves and flowering heads, can be planted. In addition to obtaining a license, industrial hemp license holders must comply with the Cannabis Act and Cannabis Regulations, and with other applicable federal, provincial and territorial legislation and municipal by-laws. Status of Regulatory Framework in the U.S. Aurora does not currently have any direct or indirect cannabis investments in the U.S., where cannabis remains federally illegal. The U.S. represents the largest cannabis and hemp-derived CBD market globally and, as such, we are committed to establishing a substantial operating footprint in the U.S. As part of any U.S. market strategy, we must consider the Company’s stakeholders and how various state and federal regulations will affect the Company’s business prospects. The Company is committed to only engaging in activities which are permissible under both state and federal laws. INTERNATIONAL OPPORTUNITIES In addition to Canadian domestic operations, as market demand grows, we continue to pursue international opportunities, including opportunities to export our medical cannabis products to other countries and opportunities to create international alliances. The Company’s current primary global market opportunities are discussed below. Germany Medical The Company acquired Aurora Germany in May 2017, which holds all relevant licenses and permits and has been importing, exporting, and distributing cannabis for medical purposes into and within the European Union since the legalization of the medical market. Aurora Germany distributes directly to more than 1,500 German pharmacies as well as indirectly through a network of wholesalers and pharmacies. Other than Canada, Germany currently represents one of the largest single federally legal medical cannabis markets in the world, and continues to rely on importing medical cannabis to satisfy its increasing demand. Of note, Germany is the first country in the world to cover the cost of medical cannabis for any therapeutic application approved by a physician through its national health insurance system. The market for medical cannabis in Germany has been growing continuously since legalization and we believe we are well positioned to participate in this market growth. Germany represents a market with higher average selling prices per gram of dried cannabis relative to Canadian medical and Canadian recreational average selling prices and exhibits strong gross margins relative to Aurora’s Canadian business. As such, ensuring availability of suitable cannabis for the German market remains a priority for the Company.

18 | P a g e Additionally, Aurora is one of only three companies to be awarded a tender to produce medical cannabis domestically within Germany by the German Federal Institute for Drugs and Medical Devices (BfArM). Our state-of-the-art medical cannabis production facility in Leuna, Germany received EU GMP certification in 2022 and expects to deliver 1,000 kg of high-quality medical cannabis flower per year for the duration of the tender. Recreational The German government remains committed to legalizing recreational cannabis, having announced a ‘two-pillar model’ in April 2023. The first pillar includes personal possession, private cultivation and cannabis clubs. The second pillar involves a five-year regional model project, where the effects of a commercial supply chain on health and youth protection as well as the black market can be scientifically examined. On April 1, 2024, as part of the first pillar of legalization, cannabis was reclassified as a non-narcotic by the German government, allowing adults to possess small amounts of cannabis, and making Germany the largest European Union country to legalize possession for recreational use. The purchase and sale of cannabis is still prohibited. Adults can now carry up to 25 grams of cannabis and keep up to 50 grams at home. They can also grow up to three plants for personal use, and adults who don’t want to grow their own plants can join “cannabis clubs” to legally source their cannabis starting in July 2024. These will be membership-based noncommercial clubs and will be subjected to various regulations. As one of three existing domestic medical cannabis producers in Germany, the Company expects to be in a leading position to participate in the regional model project when it commences. Further, alongside the cultural significance of Germany's advancements in cannabis legalization, these developments offer a distinct opening for Aurora, a leading provider of medical cannabis in Germany, to enhance its established footprint in the country. The reclassification of cannabis as a non-narcotic is poised to inspire more patients to actively consult with their physician regarding medical cannabis, facilitating greater access, education, and awareness for medical cannabis. Australia On February 7, 2024, a wholly-owned subsidiary of the Company acquired the remaining approximately 90% equity interest of MedReleaf Australia that the Company did not previously own. The Company previously held a 10% ownership stake in MedReleaf Australia and together they have been providing Australian patients with several Aurora-branded products, including dried flower, oils and soft gels. The medical cannabis market in Australia is characterized by a clinician-led traditional pharma-like product distribution model that aligns with Aurora's operational success in other key global medical cannabis markets such as Germany. Since first partnering with MedReleaf Australia in 2017, Aurora has actively contributed to the region's recent growth, leveraging the Company's pharmaceutical grade cultivation and global approach to product innovation. MedReleaf Australia is a leading distributor of medical cannabis products and has a leadership position in the Australian medical cannabis market. This market has quickly become one of the largest nationally legal global medical cannabis markets outside of Canada. This acquisition is expected to provide a meaningful platform for Aurora to continue growing its leading global medical cannabis position in Australia and other APAC countries. Poland In October 2018, the Polish Ministry of Health granted the Company approval for its first shipment of medical cannabis to Poland, with the shipment made by Aurora Germany to a pain treatment center and a hospice in Warsaw. The Company continues to steadily increase product import to Poland and believes that the Polish medical cannabis market will continue to represent an attractive near-term growth opportunity. United Kingdom In fiscal 2019, the Company made its first shipment of dried flower to the UK, following the rescheduling of cannabis on November 1, 2018. The Company has continued to grow in the UK market, which remains substantially private, and expects the market to continue to expand as barriers to access diminish and the prescriber base grows. In late fiscal 2024, the Company announced the partnership of Aurora Medicine UK Ltd. with Script Assist, a cutting-edge medical cannabis prescription platform in the UK. Designed to support UK patients on their journey of well-being, the Script Assist platform provides access to high quality medication through their portal. Script Assist will make available an extensive range of medical cannabis products from Aurora's leading portfolio of products. France On August 25, 2021, the Company announced that Aurora Germany and Ethypharm SAS (“Ethypharm”) successfully delivered their initial shipment of cannabis to France in connection with the French medical cannabis pilot program. Aurora and Ethypharm were selected by The National Agency for the Safety of Medicines and Health Products (ANSM) in France to supply the entire medical cannabis dried flower range (three lots of the tender) to French patients during the pilot program. Aurora and Ethypharm signed an agreement to serve the French pilot program in October 2020, leveraging both parties' expertise. Under the terms of the exclusive agreement, Aurora supplied medical cannabis as well as EU GMP manufacturing and logistics support. In March 2024, ANSM announced that cannabis flower would be excluded from the pilot program going forward. Accordingly, effective March 26, 2024, the Company discontinued its supply of cannabis flower for the pilot program.

19 | P a g e The pilot program is expected to run until at least 2025, and anticipated to lead to market generalization if successful. Aurora remains actively engaged in consultations around France’s medical market framework. Employees As of March 31, 2024, the Company (including its global subsidiaries) had approximately 1,073 employees (March 31, 2023 – 1,130 employees). RISK FACTORS Our business, operations and outlook are subject to certain risks described below. There is no assurance we will be able to achieve or maintain profitability. Aurora Marijuana Inc. was the entity in which our operating business was originally organized. This company was incorporated in 2013 and our business began operations in 2015. We started generating revenue from the sale of cannabis in January 2016. Due to the disruption and slower than anticipated growth of the cannabis market globally and in Canada, we are subject to all of the associated business risks and uncertainties which include, but are not limited to, under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources, and lack of revenues. We have incurred operating losses in recent periods. We may not be able to achieve or maintain profitability and may continue to incur significant losses in the future. In addition, as we explore and implement initiatives to grow our business, we expect to continue to increase operating expenses. If our revenues do not increase to offset these expected increases in costs and operating expenses, we may not be profitable. It may make it difficult for investors to evaluate our prospects for success, based on our operating history. There is no assurance that we will be successful in achieving a return on shareholders’ investments and the likelihood of success is uncertain. Our business is reliant on the good standing of our licenses. Our ability to continue our business of cannabis cultivation, storage, and distribution is dependent on the good standing of all of our licenses, authorizations, and permits and adherence to all regulatory requirements related to such activities. We will incur ongoing costs and obligations related to regulatory compliance. Any failure to comply with the terms of the licenses, or to renew the licenses after their expiry dates, would have a material adverse impact on the financial conditions and operations of the business. Although we believe that we will meet the requirements of the Cannabis Act for future extensions or renewals of the licenses, there can be no assurance that Health Canada will extend or renew the licenses, or if extended or renewed, that they will be extended or renewed on the same or similar terms. Should Health Canada or the Canada Revenue Agency (“CRA”) not extend or renew the licenses, or should they renew the licenses on different terms, our business, financial condition and operations would be materially adversely affected. The same risks may arise when expanding our operations to foreign jurisdictions. We are committed to regulatory compliance, including but not limited to the maintenance of good production practices and physical security measures required by Health Canada. Failure to comply with regulations may result in additional costs for corrective measures, penalties, or restrictions on our operations. In addition, changes in regulations, more vigorous enforcement thereof, or other unanticipated events could require changes to our operations, increased compliance costs or give rise to material liabilities, which could have an adverse effect on our business, financial condition and operations. Our Canadian licenses are reliant on our established sites. The Canadian licenses we hold are specific to individual facilities. Any adverse changes or disruptions to the functionality, security and sanitation of our sites or any other form of non-compliance may put our licenses at risk, and ultimately adversely impact our business, financial condition and operations. As our operations and financial performance may be adversely affected if we are unable to keep up with such requirements, we are committed to the maintenance of our sites and intend to comply with Health Canada and their inspectors as required. As our business continues to grow, any expansion to or update of our current operating sites, will require the approval of Health Canada. There is no guarantee that Health Canada will approve any such expansions and/or renovations, which could adversely affect our business, financial condition and operations. We operate in a highly regulated business and any failure or significant delay in obtaining applicable regulatory approvals could adversely affect our ability to conduct our business. Our business and activities are heavily regulated in all jurisdictions where we carry on business. Achievement of our business objectives is contingent, in part, upon compliance with the regulatory requirements enacted by applicable government authorities, including those imposed by Health Canada, and obtaining all applicable regulatory approvals, where necessary. We cannot predict the time required to secure all appropriate regulatory approvals for our products, or with respect to any activities or our facilities, or the extent of testing and documentation that may be required by government authorities on an ongoing basis. The impact of regulatory compliance regimes and any delays in obtaining, maintaining or renewing, or failure to obtain, maintain or renew, regulatory approvals may significantly delay or impact the development of our business and operations. Non-compliance could also have a material adverse effect on our business, financial condition and operations.

20 | P a g e On December 5, 2023, Health Canada published new guidance on cannabis products with what it deems to be intoxicating cannabinoids other than THC. The guidance identifies the cannabinoids CBN and THCV as “intoxicating” and recommends that they be regulated in the same manner as THC, whose potency is capped in the edible and extract categories. While the guidance encourages licensed processors to follow recommended controls, it does not mandate any action and does not have the force of law without legislative change. The guidance does, however, create some uncertainty regarding the manner in which certain cannabinoids may be regulated in the future. Change in the laws, regulations, and guidelines that impact our business may cause adverse effects on our operations. Our business is subject to a variety of laws, regulations, and guidelines relating to the marketing, manufacturing, management, transportation, storage, sale, packaging and labeling, disposal and, if necessary, acquisition of cannabis. We are also subject to laws, regulations, and guidelines relating to health and safety, the conduct of operations, taxation of products and the protection of the environment. As the laws, regulations and guidelines pertaining to the cannabis industry are relatively new, it is possible that significant legislative amendments may still be enacted – either provincially or federally – that address current or future regulatory issues or perceived inadequacies in the regulatory framework. It is also possible that laws that impact our business may not develop as we expect or on the timeline we expect, including the federal legalization of cannabis use in the U.S. if and when it occurs. Changes to such laws, regulations, and guidelines, may cause material adverse effects on our business, financial condition and operations. The legislative framework pertaining to the Canadian non-medical cannabis market is subject to significant provincial and territorial regulation. The legal framework varies across provinces and territories and results in asymmetric regulatory and market environments. Different competitive pressures, additional compliance requirements, and other costs may limit our ability to participate in such markets. Failure to comply with anti-money laundering laws and regulation could subject us to penalties and other adverse consequences. We are subject to a variety of domestic and international laws and regulations pertaining to money laundering, financial recordkeeping and proceeds of crime, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended and the rules and regulations thereunder, the Criminal Code (Canada) and any related or similar rules, regulations or guidelines, issued, administered or enforced by governmental authorities internationally. In the event that any of our operations or investments, any proceeds thereof, any dividends or distributions therefrom, or any profits or revenues accruing from such operations or investments were found to be in violation of money laundering legislation or otherwise, such transactions may be viewed as proceeds of crime under one or more of the statutes noted above or any other applicable legislation, and any persons, including such U.S. based investors, found to be aiding and abetting us in such violations could be subject to liability. Any violations of these laws, or allegations of such violations, could disrupt our operations, involve significant management distraction and involve significant costs and expenses, including legal fees. We could also suffer severe penalties, including criminal and civil penalties, disgorgement and other remedial measures. This could restrict or otherwise jeopardize our ability to declare or pay dividends, effect other distributions or subsequently repatriate such funds back to Canada. We compete for market share with a number of competitors and many of our competitors may have longer operating histories, more financial resources, and lower costs than us. As the cannabis market continues to mature, both domestically and internationally, the overall demand for products and the number of competitors is expected to increase. Consumers that once solely relied on the medical cannabis market may shift some, or all, of their consumption or preferences away from medical cannabis and towards consumer cannabis. The Cannabis Act also permits patients to produce a limited amount of cannabis for their own purposes or to designate a person to produce a limited amount of cannabis on their behalf. Such shifts in market demand, and other factors that we cannot currently anticipate, could potentially reduce the market for our products, which could ultimately have a material adverse effect on our business, financial condition and operations. The cannabis industry is undergoing substantial change, which has resulted in an increase in new and existing competitors, consolidation and the formation of strategic relationships. Acquisitions or other consolidating transactions could harm our business in a number of ways, including losing patients and/or customers, revenue and market share, or forcing us to expend greater resources to meet new or additional competitive threats. There is potential that we will face intense competition from not only existing companies but from new entrants including those resulting from the federal legalization of cannabis use in the U.S. if and when it occurs, all of which could harm our operating results. Changes in the number of licenses granted and the number of Licensed Producers ultimately authorized by Health Canada, as well as other regulatory changes in both Canada and the U.S. that have the effect of increasing competition, could have an adverse impact on our ability to compete for market share in Canada’s cannabis market. Some competitors may have significantly greater financial, technical, marketing, and other resources compared to us. Such companies may be able to devote greater resources to the development, promotion, sale and support of their products and services, and may have more extensive customer bases and broader customer relationships. Such competition may make it

21 | P a g e difficult to enter into supply agreements, negotiate favourable prices, recruit or retain qualified employees, and acquire the capital necessary to fund our capital investments. We also face competition from illegal cannabis dispensaries and ‘black market’ operations and participants, who do not have a valid license, that are selling cannabis to individuals, including products with higher concentrations of active ingredients, using flavours or other additives or engaging in advertising and promotion activities that are not permitted by law. Because they do not comply with the regulations governing the cannabis industry, illegal market participants’ operations may also have significantly lower costs. In order for us to be competitive, we will need to invest significantly in research and development, market development, marketing, new client identification, distribution channels, and client support. If we are not successful in obtaining sufficient resources to invest in these areas, our ability to compete in the market may be adversely affected, which could materially and adversely affect our business, financial conditions and operations. Our future success depends upon our ability to maintain competitive production costs through economies of scale and our ability to recognize higher margins through the sale of higher margin products. To the extent that we are not able to continue to produce our products at competitive prices or consumers prioritize established low margin products over innovative, higher margin products, our business, financial conditions and operations could be materially adversely affected. Selling prices and the cost of cannabis production may vary based on a number of factors outside of our control. Our revenues are in a large part derived from the production, sale, and distribution of cannabis. The cost of production, sale, and distribution of cannabis is dependent on a number of key inputs and their related costs, including equipment and supplies, labour and raw materials related to our growing operations, as well other overhead costs such as electricity, water, and utilities. In particular, our cannabis cultivation operations consume considerable energy, making us vulnerable to rising energy costs. Rising or volatile energy costs may have a material adverse effect on our business, financial condition and results of operations. Although our business has not been materially impacted by ongoing international military conflicts, the measures that have been taken, and could be taken in the future, may have a negative impact on our costs, including for input materials, energy and transportation. Any significant interruption or negative change in the availability or economics of the supply chain for key inputs, including an inability to secure required supplies and services or to do so on appropriate terms could materially and adversely impact our business, financial condition, and results of operations. This includes any change in the selling price of products set by the applicable province or territory. The price of cannabis is affected by numerous factors beyond our control and any price decline may have a material adverse effect on our business, financial condition and operations. We may not be able to realize our growth targets. Our ability to continue the production of cannabis products at the same pace as we are currently producing, or at all, and our ability to continue to increase both our production capacity and our production volumes, may be affected by a number of factors, including plant design errors, non-performance by third party contractors, increases in materials or labour costs, construction performance falling below expected levels of output or efficiency, contractor or operator errors, breakdowns, aging or failure of equipment or processes, and labour disputes. Factors specifically related to indoor agricultural and processing practices, such as reliance on provision of energy and utilities to our facilities, those specifically related to outdoor cultivation practices, such as droughts, environmental pollution and inadvertent contamination, and any major incidents or catastrophic events affecting the premises, such as fires, explosions, earthquakes or storms, may all materially and adversely impact the growth of our business. In addition, the Company may be subject to other growth-related risks, including pressure on its internal systems and controls. The ability of the Company to manage growth effectively will require it to continue to implement and improve its operational and financial systems and to expand, train and manage its employee base. If the Company is unable to deal with this growth, it may have a material adverse effect on the Company’s business, financial condition, results of operations and prospects. The continuance of our contractual relations with provincial and territorial governments cannot be guaranteed. Part of our current revenues depend upon our supply contracts with the various Canadian provinces and territories. There are many factors which could impact our contractual agreements and alterations to, or the termination or renewal of, such contracts may adversely impact our business, financial condition and operations. In addition, not all of the Company’s supply arrangements with the various Canadian provinces and territories contain purchase commitments or otherwise obligate the provincial or territorial wholesaler to buy a minimum or fixed volume of cannabis products from the Company. The amount of cannabis that the provincial and territorial wholesalers may purchase under the supply arrangements may therefore vary from what the Company expects or has planned for. As a result, the Company’s revenues could fluctuate materially in the future and could be materially and disproportionately impacted by the purchasing decisions of the provincial and territorial wholesalers. If any of the provincial or territorial wholesalers decide to purchase lower volumes of products from the Company than the Company expects, alters its purchasing patterns at any time with limited notice, decides to return product or decides not to continue to purchase the Company’s cannabis products at all, the Company’s revenues could be materially adversely affected, which could have a material adverse effect on the

22 | P a g e Company’s business, financial condition, results of operations and prospects. Our continued growth may require additional financing, which may not be available on acceptable terms or at all. Our continued development may require additional financing. The failure to raise such capital could result in the delay or indefinite postponement of our current business strategy or our ceasing to carry on business. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be available on favorable terms. If additional funds are raised through issuances of equity, equity-linked securities, or convertible debt securities, existing shareholders could suffer significant dilution, and any new equity securities issued could have rights, preferences, and privileges superior to those of holders of Common Shares. In addition, from time to time, we may enter into transactions to acquire assets or equity securities of other companies. These transactions may be financed wholly or partially with debt, which may increase our debt levels above industry standards and our ability to service such debt. Any debt financing obtained in the future could involve restrictive covenants relating to capital raising activities and other financial and operational matters, which could make it more difficult for us to obtain additional capital and pursue business opportunities, including potential acquisitions. Debt financings may contain provisions, which, if breached, entitle lenders to accelerate repayment of debt and there is no assurance that we would be able to repay such debt in such an event or prevent the enforcement of security, if any, granted pursuant to such debt financing. An economic downturn of global capital markets may make raising additional capital more difficult. If uncertain market conditions persist, the Company’s ability to raise capital could be jeopardized, which could have an adverse impact on the Company’s operations and the trading price of the Company’s shares on the TSX and Nasdaq. Any default under our existing debt that is not waived by the applicable lenders could materially adversely impact our results of operations and financial results and may have a material adverse effect on the trading price of our Common Shares. Covenants in respect of our existing debt may create a risk of default on our debt if we cannot satisfy or continue to satisfy these covenants. If we cannot comply with a debt covenant or anticipates that it will be unable to comply with a debt covenant under any debt instrument it is party to, management may seek a waiver and/or amendment to the applicable debt instrument in respect of any such covenant in order to avoid any breach or default that might otherwise result therefrom. If we default under a debt instrument and the default is not waived by the lender(s), the debt extended pursuant to all of its debt instruments could become due and payable prior to its stated due date. If such event were to occur, we cannot give any assurance that (i) its lenders will agree to any covenant amendments or waive any covenant breaches or defaults that may occur, and (ii) it could pay this debt if it became due prior to its stated due date. Accordingly, any default by us on existing debt that is not waived by the applicable lenders could materially adversely impact our results of operations and financial results and may have a material adverse effect on the trading price of our Common Shares. We may be subject to credit risk. Credit risk is the risk that the counterparty to a financial instrument fails to meet its contractual obligations, resulting in a financial loss to us. We have credit risk exposure based on the balance of our cash, accounts receivable, investments, and taxes recoverable. There are no assurances that our counterparties, including parties to whom we extended credit, or customers will meet their contractual obligations to us. We may not be able to successfully develop new products or find a market for their sale. The medical and non-medical cannabis industries are in their early stages of development and it is likely that we, and our competitors, will seek to introduce new products in the future. In attempting to keep pace with any new market developments, we may need to expend significant amounts of capital in order to successfully develop and generate revenues from new products introduced by us. As well, we may be required to obtain additional regulatory approvals from Health Canada and any other applicable regulatory authorities, which may take significant amounts of time and entail significant costs. We may not be successful in developing effective and safe new products, bringing such products to market in time to be effectively commercialized, or obtaining any required regulatory approvals, which, together with any capital expenditures made in the course of such product development and regulatory approval processes, may have a material adverse effect on our business, financial condition and operations. As the cannabis market continues to mature, our products may become obsolete, less competitive, or less marketable. Because the cannabis market and associated products and technology are rapidly evolving, both domestically and internationally, we may be unable to anticipate and/or respond to developments in a timely and cost-efficient manner. The process of developing our products is complex and requires significant costs, development efforts, and third-party commitments. Our failure to develop new products and technologies and the potential disuse of our existing products and technologies could adversely affect our business, financial condition and operations. Our success will depend, in part, on our ability to continually invest in research and development and enhance our existing technologies and products in a competitive manner. Restrictions on branding and advertising may negatively impact our ability to attract and retain customers. Our success depends on our ability to attract and retain customers. The Cannabis Act strictly regulates the way cannabis is packaged, labelled, and displayed. The associated provisions are quite broad and are subject to change. It is currently

23 | P a g e prohibited to use testimonials and endorsements, depict people, characters and animals and produce any packaging that may be appealing to young people. The restrictions on packaging, labelling, and the display of our cannabis products may adversely impact our ability to establish brand presence, acquire new customers, retain existing customers and maintain a loyal customer base. This may ultimately have a material adverse effect on our business, financial conditions and operations. The cannabis business may be subject to unfavorable publicity or consumer perception. We believe that the cannabis industry is highly dependent upon positive consumer and investor perception regarding the benefits, safety, efficacy and quality of the cannabis distributed to consumers. Cannabis is a controversial topic, and there is no guarantee that future scientific research, publicity, regulations, medical opinion, and public opinion relating to cannabis will be favorable. Consumer perception of our products can be significantly influenced by scientific research or findings, regulatory investigations, litigation, media attention and other publicity regarding the consumption of cannabis products. There can be no assurance that future scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity will be favorable to the cannabis market or any particular product, or consistent with earlier publicity. Future scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity that are perceived as less favorable than, or that question, earlier research reports, findings or publicity could have a material adverse effect on the demand for our products and our business, financial condition, results of operations and prospects. Our dependence upon consumer perception means that adverse scientific research, findings, regulatory proceedings, litigation, media attention or other research findings or publicity, whether or not accurate or with merit, could have a material adverse effect on us, the demand for products, and our business, financial condition, results of operations and prospects. Adverse publicity reports or other media attention regarding the safety, efficacy and quality of cannabis in general, or our products specifically, or associating the consumption of cannabis with illness or other negative effects or events, could have such a material adverse effect on us. Such adverse publicity reports or other media attention could arise even if the adverse effects associated with such products resulted from consumers’ failure to consume such products legally, appropriately, or as directed. Although we believe that we operate in a manner that is respectful to all stakeholders and that we take care in protecting our image and reputation, we do not ultimately have direct control over how we are perceived by others. There is also a risk that the actions of other companies and service providers in the cannabis industry may negatively affect the reputation of the industry as a whole and, thereby, negatively impact our reputation. The increased usage of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users has made it increasingly easier for individuals and groups to communicate and share negative opinions and views in Canada and elsewhere in regard to our activities and the cannabis industry in general, whether true or not. The legal restrictions with respect to labelling and marketing cannabis may exacerbate these risks by increasing the influence of social media users and prohibiting us from effectively responding to negative publicity. Third parties with whom we do business may perceive themselves as being exposed to reputational risk by virtue of their relationship with us and may ultimately elect to discontinue their relationships with us. The parties with which we do business may perceive that they are exposed to reputational risk as a result of our cannabis business activities. In particular, while we attempt to conduct our cannabis-related business activities in compliance with all laws, negative perception of cannabis-related activities could cause the parties with whom we do business to discontinue their relationships with us and may cause potential counterparties to decline to do business with us. These risks may increase during periods in jurisdictions where cannabis-related activities are illegal and where jurisdictions focus their enforcement efforts on eliminating such activities. Failure to establish or maintain business relationships could have a material adverse effect on our business, financial condition and operations. There may be unknown health impacts associated with the use of cannabis and cannabis derivative products. There is little in the way of longitudinal studies on the short-term and long-term effects of cannabis use on human health, whether used for recreational or medicinal purposes. As such, there are inherent risks associated with using our cannabis and cannabis derivative products, including unexpected side effects or safety concerns, the discovery of which could lead to civil litigation, regulatory actions and even possibly criminal enforcement actions. Previously unknown or unforeseeable adverse reactions arising from human consumption of cannabis products may occur and consumers should consume cannabis at their own risk or in accordance with the direction of a health care practitioner. We may enter into strategic alliances or expand the scope of currently existing relationships with third parties that we believe complement our business, financial condition and results of operation and there are risks associated with such activities. We have entered into, and may in the future enter into, strategic alliances with third parties that we believe will complement or augment our existing business, including for third-party supply. Our ability to complete and develop strategic alliances is dependent upon, and may be limited by, the availability of suitable candidates and capital. In addition, strategic alliances could present unforeseen regulatory issues, integration obstacles or costs, may not enhance our business, and may involve risks that could adversely affect us, including significant amounts of management time that may be diverted from current operations in order to pursue and complete such transactions or maintain such strategic alliances. Future strategic alliances could result in the incurrence of additional debt, costs and contingent liabilities, and there can be no assurance that future strategic alliances will achieve, or that our existing strategic alliances will continue to achieve, the expected benefits to our

24 | P a g e business or that we will be able to consummate future strategic alliances on satisfactory terms, or at all. Any of the foregoing could have a material adverse effect on our business, financial condition and operations. Our success will depend on attracting and retaining key personnel. The success of the Company is dependent upon the ability, expertise, judgment, discretion and good faith of its key personnel. Our future success will depend on our directors’ and officers’ ability to develop and execute our business strategies and manage our ongoing operations, as well as our ability to attract and retain key personnel. Competition for qualified professionals, technical, sales and marketing staff, as well as officers and directors can be intense, and no assurance can be provided that we will be able to attract or retain key personnel in the future, which may adversely impact our operations. While employment and consulting agreements are customary, these agreements cannot assure the continued services of such individuals. Further, as a Licensed Producer under the Cannabis Act, certain key personnel are required to obtain a security clearance by Health Canada. Licenses will not be granted until all key personnel have been granted security clearance. Under the Cannabis Act, a security clearance cannot be valid for more than five years and must be renewed before the expiry of a current security clearance. There is no assurance that any of our existing or future key personnel will be able to obtain or renew such clearances. A failure by key personnel to maintain or renew their security clearance could result in a material adverse effect on our business, financial condition and operations. There is also a risk that if key personnel leave the Company, we may not be able to find a suitable replacement that can obtain a security clearance in a timely manner, or at all. Dependence on senior management The success of the Company and its strategic focus is dependent to a significant degree upon the contributions of senior management. The loss of any of these individuals, or an inability to attract, retain and motivate sufficient numbers of qualified senior management personnel could adversely affect the Company’s business. As well, the implementation of employee compensation packages, composed of monetary short-term compensation and long-term equity-based compensation, has been designed for the retention of key employees. Certain of our directors and officers may have conflicts of interests due to other business relationships. We may be subject to potential conflicts of interest as some of our directors and officers may be engaged in a range of other business activities. Our directors and officers are permitted to devote time to their outside business interests, so long as such activities do not materially or adversely interfere with their duties to the Company. However, in some cases these outside business interests can require significant time and attention which may interfere with their ability to devote the necessary time to our business, and there is no assurance that such occurrences would not adversely affect our operations. We may also become involved in other transactions which conflict with the interests of its directors and officers who may, from time to time, deal with persons, institutions or corporations with which we may be dealing, or which may be seeking investments similar to those the Company desires. The interests of these persons could conflict with our interests. In addition, from time to time, these persons may be competing with us for available investment opportunities. Conflicts of interest, if any, will be subject to the procedures and remedies provided under applicable laws. In particular, in the event that such a conflict of interest arises at a meeting of the Board, a director who has such a conflict will abstain from voting for or against the approval thereof in accordance with applicable laws. In accordance with applicable laws, our directors are required to act honestly, in good faith and in the Company’s best interests. Future execution efforts may not be successful. There is no guarantee that our current execution strategy will be completed in the currently proposed form, if at all, nor is there any guarantee that we will be able to expand into additional jurisdictions. There is also no guarantee that expansions to our marketing and sales initiatives will be successful. Any such activities will require, among other things, various regulatory approvals, licenses and permits (such as additional licenses from Health Canada under the Cannabis Act) and there is no guarantee that all required approvals, licenses and permits will be obtained in a timely fashion or at all. There is also no guarantee that we will be able to complete any of the foregoing activities as anticipated or at all. Our failure to successfully execute our strategy could adversely affect our business, financial condition and operations and may result in our failing to meet anticipated or future demand for products, when and if it arises. In addition, the construction (or remaining construction) of any current or future facilities is subject to various potential problems and uncertainties, and may be delayed or adversely affected by a number of factors beyond our control, including the failure to obtain regulatory approvals, permits, delays in the delivery or installation of equipment by our suppliers, difficulties in integrating new equipment with its existing facilities, shortages in materials or labor, defects in design or construction, diversion of management resources, or insufficient funding or other resource constraints. Moreover, actual costs for construction may exceed our budgets. As a result of construction delays, cost overruns, changes in market circumstances or other factors, we may not be able to achieve the intended economic benefits, which in turn may materially and adversely affect our business, prospects, financial condition and operations.

25 | P a g e We have expanded and intend to further expand our business and operations into jurisdictions outside of Canada, and there are risks associated with doing so. As international demand grows, we intend to consider the expansion of our operations and business into jurisdictions outside of Canada, some of which are emerging markets, but there can be no assurance that any market for our products will develop in any such foreign jurisdiction. The continuation or expansion of our operations internationally will depend on our ability to renew or secure the necessary permits, licenses, or other approvals in those jurisdictions. An agency's denial of or delay in issuing or renewing a permit, license, or other approval, or revocation or substantial modification of an existing permit or approval, could prevent us from continuing our operations in or exports to other countries. Operations in non-Canadian markets may expose us to new or unexpected risks or significantly increase our exposure to one or more existing risk factors. Some governmental regulations may require us to award contracts in, employ citizens of, and/or purchase supplies from the jurisdiction. These factors may limit our capability to successfully expand our operations and may have a material adverse effect on our business, financial condition and operations. In addition, we are further subject to a wide variety of laws and regulations domestically and internationally with respect to the flow of funds and product across international borders and the amount of medical cannabis we export may be limited by the various drug control conventions to which Canada is a signatory. While we continue to monitor developments and policies in the emerging markets in which we operate and assess the impact thereof to our operations, such developments cannot be accurately predicted and could have an adverse effect on our business, operations or profitability. On April 1, 2024, cannabis was reclassified as a non-narcotic by the German government, allowing adults to possess small amounts of cannabis, and making Germany the largest European Union country to legalize possession for recreational use. While the Company is one of three existing domestic medical cannabis producers in Germany, there is no assurance that we will be successful in the German recreational market, if and when commercial cultivation, manufacturing, and retail sales are permitted. Our business may be affected by political and economic instability, and a period of sustained inflation across the markets in which we operate could result in higher operating costs. We may be affected by political or economic instability. The risks include, but are not limited to, terrorism, military repression, extreme fluctuations in currency exchange rates, high rates of inflation and other negative impacts on the global economy, capital markets or other geopolitical conditions. Changes in medical and agricultural development or investment policies or shifts in political viewpoints of certain countries may adversely affect our business. Operations may be affected in varying degrees by government regulations with respect to restrictions on production, distribution, price controls, export controls, income taxes, expropriation of property, maintenance of assets, environmental legislation, land use, land claims of local people, and water use. The effect of these factors cannot be accurately predicted. In the past year, the worldwide economy has experienced significant inflation and inflationary pressures. Inflation may negatively impact our business, raise cost and reduce profitability. While we have and will continue to take actions, wherever possible, to reduce the impact of the effects of inflation, in the case of sustained inflation across several of the markets in which we operate, it could become increasingly difficult to effectively mitigate the increases to our costs. In addition, the effects of inflation on consumers’ budgets could result in the reduction of our customers’ spending habits. If we are unable to take actions to effectively mitigate the effect of the resulting higher costs, our profitability and financial position could be negatively impacted. We rely on international advisors and consultants in foreign jurisdictions. The legal and regulatory requirements in the foreign countries in which we currently or intend to operate are different from those in Canada. Our officers and directors must rely, to a great extent, on local legal counsel and consultants in order to ensure our compliance with material legal, regulatory and governmental developments as they pertain to and affect our business operations, to assist with governmental relations and enhance our understanding of and appreciation for the local business culture and practices. Any developments or changes in such legal, regulatory or governmental requirements or in local business practices are beyond our control. The impact of any such changes may adversely affect our business, financial condition and operations. Failure to comply with the Corruption of Foreign Public Officials Act (Canada) (“CFPOA”) and the Foreign Corrupt Practices Act (U.S.) (“FCPA”), as well as the anti-bribery laws of the other nations in which we conduct business, could subject us to penalties and other adverse consequences. We are subject to the CFPOA and the FCPA, which generally prohibit companies and their employees from engaging in bribery, kickbacks or making other prohibited payments to foreign officials for the purpose of obtaining or retaining business. The CFPOA and the FCPA also require companies to maintain accurate books and records and internal controls, including at foreign controlled subsidiaries. In addition, we are subject to other anti-bribery laws of other countries in which we conduct, or will conduct, business that apply similar prohibitions as the CFPOA and FCPA (e.g. the Organization for Economic Co- operation and Development Anti-Bribery Convention). Our employees or other agents may, without our knowledge and despite our efforts, engage in prohibited conduct under our policies and procedures and the CFPOA, the FCPA, or other anti- bribery laws to which we may be subject for which we may be held responsible. If our employees or other agents are found

26 | P a g e to have engaged in such practices, we could suffer severe penalties and other consequences that may have a material adverse effect on our business, financial condition and operations. We may be subject to uninsured or uninsurable risks. While we may have insurance to protect our assets, operations, and employees, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which we are exposed. No assurance can be given that such insurance will be adequate to cover our liabilities or that it will be available in the future or at all, and that it will be commercially justifiable. We may be subject to liability for risks against which we cannot insure or against which we may elect not to insure due to the high cost of insurance premiums or other factors. The payment of any such liabilities would reduce the funds available for our normal business activities. Payment of liabilities for which we do not carry insurance may have a material adverse effect on our business, financial condition and operations. We may be subject to product liability claims. As a manufacturer and distributor of products designed to be topically applied, inhaled and ingested or otherwise consumed by humans, we face an inherent risk of exposure to product liability claims, regulatory action and litigation if our products are alleged to have caused significant loss or injury. In addition, the manufacture and sale of cannabis products involves the risk of injury to consumers due to tampering by unauthorized third parties or product contamination. We may in the future have to recall certain of our cannabis products as a result of potential contamination and quality assurance concerns. Previously unknown adverse reactions resulting from human consumption of cannabis products alone or in combination with other medications or substances could occur. We may be subject to various product liability claims, including, among others, that the products produced by us caused or contributed to injury or illness, include inadequate instructions for use or include inadequate warnings concerning possible side effects or interactions with other substances. A product liability claim or regulatory action against us could result in increased costs, adversely affect our reputation and goodwill with our customers, and could have a material adverse effect on our business, financial condition and operations. There can be no assurances that we will be able to obtain or maintain product liability insurance on acceptable terms or with adequate coverage against potential liabilities. The inability to obtain sufficient insurance coverage on reasonable terms or to otherwise protect against potential product liability claims could prevent or inhibit the commercialization of such products. Our cannabis products may be subject to recalls for a variety of reasons. Manufacturers and distributors of consumer goods and products are sometimes subject to the recall or return of their products for a variety of reasons, including product defects, such as contamination, unintended harmful side effects or interactions with other substances, packaging safety and inadequate or inaccurate labeling disclosure. If any of the products produced by us are recalled due to an alleged product defect or for any other reason, we could be required to incur the unexpected expense of the recall and any legal proceedings that might arise in connection with the recall. We may lose a significant amount of sales and may not be able to replace those sales at an acceptable margin or at all. In addition, a product recall may require significant management attention. Although we have detailed procedures in place for testing finished products, there can be no assurance that any quality, potency or contamination problems will be detected in time to avoid unforeseen product recalls, regulatory action or lawsuits, whether frivolous or otherwise. Additionally, if any of the products produced by us were subject to recall, the reputation and goodwill of that product and/or us could be harmed. A recall for any of the foregoing reasons could lead to decreased demand for our products and could have a material adverse effect on our business, financial condition and results of operations. Additionally, product recalls may lead to increased scrutiny of our operations by Health Canada or other regulatory agencies, requiring further management attention, increased compliance costs and potential legal fees, fines, penalties and other expenses. Furthermore, any product recall affecting the cannabis industry more broadly could lead consumers to lose confidence in the safety and security of the products sold by participants in the industry generally, which could have a material adverse effect on our business, financial condition and operations. We are and may become party to litigation, mediation, and/or arbitration from time to time. We are and may in the future become party to regulatory proceedings, litigation, mediation, and/or arbitration from time to time in the ordinary course of business, which could adversely affect our business, financial condition and operations. Monitoring and defending against legal actions, with or without merit, can be time-consuming, divert management’s attention and resources and can cause us to incur significant expenses. In addition, legal fees and costs incurred in connection with such activities may be significant and we could, in the future, be subject to judgments or enter into settlements of claims for significant monetary damages. While we have insurance that may cover the costs and awards of certain types of litigation, the amount of insurance may not be sufficient to cover any costs or awards. Substantial litigation costs or an adverse result in any litigation may adversely impact our business, financial condition, or operations. Litigation, and any decision resulting therefrom, may also create a negative perception of our company. We are currently subject to class action proceedings in both the U.S. and Canada (as further detailed herein). Though we believe these to be without merit and intend to vigorously defend against the claims, there is no assurance that we will be successful. The transportation of our products is subject to security risks and disruptions. We depend on fast, cost-effective, and efficient third-party courier services to distribute our product to both wholesale and retail customers. Any prolonged disruption of these courier services could have an adverse effect on our business, financial

27 | P a g e condition and operations. Rising costs associated with the courier service we use to ship our products may also adversely impact our business and our ability to operate profitably. Due to the nature of our products, security during transportation is of the utmost concern. Any breach of the security measures during the transport or delivery of our products, including any failure to comply with recommendations or requirements of government regulators, whether intentional or not, could have a materially adverse impact on our ability to continue operating under our current licenses and may potentially impact our ability to renew such licenses. Our business is subject to the risks inherent in agricultural operations. Since our business revolves mainly around the growth and processing of cannabis, an agricultural product, the risks inherent with agricultural businesses apply to our business. Such risks may include disease and insect pests, among others. Cannabis growing operations consume considerable energy and any rise in energy costs may have a material adverse effect on our ability to produce cannabis, and therefore, our business, financial condition and results of operations. Although we currently grow, and expect to grow, most of our cannabis in climate-controlled, monitored, indoor locations, some of our production takes place outdoors and there is no guarantee that changes in outside weather and climate will not adversely affect such production. Like other agricultural products, the quality of cannabis grown outdoors is affected by weather and the environment, which can change the quality or size of the harvest. If a weather event is particularly severe, such as a major drought or hurricane, the affected harvest could be destroyed or damaged to an extent that results in lost revenues. In addition, other items may affect the marketability of cannabis grown outdoors, including, among other things, the presence of non-cannabis related material, genetically modified organisms and excess residues of pesticides, fungicides, and herbicides. High degrees of quality variance can affect processing velocity and capacity utilization, as the process required to potentially upgrade lower quality product requires significant time and resources. There can be no assurance that natural elements will not have a material adverse effect on the production of our products and ultimately our business, financial condition and operations. We have in the past, and may in the future, record significant impairments or write-downs of our assets. Our cannabis inventory in our cannabis operations and cannabis retail segments has a finite shelf life and is subject to obsolescence, expiration, spoilage, shrinkage, unacceptable quality, contamination or other declines in value prior to wholesale or retail sale. We have in the past, and may in the future, be required to record substantial write-downs or impairments related to loss of value in our cannabis inventory. In addition, our facilities may be subject to obsolescence, damage, loss of fair market value or other declines in value. Our operations are subject to various environmental and employee health and safety regulations. Our operations are subject to environmental and safety laws and regulations concerning, among other things, emissions and discharges to water, air, and land, the handling and disposal of hazardous and non-hazardous materials and wastes, and employee health and safety. We incur ongoing costs and obligations related to compliance with environmental and employee health and safety matters. Failure to obtain an environmental compliance approval under applicable regulations or otherwise comply with environmental and safety laws and regulations may result in additional costs for corrective measures, penalties or restrictions on our manufacturing operations. In addition, changes in environmental, employee health and safety or other laws, more vigorous enforcement thereof, or other unanticipated events could require extensive changes to our operations or give rise to material liabilities, which could have a material adverse effect on our business, financial condition and operations. Climate change may have an adverse effect on demand for our products or on our operations. Over the past several years, changing weather patterns and climatic conditions due to natural and man-made causes have added to the unpredictability and frequency of extreme weather events such as severe weather, heat waves, wildfires, flooding, hailstorms, snowstorms, and the spread of disease and insect infestations. These events could damage, destroy or hinder the operations at our physical facilities, or the facilities of our suppliers or customers, and adversely affect our financial results as a result of decreased production output, increased operating costs or reduced availability of transportation. Government action to address climate change, greenhouse gas (GHG) emissions, water and land use may result in the enactment of additional or more stringent laws and regulations that may require us to incur additional capital expenditures, pay higher taxes, increased transportation costs, or could otherwise adversely affect our financial conditions. In addition, increasingly our employees, customers and investors expect that we minimize the negative environmental impacts of our operations Although we make efforts to create positive impacts where possible and anticipate potential costs associated with climate change, failure to mitigate the risks of climate change and adequately respond to their changing expectations as well as those of governments on environmental matters, could result in missed opportunities, additional regulatory scrutiny, loss of team members, customers and investors, and adverse impact on our brand and reputation. We may not be able to protect our intellectual property. Our success depends in part on our ability to own and protect our trademarks, patents, trade secrets and other intellectual property rights. We rely on certain trade secrets, technical know-how and proprietary information that are not protected by patents to maintain our competitive position. Our trade secrets, technical know-how and proprietary information, which are not protected by patents, may become known to or be independently developed by competitors. Even if we move to protect our intellectual property with trademarks, patents, copyrights or by other means, we are not assured that competitors will not

28 | P a g e develop similar technology and business methods or that we will be able to exercise our legal rights. Other countries may not protect intellectual property rights to the same standards as does Canada, particularly in the U.S. where cannabis remains federally illegal. Policing the unauthorized use of current or future trademarks, patents, trade secrets or intellectual property rights could be difficult, expensive, time-consuming and unpredictable, as may be enforcing these rights against unauthorized use by others. Actions taken to protect or preserve intellectual property rights may require significant financial and other resources such that said actions may have a materially adverse impact our ability to successfully grow our business. An adverse result in any litigation or defense proceedings could put one or more of the trademarks, patents or other intellectual property rights at risk of being invalidated or interpreted narrowly and could put existing intellectual property applications at risk of not being issued. Any or all of these events could materially and adversely affect our business, financial condition and operations. We may experience breaches of security at our facilities or in respect of electronic documents and data storage and may face risks related to breaches of applicable privacy laws. Given the nature of our product and its lack of legal availability outside of channels approved by the Government of Canada, as well as the concentration of inventory in our facilities, despite meeting or exceeding Health Canada’s security requirements, there remains a risk of shrinkage as well as theft. A security breach at one of our facilities could expose us to additional liability, potentially costly litigation, increased expenses relating to the resolution and future prevention of these breaches and may deter potential customers from choosing our products. In addition, we collect and store personal information about our customers and are responsible for protecting that information from privacy breaches. A privacy breach may occur through procedural or process failure, information technology malfunction, or deliberate unauthorized intrusions. Data theft for competitive purposes, particularly patient lists and preferences, is an ongoing risk whether perpetrated via employee collusion or negligence, or through a deliberate cyber- attack. Any such theft or privacy breach would have a material adverse effect on our business, reputation, financial condition and results of operations. Furthermore, there are several federal and provincial laws protecting the confidentiality of certain patient health information, including patient records, and restricting the use and disclosure of that protected information. In particular, the privacy rules under the Personal Information Protection and Electronics Documents Act (Canada) (“PIPEDA”), protect medical records and other personal health information by limiting their use and disclosure of health information to the minimum level reasonably necessary to accomplish the intended purpose. If we were found to be in violation of the privacy or security rules under PIPEDA or other laws protecting the confidentiality of patient health information, we could be subject to sanctions and civil or criminal penalties, which could increase our liabilities, harm our reputation, and have a material adverse effect on our business, financial condition and operations. We may be subject to risks related to our information technology systems, including cyber-attacks. We have entered into agreements with third parties for hardware, software, telecommunications and other information technology services in connection with our operations. Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, intentional damage and destruction, fire, power loss, hacking, computer viruses, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems, depending on the nature of any such failure, could adversely impact our business, financial condition and operations. Cyber-attacks could result in important remediation costs, increased cybersecurity costs, lost revenues due to a disruption of activities, litigation, and reputational harm affecting customer and investor confidence, which ultimately could materially adversely affect our business, financial condition and operations. In December 2020, the Company was the target of a cybersecurity incident that involved the theft of company information. The subsequent investigation identified that certain personally identifiable information of our employees and consumers was compromised. It also confirmed that our patient database was not compromised, and our performance and financial information was not impacted. All impacted individuals were notified, as were all required government privacy offices. We have not experienced any material losses to date relating to cyber-attacks or other information security breaches, but there can be no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access is a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities. Globally, cybersecurity incidents have increased in number and severity and it is expected that these external trends will continue. In response to this incident, or any potential future incident, we may incur substantial costs which may include:

29 | P a g e  remediation costs, such as liability for stolen information, repairs to system or data damage, or implementation of new security;  measures in response to the evolving security landscape; and  legal expenses, including costs related to litigation, regulatory actions or penalties. We may not be able to successfully identify and execute future acquisitions or dispositions, or to successfully manage the impacts of such transactions on our operations. We have in the past, and may in the future, seek strategic acquisitions. Our ability to identify and consummate any future potential acquisitions on terms that are favorable to us may be limited by the number of attractive acquisition targets, internal demands on our resources and, to the extent necessary, our ability to obtain financing on satisfactory terms, if at all. Over the past few years, we have completed a number of such acquisitions. Material acquisitions, dispositions, and other strategic transactions involve a number of risks, including: (i) potential disruption of our ongoing business; (ii) distraction of management; (iii) increased financial leverage; (iv) the anticipated benefits and cost savings of those transactions may not be realized fully, or at all, or may take longer to realize than expected; (v) increased scope and complexity of our operations; and (vi) loss or reduction of control over certain of our assets. The presence of one or more material liabilities and/or commitments of an acquired company that are unknown to us at the time of acquisition could have a material adverse effect on our business, financial condition and operations. A strategic transaction may result in a significant change in the nature of our business, operations and strategy. In addition, we may encounter unforeseen obstacles or costs in implementing a strategic transaction or integrating any acquired business into our existing operations. As a holding company, Aurora Cannabis Inc. is dependent on its operating subsidiaries to pay dividends and other obligations. Aurora Cannabis Inc. is a holding company. Essentially all of our operating assets are the capital stock of our subsidiaries and substantially all of our business is conducted through subsidiaries which are separate legal entities. Consequently, our cash flows and ability to pursue future business and expansion opportunities are dependent on the earnings of our subsidiaries and the distribution of those earnings to us. The ability of these entities to pay dividends and other distributions will depend on their operating results and will be subject to applicable laws and regulations which require that solvency and capital standards be maintained by such companies and contractual restrictions contained in the instruments governing their debt. In the event of a bankruptcy, liquidation or reorganization of any of our subsidiaries, holders of indebtedness and trade creditors will generally be entitled to payment of their claims from the assets of those subsidiaries before any assets are made available for distribution to us. The price of our Common Shares has historically been volatile. This volatility may affect the value of your investment in Aurora, the price at which you could sell our Common Shares and the sale of substantial amounts of our Common Shares could adversely affect the price of our Common Shares and the value of your convertible debentures/notes. The market price for Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control, including the following:  actual or anticipated fluctuations in our results of operations;  recommendations by securities research analysts;  changes in the economic performance or market valuations of companies in the same industry in which we operate;  addition or departure of our executive officers and other key personnel;  release or expiration of transfer restrictions on outstanding Common Shares;  sales or perceived sales of additional Common Shares;  operating and financial performance that varies significantly from the expectations of management, securities analysts and investors;  regulatory changes affecting the Company’s industry, business and operations;  announcements of developments and other material events by us or our competitors;  fluctuations in the costs of vital production inputs, materials and services;  changes in global financial markets, global economies and general market conditions, such as interest rates and product price volatility;  significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors;  operating and share price performance of other companies that investors deem comparable to us; and  news reports relating to trends, concerns, technological or competitive developments, regulatory changes and other related issues in the Company’s industry or target markets. Financial markets have recently experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of companies and that have often been unrelated to the operating performance, underlying asset values, or prospects of such companies. Such volatility has been particularly evident with regards to the share prices of

30 | P a g e medical cannabis companies that are public issuers in Canada. Accordingly, the market price of Common Shares may decline even if our operating results, underlying asset values, or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are lasting and not temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in share price and volume will not occur. If such increased levels of volatility and market turmoil continue, our operations could be adversely impacted, and the trading price of Common Shares may be materially adversely affected. It is not anticipated that any dividend will be paid to holders of our Common Shares for the foreseeable future. No dividends on our Common Shares have been paid to date. We currently intend to retain future earnings, if any, for future operation and expansion. Our board of directors has the discretion to declare dividends and to prescribe the timing, amount and payment of such dividends. Such decision will depend upon our future earnings, cash flows, acquisition capital requirements and financial condition, and other relevant factors that our Board may deem relevant. Future sales or issuances of equity securities could decrease the value of our Common Shares, dilute investors’ voting power, and reduce our earnings per share. We may sell or issue additional equity securities in subsequent offerings (including through the sale of securities convertible into equity securities and the issuance of equity securities in connection with acquisitions). We cannot predict the size of future issuances of equity securities or the size and terms of future issuances of debt instruments or other securities convertible into equity securities or the effect, if any, that future issuances and sales of our securities will have on the market price of our Common Shares. Additional issuances of our securities may involve the issuance of a significant number of Common Shares at prices less than the current market prices. Issuances of a substantial number of Common Shares, or the perception that such issuances could occur, may adversely affect prevailing market prices of our Common Shares. Any transaction involving the issuance of previously authorized but unissued Common Shares, or securities convertible into Common Shares, may result in significant dilution to security holders. Sales of substantial amounts of our securities by us or our existing shareholders, or the availability of such securities for sale, could adversely affect the prevailing market prices for our securities and dilute investors’ earnings per share. Exercises of presently outstanding share options or warrants may also result in dilution to security holders. A decline in the market prices of our securities could impair our ability to raise additional or sufficient capital through the sale of securities should we desire to do so. Our management will have substantial discretion concerning the use of proceeds from future share sales and financing transactions. Our management will have substantial discretion concerning the use of proceeds from any future share sales and financing transactions, as well as the timing of the expenditure of the proceeds thereof. As a result, investors will be relying on the judgment of management as to the specific application of the proceeds of any future sales. Management may use the net proceeds in ways that an investor may not consider desirable. The results and effectiveness of the application of the net proceeds are uncertain. The regulated nature of our business may impede or discourage a takeover, which could reduce the market price of our Common Shares and the value of any outstanding convertible debentures/notes. We require and hold various government licenses to operate our business, which would not necessarily continue to apply to an acquirer of our business following a change of control. These licensing requirements could impede a merger, amalgamation, takeover, or other business combination involving us or discourage a potential acquirer from making a tender offer for our Common Shares, which, under certain circumstances, could reduce the market price of our Common Shares. There is no assurance we will continue to meet the listing standards of Nasdaq and the TSX. We must meet continuing listing standards to maintain the listing of our Common Shares on Nasdaq and the TSX. If we fail to comply with listing standards and Nasdaq and/or the TSX delists our Common Shares, we and our shareholders could face significant material adverse consequences, including:  a limited availability of market quotations for our Common Shares;  reduced liquidity for our Common Shares;  a determination that our Common Shares are “penny stock”, which would require brokers trading in our Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Common Shares;  a limited amount of news and analyst coverage of us; and  a decreased ability for us to issue additional equity securities or obtain additional equity or debt financing in the future. As a public company, Aurora is subject to evolving corporate governance and public disclosure regulations that may from time to time increase both our compliance costs and the risk of non-compliance, which could adversely impact the price of our Common Shares.

31 | P a g e The financial reporting obligations of being a public company and maintaining a dual listing on the TSX and on Nasdaq requires significant company resources and management attention. We are subject to the public company reporting obligations under the Exchange Act and the rules and regulations regarding corporate governance practices, including those under the Sarbanes-Oxley Act, the Dodd-Frank Act, and the listing requirements of Nasdaq. We incur significant legal, accounting, reporting and other expenses in order to maintain a dual listing on both the TSX and Nasdaq. Moreover, our listing on both the TSX and Nasdaq may increase price volatility due to various factors, including the ability to buy or sell Common Shares, different market conditions in different capital markets and different trading volumes. In addition, low trading volume may increase the price volatility of our Common Shares. Failure to develop and maintain an effective system of internal controls increases the risk that we may not be able to accurately and reliably report our financial results or prevent fraud, which may harm our business, the trading price of our Common Shares and market value of other securities. Under Section 404 of the Sarbanes-Oxley Act (“SOX”), we are required to design, document and test the effectiveness of our internal controls over financial reporting (“ICFR”) during the financial year ended March 31, 2024. ICFR are designed to provide reasonable assurance that our financial reporting is reliable and that its financial statements have been prepared in accordance with IFRS. Regardless of how well controls are designed, internal controls have inherent limitations and can only provide reasonable assurance that the controls are meeting our objectives in providing reliable financial reporting information in accordance with IFRS. Effective internal controls are required for us to provide reasonable assurance that our financial results and other financial information are accurate and reliable. Any failure to design, develop or maintain effective controls, or difficulties encountered in implementing, improving or remediation lapses in internal controls may affect our ability to prevent fraud, detect material misstatements, and fulfill our reporting obligations. As a result, investors may lose confidence in our ability to report timely, accurate and reliable financial and other information, which may expose us to certain legal or regulatory actions, thus negatively impacting our business, the trading process of our Common Shares and market value of other securities. We are a Canadian company and shareholder protections may differ from shareholder protections in the U.S. and elsewhere. We are organized and exist under the laws of British Columbia, Canada and, accordingly, are governed by the BCBCA. The BCBCA differs in certain material respects from laws generally applicable to U.S. corporations and shareholders, including the provisions and proceedings relating to interested directors, mergers, amalgamations, restructuring, takeovers, shareholders’ suits, indemnification of directors, and inspection of corporation records. We are a foreign private issuer within the meaning of the rules under the U.S. Exchange Act, and as such is exempt from certain provisions applicable to U.S. domestic issuers. Because we are a “foreign private issuer” under the U.S. Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the U.S. that are applicable to U.S. domestic issuers, including:  the rules under the U.S. Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8- K with the SEC;  the sections of the U.S. Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of securities registered under the U.S. Exchange Act;  the sections of the U.S. Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and  the selective disclosure rules by issuers of material non-public information under Regulation FD. We are required to file an annual report on Form 40-F with the SEC within three months of the end of each fiscal year. We do not intend to voluntarily file annual reports on Form 10-K and quarterly reports on Form 10-Q in lieu of Form 40-F requirements. For so long as we choose to only comply with foreign private issuer requirements, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information which would be made available to you if you were investing in a U.S. domestic issuer. Our employees and counterparties may be subject to potential U.S. entry restrictions as a result of their relationship with us. A foreign visitor who is involved either directly or indirectly in the cannabis industry may be subject to increased border scrutiny when attempting to enter the U.S. Multiple states have legalized aspects of cannabis production, sale and consumption; however, cannabis remains illegal federally in the U.S. The U.S. Customs and Border Protection previously advised that border agents may deem a foreign visitor who is involved, either directly or indirectly, in a state-legal cannabis industry as inadmissible. While unassociated trips to the U.S. may not result in problems entering the U.S., a foreign visitor attempting to enter the U.S. to proliferate cannabis-associated business may be deemed inadmissible, at the discretion of the border agents. As a company with operations in both the U.S. and Canada, inability of our employees or counterparties to enter the U.S. could harm our ability to conduct our business.

32 | P a g e Participants in the cannabis industry may have difficulty accessing the service of banks and financial institutions, which may make it difficult for us to operate. Because cannabis remains illegal federally in the U.S., U.S. banks and financial institutions remain wary of accepting funds from businesses in the cannabis industry, as such funds may technically be considered proceeds of crime. Consequently, businesses involved in the cannabis industry continue to have trouble establishing banking infrastructure and relationships. The inability or limitation on our ability to open or maintain a bank account in the U.S. or other foreign jurisdictions, obtain other banking services and/or accept credit card and debit card payments may make it difficult to operate and conduct business in the U.S. or other foreign jurisdictions. The Company’s employees, independent contractors and consultants may engage in fraudulent or other illegal activities. The Company is exposed to the risk that its employees, independent contractors and consultants may engage in fraudulent or other illegal activity. Misconduct by these parties could include intentional, reckless and/or negligent conduct that violates: (i) government regulations; (ii) manufacturing standards; (iii) federal and provincial healthcare fraud and abuse laws and regulations; or (iv) laws that require the true, complete and accurate reporting of financial information or data. It is not always possible for the Company to identify and deter misconduct by its employees and other third parties, and the precautions taken by the Company to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting the Company from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws or regulations. If any such actions are instituted against the Company, and it is not successful in defending itself or asserting its rights, those actions could have a significant impact on the Company’s business, including the imposition of civil, criminal and administrative penalties, damages, monetary fines, contractual damages, reputational harm, diminished profits and future earnings, and curtailment of the Company’s operations, any of which could have a material adverse effect on the Company’s business, financial condition and results of operations. Our business may be subject to disruptions as a result of health epidemics and other infectious diseases. A local, regional, national or international outbreak of a contagious disease, such as COVID-19, or the fear of a potential outbreak, could decrease the willingness of the general population to travel, cause staff shortages, reduced customer traffic, supply shortages and increased government regulation all of which may negatively impact the business, financial condition and results of operations of the Company. The risk of a pandemic, or public perception of the risk, could cause customers to avoid public places, including retail properties, and could cause temporary or long-term disruptions in our supply chains and/or delays in the delivery of our inventory. Further, such risks could also adversely affect the financial condition of the Company's customers, resulting in reduced spending for the products we sell. Moreover, an epidemic, pandemic, outbreak or other public health crisis, such as COVID-19, could cause employees to avoid Company properties, which could adversely affect the Company’s ability to adequately staff and manage its businesses. “Shelter-in-place” or other such orders by governmental entities could also disrupt our operations, if employees who cannot perform their responsibilities from home, are not able to report to work. Risks related to an epidemic, pandemic or other health crisis could also lead to the complete or partial closure of one or more of our stores, facilities or operations of the Company’s sourcing partners. The ultimate extent of the impact of any epidemic, pandemic or other health crisis on our business, financial condition and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of such epidemic, pandemic or other health crisis and actions taken to contain or prevent their further spread, among others. These and other potential impacts of an epidemic, pandemic or other health crisis, such as COVID-19, could therefore materially and adversely impact our business, financial condition and results of operations. On May 5, 2023, the World Health Organization declared that the COVID-19 pandemic would no longer qualify as a global health emergency. However, the duration and full financial effects of the COVID-19 global health pandemic are unpredictable at this time, as are the measures taken by governments, companies and others to attempt to address any future spread of COVID-19 and its impact. Any estimate of the length and severity of these developments is therefore subject to significant uncertainty, and accordingly estimates of the extent to which COVID-19 may materially and adversely affect the Company’s operations, financial results and condition in future periods are also subject to significant uncertainty. The controversy surrounding vaporizers and vaporizer products may materially and adversely affect the market for vaporizer products and expose us to litigation and additional regulation. There have been a number of highly publicized cases involving lung and other illnesses and deaths that appear to be related to vaporizer devices and/or products used in such devices (such as vaporizer liquids). The focus is currently on the vaporizer devices, the manner in which the devices were used and the related vaporizer device products - THC, nicotine, other substances in vaporizer liquids, possibly adulterated products and other illegal unlicensed cannabis vaporizer products. Some states, provinces, territories and cities in Canada and the U.S. have already taken steps to prohibit the sale or distribution of vaporizers, restrict the sale and distribution of such products or impose restrictions on flavors or use of such vaporizers. This trend may continue, accelerate and expand. Cannabis vaporizers in Canada are regulated under the Cannabis Act and Cannabis Regulations. Negative public sentiment may prompt regulators to decide to further limit or defer the industry’s ability to sell cannabis vaporizer products, and may also diminish consumer demand for such products. For instance, Health Canada has proposed new regulations that would place stricter limits on the advertising and promotion of vaping products and make health warnings on vaping products mandatory, although such regulations explicitly exclude cannabis and cannabis accessories. The provincial governments in

33 | P a g e Quebec, Alberta and Newfoundland and Labrador have imposed provincial regulatory restrictions on the sale of cannabis vape products. These actions, together with potential deterioration in the public’s perception of cannabis containing vaping liquids, may result in a reduced market for our vaping products. There can be no assurance that we will be able to meet any additional compliance requirements or regulatory restrictions, or remain competitive in face of unexpected changes in market conditions. This controversy could well extend to non-nicotine vaporizer devices and other product formats. Any such extension could materially and adversely affect our business, financial condition, operating results, liquidity, cash flow and operational performance. Litigation pertaining to vaporizer products is accelerating and that litigation could potentially expand to include our products, which would materially and adversely affect our business, financial condition, operating results, liquidity, cash flow and operational performance. Vaporizers, electronic cigarettes and related products were recently developed and therefore the scientific or medical communities have had a limited period of time to study the long-term health effects of their use. Currently, there is limited scientific or medical data on the safety of such products for their intended use and the medical community is still studying the health effects of the use of such products, including the long-term health effects. If the scientific or medical community were to determine conclusively that use of any or all of these products pose long-term health risks, market demand for these products and their use could materially decline. Such a determination could also lead to litigation, reputational harm and significant regulation. Loss of demand for our product, product liability claims and increased regulation stemming from unfavorable scientific studies on cannabis vaporizer products could have a material adverse effect on our business, results of operations and financial condition. We must rely largely on our own market research and internal data to forecast sales and market demand and market prices which may differ from our forecasts. Given the early stage of the cannabis industry, we rely largely on our own market research and internal data to forecast industry trends and statistics as detailed forecasts are, with certain exceptions, not generally available from other sources. A failure in the demand for our products to materialize as a result of competition, technological change, change in the regulatory or legal landscape or other factors could have a material adverse effect on our business, financial condition and results of operations. The Canadian excise duty framework affects profitability. Canada’s excise duty framework imposes an excise duty and various regulatory-like restrictions on certain cannabis products sold in Canada. We currently hold licenses issued by the CRA required to comply with this excise framework. Any change in the rates or application of excise duty to cannabis products sold by us in Canada, and any restrictive interpretations by the CRA or the courts of the provisions of the Excise Act, 2001 (which may be different than those contained in the Cannabis Act) may affect our profitability and ability to compete in the market. We may hedge or enter into forward sales, which involves inherent risks. We may hedge or enter into forward sales of our forecasted right to purchase cannabis. Hedging involves certain inherent risks including: (i) credit risk (the risk that the creditworthiness of a counterparty may adversely affect its ability to perform its payment and other obligations under its agreement with us or adversely affect the financial and other terms the counterparty is able to offer us); (ii) market liquidity risk (the risk that we have entered into a hedging position that cannot be closed out quickly, by either liquidating such hedging instrument or by establishing an offsetting position); and (iii) unrealized fair value adjustment risk (the risk that, in respect of certain hedging products, an adverse change in market prices for cannabis will result in us incurring losses in respect of such hedging products as a result of the hedging products being out-of-the-money on their settlement dates). There can be no assurance that a hedging program designed to reduce the risks associated with price fluctuations will be successful. Although hedging may protect us from adverse changes in price fluctuations, it may also prevent us from fully benefitting from positive changes in price fluctuations. DIVIDENDS AND DISTRIBUTIONS Aurora has not declared nor paid any cash dividends on any of its issued shares since its inception. Other than requirements imposed under applicable corporate law, there are no restrictions on the Company’s ability to pay dividends under the Company’s constating documents. DESCRIPTION OF CAPITAL STRUCTURE The Company’s authorized share capital consists of an unlimited number of Common Shares without par value, an unlimited number of Class A shares with a par value of $1.00 each, and an unlimited number of Class B shares with a par value of $5.00 each. Common Shares Each Common Share carries the right to attend and vote at all general meetings of shareholders. Holders of Common Shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by the Board at its discretion

34 | P a g e from funds legally available for the payment of dividends and upon the liquidation, dissolution or winding up of the Company such are entitled to receive on a pro rata basis the net assets of the Company after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions. Class A Shares Class A shares may be issued from time to time in one or more series, and the directors may fix from time to time before such issue the number of Class A shares of each series and the designation, rights and restrictions attached thereto including any voting rights, dividend rights, redemption, purchase or conversion rights, sinking fund or other provisions. The Class A shares rank in priority over Common Shares and any other shares ranking by their terms junior to the Class A shares as to dividends and return of capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets of the Company. Class B Shares Class B shares may be issued from time to time in one or more series, and the directors may fix from time to time before such issue the number of Class B shares of each series and the designation, rights and privileges attached thereto including any voting rights, dividend rights, redemption, purchase or conversion rights, sinking fund or other provisions. The Class B shares rank in priority over Common Shares and any other shares ranking by their terms junior to the Class B shares as to dividends and return of capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets of the Company. As of May 31, 2024, being the most recently completed month prior to the date of this AIF, there were 54,548,700 Common Shares issued and outstanding and 64,569,821 on a fully diluted basis. No Class A shares or Class B shares are issued or outstanding. As of May 31, 2024, the dilutive securities are summarized as follows: Security Type Common Shares Issuable (#) Exercise price (average) ($) Cash proceeds or debt reduction if exercised ($) Warrants(1) 7,074,347 $436.56 $3,088,386,303 Stock Options 1,184,763 $33.69 $39,917,933 Restricted Share Units (“RSUs”)(2) 788,428 N/A N/A Performance Share Units (“PSUs”)(2) 277,206 N/A N/A Deferred Share Units (“DSUs”)(2) 696,377 N/A N/A Notes: (1) Details of warrants outstanding: (i) 1,371 common share purchase warrants exercisable at a price of $163.60 until August 22, 2024; (ii) 7,679 common share purchase warrants exercisable at a price of $163.60 until May 29, 2025; (iii) 11,741 common share purchase warrants exercisable at a price of $111.06 until November 30, 2025; (iv) 7,040,875 common share purchase warrants exercisable at a price of $436.56 until June 1, 2025; (v) 1,182 common share purchase warrants exercisable at a price of $418.80 until April 1, 2024; (vi) 1,107 common share purchase warrants exercisable at a price of $418.80 until June 1, 2024; (vii) 870 common share purchase warrants exercisable at a price of $41.88 until June 9, 2024; (viii) 756 common share purchase warrants exercisable at a price of $418.80 until July 23, 2024; (ix) 883 common share purchase warrants exercisable at a price of $238.70 until August 21, 2024; (x) 582 common share purchase warrants exercisable at a price of $418.80 until August 31, 2024; (xi) 1,570 common share purchase warrants exercisable at a price of $238.70 until September 9, 2024; (xii) 1,047 common share purchase warrants exercisable at a price of $238.70 until October 21, 2024; (xiii) 1,119 common share purchase warrants exercisable at a price of $264.20 until March 31, 2025; (xiii) 3,567 common share purchase warrants exercisable at a price of $418.80 until July 31, 2025. (2) RSUs, PSUs and DSUs do not have an exercise price and no cash proceeds are required upon release of the units. MARKET FOR SECURITIES Trading Price and Volume The Company’s Common Shares have been listed on the TSX under the trading symbol “ACB” since July 24, 2017. The following table sets forth information relating to the trading of the Common Shares on the TSX for the months indicated. Month TSX Price Range High ($) Low ($) Total Volume April 2023 $9.10 $7.60 1,098,347 May 2023 $8.90 $6.80 2,043,323 June 2023 $8.20 $6.70 1,196,136 July 2023 $7.80 $6.50 1,613,596 August 2023 $7.60 $6.00 1,783,273 September 2023 $13.30 $6.40 14,424,558 October 2023 $7.70 $5.80 2,593,483 November 2023 $6.70 $6.10 2,416,772

35 | P a g e Month TSX Price Range High ($) Low ($) Total Volume December 2023 $7.10 $6.30 2,967,878 January 2024 $6.50 $5.20 2,136,156 February 2024 $5.70 $4.27 6,768,207 March 2024 $6.60 $3.91 30,838,642 In the U.S., the Common Shares have been listed on Nasdaq since May 25, 2021. The following table sets forth information relating to the trading of the Common Shares on Nasdaq for the months indicated. Month Nasdaq Price Range High (US $) Low (US $) Total Volume April 2023 $6.70 $5.64 5,479,665 May 2023 $6.68 $5.09 7,560,761 June 2023 $6.17 $5.04 6,960,873 July 2023 $5.80 $4.93 10,454,422 August 2023 $5.77 $4.40 10,382,521 September 2023 $9.83 $4.61 105,309,381 October 2023 $5.67 $4.21 19,303,720 November 2023 $4.90 $4.45 12,659,154 December 2023 $5.20 $4.66 16,109,276 January 2024 $4.77 $3.80 12,324,172 February 2024 $4.34 $3.14 19,465,872 March 2024 $4.86 $2.89 79,865,847 Prior Sales During the fiscal year ended March 31, 2024, the Company issued the following securities, which are convertible into Common Shares but are not listed or quoted on a marketplace: Date of Issuance Type of Security Issued Number of Common Shares Issuable Upon Exercise or Conversion Exercise or Conversion Price Per Common Share June 23, 2023 Deferred Share Units 39,474 $7.60 June 23, 2023 Stock Options 633,485 $7.60 June 23, 2023 Performance Share Units 522,907 $7.60 June 23, 2023 Restricted Share Units 342,361 $7.60 August 21, 2023 Restricted Share Units 30,000 $6.90 August 22, 2023 Deferred Share Units 10,294 $6.80 August 31, 2023 Deferred Share Units 44,230 $6.50 February 19, 2024 Deferred Share Units 68,992 $5.29 February 21, 2024 Restricted Share Units 6,539 $5.17 February 28, 2024 Deferred Share Units 50,790 $4.43 March 31, 2024 Deferred Share Units 11,512 $6.08 ESCROWED SECURITIES The Company had no escrowed securities, or securities that are subject to a contractual restriction on transfer, outstanding as at March 31, 2024. DIRECTORS AND OFFICERS Name, Occupation and Security Holding The following table sets forth information regarding our directors and executive officers. Each of the directors is elected to hold office until the next annual meeting of the Company or until a successor is duly elected or appointed.

36 | P a g e Name, Municipality of Residence and Position with the Company Director or Officer Since Principal Occupation(s) for the Last Five Years(1) Miguel Martin Virginia, USA Chief Executive Officer and Director July 2020(2) Chief Executive Officer of Aurora since September 2020; Chief Commercial Officer of Aurora (July 2020 to September 2020) Ron Funk(3)(4)(5) Ontario, Canada Independent Chairman July 2018 Chairman of the Board; owner of Funk Consulting (May 2009 to July 2020) Michael Singer Québec, Canada Independent Director May 2016 Director, consultant and entrepreneur (CPA, CGA); former Executive Chairman (July 2018 to May 2021) and Interim CEO (February 2020 to September 2020) Norma Beauchamp(3)(5) Ontario, Canada Independent Director July 2018 Self-employed public company director Adam Szweras (4)(5) Ontario, Canada Independent Director August 2015 Lawyer; Partner at Fogler, Rubinoff LLP since February 2006 and Chairman of Foundation Markets Inc. since December 2005 Theresa Firestone(3)(4) Ontario, Canada Independent Director July 2021 Retired (April 2021 to present); former Senior Vice President, Health and Wellness at Shoppers Drug Mart (January 2019 to April 2021) Chitwant Kohli(3)(5) Ontario, Canada Independent Director January 2022 Retired (July 2017 to present) Rajesh Uttamchandani Ontario, Canada Independent Director May 2024 Chief People Officer at ApplyBoard (2022 to April 2024); former Chief Operating Officer and Chief People Officer at MaRS Discovery District (2020 to 2022); former Chief Human Resources Officer and Managing Director at ZAFIN (2015 to 2020) Simona King Maryland, USA Chief Financial Officer February 2024 Chief Financial Officer of Aurora since February 2024; former Chief Financial Officer at Passage Bio (2021 to 2023); Chief Financial Officer at Tmunity (2020 to 2021); VP, FP&A and Assistant Treasurer, Finance at Emergent BioSolutions (2019 to 2020); former Executive Director, Head of Finance (and earlier roles) at Bristol Myers Squibb (2000 to 2019) Nathalie Clark Ontario, Canada EVP, General Counsel and Corporate Secretary March 2022 EVP, General Counsel and Corporate Secretary of Aurora; former General Counsel and Corporate Secretary at Computershare Trust Company of Canada (August 2020 to March 2022); former Vice-President, HR at TD Bank Group (August 2017 to August 2020) Alex Miller Ontario, Canada EVP, Operations and Supply Chain May 2021 EVP, Operations and Supply Chain of Aurora; former Vice-President, Operations at MAV Beauty Brands Inc. (August 2020 to May 2021); former SVP Operations at Kruger Tissue Products Inc. (September 2018 to February 2020) Lori Schick Ontario, Canada EVP, Human Resources May 2021 EVP, Human Resources of Aurora; former Senior Vice President and Head of People at Holt, Renfrew & Co. (March 2018 to May 2021) Andre Jerome Québec, Canada EVP, Global Business Development November 2019 Executive Vice-President, Global Business Development; former Chief Integrations Officer of Aurora (November 2019 to June 2020); former SVP Integrations of the Company (February 2018 to November 2019) Notes: (1) The information as to the principal occupation, business or employment is not within the knowledge of the Company and has been furnished by each respective director or officer. (2) Miguel became an officer of the Company in July 2020 and was appointed to the Board on September 8, 2020. (3) Member of the Audit Committee. (4) Member of the Human Resources and Compensation Committee (5) Member of the Nominating and Corporate Governance Committee As of the date of this AIF, our directors and executive officers, as a group, beneficially own, directly or indirectly, or exercise control or direction over approximately 134,990 Common Shares, representing approximately 0.25% of the issued and outstanding Common Shares. The statement as to the number of Common Shares beneficially owned directly or indirectly, or over which control or direction is exercised by the directors and executive officers of the Company as a group is based upon information furnished by the directors and executive officers.

37 | P a g e Cease Trade Orders, Bankruptcies, Penalties or Sanctions Other than as described below, no director or executive officer of the Company is, as at the date of this AIF, or has been within 10 years before the date of this AIF, a director, chief executive officer or chief financial officer of any company (including the Company), that: (a) was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer, or (b) was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer. Adam Szweras was appointed as a director for Mahdia Gold Corp.’s (“Mahdia”) on April 14, 2016. Mahdia was a Canadian Securities Exchange listed company until February 4, 2016. Mahdia has been subject to a cease trade order since March 13, 2015, due to not filing its financial statements and management’s discussion and analysis pursuant to NI 51-102. Mahdia was subject to the cease trade order prior to Mr. Szweras’ appointment. Mr. Szweras resigned as a director of Mahdia on May 28, 2018. Mr. Szweras was appointed as a director of Harborside Inc. (“Harborside”) on May 30, 2019. On June 9, 2020, the Ontario Securities Commission (the “OSC”) granted Harborside a management cease trade order in respect of the delayed filing of its audited annual financial statements and corresponding management's discussion and analysis for the year ended December 31, 2019 due to the continued impact of COVID-19. In addition, the OSC issued a temporary cease trade order in connection with Harborside's previously announced proposed refiling of certain historical financial statements for the fiscal years ended December 31, 2017 and 2018, and the interim periods ended March 31, 2019, June 30, 2019, and September 30, 2019, and any corresponding management's discussion and analyses due primarily to changes in the application of accounting treatments related to certain transactions by its reverse takeover acquirer, FLRish Inc. The annual filings and restated 2017 and 2018 financial statements were filed, and the cease trade was revoked effective August 31, 2020. Mr. Szweras is a director of High Fusion Inc. (“High Fusion”). On December 3, 2021, the OSC issued a cease trade order due to High Fusion not filing its annual financial statements for the year ended July 31, 2021 in accordance with NI 51- 102.The financial statements were filed and the cease trade order was revoked effective December 15, 2021. Subsequently, on December 31, 2021, the OSC granted High Fusion a management cease trade order in respect of the delayed filing of its financial statements for the three-month period ended October 31, 2021, due to the complexity associated with consolidating the purchase of the assets and business of OutCo Labs Inc. which High Fusion completed on August 31, 2021. The financial statements were filed, and the cease trade order was revoked effective January 21, 2022.  No director or executive officer of the Company, nor a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company: (a) is, as at the date of this AIF, or has been within 10 years before the date of this AIF, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (b) has, within 10 years before the date of this AIF, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director. No director or executive officer of the Company has been subject to: (a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable security holder in deciding whether to vote for a proposed director. Conflicts of Interest The Company’s directors and officers may serve as directors or officers, or may be associated with, other reporting companies, or have significant shareholdings in other public companies. To the extent that such other companies may participate in business or asset acquisitions, dispositions, or ventures in which the Company may participate, the directors and officers of the Company may have a conflict of interest in negotiating and concluding terms respecting the transaction. If a conflict of interest arises, the Company will follow the provisions of the BCBCA dealing with conflict of interest. These provisions state that where a director has such a conflict, that director must, at a meeting of the Company’s directors, disclose his or her interest and refrain from voting on the matter unless otherwise permitted by the BCBCA. In accordance with the laws of the Province of British Columbia, the directors and officers of the Company are required to act honestly, in good faith, and the best interest of the Company.

38 | P a g e LEGAL PROCEEDINGS AND REGULATORY ACTIONS Other than as described below, during the financial year ended March 31, 2024, there have been no material legal proceedings to which the Company is or was a party or of which any of its property is or was the subject of that involves claims for damages, and the Company is unaware of any such proceedings being contemplated.  On November 21, 2019, a purported class action proceeding was commenced in the United States District Court for the District of New Jersey against the Company and certain of its current and former directors and officers on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities between October 23, 2018 and February 6, 2020. The judge rendered a decision on August 24, 2023 on Aurora’s motion to dismiss. On September 8, 2023, the plaintiffs filed a motion for reconsideration as to the stock drop that occurred following Aurora’s September 2019 financials. Aurora opposed this motion. Mediation was held and a tentative settlement was reached on March 4, 2024. The proposed settlement must now be approved by a court.  The Company and its subsidiary, ACE, have been named in a purported class action proceeding which commenced on June 16, 2020 in the Province of Alberta in relation to the alleged mislabeling of cannabis products with inaccurate THC/CBD content. The class action involves a number of other parties including Aleafia Health Inc., Hexo Corp, Tilray Canada Ltd., among others, and alleges that upon laboratory testing, certain cannabis products were found to have lower THC potency than the labeled amount, suggesting, among other things, that plastic containers may be leeching cannabinoids. While this matter is ongoing, the Company disputes the allegations and intends to vigorously defend against the claims.  A claim was commenced by a party to a former term sheet on June 15, 2020 with the King's Bench of Alberta against Aurora and a former officer alleging a claim of breach of obligations under said term sheet, with the plaintiff seeking $18.0 million in damages. While this matter is ongoing, the Company believes the action to be without merit and intends to defend the claim.  On August 10, 2020, a purported class action lawsuit was filed with the King's Bench of Alberta against Aurora and certain executive officers in the Province of Alberta on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities and suffered losses as a result of Aurora releasing statements containing misrepresentations during the period of September 11, 2019 and December 21, 2019. Both sides have prepared factums for a leave application. Prior to the hearing, the Company filed a request for adjournment and leave to amend their pleadings. The amended statement of claim was filed on March 8, 2024, and the Company has filed a notice of application to disallow the amendment. The Company disputes the allegations and intends to continue to vigorously defend against the claims.  On January 4, 2021, a civil claim was filed with the King’s Bench of Alberta against Aurora and Hempco by a former landlord regarding unpaid rent in the amount of $8.9 million, representing approximately $0.4 million for rent in arrears and costs, plus $8.5 million for loss of rent and remainder of the term. The Company filed a statement of defense on March 24, 2021. Plaintiffs brought an application seeking summary judgment as against the Company and the Company has filed affidavit evidence in response. Cross-examinations for the Company’s affiants and for plaintiff’s affiant have been completed. While this matter is ongoing, the Company intends to continue to defend against the claims.  A claim was commenced by a former employee of Aurora against ACE and another former employee of Aurora (the “Defendant Employee”). The plaintiff claims that the Defendant Employee entered a lease for a property owned by the plaintiffs in January 2017 and states that Aurora was a guarantor for the Defendant Employee. The claim states that the Defendant Employee left the property and caused damage. The plaintiff further claims outstanding rent and legal fees. There is no record of any documentation of Aurora being a party to any such relationship. The plaintiff has received a summary judgment against the Defendant Employee and will now attempt to recover their judgment against the Defendant Employee. The plaintiff will then decide whether to pursue the indemnity claim against the Company. The Company disputes the allegations and intends to defend against the claims.  The Company, its subsidiary ACE, and MedReleaf (which amalgamated with ACE in July 2020) have been named in a purported class action proceeding commenced on November 15, 2022 in the Ontario Superior Court of Justice. The purported class action claims that the Company failed to warn of certain risks purported to be associated with the consumption of cannabis. The plaintiffs' statement of claim was served upon the Company on November 22, 2022 and a statement of defence was filed and served. The next major step in the process is scheduling a timetable for the remaining deliverables of the process, including delivery of the plaintiff’s certification motion record. The plaintiff must either deliver their certification materials or come to an agreement with the Company on a timetable for doing so within one year of commencing the proposed class action. On January 24, 2024, the plaintiffs delivered their motion record regarding class certification, which the Company is reviewing and thereafter will establish a timeline for responding which will not be before June 2024. The Company disputes the allegations and intends to defend against the claims. The Company is subject to litigation and similar claims in the ordinary course of our business, including claims related to employment, human resources, product liability and commercial disputes. The Company has received notice of, or are aware of, certain possible claims against us where the magnitude of such claims is negligible, or it is not currently possible for us to predict the outcome of such claims, possible claims or lawsuits due to various factors including: the preliminary nature of some claims; an incomplete factual record; and the unpredictable nature of opposing parties and their demands.

39 | P a g e Management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any of these claims would result in liability to the Company, to the extent not provided for through insurance or otherwise, would have a material effect on the consolidated financial statements, other than the claims described above. During the last fiscal financial year, there have not been any penalties or sanctions imposed against the Company by a court relating to provincial and territorial securities legislation or by a securities regulatory authority, nor have there been any other penalties or sanctions imposed by a court or regulatory body against the Company, and the Company has not entered into any settlement agreements before a court relating to provincial and territorial securities legislation or with a securities regulatory authority. INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS Other than as disclosed elsewhere in this AIF and in the consolidated financial statements of the Company for the financial year ended March 31, 2024, to the best of the Company’s knowledge, none of the directors or executive officers of the Company, or any shareholders who beneficially own, control or direct, directly or indirectly, more than 10% of the Company’s outstanding Common Shares, or any known associates or affiliates of such persons, had any material interests, direct or indirect, in any transaction within the three most recently completed financial years or during the current year that has materially affected or is reasonably expected to materially affect the Company. TRANSFER AGENT AND REGISTRARS The Company’s Registrar and Transfer Agent is Computershare Investor Services Inc., located at 510 Burrard Street, 3rd Floor, Vancouver, British Columbia, V6C 3B9. MATERIAL CONTRACTS Other than contracts entered into in the ordinary course of business, the Company has not entered into any material contracts within the most recently completed financial year or previous to the most recently completed financial year, that are still in effect. INTEREST OF EXPERTS Name of Experts The following are the persons or companies who were named as having prepared or certified a statement, report or valuation in this AIF either directly or in a document incorporated by reference and whose profession or business gives authority to the statement, report or valuation made by the person or company: KPMG, the Company’s independent auditors for the financial year ended March 31, 2024, have prepared an independent audit report dated June 19, 2024 in respect of the Company’s audited consolidated financial statements for the nine-month financial period ended March 31, 2023 and the financial year ended March 31, 2024. Interests of Experts KPMG, auditors of the Company for the financial year ended March 31, 2024 and the nine-month financial period ended March 31, 2023, have confirmed that they are independent of the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and also that they are independent accountants with respect to the Company under all relevant U.S. professional and regulatory standards. AUDIT COMMITTEE The Company’s audit committee (the “Audit Committee”) has various responsibilities as set forth in NI 52-110, concerning constitution of its Audit Committee and its relationship with its independent auditor and, among such responsibilities, being a requirement that the Audit Committee establish a written charter that sets out its responsibilities. A copy of the charter of the Audit Committee is available as Schedule “A” to this AIF. Composition of the Audit Committee As of the date of this AIF, the Company’s Audit Committee is composed of the following members, each of whom is “independent” within the meaning of NI 51-110. Member Financially Literate (Y/N)(1) Relevant Education and Experience Chitwant Kohli (Chair) Y Mr. Kohli is a chartered professional accountant in Canada and has held that designation since 1991. He is retired, following a career as a senior financial executive with significant experience in finance, strategic planning, real estate, and operations. He is considered a “Financial Expert” as defined by the SEC.

40 | P a g e Member Financially Literate (Y/N)(1) Relevant Education and Experience Ron Funk Y Mr. Funk holds an MBA from Kellogg-Schulich and an ICD.D designation through the Institute of Corporate Directors. He has been providing consulting services since 2009, and previously served on the Board of MedReleaf prior to its acquisition by the Company, where he served as a member of its audit committee. Theresa Firestone Y Ms. Firestone is a distinguished former senior healthcare executive with leadership positions in Canada, Europe and Asia. Her experience includes over 15 years of international P&L management, 15 years in senior roles at Pfizer Inc., over ten years at the Ontario Ministry of Health and seven years in retail and health and wellness. She obtained a Bachelor of Applied Science from the University of Guelph and completed the Pfizer Executive Leadership Program at Harvard Business School in 1999. Norma Beauchamp Y Ms. Beauchamp has over three decades’ of experience in the corporate and non- profit sectors, having held senior leadership positions in Canada and Germany. She obtained a Bachelor of Business Administration in Marketing from Bishop’s University, and holds an ICD.D designation through the Institute of Corporate Directors. Note (1) Pursuant to NI 51-110, an individual is financially literate if he has the ability to read and understand a set of financial statements that present a breadth of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements. Audit Committee Oversight The Audit Committee has not made any recommendations to the Board to nominate or compensate any auditor other than KPMG for the financial year ended March 31, 2024. Reliance on Certain Exemptions At no time has the Company relied on an exemption from NI 52-110, in whole or in part, granted under Part 8 of NI 52-110. Pre-Approval Policies and Procedures The Audit Committee has not adopted specific policies and procedures for the engagement of non-audit services, other than as set out in the Audit Committee charter. External Auditor Service Fees (by category) The Audit Committee has reviewed the nature and amount of the audit services provided by KPMG to the Company to ensure auditor independence. The aggregate fees billed by the Company’s external auditor during the financial year ended March 31, 2024 and nine-month financial period ended March 31, 2023 are as follows: Financial Period Ending Audit Fees ($)(1) Audit Related Fees ($)(2) Tax Fees ($)(3) All Other Fees ($)(4) 2024 3,536,677 - 271,887 - 2023 3,388,832 - 356,438 – Notes (1) “Audit Fees” includes fees for the performance of the annual audit and quarterly reviews of the financial statements, which includes the audit of significant transactions and matters, and reviews of prospectus and financing documents including related assistance to underwriters. (2) “Audit-Related Fees” includes fees for assurance or accounting related services that have not been reflected under (1). (3) “Tax Fees” includes fees for tax compliance and tax advice. (4) “All Other Fees” refers to fees for ad hoc projects, which include reviews of prospectus and financing documents. ADDITIONAL INFORMATION Additional information relating to the Company is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Additional information, including directors’ and officers’ remuneration and indebtedness, principal holders of the Company’s securities, and securities authorized for issuance under the Company’s equity compensation plans, as applicable, is contained in the Company’s management information circular for its most recent annual general meeting. Additional financial information is provided in the Company’s audited consolidated financial statements and management’s discussion and analysis for the financial year ended March 31, 2024 which may be obtained upon request from Aurora’s head office, or may be viewed on the Company’s website https://www.auroramj.com/investors/.

41 | P a g e SCHEDULE “A”: AUDIT COMMITTEE CHARTER Purpose The primary purpose of the Audit Committee (the “Committee”) of the Board of Directors (the “Board”) of Aurora Cannabis Inc. (“Aurora” or the “Company”) is to act on behalf of the Board in fulfilling the Board’s oversight responsibilities with respect to: (i) the integrity of the Company’s financial statements; (ii) the Company’s compliance with legal and regulatory requirements; (iii) the independent auditor’s qualifications and independence; (iv) the performance of the Company’s internal audit function and independent auditor; (v) the adequacy of the Company’s system of internal controls over financial reporting; and (vi) treasury matters, including debt and equity and risk financing decisions and the maintenance of adequate liquidity. The policy of the Committee, in discharging these obligations, shall be to maintain and foster an open avenue of communication between the Committee, the Auditors, and the Company’s financial management teams. Composition The Committee shall consist of at least three (3) members of the Board and shall satisfy the independence and financial literacy requirements imposed by the applicable securities legislation and by any stock exchange policies on which any of the Company’s capital stock is listed, including any exceptions permitted by such requirements. Term of Office The members of the Committee will be appointed or re-appointed by the Board on an annual basis. Each member of the Committee will continue to be a member thereof until such member’s successor is appointed, or until such member resigns or is removed by the Board. The Board may remove or replace any member of the Committee at any time. However, a member of the Committee will automatically cease to be a member of the Committee upon either ceasing to be a director of the Board or ceasing to meet the requirements established, from time to time, by any regulators. Vacancies on the Committee will be filled by the Board. Chair The Board will appoint the Chair of the Committee annually, to be selected from the members of the Committee. If, in any year, the Board does not make an appointment of the Chair, the incumbent Chair will continue in office until that Chair’s successor is appointed. Meetings and Minutes The Committee will meet at least once during each fiscal quarter and hold such meetings as its members shall deem necessary or appropriate. The Committee will allocate sufficient time at the end of each regular meeting for an in camera session with the Committee alone and executive sessions with management, as required, in order to discuss matters that the Company believes should be discussed privately, and may otherwise meet without management being present, as necessary. Minutes of each meeting of the Committee shall be prepared and distributed to each director of the Company. Quorum A quorum at any meeting will be a simple majority of Committee members, provided that if the number of Committee members is an even number, one half of the number plus one shall constitute a quorum. Duties and Responsibilities The Committee is appointed by the Board to oversee the accounting and financial reporting process of the Company and audits of the financial statements of the Company. The Committee’s primary duties and responsibilities are to: Interaction with the Independent Auditor: (a) Appointment and Oversight. The Committee is directly responsible for the appointment, compensation, retention and oversight of the work of the independent auditor (including resolution of any disagreements between Company management and the independent auditor regarding financial reporting) and any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or related work or performing the audit, review or attest services for the Company, and the independent auditor and such other registered public accounting firm must report directly to the Committee. The Committee must pre-approve any audit and non-audit service provided to the Company by the independent auditor, unless the engagement is entered into pursuant to appropriate preapproval authority delegated to the Chair of the Committee under policies established by the

42 | P a g e Committee. Any services pre-approved by the Chair must be ratified by the full Committee at its next regularly scheduled meeting. (b) Annual Report on Independence and Quality Control. The Committee must, as least annually, obtain and review a report from the independent auditor describing: (i) The auditing firm’s internal quality-control procedures; (ii) Any material issues raised by the most recent internal quality-control review or peer review of the auditing firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years relating to any independent audit conducted by the auditing firm, and any steps taken to deal with any such issues; and (iii) All relationships and services between the independent auditor and the Company in order to assess the independent auditors’ independence. Annual Financial Statements and Annual Audit (c) Audit Problems. The Committee must discuss with the independent auditor any audit problems or difficulties and management’s response. (d) Annual Financial Statements and Annual Report on Form 40-F. The Committee must review and discuss the annual audited financial statements with management and the independent auditor, including the Company’s disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Company’s attestation on the adequacy of internal controls over financial reporting. (e) Committee Report. The Committee must provide the Company with the report of the Committee with respect to the audited financial statements for inclusion in each of the Company’s annual proxy statements. Quarterly Interim Financial Statements (f) Quarterly Interim Review. The Committee must review and discuss the quarterly interim financial statements with management and the independent auditor, including the Company’s disclosures under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” (g) Approval. The Committee, as delegated by the Board, has the authority to approve the quarterly interim financial statements and accompanying “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the first three quarters of each fiscal year, as permitted by statute. Other Duties and Responsibilities (h) Compliance, Risk and Assurance. The Compliance Risk and Assurance (“CRA”) function provides management and the Committee with ongoing assessment and information regarding the Company’s risk management processes and system of internal control, including the delivery of internal audit services and assurance projects. CRA will report functionally to the Committee and administratively to the EVP, General Counsel and Corporate Secretary. Oversight responsibilities of the Committee include: (i) Implementation. The Committee must assist with Board oversight of the design and implementation of the CRA function. (ii) Risk Assessment, Risk Management and Compliance. The Committee must discuss the Company’s policies with respect to risk assessment, risk management and compliance with relevant laws and regulations. (iii) Enterprise Risk and Assurance Charter. The Committee must approve the Enterprise Risk and Assurance Charter, any significant revisions thereto, as well as receive communication from the function’s leadership at least annually, confirming the scope, mandate, and independence of the CRA function. (iv) Internal Control over Financial Reporting. The Committee must review management’s assessment of the adequacy and effectiveness of the organization’s system of internal control and management information systems through discussion with management, CRA, and the external auditor, including the adequacy of processes for assessing the risk of material misstatement of the financial statements and for detecting control weaknesses or fraud to ensure the organization meets its obligations under the Sarbanes-Oxley Act to support Section 404 Chief Executive Officer and Chief Financial Officer certifications. (v) Annual Risk-Based Audit and Advisory Plan. The Committee must annually approve the annual Risk-Based Audit and Advisory Plan and associated budget, which includes the planned projects for the upcoming fiscal year, as well as any significant changes to the plan during the fiscal year to accommodate changes in circumstances and any ad-hoc Committee or management requests. (vi) Quarterly Reporting. The Committee must receive quarterly communications from the function’s leadership on performance relative to the Risk-Based Audit and Advisory Plan, results of planned projects, the ERM Framework, selected risk mitigation plans and strategies, corporate compliance, and other matters.

43 | P a g e (vii) Function Performance. The Committee must annually assess the effectiveness of the CRA function, provide input into the performance appraisal process for the Head of the CRA function (“CRA Lead”) and approve any decisions regarding the appointment and removal of the CRA Lead. (i) Review of Earnings Releases. The Committee must discuss the Company’s earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies. (j) Oversight of Treasury Functions. The committee must provide oversight of liquidity and broader balance sheet management by the Company, including debt and equity financing decisions. (k) Oversight of Related Party Transactions. The Committee must establish, maintain and oversee compliance with a related party transactions policy applying to employees and members of the Board. (l) Oversight of Cyber-Risk. The Committee must regularly review and discuss reports on the Company’s cyber risk exposure and the adequacy of associated protections. (m) Hiring of Independent Auditor Employees. The Committee must set clear hiring policies for employees or former employees of the Company’s independent auditor. (n) Complaint Procedures. The Committee must establish procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and for the confidential and anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters and review and ensure resolution of such concerns on a timely basis. (o) Oversight of Insurance Policies and Procedures: The Committee must discuss and approve all significant policies and procedures relating to insurance coverages of whatever type, as well as associated coverage limits. (p) Reports to the Board of Directors. The Committee must report regularly to the Board regarding the activities of the Committee. (q) Committee Self-Evaluation. The Committee must at least annually perform an evaluation of the performance of the Committee. Pre-Approval of Non-Audit Services The Committee may delegate to the Chair the authority to pre-approve audit and non-audit services to be provided to the Company or its subsidiaries by the Company’s external auditor. The pre- approval of non-audit services must be presented to the Committee at its first scheduled meeting following such pre-approval. The Committee may satisfy its duty to pre-approve non-audit services by adopting specific policies and procedures for the engagement of the non-audit services, provided the policies and procedures are detailed as to the particular service, the Committee is informed of each non-audit service and the procedures do not include delegation of the Committee’s responsibilities to management. External Advisors The Committee has the authority to conduct any investigation appropriate to fulfilling its responsibilities, and it has direct access to the external auditors as well as anyone in the organization. The Committee has the ability to retain, at the Company’s expense, special legal, accounting or other consultants or experts it deems necessary in the performance of its duties. External Auditors The external auditors are ultimately accountable to the Committee and the Board, as representatives of the shareholders. The external auditors will report directly to the Committee. The Committee will: (a) review the independence and performance of the external auditors and annually recommend to the Board the nomination of the external auditors or approve any discharge of external auditors when circumstances warrant; (b) approve the fees and other significant compensation to be paid to the external auditors; (c) on an annual basis, or more often if circumstances warrant, review and discuss with the external auditors all significant relationships they have with the Company that could impair the external auditors’ independence; (d) review the external auditors’ audit plan to see that it is sufficiently detailed and reflects any significant areas of focus that the Committee deems important; (e) before the financial statements are issued, discuss certain matters required to be communicated to audit committees in accordance with the standards established by Chartered Professional Accountants Canada (CPA Canada); (f) consider the external auditors’ judgments about the quality and appropriateness of the Company’s accounting

44 | P a g e principles as applied in the Company’s financial reporting; (g) resolve any disagreements between management and the external auditors regarding financial reporting; (h) approve in advance all audit services and any non-prohibited non-audit services to be undertaken by the external auditors for the Company; and (i) receive from the external auditor’s timely reports of: (i) any and all critical accounting policies and key audit matters; (ii) any alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, ramifications of the use of such alternative disclosures and treatments and the treatment preferred by the external auditors, together with rationale; (iii) any internal control issues which they deem significant; and (iv) any other material written communications between the external auditors and management. (j) hold regular private sessions with the external auditors without management present. Legal Compliance On an annual basis, or more frequently as required, the Committee will review with the Company’s legal counsel any legal matters that could have a significant impact on the organization’s financial statements, the Company’s compliance with applicable laws and regulations and inquiries received from regulators or governmental agencies. Complaints The Company has in place whistleblower reporting mechanisms to allow individuals to bring to the attention of the Committee any complaints regarding accounting, internal accounting controls or auditing matters. The Committee will periodically establish and reconfirm procedures for the submission, receipt and treatment of such complaints and concerns. In all cases, the Committee will conduct a prompt, sufficient and fair examination, document the situation and, if appropriate, recommend to the Board appropriate corrective action. To the extent practicable, all complaints will be kept confidential. The Company will not condone any retaliation for a complaint made in good faith. Review and Disclosure The Committee will annually review and reassess this Charter as it deems appropriate and submit any recommend changes to the Board for approval. The Committee will ensure that this Charter is disclosed on the Company’s website and that this Charter or a summary of it which has been approved by the Committee is disclosed in accordance with all applicable securities laws or regulatory requirements. Last presented for review and approval to, and so approved by the Board on March 21, 2024.

EX-99.8

Consent of Independent Registered Public Accounting Firm The Board of Directors Aurora Cannabis Inc. We consent to the use of: • our report dated June 19, 2024 on the consolidated financial statements of Aurora Cannabis Inc. (the “Entity”) which comprise the consolidated statements of financial position as of March 31, 2024 and March 31, 2023, the related consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the year ended March 31, 2024 and the nine months ended March 31, 2023, and the related notes (collectively the “consolidated financial statements”), and • our report dated June 19, 2024 on the effectiveness of the Entity’s internal control over financial reporting as of March 31, 2024 each of which is included in the Annual Report on Form 40-F of the Entity for the fiscal year ended March 31, 2024. We also consent to the incorporation by reference of such reports in the Registration Statement No. 333- 271479 on Form F-10 of the Entity. /s/ KPMG LLP Chartered Professional Accountants June 20, 2024 Vancouver, Canada

XML

Cover	12 Months Ended
	Mar. 31, 2024 shares
Entity Addresses [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--03-31
Document Period End Date	Mar. 31, 2024
Entity File Number	001-38691
Entity Registrant Name	AURORA CANNABIS INC
Entity Incorporation, State or Country Code	Z4
Entity Primary SIC Number	2833
Entity Address, Address Line One	2207 90B St. SW
Entity Address, City or Town	Edmonton
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T6X 1V8
City Area Code	855
Local Phone Number	279-4652
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	ACB
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	54,545,797
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001683541
Business Contact
Entity Addresses [Line Items]
Contact Personnel Name	CORPORATION SERVICE COMPANY
Entity Address, Address Line One	251 Little Falls Drive
Entity Address, Address Line Two	County of New Castle
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19808
City Area Code	800
Local Phone Number	927-9800

XML

Audit Information	12 Months Ended
	Mar. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	85
Auditor Location	Vancouver, Canada
Auditor Name	KPMG LLP

XML

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current
Cash and cash equivalents	$ 113,439	$ 234,942	[1]
Restricted cash	65,782	65,900
Accounts receivable	45,411	41,345
Marketable securities	4,036	0
Derivative assets	760	0
Biological assets	42,774	22,690
Inventory	143,602	106,132
Prepaids and other current assets	9,402	8,280
Assets held for sale	1,399	638
Current assets	426,605	479,927
Property, plant and equipment	294,324	322,969
Derivative assets	0	7,249
Deposits and other long-term assets	12,028	15,786
Lease receivable	6,343	6,496
Intangible assets	40,850	59,680
Goodwill	43,180	18,715
Deferred tax assets	15,343	15,500
Total assets	838,673	926,322
Current
Accounts payable and accrued liabilities	58,563	71,257
Income taxes payable	1,547	161
Deferred revenue	1,687	1,739
Convertible debentures	0	132,571
Loans and borrowings	52,361	9,571
Lease liabilities	4,856	5,413
Provisions	5,606	4,453
Other current liabilities	0	12,572
Current liabilities	124,620	237,737
Long-term portion	4,898	36,163
Lease liabilities	42,676	43,804
Derivative liabilities	2,309	9,634
Contingent consideration payable	0	12,487
Other long-term liability	46,110	48,047
Deferred tax liability	16,190	16,745
Total liabilities	236,803	404,617
Shareholders’ equity
Share capital	6,971,416	6,841,234
Reserves	162,351	154,040
Accumulated other comprehensive loss	(206,058)	(212,365)
Deficit	(6,367,936)	(6,292,265)
Total equity attributable to Aurora Cannabis Inc. shareholders	559,773	490,644
Non-controlling interests	42,097	31,061
Total equity	601,870	521,705
Total liabilities and equity	$ 838,673	$ 926,322

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

XML

Consolidated Statements of Loss and Comprehensive Loss - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Statement of comprehensive income [abstract]
Revenue	$ 195,305	[1]	$ 299,824
Excise taxes	(21,617)	[1]	(29,543)
Net revenue	173,688	[1]	270,281
Cost of sales	146,840	[1]	192,668
Gross profit before fair value adjustments	26,848	[1]	77,613
Changes in fair value of inventory and biological assets sold	57,671	[1]	80,741
Unrealized gain on changes in fair value of biological assets	(38,477)	[1]	(134,588)
Gross profit	7,654	[1]	131,460
Expense
General and administration	81,416	[1]	92,222
Sales and marketing	38,684	[1]	51,937
Acquisition costs	5,608	[1]	5,326
Research and development	3,780	[1]	3,572
Depreciation and amortization	14,511	[1]	12,139
Share-based compensation	10,764	[1]	12,717
Total Expense	154,763	[1]	177,913
Loss from operations	(147,109)	[1]	(46,453)
Other income (expenses)
Legal settlement and contract termination fees	(2,644)	[1]	(1,818)
Interest and other income	14,252	[1]	12,813
Finance and other costs	(29,535)	[1]	(14,186)
Foreign exchange gain (loss)	7,773	[1]	(436)
Other gains (losses)	(4,942)	[1]	29,089
Restructuring charges	(325)	[1]	(1,508)
Impairment of property, plant and equipment	(14,069)	[1]	(4,244)
Impairment of investment in associates	(1,240)	[2]	0
Impairment of intangible assets and goodwill	(20,573)	[2]	(32,856)
Total Other income (expenses)	(51,303)	[1]	(13,146)
Loss before taxes	(198,412)	[1]	(59,599)
Income tax (expense) recovery
Current	(3,167)	[1]	(1,109)
Deferred, net	18,351	[1]	1,663
Income tax expense (recovery)	15,184	[1]	554
Net loss from continuing operations	(183,228)	[1]	(59,045)
Net loss from discontinued operations, net of tax	(21,910)	[1]	(10,281)
Net loss	(205,138)	[1]	(69,326)
Other comprehensive loss (“OCI”) that will not be reclassified to net loss
Unrealized gain on marketable securities	(1,205)	[1]	0
Other comprehensive income (loss) that may be reclassified to net loss
Realized gain on marketable securities	0	[1]	4,733
Foreign currency translation gain	561	[1]	1,574
Total other comprehensive (gain) loss	(644)	[1]	6,307
Comprehensive loss from continuing operations	(183,872)	[1]	(60,316)
Comprehensive loss from discontinued operations	(21,910)	[1]	(2,703)
Comprehensive loss	(205,782)	[1]	(63,019)
Net loss from continuing operations attributable to:
Aurora Cannabis Inc.	(175,930)	[1]	(55,301)
Non-controlling interests	(7,298)	[1]	(3,744)
Net loss from discontinued operations attributable to:
Aurora Cannabis Inc.	(21,910)	[1]	(10,281)
Non-controlling interests	0	[1]	0
Comprehensive loss attributable to:
Aurora Cannabis Inc.	(198,484)	[1]	(59,275)
Non-controlling interests	$ (7,298)	[1]	$ (3,744)
Loss per share - basic and diluted
Basic, continuing operations (in CAD per share)	$ (5.45)	[1]	$ (1.28)
Diluted, continuing operations (in CAD per share)	(5.45)	[1]	(1.28)
Basic, discontinued operations (in CAD per share)	(0.68)	[1]	(0.24)
Diluted, discontinued operations (in CAD per share)	(0.68)	[1]	(0.24)
Basic loss per share (in CAD per share)	(6.13)	[1]	(1.52)
Diluted loss per share (in CAD per share)	$ (6.13)	[1]	$ (1.52)
Total	$ (1,205)	[1]	$ 0

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

[2] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands		Total		Share Capital	Reserves	Share-Based Compensation	Compensation Options/ Warrants/Shares Issued	Convertible Notes	Change in Ownership Interest	Obligation to Issue Shares	AOCI	Fair Value	Deferred Tax	Associate OCI Pick-up	Foreign Currency Translation	Deficit		Non-Controlling Interests
Beginning balance (in shares) at Jun. 30, 2022	[1]			29,777,224
Beginning balance at Jun. 30, 2022		$ 665,765		$ 6,754,626	$ 157,213	$ 206,244	$ 37,350	$ 419	$ (86,800)		$ (211,721)	$ (213,394)	$ 18,919	$ 208	$ (17,454)	$ (6,034,864)	[2]	$ 511
Shares issued for business combinations (in shares)	[1]			261,500
Shares issued for business combinations		0		$ 9,683	(9,683)		(9,683)											25,925
Shares issued to repurchase convertible debentures (in shares)				0
Shares issued to repurchase convertible debentures				$ 0
Shares issued for equity financings (in shares)	[1]			4,455,125
Shares issued through equity financing		75,568		$ 75,154	414					$ 414
Share issuance costs		(2,381)		(2,381)
Deferred tax on transaction costs		(516)		$ (516)
Share issued under RSU, PSU and DSU plans (in shares)	[1]			33,082
Share issued under RSU, PSU and DSU plans		0		$ 4,668	(4,668)	(4,668)
Share-based compensation		10,764			10,764	10,764
NCI contribution		25,925																25,925
Put option liability		(47,638)														(47,638)	[2]
Change in ownership interests in net assets		0														(11,923)	[2]	11,923
Comprehensive loss for the year		(205,782)	[3]								(644)	(1,205)			561	(197,840)	[2]	(7,298)
Ending balance (in shares) at Mar. 31, 2023	[1]			34,526,931
Ending balance at Mar. 31, 2023		521,705		$ 6,841,234	154,040	212,340	27,667	419	(86,800)	414	(212,365)	(214,599)	18,919	208	(16,893)	(6,292,265)	[4]	31,061
Shares issued for business combinations (in shares)	[5]			6,948,994
Shares issued for business combinations		36,482		$ 32,915	3,567					3,567
Shares released for earn out payments (in shares)	[5]			57,008
Shares released for earn out payment related to business combination		353		$ 353
Shares issued to repurchase convertible debentures (in shares)	[5]			7,259,329
Shares issued to repurchase convertible debentures		54,680		$ 54,680
Shares issued for equity financings (in shares)	[5]			5,576,785
Shares issued through equity financing		40,684		$ 41,098	(414)					(414)
Share issuance costs		(3,215)		(3,215)
Deferred tax on transaction costs		(1,278)		$ (1,278)
Share issued under RSU, PSU and DSU plans (in shares)	[5]			176,725
Share issued under RSU, PSU and DSU plans		0		$ 5,629	(5,629)	(5,629)
Share-based compensation		10,787			10,787	10,787
NCI contribution																		0
Put option liability		2,119														2,119	[4]
Change in ownership interests in net assets		2,572														(12,208)	[4]	14,780
Change in ownership interests in net assets																		12,208
Comprehensive loss for the year		(63,019)									6,307	4,733			1,574	(65,582)	[4]	(3,744)
Reverse stock split adjustment (in shares)	[5]			25
Ending balance (in shares) at Mar. 31, 2024	[5]			54,545,797
Ending balance at Mar. 31, 2024		$ 601,870		$ 6,971,416	$ 162,351	$ 217,498	$ 27,667	$ 419	$ (86,800)	$ 3,567	$ (206,058)	$ (209,866)	$ 18,919	$ 208	$ (15,319)	$ (6,367,936)	[4]	$ 42,097

[1] As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

[2] As described under Note 2(i), certain prior period amounts have been adjusted.

[3] Comparative information has been adjusted due to discontinued operations see Note 11(b).

[4] As described under Note 2(i), certain prior period amounts have been adjusted.

[5] As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

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Consolidated Statements of Changes in Equity (Parenthetical)	Feb. 20, 2024
Statement of changes in equity [abstract]
Reverse stock split conversion ratio	0.1

XML

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Mar. 31, 2023		Mar. 31, 2024
Operating activities
Net loss from continuing operations		$ (183,228)	[1]	$ (59,045)
Adjustments for non-cash items:
Unrealized gain on changes in fair value of biological assets		(38,477)	[2]	(134,588)
Changes in fair value of inventory and biological assets sold		57,671	[1]	80,741
Depreciation of property, plant and equipment		30,942	[2]	32,170
Amortization of intangible assets		693	[2]	901
Share-based compensation		10,764	[2]	12,717
Impairment of property, plant and equipment		14,069	[1]	4,244
Impairment of investment in associates		1,240	[2]	0
Impairment of intangible assets and goodwill		20,573	[2]	32,856
Net interest accrual and accretion		15,788	[2]	8,323
Interest and other income		(170)	[2]	(33)
Deferred tax recovery		(18,351)	[2]	(1,667)
Other (gains) losses		4,709	[2]	(29,091)
Foreign exchange (gain) loss		(1,277)	[2]	105
Deferred compensation amortization		1,903	[2]	3,807
Cash used by operating activities before changes in non-cash working capital and discontinued operations		(83,151)	[2]	(48,560)
Changes in non-cash working capital		(24,836)	[2]	(15,627)
Net cash used in operating activities from discontinued operations		(7,818)	[2]	(4,321)
Net cash used in operating activities		(115,805)	[2]	(68,508)
Investing activities
Proceeds from derivative asset and marketable securities		3,362	[2]	4,993
Purchase of property, plant and equipment and intangible assets		(9,327)	[2]	(16,956)
Proceeds from disposal of property, plant and equipment and assets held for sale		20,253	[2]	12,276
Acquisition of businesses, net of cash acquired		(38,790)	[2]	(2,539)
Payment of contingent consideration		0	[2]	(3,006)
Net cash used in investing activities from discontinued operations		(2,805)	[2]	(255)
Net cash used in investing activities		(27,307)	[2]	(5,487)
Financing activities
Proceeds from loans and borrowings		7,242	[2]	14,544
Repayment of loans and borrowings		(3,053)	[2]	(3,042)
Repayment of convertible debenture		(128,706)	[2]	(91,635)
Net payments of principal portion of lease liabilities		(5,025)	[2]	(5,627)
Shares issued for cash, net of issuance costs		73,187	[2]	37,926
Net cash used in financing activities from discontinued operations		(123)	[2]	(89)
Net cash used in financing activities		(56,478)	[2]	(47,923)
Effect of foreign exchange on cash and cash equivalents		11,654	[2]	297
Decrease in cash and cash equivalents		(187,936)	[2]	(121,621)
Increase (decrease) in restricted cash		(14,929)	[2]	118
Cash and cash equivalents, beginning of period	[2]	437,807		234,942
Cash and cash equivalents, end of period		$ 234,942	[2]	$ 113,439

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

[2] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Nature of Operations

12 Months Ended

Mar. 31, 2024

General information about financial statements [Abstract]

Nature of Operations

Nature of Operations

Aurora Cannabis Inc. (the “Company” or “Aurora”) was incorporated under the Business Corporations Act (British Columbia) on December 21, 2006 as Milk Capital Corp. Effective October 2, 2014, the Company changed its name to Aurora Cannabis Inc. The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) and the Toronto Stock Exchange (“TSX”) under the trading symbol “ACB”, and on the Frankfurt Stock Exchange (“FSE”) under the trading symbol “21P1”.

The Company’s head office and principal address is 2207 90B St. SW Edmonton, Alberta T6X 1V8. The Company’s registered and records office address is Suite 1700, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8.

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

•Production, distribution and sale of medical and consumer cannabis products in Canada pursuant to the Cannabis Act;

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

•Distribution of wholesale medical cannabis in various international markets, including Australia, the Caribbean, South America and Israel.

The Company has a 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd., a key supplier of propagated vegetables and ornamental plants in North America.

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Material Accounting Policies and Judgments

12 Months Ended

Mar. 31, 2024

Accounting policies, accounting estimates and errors [Abstract]

Material Accounting Policies and Judgments

Material Accounting Policies and Judgments

IFRS requires management to make judgments, estimates, and assumptions that affect the carrying values of certain assets and liabilities and the reported amounts of income and expenses during the period. Actual results may differ from these judgments, estimates, and assumptions.

Material accounting policies, which affect the consolidated financial statements as a whole, as well as key accounting estimates and areas of significant judgment are highlighted in this section. This note also describes change in accounting policies, new accounting standards adopted during the current year and upcoming accounting pronouncements, which are not yet effective but are expected to impact the Company’s consolidated financial statements in the future. Accounting policies, estimates, or judgments that have a significant effect on the amounts recognized in the financial statements include, biological assets (Note 8), inventory (Note 9), impairment of nonfinancial assets (Note 9, 10, and 14), business combinations (Note 12), share-based compensation (Note 19), deferred taxes (Note 23), segmented information (Note 27) and the fair value of financial instruments, including put options (Note 28).

(a)    Basis of Presentation and Measurement

The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data.

The Company has reclassified certain comparative balances to conform with the current period’s presentation.

On February 20, 2024, the Company completed a one-to-ten (1:10) reverse share split of all of its issued and outstanding common shares (“Share Consolidation”), resulting in a reduction in the issued and outstanding shares from 545,457,970 to 54,545,797. Shares reserved under the Company’s equity, warrants, and incentive plans were adjusted to reflect the Share Consolidation. All share and per share data presented in the Company’s consolidated financial statements have been retroactively adjusted to reflect the Share Consolidation unless otherwise noted.

These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company on June 19, 2024.

The consolidated financial statements have been prepared on the historical cost basis, with the exception of financial instruments and biological assets, which are measured at fair value, as explained in the accounting policies set out below. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. In February 2023, the Company changed its reporting year end from June 30 to March 31. Accordingly, the current period is for the twelve months ended March 31, 2024, whereas the comparative period is for the nine months ended March 31, 2023. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, except where noted.

(b)    Basis of Consolidation

The consolidated financial statements include the financial results of the Company and its subsidiaries. Subsidiaries include entities which are wholly-owned as well as entities over which Aurora has the authority or ability to exert control over the investee’s financial and/or operating decisions (i.e. control), which in turn may affect the Company’s exposure or rights to the variable returns from the investee. The consolidated financial statements include the operating results of acquired or disposed entities from the date control is obtained or the date control is lost, respectively. All intercompany balances and transactions are eliminated upon consolidation.

The Company’s principal subsidiaries during the year ended March 31, 2024 are as follows:

Major subsidiaries	Percentage Ownership	Functional Currency
Aurora Cannabis Enterprises Inc. (“ACE”)	100%	Canadian Dollar
Aurora Deutschland GmbH (“Aurora Deutschland”)	100%	European Euro
TerraFarma Inc.	100%	Canadian Dollar
Whistler Medical Marijuana Corporation (“Whistler”)	100%	Canadian Dollar
Bevo Agtech Inc. (“Bevo”)	50.1%	Canadian Dollar
CannaHealth Therapeutics Inc.	100%	Canadian Dollar
ACB Captive Insurance Company Inc.	100%	Canadian Dollar
Indica Industries Pty Ltd. (“MedReleaf Australia”)	100%	Australian Dollar

All shareholdings are of ordinary shares or other equity. Other subsidiaries, while included in the consolidated financial statements, are not material and have not been reflected in the table above.

(c) Discontinued Operations

The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Discontinued operations reporting occurs when the disposal of a component or a group of components of the Company represents a strategic shift that will have an impact on the Company’s operations and financial results, and where the operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

The results of discontinued operations are excluded from both continuing operations and business segment information in the consolidated financial statements and the notes to the consolidated financial statements, unless otherwise noted, and are presented net of tax in the consolidated statements of loss and comprehensive loss for the current and comparative periods. Refer to Note 11(b) Discontinued Operations.

(d)    Foreign Currency Translation

The Company’s functional currency is the Canadian dollar. Transactions undertaken in foreign currencies are translated into Canadian dollars at daily exchange rates prevailing when the transactions occur. Monetary assets and liabilities denominated in foreign currencies are translated at period-end exchange rates and non-monetary items are translated at historical exchange rates. Realized and unrealized exchange gains and losses are recognized in the consolidated statements of loss and comprehensive loss.

The assets and liabilities of foreign operations are translated into Canadian dollars using the period-end exchange rates. Income, expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from the translation of foreign operations into Canadian dollars are recognized in other comprehensive loss and accumulated in equity.

(e)    Cash and Cash Equivalents

Cash and cash equivalents are financial assets that are measured at amortized cost, which approximate fair value. Cash and cash equivalents includes cash deposits in financial institutions and other deposits that are highly liquid and readily convertible into cash.

(f)    Provisions

The Company recognizes a provision if there is a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and the obligation can be reliably estimated. The amount recognized as a provision reflects management’s best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.

An onerous contract provision is recorded when the Company has a contract under which it is more likely than not that the unavoidable costs of meeting the contractual obligations will be greater than the economic benefits that the Company expects to receive under the contract. An onerous contract provision represents the lesser of the cost of exiting from the contract and the cost of fulfilling it.

(g)    Adoption of New Accounting Pronouncements

IAS 1 - Presentation of Financial Statements

The amendments clarify that entities should disclosure material accounting policies instead of significant accounting policies. The amendments explain how to identify material accounting policies. An accounting policy is material if it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The Company has reviewed its accounting policies and has included those which were considered to be material.

IFRS 17 – Insurance Contracts

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The standard is effective for annual periods beginning on or after January 1, 2023. The Company does not currently have any contracts to be accounted for under this standard. However, the Company has a wholly owned captive insurance entity that is required to adopt this standard when reporting on a standalone basis. The impact of the captive insurance company adopting IFRS 17 was immaterial to the Company’s consolidated financial statements.

(h) New Accounting Pronouncements Not Yet Adopted

The following IFRS standards have been recently issued by the IASB. Pronouncements that are irrelevant or not expected to have a significant impact have been excluded.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

The amendment clarifies the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Under the new requirement, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. The amendment applies retrospectively for annual reporting periods beginning on or after January 1, 2024. The Company will make this assessment as required at the end of each reporting date.

(i) Revisions of Previously Issued Financial Statements

During the year ended March 31, 2024, the Company identified a non-material error in accounts payable and accrued liabilities, specifically relating to the goods received not invoiced accrual, whereby the account was not relieved in prior periods on a consistent basis when invoices were received and recorded in accounts payable. The Company believes that these errors are not material to any of the Company’s previously-issued financial statements based on an analysis of quantitative and qualitative factors. However, correcting the errors in 2024 would be material to the Company’s consolidated financial statements for the year ended March 31, 2024. Accordingly, the Company has concluded that an amendment of previously-filed periodic reports is not required. Rather, the Company made revisions to the historical periods in the Company’s Annual Report for the fiscal year ended March 31, 2024, and to the historical periods that will be presented in the Company's prospective filings. The Company has revised the opening deficit and corrected the error by revising the prior period information in these consolidated financial statements.

The following is the revision to the ending deficit for the year ended June 30, 2022:

	June 30, 2022 As previously reported	Adjustments	June 30, 2022 Adjusted
Consolidated Statements of Financial Position
June 30, 2022
Deficit	(6,038,275)	3,411	(6,034,864)

The following is a summary of the impacts to the statement of financial position, the statement of comprehensive loss, and the statement of cash flows for the year ended March 31, 2023:

	March 31, 2023 As previously reported	Adjustments	March 31, 2023 Adjusted
Consolidated Statements of Financial Position
March 31, 2023
Accounts payable and accrued liabilities	75,825	(4,568)	71,257
Deficit	(6,296,833)	4,568	(6,292,265)

	Nine months ended March 31, 2023 As previously reported(1)		Adjustments		Nine months ended March 31, 2023 Adjusted
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
March 31, 2023
Cost of sales	150,835		(1,157)		149,678
Gross profit (loss) before fair value adjustments	24,133		1,157		25,290
Gross profit	775		1,157		1,932
Income before income taxes and discontinued operations	(221,532)		1,157		(220,375)
Net loss from continuing operations	(206,295)		1,157		(205,138)
Net loss from continuing operations attributable to Aurora shareholders	(198,997)		1,157		(197,840)
Comprehensive loss	(206,939)		1,157		(205,782)
Loss per share - basic and diluted(2)	$	(6.17)	$	0.04	$	(6.13)
Continuing operations	$	(5.49)	$	0.04	$	(5.45)
Discontinued operations	$	(0.68)	$	—	$	(0.68)

(1) Amounts before impacts of discontinued operations (Note 11).

(2) As described under Note 2(a) in the Consolidated Financial Statements, comparative information has been adjusted due to 1:10 reverse stock split.

	Nine months ended March 31, 2023 As previously reported(1)		Adjustments		Nine months ended March 31, 2023 Adjusted
Consolidated Statements of Cash Flows
March 31, 2023
Net income (loss) from continuing operations	$	(206,295)	$	1,157	$	(205,138)
Changes in non-cash working capital	$	(25,116)	$	(1,157)	$	(26,273)
Net cash used in operating activities	$	(115,821)	$	—	$	(115,821)

(1) Amounts before impacts of discontinued operations (Note 11).

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Provisions

12 Months Ended

Mar. 31, 2024

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

Provisions

Provisions

Accounting Policy

Restructuring Provision

A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those individuals who are affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which reflect amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

Loan Loss Provision

The loan loss provision originates from the operations of the insurance company incorporated by the Company, for self insurance related to properties. A loan loss provision is an estimate for known reported losses and loss expenses plus a provision for losses incurred but not reported. These amounts are based upon estimates or losses reported by loss adjusters plus an estimate for losses incurred but not reported in accordance with the recommendations of an independent actuary using the past experience of the Company and industry data, offset by actual claims paid. Changes in the loan loss provision are reflected in the consolidated statements of loss and comprehensive loss.

	Restructuring	Loan Loss Provision	Other	Total
	$	$	$
Balance, June 30, 2022	997	3,613	800	5,410
Remeasurement	513	832	8	1,353
Settlements	(1,510)	—	(800)	(2,310)
Balance, March 31, 2023	—	4,445	8	4,453
Remeasurement	—	1,153	—	1,153
Balance, March 31, 2024	—	5,598	8	5,606

Commitments and Contingencies

(a)Claims and Litigation

From time to time, the Company and/or its subsidiaries may become defendants in legal actions and the Company intends to take appropriate action with respect to any such legal actions, including by defending itself against such legal claims as necessary. Other than the claims described below, as of the date of this report, Aurora is not aware of any other material or significant claims against the Company.

On November 21, 2019, a purported class action proceeding was commenced in the United States District Court for the District of New Jersey against the Company and certain of its current and former directors and officers on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities between October 23, 2018 and February 6, 2020. The judge rendered a decision on August 24, 2023 on Aurora’s motion to dismiss. On September 8, 2023, the Plaintiffs filed a motion for reconsideration as to the stock drop that occurred following

Aurora’s September 2019 financials. Aurora opposed this motion. Mediation was held and a tentative settlement was reached on March 4, 2024. The proposed settlement must now be approved by a court.

On June 16, 2020, the Company and its subsidiary, ACE, were named in a purported class action proceeding in the Province of Alberta in relation to the alleged mislabeling of cannabis products with inaccurate THC/CBD content. The class action involves a number of other parties including Aleafia Health Inc., Hexo Corp, Tilray Canada Ltd., among others, and alleges that upon laboratory testing, certain cannabis products were found to have lower THC potency than the labeled amount, suggesting, among other things, that plastic containers may be leeching cannabinoids. While this matter is ongoing, the Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On June 15, 2020, a claim was commenced by a party to a former term sheet with the King's Bench of Alberta against Aurora and a former officer alleging a claim of breach of obligations under said term sheet, with the plaintiff seeking $18.0 million in damages. While this matter is ongoing, the Company believes the action to be without merit and intends to defend the claim.

On August 10, 2020, a purported class action lawsuit was filed with the King's Bench of Alberta against Aurora and certain executive officers in the Province of Alberta on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities and suffered losses as a result of Aurora releasing statements containing misrepresentations during the period of September 11, 2019 and December 21, 2019. Plaintiff and Defendant have each prepared factums for a leave application. Prior to the hearing, Defendants filed a request for adjournment and leave to amend their pleadings. The amended Statement of Claim was filed on March 8, 2024. The Company has filed a Notice of Application to disallow the amendment. The Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On January 4, 2021, a civil claim was filed with the King’s Bench of Alberta against Aurora and Hempco by a former landlord regarding unpaid rent in the amount of $8.9 million, representing approximately $0.4 million for rent in arrears and costs, plus $8.5 million for loss of rent and remainder of the term. The Company filed a statement of defence on March 24, 2021. Plaintiffs brought an Application seeking summary judgment as against the Company and the Company has filed Affidavit evidence in response. Cross-examinations for the Company’s affiants and for Plaintiff’s affiant have been completed. While this matter is ongoing, the Company intends to continue to defend against the claims.

On November 1, 2022, a claim was commenced by a former employee of Aurora against Aurora Cannabis Enterprises Inc. and another former employee of Aurora (the “Defendant Employee”). The plaintiffs claim that the Defendant Employee entered a lease for a property owned by the plaintiffs in January 2017 and states that Aurora was a guarantor for the Defendant Employee. The claim states that the Defendant Employee left the property and caused damage. The plaintiffs further claim outstanding rent and legal fees. There is no record of any documentation of Aurora being a party to any such relationship. Plaintiffs have received a summary judgment against the Defendant Employee and will now attempt to recover their judgment against the Defendant Employee. Plaintiffs will then decide whether to pursue the indemnity claim against the Company. The Company disputes the allegations and intends to defend against the claims.

On November 15, 2022, the Company, its subsidiary ACE, and MedReleaf Corp. (which amalgamated with ACE in July 2020) were named in a purported class action proceeding in the Ontario Superior Court of Justice. The purported class action claims that the Company failed to warn of certain risks purported to be associated with the consumption of cannabis. The statement of claim was served upon the Company on November 22, 2022 and a statement of defence was filed and served. The next major step in the process is scheduling a timetable for the remaining deliverables of the process, including delivery of the plaintiff’s certification motion record. The plaintiff must either deliver their certification materials or come to an agreement with the Aurora Defendants on a timetable for doing so within one year of commencing the proposed class action. On January 24, 2024, the plaintiff’s delivered their motion record regarding class certification. We are reviewing and will establish our timeline for responding which will not be before June 2024. The Company disputes the allegations and intends to defend against the claims.

The Company is subject to litigation and similar claims in the ordinary course of our business, including claims related to employment, human resources, product liability and commercial disputes. The Company has received notice of, or are aware of, certain possible claims against us where the magnitude of such claims is negligible, or it is not currently possible for us to predict the outcome of such claims, possible claims or lawsuits due to various factors including: the preliminary nature of some claims; an incomplete factual record; and the unpredictable nature of opposing parties and their demands. Management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any of these claims would result in liability to the Company, to the extent not provided for through insurance or otherwise, would have a material effect on the consolidated financial statements, other than the claims described above.

In respect of the aforementioned claims, as at March 31, 2024 the Company has recognized total provisions of $2.3 million (March 31, 2023 – $1.0 million) in provisions on the consolidated statements of financial position and a settlement accrual for nil (March 31, 2023 – $1.0 million) in accounts payable and accrued liabilities on the consolidated statements of financial position.

(b)Commitments

The Company has various lease commitments related to various office space, production equipment, vehicles, facilities and warehouses expiring up to June 2033. The Company has certain leases with optional renewal terms that the Company may exercise at its option.

In addition to lease liability commitments disclosed in Note 29(b) and loans and borrowing repayments in Note 16, the Company has $3.2 million in future capital commitments and purchase commitments payments, which are due over the next 12 months.

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Accounts Receivable

12 Months Ended

Mar. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Accounts Receivable

Accounts Receivable

Accounting Policy

Accounts receivable are recognized initially at fair value and subsequently measured at amortized cost, less any provisions for impairment. Financial assets measured at amortized cost are assessed for impairment at the end of each reporting period. Impairment provisions are estimated using the expected credit loss impairment model where any expected future credit losses are provided for, irrespective of whether a loss event has occurred at the reporting date.

Estimates of expected credit losses take into account the Company’s collection history, deterioration of collection rates during the average credit period, as well as observable changes in and forecasts of future economic conditions that affect default risk. Where applicable, the carrying amount of a trade receivable is reduced for any expected credit losses. Changes in the allowance for expected credit losses are recognized in the consolidated statements of loss and comprehensive loss. Accounts receivables are written off when they are deemed uncollectible.

	Notes	March 31, 2024	March 31, 2023
		$	$
Trade receivables, net (1)	29(a)	40,542	35,016
Sales taxes receivable		1,511	1,214
Lease receivable	29(a)	2,460	2,094
Government grant receivable	5	—	1,913
Other receivables, net (1) (2)		898	1,108
		45,411	41,345

(1)    Refer to (Note 29(a)) for credit risk loss provisions.

(2)    Includes interest receivable from the convertible debenture investments (Note 7).

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Government Grant

12 Months Ended

Mar. 31, 2024

Government Grants [Abstract]

Government Grant

Government Grant

Accounting Policy

The Company recognizes government grants when there is reasonable assurance that it will comply with the conditions required to qualify for the grant, and that the grant will be received. Government grants related to income are recognized as other gains (losses) in the statements of net loss while government grants related to assets, including non-monetary grants at fair value, are recognized as a reduction of the related asset’s carrying amount.

In April 2020, the Government of Canada announced the Canada Emergency Wage Subsidy (“CEWS”) program. CEWS provided a wage subsidy on eligible remuneration, subject to limits per employee, to eligible employers based on certain criteria, including the demonstration of declining revenue. The Company determined that it qualified for CEWS and received benefits from the government. A corresponding provision was established during the period in which the Company received the benefits to account for uncertainty with respect to eligibility of CEWS given that it was expeditiously rolled out in response to the COVID-19 pandemic.

As at March 31, 2024, nil (March 31, 2023 – $12.4 million) is recognized as other current liabilities on the consolidated statements of financial position. The provision of $12.4 million was reversed during the year ended March 31, 2024, as a result of a Canadian Revenue Agency audit of the CEWS benefits received with no proposed audit adjustments. The reversal of the provision is recorded to other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

During the year ended March 31, 2024, the Company received nil (nine months ended March 31, 2023 – $3.3 million) government grant related to the co-generation project at the Aurora River facility to offset the costs relating to capital expenditures that would have otherwise been capitalized as property, plant and equipment.

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Marketable Securities

12 Months Ended

Mar. 31, 2024

Financial instruments [Abstract]

Marketable Securities

Marketable Securities

Accounting Policy

Marketable securities are initially measured at fair value and are subsequently measured at fair value through profit or loss (“FVTPL”) or are designated at fair value through other comprehensive income (loss) (“FVTOCI”), at the election of the Company. The designation of FVTOCI is made on an instrument by instrument basis and if elected, subsequent changes in fair value are recognized in other comprehensive (loss) income and not through profit or loss on disposition.

As at March 31, 2024, the Company held the following marketable securities:

Financial asset hierarchy level	Level 1	Level 1	Level 1
	Radient	CTT Pharmaceutical Holdings	High Tide	Total
Subsequent remeasurement policy	FVTOCI	FVTOCI	FVTPL
	Note 6(a)		Note 6(b)
	$	$	$	$
Balance, June 30, 2022	1,128	203	—	1,331
Disposals	—	(126)	—	(126)
Realized loss on changes in fair value	—	(77)	—	(77)
Unrealized loss on changes in fair value	(1,128)	—	—	(1,128)
Balance, March 31, 2023	—	—	—	—
Additions	—	—	5,025	5,025
Disposals	—	—	(2,179)	(2,179)
Unrealized gain on changes in fair value	—	—	1,190	1,190
Balance, March 31, 2024	—	—	4,036	4,036

(a)    Radient Technologies Inc. (“Radient”)

Radient is a public company listed on the TSX Venture Exchange (“TSXV”) and is a commercial manufacturer of cannabis derivatives, formulations and products.

As of March 31, 2024, the Company held 37,643,431 shares in Radient (March 31, 2023 – 37,643,431) with a fair value of nil (March 31, 2023 – nil) resulting in an unrealized loss for the year ended March 31, 2024 of nil (nine months ended March 31, 2023 – $1.1 million).

(b)    High Tide Inc. (“High Tide”)

High Tide is an Alberta based, retail focused cannabis company and is publicly listed on the TSXV.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding. The settlement included 2,491,496 High Tide common shares with an equivalent value of $5.0 million in High Tide common shares held in trust (Note 7). The Company sold 996,538 common shares for $2.2 million in net proceeds during the year.

The High Tide common shares are classified as marketable securities, initially measured at fair value with subsequent remeasurements of fair value recorded through profit and loss. Initially, due to trading restrictions and future release dates of the common shares received, the shares were designated as level 2 on the fair value hierarchy and measured using a Monte Carlo simulation model. As at March 31, 2024, with the trading restrictions satisfied, the fair value is determined based on observable inputs, namely the share price and is classified as level 1 on the fair value hierarchy.

Derivatives and Convertible Debentures

Accounting Policy

Derivatives and debentures are initially measured at fair value and are subsequently measured at FVTPL. If the transaction price does not equal to fair value at the point of initial recognition, management measures the fair value of each component of the investment and any unrealized gains or losses at inception are either recognized in profit or loss or deferred and recognized over the term of the investment, depending on whether the valuation inputs are based on observable market data. The resulting unrealized gain or loss at inception and subsequent changes in fair value are recognized in profit or loss for the period. Transaction costs, which are directly attributable to the acquisition of the investment, are expensed as incurred. Refer to Note 28 for significant judgments in determining the fair value of derivative financial instruments.

At March 31, 2024, the Company held the following derivative and convertible debentures:

Financial asset hierarchy level	Level 2	Level 3	Level 2	Level 3
Derivatives and convertible debentures at fair value through profit or loss (“FVTPL”)	ACI	Investee-B	High Tide	Investee-C	Total
	Note 7(a)	Note 7(b)	Note 7(c)	Note 7(d)
Balance, June 30, 2022	1,418	13,961	8,442	2,462	26,283
Repayment	—	—	(748)	(2,490)	(3,238)
Unrealized loss on changes in fair value	(1,418)	—	(580)	—	(1,998)
Realized gain (loss) on changes in fair value	—	(14,506)	—	28	(14,478)
Foreign exchange	—	680	—	—	680
Balance, March 31, 2023	—	135	7,114	—	7,249
Repayment	—	(135)	(7,916)	—	(8,051)
Adjustments	—	—	100	—	100
Unrealized gain on changes in fair value	—	—	1,462	—	1,462
Balance, March 31, 2024	—	—	760	—	760

(a)    Australis Capital Inc. (“ACI”)

ACI is a public company that is focused on investments and acquisitions in the cannabis space and more specifically, investment in the growing U.S. cannabis market. ACI was previously wholly-owned by Aurora and was spun-out to Aurora shareholders on September 19, 2018. As at March 31, 2024, the Company holds the following restricted back-in right warrants:

(a)22,628,751 warrants exercisable at $0.20 per share expiring September 19, 2028; and

(b)The number of warrants equal to 20% of the number of common shares issued and outstanding in ACI as of the date of exercise. The warrants are exercisable at the five-day volume weighted average trading price (“VWAP”) of ACI’s shares and have an expiration date of September 19, 2028.

Aurora is restricted from exercising the back-in right warrants unless all of ACI’s business operations in the U.S. are permitted under applicable U.S. federal and state laws and Aurora has received consent of the TSX and any other stock exchange on which Aurora may be listed, as required. As of March 31, 2024, the warrants remain un-exercisable.

As of March 31, 2024, the warrants had a fair value of nil (March 31, 2023 – nil). As a result, the Company recognized nil unrealized loss on the fair value during the year ended March 31, 2024 (nine months ended March 31, 2023 – $1.4 million).

(b)    Investee-B

Investee-B is a private Canadian company that cultivates, manufactures, and distributes medical cannabis products in Jamaica. As of March 31, 2024, the Company holds a $13.5 million (U.S.$10.0 million) (March 31, 2023 – $13.5 million (U.S.$10.0 million)) convertible debenture in Investee-B that bears interest at 1.5% per annum, payable in cash or common shares equal to the fair value of shares at the time of issuance. The debentures are convertible into common shares of Investee-B at U.S.$4.9585 at Aurora’s option until July 2, 2023. As part of the arrangement, Aurora has the right to: (i) participate in any future equity offerings of Investee-B to enable Aurora to maintain its percentage ownership interest, and (ii) to nominate a director to Investee-B’s Board of Directors as long as the Company owns at least a 10% interest.

During the nine months ended March 31, 2023, in anticipation of a payment default, the Company renegotiated the payment terms of the convertible debenture agreement, which included forgiveness of $6.75 million (U.S.$5.0 million) and an extension to repay the remaining $6.75 million (U.S.$5.0 million) to June 30, 2025. Additionally, the conversion feature was removed. In consideration for the amendments, the Company received $0.3 million (U.S.$0.2 million) during the year ended March 31, 2024. As a result of these amendments, the Company determined there was a significant increase in credit risk and recognized credit losses equal to its fair value of $14.4 million (U.S.$10.6 million), including accrued interest in other expenses (income) on the consolidated statements of loss and comprehensive loss.

As of March 31, 2024, the convertible debenture had a fair value of nil (March 31, 2023 – nil). The Company recognized unrealized loss of nil during the year ended March 31, 2024 (nine months ended March 31, 2023 – nil).

(c) High Tide Inc. (“High Tide”)

On July 23, 2020, the Company entered into an amended restated secured convertible debenture (the “July 2020 Debenture”) agreement in the amount of $10.0 million. Under the terms of the amendment, the July 2020 Debenture is secured against the assets and properties of High Tide, bears no interest, is convertible into common shares of High Tide at $0.425 per share at the option of the Company at any time, and matures on January 1, 2025. The Company entered into a debt restructuring agreement on July 23, 2020 whereby High Tide will pay a 0.5% royalty payment on all non-Aurora product revenue generated by High Tide beginning November 1, 2021, with an automatic increase of an additional 0.5% each subsequent year. Payments under the July 2020 Debentures can be offset against other obligations between Aurora and High Tide.

The conversion of the July 2020 Debenture was subject to Aurora holding no more than a 25% ownership interest in High Tide in accordance with the ownership restriction applicable to licensed producers under the Cannabis Retail Regulations in Ontario.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding including interest of $10.8 million. The settlement included a cash payment of $2.8 million, set offs of $1.9 million arising from payables due from the Company to High Tide for certain agreed upon services and the equivalent value of $5.0 million in High Tide common shares held in trust (Note 6), to be released on certain future dates. As at March 31, 2024, the remaining July 2020 convertible debentures had a fair value of $0.8 million (March 31, 2023 – $7.1 million), resulting in an unrealized gain of $1.5 million for the year ended March 31, 2024 (March 31, 2023 – loss $1.5 million) net of $7.9 million in repayments (March 31, 2023 – $0.5 million). The remaining balance will be settled through the provision of services. The convertible debenture is classified as a derivative asset on the consolidated statements of financial position and is remeasured at fair value through profit and loss.

The fair value of the convertible debentures was estimated using the FINCAD model with the following assumptions: share price of $0.18 (March 31, 2023 – $0.12); credit spread of 12.17% (March 31, 2023 – 12.5%); dividend yield of 0% (March 31, 2023 – 0%); stock price volatility of 63.0% (March 31, 2023 – 69%) and an expected life of 0.76 years (March 31, 2023 – 1.76 years).

(d)    Investee-C

Investee-C is a privately held Licensed Producer, based in Ontario, focused on growing premium craft cannabis in Canada.

On May 19, 2021, the Company invested $2.5 million in a secured convertible debenture that matures on October 31, 2022. The debenture bears interest at 8% per annum on the outstanding principal with the first interest payable quarterly in arrears beginning September 30, 2021. The debenture is convertible into common shares of Investee-C at a 15% discount to, the first to occur of: (i) the consideration received by a holder of Investee-C common shares pursuant to a change of control, or (ii) the issuance price of Investee-C common shares pursuant to a public offering.

On October 31, 2022, the Company entered into a Termination Agreement, whereby Investee-C agreed to repay the remaining balance on the convertible debentures. The Company received net proceeds of $2.5 million, inclusive of accrued interest and net of amounts owed by the Company, in consideration for releasing the security.

Loans and Borrowings

Accounting Policy

Loans and Borrowings are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss

over the period of the borrowings using the effective interest method. Loans are derecognized from the Consolidated Statement of Financial Position when the obligation specified in the contract is discharged, cancelled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as finance costs. Loans are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

On August 25, 2022, through the acquisition of a controlling interest of 50.1% in Bevo, the Company acquired the term loans under Bevo credit facility (the “Credit Agreement”).

The changes in the carrying value of current and non-current credit facilities are as follows:

	Credit facilities
Balance, June 30, 2022	—
Acquired through business combination	39,697
Drawings	7,242
Interest accretion	343
Principal repayments	(1,548)
Balance, March 31, 2023	45,734
Drawings	14,544
Interest accretion	23
Principal repayments	(3,042)
Balance, March 31, 2024	57,259
Current portion	(52,361)
Long-term portion	4,898

During the year ended March 31, 2024, the original Credit Agreement was amended (“Amended Credit Agreement”) to reduce the amounts available to be drawn from the Term Loan by $1.5 million to $36.6 million and increase the amounts available to be drawn from the Revolver by $6.0 million to $18.0 million.

Credit Facility 1

Credit Facility 1 represents the three tranches of advances which are now consolidated and have been fully drawn upon. During the year ended March 31, 2024, total interest expense of $2.5 million (nine months ended March 31, 2023 – $1.5 million) was recognized as finance and other costs in the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the total term loan balance outstanding is $35.5 million (March 31, 2023 – $38.2 million), including accrued interest of $0.8 million (March 31, 2023 – $0.8 million). As at March 31, 2024, the borrowing rate was 7.20%. The Company makes quarterly principal payments of $0.5 million. Any remaining principal balance will be due at maturity on January 21, 2025.

Credit Facility 2

On October 20, 2023, the Company entered into another amendment to the Credit Agreement to include an additional term loan (“Term Facility 2”) with multiple advances for up to $16.0 million and a maturity date of October 20, 2026, specifically to fund capital expansion. The transaction costs related to the amendments were nominal. As at March 31, 2024, the total amount drawn from Term Facility 2 was $2.8 million with a borrowing rate of 8.4%.

Revolver

The Revolver provides available aggregate borrowings of up to $18.0 million. Interest payments are based on prime plus a margin that ranges

between 0.25% and 1.75%. During the year ended March 31, 2024, total interest expense of $0.9 million (nine months ended March 31, 2023 – $0.2 million). As at March 31, 2024, $16.8 million (March 31, 2023 – $7.5 million) was drawn from the revolver loan.

Creditor Agreement

During the year ended March 31, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a rate of 14.0% per annum. As at March 31, 2024, $4.8 million of the funds pursuant to the Credit Agreement were received. The principal and accrued interest are due on May 31, 2025. The Company advanced funds of $2.5 million, which is eliminated upon consolidation (Note 24), as is any related accrued interest.

During the year ended March 31, 2024, the Company recognized a total interest expense, excluding imputed interest of $3.5 million (nine months ended March 31, 2023 – $1.5 million) recognized in finance and other costs on the consolidated statements of loss and comprehensive loss, in relation to its loans and borrowings.

On December 29, 2023, Bevo entered into a Third Supplemental Credit Agreement which provided a waiver for the breach in financial covenants as at June 30, 2023 and September 30, 2023 and amended the financial covenants taking into account Bevo revised forecasts. Based on the forecasts and the amendments to the covenants, the Company expects to be in compliance with the financial covenants for the next 15 months. As at March 31, 2024, Bevo was in compliance with all covenants relating to the Credit Agreement.

Total undiscounted loans and borrowings principal repayments as at March 31, 2024 are as follows:

	$
Next 12 months	52,361
Over 1 year to 3 years	4,898
Total long-term debt repayments	57,259

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Derivatives and Convertible Debentures

12 Months Ended

Mar. 31, 2024

Financial instruments [Abstract]

Derivatives and Convertible Debentures

Marketable Securities

Accounting Policy

Marketable securities are initially measured at fair value and are subsequently measured at fair value through profit or loss (“FVTPL”) or are designated at fair value through other comprehensive income (loss) (“FVTOCI”), at the election of the Company. The designation of FVTOCI is made on an instrument by instrument basis and if elected, subsequent changes in fair value are recognized in other comprehensive (loss) income and not through profit or loss on disposition.

As at March 31, 2024, the Company held the following marketable securities:

Financial asset hierarchy level	Level 1	Level 1	Level 1
	Radient	CTT Pharmaceutical Holdings	High Tide	Total
Subsequent remeasurement policy	FVTOCI	FVTOCI	FVTPL
	Note 6(a)		Note 6(b)
	$	$	$	$
Balance, June 30, 2022	1,128	203	—	1,331
Disposals	—	(126)	—	(126)
Realized loss on changes in fair value	—	(77)	—	(77)
Unrealized loss on changes in fair value	(1,128)	—	—	(1,128)
Balance, March 31, 2023	—	—	—	—
Additions	—	—	5,025	5,025
Disposals	—	—	(2,179)	(2,179)
Unrealized gain on changes in fair value	—	—	1,190	1,190
Balance, March 31, 2024	—	—	4,036	4,036

(a)    Radient Technologies Inc. (“Radient”)

Radient is a public company listed on the TSX Venture Exchange (“TSXV”) and is a commercial manufacturer of cannabis derivatives, formulations and products.

As of March 31, 2024, the Company held 37,643,431 shares in Radient (March 31, 2023 – 37,643,431) with a fair value of nil (March 31, 2023 – nil) resulting in an unrealized loss for the year ended March 31, 2024 of nil (nine months ended March 31, 2023 – $1.1 million).

(b)    High Tide Inc. (“High Tide”)

High Tide is an Alberta based, retail focused cannabis company and is publicly listed on the TSXV.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding. The settlement included 2,491,496 High Tide common shares with an equivalent value of $5.0 million in High Tide common shares held in trust (Note 7). The Company sold 996,538 common shares for $2.2 million in net proceeds during the year.

The High Tide common shares are classified as marketable securities, initially measured at fair value with subsequent remeasurements of fair value recorded through profit and loss. Initially, due to trading restrictions and future release dates of the common shares received, the shares were designated as level 2 on the fair value hierarchy and measured using a Monte Carlo simulation model. As at March 31, 2024, with the trading restrictions satisfied, the fair value is determined based on observable inputs, namely the share price and is classified as level 1 on the fair value hierarchy.

Derivatives and Convertible Debentures

Accounting Policy

Derivatives and debentures are initially measured at fair value and are subsequently measured at FVTPL. If the transaction price does not equal to fair value at the point of initial recognition, management measures the fair value of each component of the investment and any unrealized gains or losses at inception are either recognized in profit or loss or deferred and recognized over the term of the investment, depending on whether the valuation inputs are based on observable market data. The resulting unrealized gain or loss at inception and subsequent changes in fair value are recognized in profit or loss for the period. Transaction costs, which are directly attributable to the acquisition of the investment, are expensed as incurred. Refer to Note 28 for significant judgments in determining the fair value of derivative financial instruments.

At March 31, 2024, the Company held the following derivative and convertible debentures:

Financial asset hierarchy level	Level 2	Level 3	Level 2	Level 3
Derivatives and convertible debentures at fair value through profit or loss (“FVTPL”)	ACI	Investee-B	High Tide	Investee-C	Total
	Note 7(a)	Note 7(b)	Note 7(c)	Note 7(d)
Balance, June 30, 2022	1,418	13,961	8,442	2,462	26,283
Repayment	—	—	(748)	(2,490)	(3,238)
Unrealized loss on changes in fair value	(1,418)	—	(580)	—	(1,998)
Realized gain (loss) on changes in fair value	—	(14,506)	—	28	(14,478)
Foreign exchange	—	680	—	—	680
Balance, March 31, 2023	—	135	7,114	—	7,249
Repayment	—	(135)	(7,916)	—	(8,051)
Adjustments	—	—	100	—	100
Unrealized gain on changes in fair value	—	—	1,462	—	1,462
Balance, March 31, 2024	—	—	760	—	760

(a)    Australis Capital Inc. (“ACI”)

ACI is a public company that is focused on investments and acquisitions in the cannabis space and more specifically, investment in the growing U.S. cannabis market. ACI was previously wholly-owned by Aurora and was spun-out to Aurora shareholders on September 19, 2018. As at March 31, 2024, the Company holds the following restricted back-in right warrants:

(a)22,628,751 warrants exercisable at $0.20 per share expiring September 19, 2028; and

(b)The number of warrants equal to 20% of the number of common shares issued and outstanding in ACI as of the date of exercise. The warrants are exercisable at the five-day volume weighted average trading price (“VWAP”) of ACI’s shares and have an expiration date of September 19, 2028.

Aurora is restricted from exercising the back-in right warrants unless all of ACI’s business operations in the U.S. are permitted under applicable U.S. federal and state laws and Aurora has received consent of the TSX and any other stock exchange on which Aurora may be listed, as required. As of March 31, 2024, the warrants remain un-exercisable.

As of March 31, 2024, the warrants had a fair value of nil (March 31, 2023 – nil). As a result, the Company recognized nil unrealized loss on the fair value during the year ended March 31, 2024 (nine months ended March 31, 2023 – $1.4 million).

(b)    Investee-B

Investee-B is a private Canadian company that cultivates, manufactures, and distributes medical cannabis products in Jamaica. As of March 31, 2024, the Company holds a $13.5 million (U.S.$10.0 million) (March 31, 2023 – $13.5 million (U.S.$10.0 million)) convertible debenture in Investee-B that bears interest at 1.5% per annum, payable in cash or common shares equal to the fair value of shares at the time of issuance. The debentures are convertible into common shares of Investee-B at U.S.$4.9585 at Aurora’s option until July 2, 2023. As part of the arrangement, Aurora has the right to: (i) participate in any future equity offerings of Investee-B to enable Aurora to maintain its percentage ownership interest, and (ii) to nominate a director to Investee-B’s Board of Directors as long as the Company owns at least a 10% interest.

During the nine months ended March 31, 2023, in anticipation of a payment default, the Company renegotiated the payment terms of the convertible debenture agreement, which included forgiveness of $6.75 million (U.S.$5.0 million) and an extension to repay the remaining $6.75 million (U.S.$5.0 million) to June 30, 2025. Additionally, the conversion feature was removed. In consideration for the amendments, the Company received $0.3 million (U.S.$0.2 million) during the year ended March 31, 2024. As a result of these amendments, the Company determined there was a significant increase in credit risk and recognized credit losses equal to its fair value of $14.4 million (U.S.$10.6 million), including accrued interest in other expenses (income) on the consolidated statements of loss and comprehensive loss.

As of March 31, 2024, the convertible debenture had a fair value of nil (March 31, 2023 – nil). The Company recognized unrealized loss of nil during the year ended March 31, 2024 (nine months ended March 31, 2023 – nil).

(c) High Tide Inc. (“High Tide”)

On July 23, 2020, the Company entered into an amended restated secured convertible debenture (the “July 2020 Debenture”) agreement in the amount of $10.0 million. Under the terms of the amendment, the July 2020 Debenture is secured against the assets and properties of High Tide, bears no interest, is convertible into common shares of High Tide at $0.425 per share at the option of the Company at any time, and matures on January 1, 2025. The Company entered into a debt restructuring agreement on July 23, 2020 whereby High Tide will pay a 0.5% royalty payment on all non-Aurora product revenue generated by High Tide beginning November 1, 2021, with an automatic increase of an additional 0.5% each subsequent year. Payments under the July 2020 Debentures can be offset against other obligations between Aurora and High Tide.

The conversion of the July 2020 Debenture was subject to Aurora holding no more than a 25% ownership interest in High Tide in accordance with the ownership restriction applicable to licensed producers under the Cannabis Retail Regulations in Ontario.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding including interest of $10.8 million. The settlement included a cash payment of $2.8 million, set offs of $1.9 million arising from payables due from the Company to High Tide for certain agreed upon services and the equivalent value of $5.0 million in High Tide common shares held in trust (Note 6), to be released on certain future dates. As at March 31, 2024, the remaining July 2020 convertible debentures had a fair value of $0.8 million (March 31, 2023 – $7.1 million), resulting in an unrealized gain of $1.5 million for the year ended March 31, 2024 (March 31, 2023 – loss $1.5 million) net of $7.9 million in repayments (March 31, 2023 – $0.5 million). The remaining balance will be settled through the provision of services. The convertible debenture is classified as a derivative asset on the consolidated statements of financial position and is remeasured at fair value through profit and loss.

The fair value of the convertible debentures was estimated using the FINCAD model with the following assumptions: share price of $0.18 (March 31, 2023 – $0.12); credit spread of 12.17% (March 31, 2023 – 12.5%); dividend yield of 0% (March 31, 2023 – 0%); stock price volatility of 63.0% (March 31, 2023 – 69%) and an expected life of 0.76 years (March 31, 2023 – 1.76 years).

(d)    Investee-C

Investee-C is a privately held Licensed Producer, based in Ontario, focused on growing premium craft cannabis in Canada.

On May 19, 2021, the Company invested $2.5 million in a secured convertible debenture that matures on October 31, 2022. The debenture bears interest at 8% per annum on the outstanding principal with the first interest payable quarterly in arrears beginning September 30, 2021. The debenture is convertible into common shares of Investee-C at a 15% discount to, the first to occur of: (i) the consideration received by a holder of Investee-C common shares pursuant to a change of control, or (ii) the issuance price of Investee-C common shares pursuant to a public offering.

On October 31, 2022, the Company entered into a Termination Agreement, whereby Investee-C agreed to repay the remaining balance on the convertible debentures. The Company received net proceeds of $2.5 million, inclusive of accrued interest and net of amounts owed by the Company, in consideration for releasing the security.

Loans and Borrowings

Accounting Policy

Loans and Borrowings are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss

over the period of the borrowings using the effective interest method. Loans are derecognized from the Consolidated Statement of Financial Position when the obligation specified in the contract is discharged, cancelled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as finance costs. Loans are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

On August 25, 2022, through the acquisition of a controlling interest of 50.1% in Bevo, the Company acquired the term loans under Bevo credit facility (the “Credit Agreement”).

The changes in the carrying value of current and non-current credit facilities are as follows:

	Credit facilities
Balance, June 30, 2022	—
Acquired through business combination	39,697
Drawings	7,242
Interest accretion	343
Principal repayments	(1,548)
Balance, March 31, 2023	45,734
Drawings	14,544
Interest accretion	23
Principal repayments	(3,042)
Balance, March 31, 2024	57,259
Current portion	(52,361)
Long-term portion	4,898

During the year ended March 31, 2024, the original Credit Agreement was amended (“Amended Credit Agreement”) to reduce the amounts available to be drawn from the Term Loan by $1.5 million to $36.6 million and increase the amounts available to be drawn from the Revolver by $6.0 million to $18.0 million.

Credit Facility 1

Credit Facility 1 represents the three tranches of advances which are now consolidated and have been fully drawn upon. During the year ended March 31, 2024, total interest expense of $2.5 million (nine months ended March 31, 2023 – $1.5 million) was recognized as finance and other costs in the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the total term loan balance outstanding is $35.5 million (March 31, 2023 – $38.2 million), including accrued interest of $0.8 million (March 31, 2023 – $0.8 million). As at March 31, 2024, the borrowing rate was 7.20%. The Company makes quarterly principal payments of $0.5 million. Any remaining principal balance will be due at maturity on January 21, 2025.

Credit Facility 2

On October 20, 2023, the Company entered into another amendment to the Credit Agreement to include an additional term loan (“Term Facility 2”) with multiple advances for up to $16.0 million and a maturity date of October 20, 2026, specifically to fund capital expansion. The transaction costs related to the amendments were nominal. As at March 31, 2024, the total amount drawn from Term Facility 2 was $2.8 million with a borrowing rate of 8.4%.

Revolver

The Revolver provides available aggregate borrowings of up to $18.0 million. Interest payments are based on prime plus a margin that ranges

between 0.25% and 1.75%. During the year ended March 31, 2024, total interest expense of $0.9 million (nine months ended March 31, 2023 – $0.2 million). As at March 31, 2024, $16.8 million (March 31, 2023 – $7.5 million) was drawn from the revolver loan.

Creditor Agreement

During the year ended March 31, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a rate of 14.0% per annum. As at March 31, 2024, $4.8 million of the funds pursuant to the Credit Agreement were received. The principal and accrued interest are due on May 31, 2025. The Company advanced funds of $2.5 million, which is eliminated upon consolidation (Note 24), as is any related accrued interest.

During the year ended March 31, 2024, the Company recognized a total interest expense, excluding imputed interest of $3.5 million (nine months ended March 31, 2023 – $1.5 million) recognized in finance and other costs on the consolidated statements of loss and comprehensive loss, in relation to its loans and borrowings.

On December 29, 2023, Bevo entered into a Third Supplemental Credit Agreement which provided a waiver for the breach in financial covenants as at June 30, 2023 and September 30, 2023 and amended the financial covenants taking into account Bevo revised forecasts. Based on the forecasts and the amendments to the covenants, the Company expects to be in compliance with the financial covenants for the next 15 months. As at March 31, 2024, Bevo was in compliance with all covenants relating to the Credit Agreement.

Total undiscounted loans and borrowings principal repayments as at March 31, 2024 are as follows:

	$
Next 12 months	52,361
Over 1 year to 3 years	4,898
Total long-term debt repayments	57,259

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Biological Assets

12 Months Ended

Mar. 31, 2024

Biological Assets [Abstract]

Biological Assets

Biological Assets

Accounting Policy The Company defines biological assets as living plants up to the point of harvest. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41 - Agriculture using the income approach. The Company utilizes an income approach to determine the fair value less cost to sell at a specific measurement date, based on the existing plants’ stage of completion up to the point of harvest. The Company cultivates cannabis and propagation plants biological assets. For cannabis plants, the stage of completion is determined based on the specific date of clipping the mother plant, the period-end reporting date, the average growth rate for the strain and facility environment and is calculated on a weighted average basis for the number of plants in the specific lot. Propagation plants are comprised solely of plants from the Bevo business, and are sold as living plants to customers and therefore not harvested into inventory. For propagation plants, the stage of completion is determined based on the propagation date, the promised date, and the period-end reporting date.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of cannabis biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Average selling price per gram	Represents the average selling price per gram of dried cannabis net of excise taxes, where applicable, for the period for all strains of cannabis sold, which is expected to approximate future selling prices.	If the average selling price per gram were higher (lower), estimated fair value would increase (decrease).
Average attrition rate	Represents the weighted average number of plants culled at each stage of production.	If the average attrition rate was lower (higher), estimated fair value would increase (decrease).
Weighted average yield per plant	Represents the weighted average number of grams of dried cannabis inventory expected to be harvested from each cannabis plant.	If the weighted average yield per plant was higher (lower), estimated fair value would increase (decrease).
Cost per gram to complete production	Based on actual production costs incurred divided by the grams produced in the period.	If the cost per gram to complete production was lower (higher), estimated fair value would increase (decrease).
Weighted average effective yield	Represents the estimated percentage of harvested product that meets specifications in order to be sold as a dried cannabis product.	If the weighted average effective yield were higher (lower), the estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the weighted average number of days in production over a total average grow cycle of approximately twelve weeks.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to cannabis biological assets and include all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of propagation plants biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Selling price per plant	Represents selling price per plant, which is based on committed purchase plans or approximate future selling price.	If selling price per plant were higher (lower), estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the number of days in production over the promised date less the propagation date.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to propagation plants biological assets based on a rolling gross margin rate and includes all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.

The following is a breakdown of biological assets:

	March 31, 2024	March 31, 2023
	$	$
Indoor cannabis production facilities	21,522	8,428
Plant propagation production facilities	21,252	14,262
	42,774	22,690

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

	March 31, 2024	March 31, 2023
	$	$
Balance, beginning of period	22,690	23,827
Production costs capitalized	85,766	71,326
Biological assets acquired through business combinations (Note 12)	—	4,470
Sale of biological assets	(39,218)	(18,645)
Impairment related to discontinued operations	(1,126)	—
Foreign currency translation	(3)	(234)
Changes in fair value less cost to sell due to biological transformation	134,588	34,129
Transferred to inventory upon harvest	(159,923)	(92,183)
Balance, end of period	42,774	22,690

During the year ended March 31, 2024, biological assets expensed to cost of goods sold of $39.2 million (nine months ended March 31, 2023 – $18.1 million) included $8.1 million (nine months ended March 31, 2023 – $3.5 million) related to the changes in fair value of biological assets sold.

a) Indoor cannabis production facilities

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor cannabis production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per gram	$4.88		$4.42		Increase or decrease of $1.00 per gram	$5,490	$3,360
Weighted average yield (grams per plant)	68.61		38.80		Increase or decrease by 5 grams per plant	$1,538	$1,438
Weighted average effective yield	100	%	91	%	Increase or decrease by 5%	$1,057	$395
Cost per gram to complete production	$0.99		$1.65		Increase or decrease of $1.00 per gram	$5,619	$3,427

As of March 31, 2024, the weighted average fair value less cost to complete and cost to sell a gram of dried cannabis produced at the Company’s indoor cannabis cultivation facilities was $3.76 per gram (March 31, 2023 – $2.43 per gram).

During the year ended March 31, 2024, the Company’s indoor cannabis biological assets produced 44,096 kilograms of dried cannabis, (nine months ended March 31, 2023 – 40,707 kilograms).

b) Plant propagation production facilities

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at plant propagation production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per floral/bedding plant	$7.77		$7.58		Increase or decrease by 10%	$2,360	$1,682
Average stage of completion in the production process	59	%	56	%	Increase or decrease by 10%	$3,464	$2,295

As of March 31, 2024, the weighted average fair value less cost to complete and cost to sell per propagation plant was $2.87 per plant (March 31, 2023 – $2.35).

c) Outdoor cannabis production facilities

As at March 31, 2024, the Company did not have any outdoor cannabis plants included in biological assets.

During the year ended March 31, 2024, the Company’s outdoor cannabis biological assets produced 14,683 kilograms (nine months ended March 31, 2023 – 16,314) of fresh frozen weight of cannabis.

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Inventory

12 Months Ended

Mar. 31, 2024

Inventories [Abstract]

Inventory

Inventory

Accounting Policy

The Company defines inventory as all cannabis products after the point of harvest (“Cannabis Inventory”), hemp products, purchased finished goods for resale, consumable supplies and accessories. Cannabis Inventory includes harvested cannabis, trim, cannabis oils, capsules, edibles and vaporizers.

Inventories of harvested cannabis are transferred from biological assets at fair value less costs to sell at the point of harvest, which becomes the deemed cost. By-products, such as trim, are measured at their net realizable value (“NRV”) at point of harvest which is deducted from the total deemed cost to give a net cost for the primary product. Any subsequent post-harvest costs are capitalized to Cannabis Inventory to the extent that the cost is less than NRV. NRV for work-in-process (“WIP”) and finished Cannabis Inventory is determined by deducting estimated remaining conversion/completion costs and selling costs from the estimated sale price achievable in the ordinary course of business. Conversion and selling costs are determined using average cost. In the period that Cannabis Inventory is sold, the fair value portion of the deemed cost is recorded within changes in fair value of inventory sold line, and the cost of such Cannabis Inventory, including direct and indirect costs, are recorded within the cost of sales line on the consolidated statements of loss and comprehensive loss.

Products for resale, consumable supplies and accessories are initially recognized at cost and subsequently valued at the lower of cost and NRV. The Company reviews these types of inventory for obsolescence, redundancy and slow turnover to ensure that they are written-down and reflected at NRV.

The Company uses judgment in determining the NRV of inventory. When assessing NRV, the Company considers the impact of the average selling price per gram, inventory spoilage, inventory excess, age and damage.

The following is a breakdown of inventory:

	March 31, 2024			March 31, 2023
	Capitalized cost	Fair value adjustment	Carrying value	Capitalized cost	Fair value adjustment	Carrying value
	$	$	$	$	$	$
Harvested cannabis
Work-in-process	25,977	32,519	58,496	30,936	14,756	45,692
Finished goods	34,871	10,782	45,653	13,518	1,777	15,295
	60,848	43,301	104,149	44,454	16,533	60,987
Extracted cannabis
Work-in-process	8,674	4,428	13,102	11,566	2,753	14,319
Finished goods	8,749	590	9,339	8,786	561	9,347
	17,423	5,018	22,441	20,352	3,314	23,666
Supplies and consumables	14,987	—	14,987	19,923	—	19,923
Merchandise and accessories	2,025	—	2,025	1,556	—	1,556
Ending balance	95,283	48,319	143,602	86,285	19,847	106,132

During the year ended March 31, 2024, inventory expensed to cost of goods sold was $234.2 million (nine months ended March 31, 2023 – $186.4 million), which included $72.7 million (nine months ended March 31, 2023 – $54.2 million) related to the changes in fair value of inventory sold.

During the year ended March 31, 2024, the Company recognized $73.4 million in inventory provisions (nine months ended March 31, 2023 – $93.4 million) consisting of cost of sales of $28.5 million (nine months ended March 31, 2023 – $45.6 million) and changes in fair value of inventory sold of $44.9 million (nine months ended March 31, 2023 – $47.8 million).

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Property, Plant and Equipment

12 Months Ended

Mar. 31, 2024

Property, plant and equipment [abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Accounting Policy

Owned Assets

Property, plant and equipment is measured at cost, net of accumulated depreciation and any impairment losses.

Cost includes expenditures that are directly attributable to the asset acquisition. The cost of self-constructed assets includes the cost of materials, direct labor, other costs directly attributable to make the asset available for its intended use, as well as relevant borrowing costs on qualifying assets as further described below. During their construction, property, plant and equipment are classified as construction in progress (“CIP”) and are not subject to depreciation. When the asset is available for use, it is transferred from CIP to the relevant category of property, plant and equipment and depreciation commences.

Where particular parts of an asset are significant, discrete and have distinct useful lives, the Company may allocate the associated costs between the various components, which are then separately depreciated over the estimated useful lives of each respective component. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Computer software and equipment 3 - 5 years

Production equipment 5 - 10 years

Furniture and fixtures 5 years

Building and improvements 10 - 30 years

Residual values, useful lives and depreciation methods are reviewed annually and changes are accounted for prospectively.

Gains and losses on asset disposals are determined by deducting the carrying value from the sale proceeds and are recognized in profit or loss.

The Company capitalizes borrowing costs on qualifying capital construction projects. Upon the asset becoming available for use, capitalization of borrowing costs ceases and depreciation commences on a straight-line basis over the estimated useful life of the related asset.

Right-of-use leased assets

Right-of-use assets are measured at cost, which is calculated as the amount of the initial measurement of lease liability plus any lease payments made at or before the commencement date, any initial direct costs and related restoration costs. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset. The depreciation is recognized from the commencement date of the lease.

If the right-of-use asset is subsequently leased to a third party (a “sublease”), the Company will assess the classification of the sublease as to whether it is a finance or operating lease. Subleases that are classified as an operating lease will recognize lease income while a finance lease will recognize a lease receivable and derecognize the carrying value of the right-of-use asset, with the difference recorded in profit of loss.

Impairment of property, plant and equipment

The Company assesses impairment of property, plant and equipment when an impairment indicator arises (e.g. change in use or discontinued use, obsolescence or physical damage). When the asset does not generate cash inflows that are largely independent of those from other assets or group of assets, the asset is tested at the cash generating unit (“CGU”) level. In assessing impairment, the Company compares the carrying amount of the asset or CGU to the recoverable amount, which is determined as the higher of the asset or CGU’s fair value less costs of disposal and its value-in-use. Value-in-use is assessed based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects applicable market and economic conditions, the time value of money and the risks specific to the asset. An impairment loss is recognized whenever the carrying amount of the asset or CGU exceeds its recoverable amount and is recorded in the consolidated statements of loss and comprehensive loss.

The following summarizes the carrying values of property, plant and equipment for the periods reflected:

	March 31, 2024				March 31, 2023
	Cost	Accumulated depreciation	Impairment	Net book value	Cost	Accumulated depreciation	Impairment	Net book value
Owned assets
Land	43,914	—	—	43,914	52,077	—	(1,820)	50,257
Buildings	242,052	(97,885)	(300)	143,867	239,353	(83,888)	(3,842)	151,623
Construction in progress	26,330	—	(645)	25,685	37,563	—	(11,945)	25,618
Computer software & equipment	31,333	(30,135)	—	1,198	31,313	(29,570)	(20)	1,723
Furniture & fixtures	7,900	(6,444)	—	1,456	7,434	(5,596)	(42)	1,796
Production & other equipment	154,042	(106,370)	(202)	47,470	146,960	(87,425)	(1,686)	57,849
Total owned assets	505,571	(240,834)	(1,147)	263,590	514,700	(206,479)	(19,355)	288,866
Right-of-use leased assets
Land	13,890	(1,601)	—	12,289	14,859	(1,345)	(969)	12,545
Buildings	37,252	(16,640)	(2,512)	18,100	36,789	(15,836)	—	20,953
Production & other equipment	5,290	(4,945)	—	345	5,343	(4,738)	—	605
Total right-of-use lease assets	56,432	(23,186)	(2,512)	30,734	56,991	(21,919)	(969)	34,103
Total property, plant and equipment	562,003	(264,020)	(3,659)	294,324	571,691	(228,398)	(20,324)	322,969

The following summarizes the changes in the net book values of property, plant and equipment for the periods presented:

	Balance, March 31, 2023	Additions	Additions from business combinations	Disposals	Other (1)	Depreciation	Impairment	Foreign currency translation	Balance, March 31, 2024
Owned assets
Land	50,257	—	1,497	—	(7,779)	—	—	(61)	43,914
Buildings	151,623	1,168	—	(212)	3,435	(12,397)	(300)	550	143,867
Construction in progress	25,618	10,239	—	(2,137)	(7,760)	(145)	(645)	515	25,685
Computer software & equipment	1,723	313	—	(26)	(12)	(797)	—	(3)	1,198
Furniture & fixtures	1,796	407	—	(11)	159	(883)	—	(12)	1,456
Production & other equipment	57,849	3,026	—	(1,232)	4,340	(16,325)	(202)	14	47,470
Total owned assets	288,866	15,153	1,497	(3,618)	(7,617)	(30,547)	(1,147)	1,003	263,590
Right-of-use leased assets
Land	12,545	—	—	—	—	(255)	—	(1)	12,289
Buildings	20,953	5,232	298	(2,355)	(388)	(3,098)	(2,512)	(30)	18,100
Production & other equipment	605	87	—	(68)	—	(277)	—	(2)	345
Total right-of-use lease assets	34,103	5,319	298	(2,423)	(388)	(3,630)	(2,512)	(33)	30,734
Total property, plant and equipment	322,969	20,472	1,795	(6,041)	(8,005)	(34,177)	(3,659)	970	294,324

(1)Includes reclassification of construction in progress cost when associated projects are complete and transfers to assets held for sale (Note 11).

	Balance, June 30, 2022	Additions	Additions from business combinations	Disposals	Other (1)	Depreciation	Impairment	Foreign currency translation	Balance, March 31, 2023
Owned assets
Land	13,127	—	21,770	—	16,609	—	(1,820)	571	50,257
Real estate	96,804	840	52,350	—	15,467	(9,774)	(3,842)	(222)	151,623
Construction in progress	25,092	5,322	1,134	(36)	5,135	—	(11,945)	916	25,618
Computer software & equipment	3,161	710	—	—	(867)	(1,284)	(20)	23	1,723
Furniture & fixtures	2,681	37	—	—	(874)	(46)	(42)	40	1,796
Production & other equipment	60,462	1,662	17,633	(1,989)	(1,808)	(16,942)	(1,686)	517	57,849
Total owned assets	201,327	8,571	92,887	(2,025)	33,662	(28,046)	(19,355)	1,845	288,866
Right-of-use leased assets
Land	6,251	—	—	(29)	7,580	(291)	(969)	3	12,545
Real estate	25,044	57	—	(6,553)	5,363	(3,155)	—	197	20,953
Production & other equipment	843	498	—	(182)	(72)	(495)	—	13	605
Total right-of-use lease assets	32,138	555	—	(6,764)	12,871	(3,941)	(969)	213	34,103
Total property, plant and equipment	233,465	9,126	92,887	(8,789)	46,533	(31,987)	(20,324)	2,058	322,969

(1)Includes reclassification of construction in progress cost when associated projects are complete and transfers to assets held for sale (Note 11).

Depreciation relating to manufacturing equipment and production facilities for owned and right-of-use leased assets is capitalized to inventory and is expensed to cost of sales upon the sale of goods. During the year ended March 31, 2024, the Company recognized $34.2 million (nine months ended March 31, 2023 – $31.6 million) of depreciation expense of which $20.1 million (nine months ended March 31, 2023 – $14.5 million) was reflected in cost of sales.

On July 21, 2023, the Company entered into an agreement to sell its Aurora Sun facility in Medicine Hat, Alberta and related assets and liabilities to Bevo through the sale of one of the Company’s wholly-owned subsidiaries (the “Aurora Sun Transaction”). Up to $15.0 million could be payable over time by Bevo to the Company in connection with the Aurora Sun Transaction, based on Bevo successfully achieving certain financial milestones at the Aurora Sun Facility. If certain other operational and financial milestones are met, up to an additional $1.0 million could be payable by Bevo to Aurora. The Company recognized the transfer of net assets to Bevo at cost and recorded an increase in non-controlling interest equal to the non-controlling interest’s proportionate share of the carrying value of the net assets transferred at $12.2 million with a corresponding decrease to deficit on the consolidated statements of financial position.

Impairments

The Company reviews the carrying value of its property, plant and equipment at each reporting period for indicators of impairment. During the year ended March 31, 2024, Management noted indicators of impairment at the asset specific level, the cash generating unit (“CGU”) level and the operating segment level which are discussed below.

(a)    Asset Specific Impairments

Year Ended March 31, 2024

During the year ended March 31, 2024, the Company recorded an impairment loss of $1.4 million during the transfer of certain assets to assets held for sale (Note 11). The impairment loss was recorded as impairment to property, plant and equipment in the consolidated statements of loss and comprehensive loss and allocated to the cannabis operating segment (Note 27).

Nine Months Ended March 31, 2023

During the year ended June 30, 2022, the Company entered into a share purchase agreement (the “Agreement”) to sell 2105657 Alberta Ltd., a wholly-owned subsidiary which owns the Aurora Sun facility located in Alberta. The assets and liabilities of the subsidiary were reclassified to assets and liabilities held for sale (Note 12) following the execution of the Agreement. The closing of the transaction was subject to certain standard closing conditions for both parties. During the nine months ended March 31, 2023, the Company gave notice to terminate the agreement due to the prospective buyer’s failure to fulfill closing conditions and subsequently sold the facility to Bevo. The net book value of the facility while classified as held for sale was $34.4 million, the fair value of the facility based on FVLCD at the time of reclassification to property, plant, and equipment (Note 10) was $29.1 million. The reduction of $5.3 million was recognized as an impairment of property, plant and equipment in the consolidated statements of loss and comprehensive loss. The impairment loss was allocated to the former Canadian cannabis operating segment (Note 27), now cannabis operating segment.

During the nine months ended March 31, 2023, the Company recorded an impairment loss of $2.9 million for its Aurora Nordic facility located in Denmark, due to a number of operational and regulatory challenges, which are indicators of impairment as at March 31, 2023. The impairment loss was based on FVLCD of nil as at March 31, 2023. In addition, there were impairments to related ROU assets in the amount of $1.0 million recognized as impairment to property, plant and equipment in the consolidated statements of loss and comprehensive loss. The impairment loss was allocated to the European cannabis operating segment (Note 27). On May 24, 2023, the Company formally made the decision to close its Aurora Nordic facility.

During the nine months ended March 31, 2023, the Company recorded an impairment loss of $4.3 million for its Growery facility located in the Netherlands, due to regulatory and financial uncertainty and other commercial factors which are indicators of impairment as at March 31, 2023. The impairment loss was based on FVLCD of $6.5 million as at March 31, 2023 and allocated the European cannabis operating segment (Note 27). The fair value of the facility was determined based on a third-party appraisal. On June 13, 2023, the Company formally made the decision to exit the agreement with Growery.

During the nine months ended March 31, 2023, the Company recorded an impairment loss of $2.5 million for its R&D facility located in the Netherlands, due to regulatory and financial uncertainty and other commercial factors which are indicators of impairment as at March 31, 2023. The impairment loss was based on FVLCD of $2.3 million as at March 31, 2023 and allocated the European cannabis operating segment (Note 27).

Additionally, there were other individually immaterial specific asset impairment losses identified totaling $2.5 million, recognized in impairment of property, plant and equipment in the consolidated statements of loss and comprehensive loss. As at March 31, 2023, the fair value less costs to dispose of these assets were determined to be nil.

(b)    CGU and Operating Segment Impairments

Year Ended March 31, 2024

During the year ended March 31, 2024, the Company recognized impairment losses within its cannabis operating segment and Canadian CGU, and allocated impairment losses of $2.8 million to property, plant and equipment based on their recoverable amounts valued at FVLCD.

Nine Months Ended March 31, 2023

During the nine months ended March 31, 2023, the Company recognized impairment losses within its Canadian cannabis operating segment and allocated impairment losses of $1.8 million to property, plant and equipment.

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Assets Held for Sale and Discontinued Operations

12 Months Ended

Mar. 31, 2024

Non-current assets held for sale and discontinued operations [Abstract]

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

Accounting Policy

Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continued use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and the fair value less costs of disposal. Impairment losses recognized upon initial classification as held-for-sale and subsequent gains and losses on re-measurement are recognized in the consolidated statements of loss and comprehensive loss. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortized or depreciated.

(a)    Assets Held for Sale

Assets held for sale are comprised of the following:

	Whistler Alpha Lake	European R&D Facility & Land	Colombia Property	Aurora Sun	Valley	Polaris	Equipment	Total
	$	$						$
Balance, June 30, 2022	638	—	1,925	34,404	5,850	18,678	—	61,495
Transfer to property, plant, and equipment	—	—	—	(34,404)	—	—	—	(34,404)
Impairment	—	—	(1,925)	—	—	—	—	(1,925)
Transfer from liabilities held for sale	—	—	—	—	—	(3,977)	—	(3,977)
Proceeds from disposal	—	—	—	—	(5,573)	(14,680)	—	(20,253)
Loss on disposal (1)	—	—	—	—	(277)	(21)	—	(298)
Balance, March 31, 2023	638	—	—	—	—	—	—	638
Transfer from property, plant, and equipment	—	8,919	—	—	—	—	1,999	10,918
Impairment	—	(585)	—	—	—	—	—	(585)
Foreign exchange	—	(1)	—	—	—	—	—	(1)
Proceeds from disposal	(2,270)	(8,333)	—	—	—	—	(600)	(11,203)
Gain on disposal (1)	1,632	—	—	—	—	—	—	1,632
Balance, March 31, 2024	—	—	—	—	—	—	1,399	1,399

(1) The loss on disposal is recognized in other gains (losses) (Note 21) in the consolidated statements of loss and comprehensive loss.

Whistler Alpha Lake

During the year ended March 31, 2024, the facility was sold for net proceeds of $2.3 million. The Company recognized a gain of $1.6 million on disposal, which is recognized in other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

European R&D Facility and Land

During the year ended March 31, 2024, the Company decided to sell a European R&D Facility and to exit the agreement with its partners in Growery B.V. (“Growery”), one of the license holders entitled to participate in the Netherlands’ still-pending Controlled Cannabis Supply Chain Experiment. As a result, the Company reclassified the related property, plant, and equipment of $8.9 million to assets held for sale. On November 3, 2023, the Company sold its interest in Aurora Netherland B.V., a subsidiary that owns the R&D facility and related assets of Growery for gross proceeds of approximately $8.3 million (Euro 5.8 million) and recognized an impairment loss of $0.6 million (Euro 0.4 million). Following the sale, Netherlands is recognized as loss of control in non-controlling interests (Note 13).

Colombia Property

During the nine months ended March 31, 2023, the Company recognized an impairment loss on its Colombia property of $1.9 million which is recognized in other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

Valley

In connection with the restructuring announced during the year ended June 30, 2022, the Company sold its Valley facility for net proceeds of $5.6 million. As a result, the Company recognized a $0.3 million loss on disposal which is recognized in other gains (losses) in the consolidated statements of loss and comprehensive loss (Note 21).

Polaris

During the nine months ended March 31, 2023, the Polaris facility and its related liabilities were sold for net proceeds of $14.7 million.

b)    Discontinued Operations

During the year ended March 31, 2024, the Company formally made the decision to wind down its Reliva operations, based on recent pronouncements by the U.S. Food Drug Administration (“FDA”) regarding potential cannabidiol (“CBD”) regulation pathways and timelines. The Company does not expect to incur any additional expenses in connection with the wind down.

During the year ended March 31, 2024, the Company closed its Aurora Nordic facility (“Nordic”), located in Denmark due to a number of operational and regulatory challenges.

In connection with the closures of Nordic, Reliva and the exit of our partnership in Growery B.V., the Company has reported these as discontinued operations as the operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes from the rest of the Company.

The following table summarizes the Company's consolidated discontinued operations for the respective periods:

	Year ended March 31,	Nine months ended March 31
	2024	2023
Revenue	425	1,280
Cost of sales	6,205	2,838
Changes in fair value of inventory and biological assets sold	5,449	(184)
Unrealized loss (gain) on changes in fair value of biological assets	(4,411)	4,348
General and administration expenses	1,887	1,748
Sales and marketing	502	791
Acquisition costs	—	30
Research and development	301	1,141
Depreciation	(350)	405
Interest	193	—
Finance costs	(523)	61
Foreign exchange	55	1,798
Impairment of property, plant, and equipment	85	8,180
Impairment of goodwill	—	1,920
Other losses (gains)	(1,191)	167
Current tax	93	—
Deferred tax	—	(53)
Loss on disposal of discontinued operations	2,411	—
	10,706	23,190
Net loss from discontinued operations	(10,281)	(21,910)

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Business Combinations

12 Months Ended

Mar. 31, 2024

Business combinations [Abstract]

Business Combinations

Business Combinations

Accounting Policy

A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for using the acquisition method. The total consideration paid for the acquisition is the aggregate of the fair values of assets acquired, liabilities assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. The acquisition date is the date when the Company obtains control of the acquiree. The identifiable assets acquired and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where IFRS provides exceptions to recording the amounts at fair value. Goodwill represents the difference between the fair value of total consideration paid and the fair value of the net identifiable assets acquired. Acquisition costs incurred are expensed through the consolidated statements of loss and comprehensive loss.

Contingent consideration is measured at its acquisition date fair value and is included as part of the consideration transferred in a business combination, subject to the applicable terms and conditions. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 Financial Instruments with the corresponding gain or loss recognized in profit or loss.

Based on the facts and circumstances that existed at the acquisition date, management will perform a valuation analysis to allocate the purchase price based on the fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. Management has one year from the acquisition date to confirm and finalize the facts and circumstances that support the finalized fair value analysis and related purchase price allocation. Until such time, these values are provisionally reported and are subject to change. Changes to fair values and allocations are retrospectively adjusted in subsequent periods.

In determining the fair value of all identifiable assets acquired and liabilities assumed, the most significant estimates generally relate to contingent consideration, intangible assets and property, plant and equipment. Management exercises judgment in estimating the probability and timing of when earn-out milestones are expected to be achieved, which is used as the basis for estimating fair value. Identified intangible assets are fair valued using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows of the acquiree. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. Property, plant and equipment are fair valued using a combination of the cost approach and sales comparison approach. The significant assumptions used were the replacement costs and rate per acre in the fair value measurement of the acquired land and replacement cost per square foot in the fair value measurement of the acquired buildings.

Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions. Consideration paid for an asset acquisition is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values. Asset acquisitions do not give rise to goodwill.

MedReleaf Australia

On February 7, 2024, a wholly owned subsidiary of the Company acquired the remaining 90.43% interest in Indica Industries Pty Ltd (“MedReleaf Australia” or “MRA”) an Australian domiciled company, for total purchase price consideration of approximately $44.7 million (AUS$51.0 million), comprised of cash consideration of approximately $8.2 million (AUS$9.5 million) and issuance of Common Shares of 6,948,994(1) with a fair value of $36.5 million (AUS$41.6 million). Given the Company’s ownership interest of 9.57% prior to the acquisition, the Company applied step acquisition accounting requiring a disposal of its current position based on the fair value of its ownership interest immediate before acquisition. As a result the Company recognized a gain on disposal of $4.7 million (AUS$5.4 million), recorded as other comprehensive income in the consolidated statements of loss and comprehensive loss with a corresponding increase to the total purchase price consideration. The Company acquired the remaining interest in MRA to secure its distribution and market share in a key export market.

The total purchase price consideration includes cash held in escrow of approximately $0.8 million (AUS$0.9 million) for working capital and specified indemnifications obligations and 676,579 Common Shares with a fair value of $3.6 million (AUS$4.0 million) on closing, held in escrow. The indemnification period is up to one year following the close of the transaction, with an exception for certain tax superannuation claims, which expire five years from closing, and certain other specified claims that survive until the applicable statute of limitations. Total transactions costs of $2.2 million were expensed to acquisition costs in the consolidated statements of loss and comprehensive loss. The working capital and indemnity cash consideration held in escrow has been recorded as restricted cash with a corresponding increase to accounts payable and accrued liabilities on the consolidated statements of financial position. The common shares held in escrow have been recorded as an obligation to issues shares in the consolidated statements of changes in equity.

Goodwill arising from the acquisition represents future income, projected growth in the Australian marketplace, and other intangibles that do not qualify for separate recognition. The goodwill will be allocated to the Cannabis Operating segment.

The initial purchase price was provisionally allocated based on the Company’s estimated fair value of the identifiable assets acquired and the liabilities assumed on the acquisition date. The values assigned, including the related goodwill and deferred tax assets and liabilities, are therefore preliminary and subject to change.

	Provisional Allocation at Acquisition
Cash paid	8,249
Common shares issued	36,482
Total purchase price for remaining 90.43% interest	44,731
Fair value of existing ownership	4,734
Total fair value of consideration	49,465
Preliminary fair value of net identifiable assets
Cash	5,710
Accounts receivable	4,785
Inventory	10,464
Prepaid expenses and other current assets	80
Property, plant and equipment	1,795
Intangible assets:
Licenses	5,500
Brand	7,500
	35,834
Accounts payable and accrued liabilities	10,206
Income taxes payable	317
Lease liability	311
	10,834
Provisional purchase price allocation
Net identifiable assets acquired	25,000
Goodwill	24,465
	49,465
Net cash outflows
Cash consideration paid	(8,249)
Cash acquired	5,710
	(2,539)

For year ended March 31, 2024, MedReleaf Australia accounted for $2.8 million in revenue and $0.9 million in net loss since the February 7, 2024 acquisition date. If the acquisition had been completed on April 1, 2023, the Company estimates that MedReleaf Australia would have accounted for $44.4 million in revenue and $6.1 million in net profit for the year ended March 31, 2024.

Bevo Agtech Inc.

On August 25, 2022, a wholly-owned subsidiary of the Company acquired a 50.1% controlling interest in Bevo Agtech Inc, the sole parent of Bevo Farms Ltd., (“Bevo”) one of the largest suppliers of propagated vegetables and ornamental plants in North America. The transaction included initial consideration of $44.8 million consisting of $38.8 million paid in cash, $3.0 million paid into escrow for indemnity holdback, and $3.0 million paid into escrow relating to performance holdback, which are released upon Bevo meeting certain financial targets. The performance holdback payable was measured at fair value of $2.2 million. The total cash consideration of $6.0 million paid into escrow has been recognized as an increase in restricted cash, with a corresponding increase of $3.0 million in accounts payable and accrued liabilities related to the indemnity holdback; $2.2 million in contingent consideration payable related to the performance holdback and $0.8 million in goodwill on the consolidated statements of financial position.

Additional consideration of up to $12.0 million as a potential earnout amount is payable in cash or Common Shares at the election of the Company, subject to Bevo successfully achieving certain financial milestones at its Site One facility in Langley, British Columbia for the period up to December 31, 2025. The additional consideration was measured at fair value and recognized as an increase of $0.7 million in contingent consideration payable, with a corresponding increase in goodwill, on the consolidated financial statements of financial position.

In connection with the potential earnout, the Company has pledged 6,596,761 of Bevo common shares owned by the Company as security to the non-controlling shareholders of Bevo.

The transaction includes call options such that the Company and certain non-controlling shareholders of Bevo may acquire additional Common Shares of Bevo based on Bevo’s EBITDA performance and in the event of an Adverse Change of Control, as defined in the Bevo shareholders agreement. The call options are derivative instruments measured at fair value on the date of acquisition with subsequent changes recognized in net loss. The fair value of the call options at the date of acquisition were determined to be nominal in the provisional purchase price allocation.

In addition, the transaction includes a put option with certain non-controlling shareholders of Bevo such that the Company is required to purchase up to an additional 40.4% of the common shares of Bevo based on Bevo’s achievement of certain future EBITDA performance targets. As a result, the Company recognized a financial liability of $48.0 million on the date of acquisition at the present value of the amount payable on exercise of the put option. The put option was valued at the date of acquisition using a discounted cash flow model and is valued subsequently using a Monte Carlo simulation. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. Since the Company has elected to use the present-access method and measure the NCI of the proportionate share of the net assets in Bevo, the fair value of the put option is not included in the purchase price allocation.

During the year ended March 31, 2024, the indemnity holdback of $3.0 million was paid out of escrow with a corresponding decrease in restricted cash. Additionally, the performance holdback became payable in the amount of $3.0 million, the fair value at the date of determination.

	Provisional allocation at acquisition	Adjustments	Final
Cash paid	38,844	—	38,844
Performance holdback	2,153	—	2,153
Indemnity holdback	3,000	—	3,000
Contingent consideration	749	—	749
	44,746	—	44,746
Preliminary fair value of net identifiable assets
Cash	54	—	54
Accounts receivable	3,317	—	3,317
Biological assets	4,873	(403)	4,470
Inventory	4,366	—	4,366
Prepaid expenses and other current assets	749	—	749
Property, plant and equipment	92,887	—	92,887
Intangible assets			—
Customer relationships	5,600	—	5,600
Software	247	—	247
	112,093	(403)	111,690
Accounts payable and accrued liabilities	3,699	—	3,699
Income taxes payable	1,660	(1,744)	(84)
Deferred revenue	151	—	151
Loans and borrowings	39,934	(237)	39,697
Deferred tax liability	14,762	1,509	16,271
	60,206	(472)	59,734
Provisional purchase price allocation
Net identifiable assets acquired	51,887	69	51,956
Non-controlling interest	(25,891)	(34)	(25,925)
Goodwill	18,750	(35)	18,715
	44,746	—	44,746
Net cash outflows
Cash consideration paid	(38,844)	—	(38,844)
Cash acquired	54	—	54
	(38,790)	—	(38,790)

Goodwill arising from the acquisition represents future income and growth, and other intangibles that do not qualify for separate recognition. The goodwill arising on this acquisition is expected to be fully deductible for tax purposes.

Based on Management’s review of relevant information received after the acquisition date for circumstances that existed at the acquisition date, adjustments were made to the fair value of the net identifiable assets acquired and liabilities assumed. As such, the initial purchase price

previously reported was provisionally allocated based on the Company’s estimated fair value of the identifiable assets acquired and the liabilities assumed on the acquisition date. As at March 31, 2023, Management finalized its purchase price allocation for the fair value of identifiable assets acquired and liabilities assumed and the resulting allocation of goodwill.

In connection with the acquisition of Bevo, the Company recognized non-controlling interests in Bevo of $25.9 million, which represents the non-controlling interest portion of 49.9% of the fair value of the net identifiable assets acquired.

As a result of the transaction, the Company recognized a deferred tax asset of $16.3 million with a corresponding recovery of deferred taxes on the consolidated statements of loss and comprehensive loss.

Transaction costs directly related to the acquisition of Bevo for $1.0 million was expensed to acquisition costs in the consolidated statements of loss and comprehensive loss.

Goodwill arising from the acquisition represents expected synergies, future income and growth, and other intangibles that do not qualify for separate recognition. The goodwill arising on this acquisition is expected to be fully deductible for tax purposes.

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Non-controlling Interest (“NCI”)

12 Months Ended

Mar. 31, 2024

Interests In Other Entities [Abstract]

Non-controlling Interest (“NCI”)

Non-controlling Interest (“NCI”)

Accounting Policy

Non-controlling interests (“NCI”) are recognized either at fair value or at the NCI’s proportionate share of the acquiree’s net assets, determined on an acquisition-by-acquisition basis. For each acquisition, the excess of the total consideration, the fair value of previously held equity interests held prior to obtaining control and the NCI in the acquiree, over the fair value of the identifiable net asset acquired, is recorded as goodwill.

The change in non-controlling interest is as follows:

	Bevo	Other	Total
	$	$	$
Balance, June 30, 2022	—	511	511
Acquired through business acquisitions (Note 12)	25,925	—	25,925
Change in ownership interests in net assets	11,923	—	11,923
Share of loss for the period	(4,944)	(2,354)	(7,298)
Balance, March 31, 2023	32,904	(1,843)	31,061
Additions	—	—	—
Change in ownership interests in net assets	12,208	—	12,208
Discontinued operations (Note 11)	—	2,572	2,572
Share of loss for the period	(3,519)	(225)	(3,744)
Balance, March 31, 2024	41,593	504	42,097

During the nine months ended March 31, 2023, the Company entered into an agreement to sell its Aurora Sky facility in Edmonton, Alberta and related assets and liabilities to Bevo (a 50.1% controlled subsidiary) (the “Aurora Sky Transaction”). Up to $25.0 million could be payable over time by Bevo to the Company in connection with the Aurora Sky Transaction, based on Bevo successfully achieving certain financial milestones at the Aurora Sky Facility. The Aurora Sky Transaction closed on September 30, 2022. The Company recognized the inter-company transfer of net assets to Bevo at cost and recorded an increase in non-controlling interest equal to the non-controlling interest’s proportionate share of the carrying value of the net assets transferred of $12.2 million with a corresponding decrease to deficit on the consolidated statements of financial position.

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Intangible Assets and Goodwill

12 Months Ended

Mar. 31, 2024

Intangible assets and goodwill [abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Accounting Policy Intangible assets Intangible assets are recorded at cost less accumulated amortization and any impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is calculated on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any, over the following terms:
	Customer relationships Health Canada licenses Other operating licenses Patents IP and Know-how ERP Software	20 years Useful life of the facility 10 years 10 years 10 years 5 years
The estimated useful lives, residual values and amortization methods are reviewed annually and any changes in estimates are accounted for prospectively. Intangible assets with an indefinite life or not yet available for use are not subject to amortization. Indefinite life permits and licenses are predominantly held by the Company’s foreign subsidiaries. Given that these permits and licenses are connected to the subsidiary rather than a specific asset, there is no foreseeable limit to the period over which these assets are expected to generate future cash inflows for the Company. Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Other development expenditures are recognized as research and development expenses on the consolidated statements of loss and comprehensive loss as incurred. Capitalized deferred development costs are internally generated intangible assets. Goodwill Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is allocated to the cash generating unit (“CGU”) or group of CGUs which are expected to benefit from the synergies of the combination. Goodwill is not subject to amortization. Impairment of intangible assets and goodwill Goodwill and intangible assets with an indefinite life or not yet available for use are tested for impairment annually and whenever events or circumstances that make it more likely than not that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose all or a portion of a reporting unit. Finite life intangible assets are tested whenever there is an indication of impairment. Goodwill and indefinite life intangible assets are tested annually as required for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Indefinite life intangible assets are tested for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Goodwill is tested for impairment based on the level at which it is monitored by management, and not at a level higher than an operating segment. The allocation of goodwill to the CGUs or group of CGUs requires the use of judgment. An impairment loss is recognized for the amount by which the operating segment or CGU’s carrying amount exceeds it recoverable amount. The recoverable amounts of the CGUs’ assets have been determined based on the higher of fair value less costs of disposal and value-in-use. There is a material degree of uncertainty with respect to the estimates of the recoverable amounts of the CGU, given the necessity of making key economic assumptions about the future. Impairment losses recognized in respect of a CGU are first allocated to the carrying value of goodwill and any excess is allocated to the carrying value of assets in the CGU. Any impairment is recorded in profit and loss in the period in which the impairment is identified. A reversal of an asset impairment loss is allocated to the assets of the CGU on a pro rata basis. In allocating a reversal of an impairment loss, the carrying amount of an asset shall not be increased above the lower of its recoverable amount and the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior period. Impairment losses on goodwill are not subsequently reversed.

The following is a continuity schedule of intangible assets and goodwill:

	March 31, 2024				March 31, 2023
	Cost	Accumulated amortization	Impairment	Net book value	Cost	Accumulated amortization	Impairment	Net book value
Definite life intangible assets:
Customer relationships	42,439	(37,349)	—	5,090	42,529	(37,068)	—	5,461
Permits and licenses	54,002	(43,305)	(10,652)	45	56,782	(42,826)	(2,783)	11,173
Patents	982	(793)	—	189	928	(771)	—	157
Intellectual property and know-how	52,590	(52,590)	—	—	52,590	(52,590)	—	—
Software	18,661	(16,408)	(1,504)	749	20,121	(16,390)	(3,460)	271
Indefinite life intangible assets:
Brand	28,200	—	(20,700)	7,500	36,200	—	(15,500)	20,700
Permits and licenses	27,277	—	—	27,277	21,918	—	—	21,918
Total intangible assets	224,151	(150,445)	(32,856)	40,850	231,068	(149,645)	(21,743)	59,680
Goodwill	43,180	—	—	43,180	19,465	—	(750)	18,715
Total	267,331	(150,445)	(32,856)	84,030	250,533	(149,645)	(22,493)	78,395

The following summarizes the changes in the net book value of intangible assets and goodwill for the periods presented:

	Balance, March 31, 2023	Additions from business combinations	Additions	Other	Amortization	Impairment	Foreign currency translation	Balance, March 31, 2024
Definite life intangible assets:
Customer relationships	5,461	—	—	(90)	(281)	—	—	5,090
Permits and licenses	11,173	—	2	(51)	(493)	(10,652)	66	45
Patents	157	—	55	—	(23)	—	—	189
Software	271	—	2,000	86	(104)	(1,504)	—	749
Indefinite life intangible assets:
Brand	20,700	7,500	—	—	—	(20,700)	—	7,500
Permits and licenses	21,918	5,500	—	—	—	—	(141)	27,277
Total intangible assets	59,680	13,000	2,057	(55)	(901)	(32,856)	(75)	40,850
Goodwill	18,715	24,465	—	—	—	—	—	43,180
Total	78,395	37,465	2,057	(55)	(901)	(32,856)	(75)	84,030

At the end of each reporting period, the Company assesses whether events or changes in circumstances have occurred that would indicate that a CGU or group of CGUs, comprising an operating segment were impaired. The Company considers external and internal factors, including overall financial performance, market expectations and relevant entity-specific factors, as part of this assessment.

Goodwill arising from business combinations were allocated to the Cannabis segment and Plant Propagation segment for $24.5 million and $18.7 million, respectively (March 31, 2023 – nil and $18.7 million). The goodwill in the Cannabis segment arose in the fourth quarter of fiscal 2024 from the acquisition of MedReleaf Australia (Note 12).

During the year ended March 31, 2024, the Company had two reportable operating segments: (i) Cannabis and (ii) Plant Propagation, compared to the nine months ended March 31, 2023, of three reportable segments: (i) Canadian Cannabis, (ii) European Union (“EU”) Cannabis and (iii) Plant Propagation (Note 27). The Cannabis segment is comprised of the Canadian and EU CGUs and Plant Propagation is comprised of a single CGU.

(a)    Asset Specific Impairments

During the nine months ended March 31, 2023, management had noted indicators of impairment for permits and licenses intangible assets related to its Growery joint venture, located in the Netherlands. As a result, the Company recognized a $1.9 million impairment loss for the nine months ended March 31, 2023. The impairment loss was allocated to the European cannabis operating segment (Note 27). On June 13, 2023, the Company formally made the decision to exit the agreement with Growery.

(b)    CGU and Goodwill Impairments

As at March 31, 2024, management had noted the following impairment indicators:

•Decline in stock price and market capitalization - The carrying amount of the Company’s total net assets exceeded the Company’s market capitalization; and

•Changes in cannabis market conditions and capital market environment.

During the year ended March 31, 2024, the Company performed its annual impairment test on its indefinite life intangible assets and goodwill. The recoverable amount of the operating segments to which goodwill is allocated and the CGUs to which indefinite life intangibles are allocated were determined based on FVLCD using Level 3 inputs in a discounted cash flow (“DCF”) analysis. Where applicable, the Company uses its market capitalization and comparative market multiples to corroborate DCF results. The significant assumptions applied in the determination of the recoverable amount are described below:

i.Cash flows: Estimated cash flows were projected based on actual operating results from internal sources as well as industry and market trends. Estimated cash flows are primarily driven by forecasted revenues, gross margins and earnings before interest, taxes, depreciation and amortization (EBITDA) margins. The Canadian Cannabis CGU, European Cannabis CGU and the Cannabis Operating Segment forecasts are extended to a total of 4 years (and a terminal year thereafter). The Plant Propagation CGU and operating segment forecasts are extended to a total of 7 years (and a terminal year thereafter). The Company extended the forecast period an additional two years to account for the maturation of the new orchid business

ii.Terminal value growth rate: The terminal growth rate was based on historical and projected consumer price inflation, historical and projected economic indicators, and projected industry growth;

iii.Post-tax discount rate: The post-tax discount rate is reflective of the CGUs and Operating Segments Weighted Average Cost of Capital (“WACC”). The WACC was estimated based on the risk-free rate, equity risk premium, beta adjustment to the equity risk premium based on a direct comparison approach, an unsystematic risk premium, and after-tax cost of debt based on corporate bond yields; and

iv.Tax rate: The tax rates used in determining the future cash flows were those substantively enacted at the respective valuation date.

The following table outlines the key assumptions used in calculating the recoverable amount for each CGU and operating segment for impairment as at March 31, 2024 (Impairment testing date of January 1, 2024) and March 31, 2023:

	Indefinite Life Intangible Impairment Testing			Goodwill Impairment Testing
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Cannabis Operating Segment	Plant Propagation
March 31, 2024
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	12.0%	10.0%	12.0%	12.0%	10.0%
Budgeted revenue growth rate over forecast period	4.6%	10.6%	17.4%	4.6%	10.6%
Fair value less cost to dispose	$74,175	$192,729	$48,143	$138,395	$192,729
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Canadian Cannabis Operating Segment	Plant Propagation	European Cannabis Operating Segment
March 31, 2023
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	16.5%	11.0%	17.0%	16.5%	11.0%	17.0%
Budgeted revenue growth rate over forecast period	16.7%	10.0%	48.8%	16.5%	10.0%	48.8%
Fair value less cost to dispose	$258,228	$184,832	$78,612	$236,345	$184,832	$87,420

CGU impairment

Canadian Cannabis CGU

The Company’s Canadian Cannabis CGU represents its operations dedicated to the cultivation and sale of cannabis products within Canada and certain international markets and forms part of the Company’s Cannabis operating segment. During the year ended March 31, 2024, it was concluded that the recoverable amount was lower than the carrying value resulting in assessment of the recoverable amounts of its long lived assets, indicating an impairment. The impairment loss was allocated based on the relative carrying amounts of the CGU’s assets at the impairment date, with no individual asset being reduced below its recoverable amount. The Company allocated $32.9 million of impairment losses to the CGU’s intangible assets and $2.8 million of impairment losses to property, plant and equipment (Note 10). The allocation of impairment recognized to intangible assets was to the extent that that the intangible assets were not impaired beyond their recoverable amount. The fair value of the intangible assets were measured using valuation techniques including the relief from royalty method for brands and the with

and without method for permits and licenses. As a result, the intangible assets in the Canadian Cannabis CGU were fully impaired. The significant assumptions were budgeted revenue growth rate over forecast period (nil – 14.2%) forecasted earnings before interest, taxes, royalty rate of 1.0% - 1.5%, depreciation and amortization (EBITDA) margins ranging from 2.3% for fiscal 2025 up to 4.8% by fiscal 2028 and discount rate of 13.0% - 15.0%. If the discount rates increased or decreased by 5%, the estimated fair value of intangible assets would increase or decrease by $1.2 million.

European Cannabis CGU

The Company’s European Cannabis CGU represents its operations dedicated to the cultivation and sale of cannabis products within Europe. The recoverable amount was higher than the carrying value as at March 31, 2024, and therefore no impairment was recognized within the European Cannabis CGU (March 31, 2023 – nil). In addition to the key assumptions noted above, forecasted earnings before interest, taxes, depreciation and amortization (EBITDA) margins range from 4.0% for fiscal 2025 up to 14.9% by fiscal 2028 (March 31, 2023, 22.7% – 36.6%) is key assumption in determining the recoverable amount of the European Cannabis CGU.

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$2,542
Revenue	Decrease of 2%	$7,525
EBITDA margin	Decrease of 0.25%	$1,398

Plant Propagation CGU

The Company’s Plant Propagation CGU is dedicated to the propagation of vegetables and ornamental plants within North America and is the single CGU in the Company’s Plant Propagation operating segment. In addition to the key assumptions noted above, revenue growth forecasted during the period ranges from 32% in calendar 2025 to 2% in calendar 2029 onwards (March 31, 2023, 2% – 39%) to account for the ramp up of orchid sales, gross margin ranges from 30% to 32% (March 31, 2023, 24% – 33%) and EBITDA margins range from 24% – 26% (March 31, 2023, 18% – 29%). The recoverable amount was higher than the carrying value as at March 31, 2024, and therefore no impairment was recognized within the Plant Propagation CGU (March 31, 2023 – nil).

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$12,595
Revenue	Decrease of 2%	$16,880
Gross margin	Decrease of 1%	$8,244

Operating Segment Impairment

Cannabis Operating Segment (Note 27)

During the year ended March 31, 2024, it was concluded that the recoverable amount was lower than the carrying value resulting in assessment of the recoverable amounts of its long lived assets, indicating an impairment. The impairment loss was allocated based on the relative carrying amounts of the operating segment’s assets at the impairment date, with no individual asset being reduced below its recoverable amount. The Company allocated $32.9 million of impairment losses to the Canadian Cannabis CGU’s intangible assets and $2.8 million of impairment losses to the Canadian Cannabis CGU’s property, plant and equipment, as noted above.

Canadian Cannabis Operating Segment (Note 27)

During the nine months March 31, 2023, it was concluded that the recoverable amount was lower than the carrying value and recorded an impairment of $22.4 million, including an impairment to the remaining goodwill of $0.8 million. The remaining impairment loss was allocated based on the relative carrying amounts of the operating segment’s assets at the impairment date, with no individual asset being reduced below its recoverable amount. Management allocated $19.8 million of impairment losses to the operating segment’s intangible assets and $1.8 million of impairment losses to property, plant and equipment (Note 10). The allocation of impairment recognized to intangible assets was to the extent that that the intangible assets were not impaired beyond their recoverable amount. The fair value of the intangible assets were measured using valuation techniques including the relief from royalty method for brands and the with and without method for permits and licenses. The significant assumptions were budgeted revenue growth rate over forecast period (6% – 24.4%) forecasted earnings before interest, taxes, depreciation and amortization (EBITDA) margins ranging from 13.2% to 21.3%) discount rates ranging from 11% to 17.5%, and royalty rates between 2.5% – 5%. If the discount rates increased or decreased by 5%, the estimated fair value of intangible assets would increase or decrease by $4.2 million.

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Convertible Debentures

12 Months Ended

Mar. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Convertible Debentures

Convertible Debentures

Accounting Policy

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through profit and loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

Transaction costs are apportioned to the debt liability and equity components in proportion to the allocation of proceeds.

	$
Balance, June 30, 2022	226,504
Interest paid	(13,305)
Accretion	16,123
Accrued interest	8,956
Debt repurchased	(128,706)
Realized loss on debt repurchased	10,874
Realized loss on foreign exchange	12,125
Balance, March 31, 2023	132,571
Interest paid	(3,043)
Accretion	5,363
Accrued interest	2,199
Amortized cost of debt repurchased	(145,770)
Realized loss on debt repurchased	9,244
Unrealized gain on foreign exchange	(564)
Balance, March 31, 2024	—

On January 24, 2019, the Company issued $460.6 million (U.S.$345.0 million) in aggregate principal amount of Convertible Senior Notes due 2024 (“Senior Notes”) issued at par value. Holders may convert all or any portion of the Senior Notes at any time. The Senior Notes are unsecured, mature on February 28, 2024 and bear cash interest semi-annually at a rate of 5.5% per annum. The initial conversion rate for the Senior Notes is 11.53 Common Shares per U.S.$1,000 principal amount of Senior Notes, equivalent to an initial conversion price of approximately U.S.$86.72 per Common Share.

During the year ended March 31, 2024 the Company repurchased a total of $148.3 million (U.S.$109.9 million) (nine months ended March 31, 2023 – $135.0 million (U.S.$99.0 million)) in principal amount of the convertible debentures at a total cost, including accrued interest, of $147.6 million (U.S.$109.3 million) (nine months ended March 31, 2023 – $130.4 million (U.S.$95.7 million)) and recognized a loss of $9.2 million (nine months ended March 31, 2023 – $10.9 million) within other gains (losses) (Note 21) in the consolidated statements of loss and comprehensive loss.

During the year ended March 31, 2024, the convertible debentures were fully repurchased at a 1.36% average discount to par value, for aggregate cash consideration of approximately $91.6 million (U.S.$109.3 million) and the issuance of 7,259,329 Common Shares (March 31, 2023 – 4.68% average discount to par value, cash consideration of $128.7 million (U.S.$95.7 million).

As of March 31, 2024, nil (March 31, 2023 – $148.5 million (U.S.$109.9 million) principal amount of the Senior Notes are outstanding.

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Loans and Borrowings

12 Months Ended

Mar. 31, 2024

Financial instruments [Abstract]

Loans and Borrowings

Marketable Securities

Accounting Policy

Marketable securities are initially measured at fair value and are subsequently measured at fair value through profit or loss (“FVTPL”) or are designated at fair value through other comprehensive income (loss) (“FVTOCI”), at the election of the Company. The designation of FVTOCI is made on an instrument by instrument basis and if elected, subsequent changes in fair value are recognized in other comprehensive (loss) income and not through profit or loss on disposition.

As at March 31, 2024, the Company held the following marketable securities:

Financial asset hierarchy level	Level 1	Level 1	Level 1
	Radient	CTT Pharmaceutical Holdings	High Tide	Total
Subsequent remeasurement policy	FVTOCI	FVTOCI	FVTPL
	Note 6(a)		Note 6(b)
	$	$	$	$
Balance, June 30, 2022	1,128	203	—	1,331
Disposals	—	(126)	—	(126)
Realized loss on changes in fair value	—	(77)	—	(77)
Unrealized loss on changes in fair value	(1,128)	—	—	(1,128)
Balance, March 31, 2023	—	—	—	—
Additions	—	—	5,025	5,025
Disposals	—	—	(2,179)	(2,179)
Unrealized gain on changes in fair value	—	—	1,190	1,190
Balance, March 31, 2024	—	—	4,036	4,036

(a)    Radient Technologies Inc. (“Radient”)

Radient is a public company listed on the TSX Venture Exchange (“TSXV”) and is a commercial manufacturer of cannabis derivatives, formulations and products.

As of March 31, 2024, the Company held 37,643,431 shares in Radient (March 31, 2023 – 37,643,431) with a fair value of nil (March 31, 2023 – nil) resulting in an unrealized loss for the year ended March 31, 2024 of nil (nine months ended March 31, 2023 – $1.1 million).

(b)    High Tide Inc. (“High Tide”)

High Tide is an Alberta based, retail focused cannabis company and is publicly listed on the TSXV.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding. The settlement included 2,491,496 High Tide common shares with an equivalent value of $5.0 million in High Tide common shares held in trust (Note 7). The Company sold 996,538 common shares for $2.2 million in net proceeds during the year.

The High Tide common shares are classified as marketable securities, initially measured at fair value with subsequent remeasurements of fair value recorded through profit and loss. Initially, due to trading restrictions and future release dates of the common shares received, the shares were designated as level 2 on the fair value hierarchy and measured using a Monte Carlo simulation model. As at March 31, 2024, with the trading restrictions satisfied, the fair value is determined based on observable inputs, namely the share price and is classified as level 1 on the fair value hierarchy.

Derivatives and Convertible Debentures

Accounting Policy

Derivatives and debentures are initially measured at fair value and are subsequently measured at FVTPL. If the transaction price does not equal to fair value at the point of initial recognition, management measures the fair value of each component of the investment and any unrealized gains or losses at inception are either recognized in profit or loss or deferred and recognized over the term of the investment, depending on whether the valuation inputs are based on observable market data. The resulting unrealized gain or loss at inception and subsequent changes in fair value are recognized in profit or loss for the period. Transaction costs, which are directly attributable to the acquisition of the investment, are expensed as incurred. Refer to Note 28 for significant judgments in determining the fair value of derivative financial instruments.

At March 31, 2024, the Company held the following derivative and convertible debentures:

Financial asset hierarchy level	Level 2	Level 3	Level 2	Level 3
Derivatives and convertible debentures at fair value through profit or loss (“FVTPL”)	ACI	Investee-B	High Tide	Investee-C	Total
	Note 7(a)	Note 7(b)	Note 7(c)	Note 7(d)
Balance, June 30, 2022	1,418	13,961	8,442	2,462	26,283
Repayment	—	—	(748)	(2,490)	(3,238)
Unrealized loss on changes in fair value	(1,418)	—	(580)	—	(1,998)
Realized gain (loss) on changes in fair value	—	(14,506)	—	28	(14,478)
Foreign exchange	—	680	—	—	680
Balance, March 31, 2023	—	135	7,114	—	7,249
Repayment	—	(135)	(7,916)	—	(8,051)
Adjustments	—	—	100	—	100
Unrealized gain on changes in fair value	—	—	1,462	—	1,462
Balance, March 31, 2024	—	—	760	—	760

(a)    Australis Capital Inc. (“ACI”)

ACI is a public company that is focused on investments and acquisitions in the cannabis space and more specifically, investment in the growing U.S. cannabis market. ACI was previously wholly-owned by Aurora and was spun-out to Aurora shareholders on September 19, 2018. As at March 31, 2024, the Company holds the following restricted back-in right warrants:

(a)22,628,751 warrants exercisable at $0.20 per share expiring September 19, 2028; and

(b)The number of warrants equal to 20% of the number of common shares issued and outstanding in ACI as of the date of exercise. The warrants are exercisable at the five-day volume weighted average trading price (“VWAP”) of ACI’s shares and have an expiration date of September 19, 2028.

Aurora is restricted from exercising the back-in right warrants unless all of ACI’s business operations in the U.S. are permitted under applicable U.S. federal and state laws and Aurora has received consent of the TSX and any other stock exchange on which Aurora may be listed, as required. As of March 31, 2024, the warrants remain un-exercisable.

As of March 31, 2024, the warrants had a fair value of nil (March 31, 2023 – nil). As a result, the Company recognized nil unrealized loss on the fair value during the year ended March 31, 2024 (nine months ended March 31, 2023 – $1.4 million).

(b)    Investee-B

Investee-B is a private Canadian company that cultivates, manufactures, and distributes medical cannabis products in Jamaica. As of March 31, 2024, the Company holds a $13.5 million (U.S.$10.0 million) (March 31, 2023 – $13.5 million (U.S.$10.0 million)) convertible debenture in Investee-B that bears interest at 1.5% per annum, payable in cash or common shares equal to the fair value of shares at the time of issuance. The debentures are convertible into common shares of Investee-B at U.S.$4.9585 at Aurora’s option until July 2, 2023. As part of the arrangement, Aurora has the right to: (i) participate in any future equity offerings of Investee-B to enable Aurora to maintain its percentage ownership interest, and (ii) to nominate a director to Investee-B’s Board of Directors as long as the Company owns at least a 10% interest.

During the nine months ended March 31, 2023, in anticipation of a payment default, the Company renegotiated the payment terms of the convertible debenture agreement, which included forgiveness of $6.75 million (U.S.$5.0 million) and an extension to repay the remaining $6.75 million (U.S.$5.0 million) to June 30, 2025. Additionally, the conversion feature was removed. In consideration for the amendments, the Company received $0.3 million (U.S.$0.2 million) during the year ended March 31, 2024. As a result of these amendments, the Company determined there was a significant increase in credit risk and recognized credit losses equal to its fair value of $14.4 million (U.S.$10.6 million), including accrued interest in other expenses (income) on the consolidated statements of loss and comprehensive loss.

As of March 31, 2024, the convertible debenture had a fair value of nil (March 31, 2023 – nil). The Company recognized unrealized loss of nil during the year ended March 31, 2024 (nine months ended March 31, 2023 – nil).

(c) High Tide Inc. (“High Tide”)

On July 23, 2020, the Company entered into an amended restated secured convertible debenture (the “July 2020 Debenture”) agreement in the amount of $10.0 million. Under the terms of the amendment, the July 2020 Debenture is secured against the assets and properties of High Tide, bears no interest, is convertible into common shares of High Tide at $0.425 per share at the option of the Company at any time, and matures on January 1, 2025. The Company entered into a debt restructuring agreement on July 23, 2020 whereby High Tide will pay a 0.5% royalty payment on all non-Aurora product revenue generated by High Tide beginning November 1, 2021, with an automatic increase of an additional 0.5% each subsequent year. Payments under the July 2020 Debentures can be offset against other obligations between Aurora and High Tide.

The conversion of the July 2020 Debenture was subject to Aurora holding no more than a 25% ownership interest in High Tide in accordance with the ownership restriction applicable to licensed producers under the Cannabis Retail Regulations in Ontario.

During the year ended March 31, 2024, the Company entered into a settlement agreement with High Tide to reduce the convertible debenture outstanding including interest of $10.8 million. The settlement included a cash payment of $2.8 million, set offs of $1.9 million arising from payables due from the Company to High Tide for certain agreed upon services and the equivalent value of $5.0 million in High Tide common shares held in trust (Note 6), to be released on certain future dates. As at March 31, 2024, the remaining July 2020 convertible debentures had a fair value of $0.8 million (March 31, 2023 – $7.1 million), resulting in an unrealized gain of $1.5 million for the year ended March 31, 2024 (March 31, 2023 – loss $1.5 million) net of $7.9 million in repayments (March 31, 2023 – $0.5 million). The remaining balance will be settled through the provision of services. The convertible debenture is classified as a derivative asset on the consolidated statements of financial position and is remeasured at fair value through profit and loss.

The fair value of the convertible debentures was estimated using the FINCAD model with the following assumptions: share price of $0.18 (March 31, 2023 – $0.12); credit spread of 12.17% (March 31, 2023 – 12.5%); dividend yield of 0% (March 31, 2023 – 0%); stock price volatility of 63.0% (March 31, 2023 – 69%) and an expected life of 0.76 years (March 31, 2023 – 1.76 years).

(d)    Investee-C

Investee-C is a privately held Licensed Producer, based in Ontario, focused on growing premium craft cannabis in Canada.

On May 19, 2021, the Company invested $2.5 million in a secured convertible debenture that matures on October 31, 2022. The debenture bears interest at 8% per annum on the outstanding principal with the first interest payable quarterly in arrears beginning September 30, 2021. The debenture is convertible into common shares of Investee-C at a 15% discount to, the first to occur of: (i) the consideration received by a holder of Investee-C common shares pursuant to a change of control, or (ii) the issuance price of Investee-C common shares pursuant to a public offering.

On October 31, 2022, the Company entered into a Termination Agreement, whereby Investee-C agreed to repay the remaining balance on the convertible debentures. The Company received net proceeds of $2.5 million, inclusive of accrued interest and net of amounts owed by the Company, in consideration for releasing the security.

Loans and Borrowings

Accounting Policy

Loans and Borrowings are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss

over the period of the borrowings using the effective interest method. Loans are derecognized from the Consolidated Statement of Financial Position when the obligation specified in the contract is discharged, cancelled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as finance costs. Loans are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

On August 25, 2022, through the acquisition of a controlling interest of 50.1% in Bevo, the Company acquired the term loans under Bevo credit facility (the “Credit Agreement”).

The changes in the carrying value of current and non-current credit facilities are as follows:

	Credit facilities
Balance, June 30, 2022	—
Acquired through business combination	39,697
Drawings	7,242
Interest accretion	343
Principal repayments	(1,548)
Balance, March 31, 2023	45,734
Drawings	14,544
Interest accretion	23
Principal repayments	(3,042)
Balance, March 31, 2024	57,259
Current portion	(52,361)
Long-term portion	4,898

During the year ended March 31, 2024, the original Credit Agreement was amended (“Amended Credit Agreement”) to reduce the amounts available to be drawn from the Term Loan by $1.5 million to $36.6 million and increase the amounts available to be drawn from the Revolver by $6.0 million to $18.0 million.

Credit Facility 1

Credit Facility 1 represents the three tranches of advances which are now consolidated and have been fully drawn upon. During the year ended March 31, 2024, total interest expense of $2.5 million (nine months ended March 31, 2023 – $1.5 million) was recognized as finance and other costs in the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the total term loan balance outstanding is $35.5 million (March 31, 2023 – $38.2 million), including accrued interest of $0.8 million (March 31, 2023 – $0.8 million). As at March 31, 2024, the borrowing rate was 7.20%. The Company makes quarterly principal payments of $0.5 million. Any remaining principal balance will be due at maturity on January 21, 2025.

Credit Facility 2

On October 20, 2023, the Company entered into another amendment to the Credit Agreement to include an additional term loan (“Term Facility 2”) with multiple advances for up to $16.0 million and a maturity date of October 20, 2026, specifically to fund capital expansion. The transaction costs related to the amendments were nominal. As at March 31, 2024, the total amount drawn from Term Facility 2 was $2.8 million with a borrowing rate of 8.4%.

Revolver

The Revolver provides available aggregate borrowings of up to $18.0 million. Interest payments are based on prime plus a margin that ranges

between 0.25% and 1.75%. During the year ended March 31, 2024, total interest expense of $0.9 million (nine months ended March 31, 2023 – $0.2 million). As at March 31, 2024, $16.8 million (March 31, 2023 – $7.5 million) was drawn from the revolver loan.

Creditor Agreement

During the year ended March 31, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds pursuant to the Creditor Agreement. The Creditor Agreement was for a total loan of $5.0 million and bears interest at a rate of 14.0% per annum. As at March 31, 2024, $4.8 million of the funds pursuant to the Credit Agreement were received. The principal and accrued interest are due on May 31, 2025. The Company advanced funds of $2.5 million, which is eliminated upon consolidation (Note 24), as is any related accrued interest.

During the year ended March 31, 2024, the Company recognized a total interest expense, excluding imputed interest of $3.5 million (nine months ended March 31, 2023 – $1.5 million) recognized in finance and other costs on the consolidated statements of loss and comprehensive loss, in relation to its loans and borrowings.

On December 29, 2023, Bevo entered into a Third Supplemental Credit Agreement which provided a waiver for the breach in financial covenants as at June 30, 2023 and September 30, 2023 and amended the financial covenants taking into account Bevo revised forecasts. Based on the forecasts and the amendments to the covenants, the Company expects to be in compliance with the financial covenants for the next 15 months. As at March 31, 2024, Bevo was in compliance with all covenants relating to the Credit Agreement.

Total undiscounted loans and borrowings principal repayments as at March 31, 2024 are as follows:

	$
Next 12 months	52,361
Over 1 year to 3 years	4,898
Total long-term debt repayments	57,259

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Lease Liabilities

12 Months Ended

Mar. 31, 2024

Leases Liabilities [Abstract]

Lease Liabilities

Lease Liabilities

Accounting Policy

The Company assesses whether a contract is or contains a lease at inception of the contract. A lease is recognized as a right-of-use asset and corresponding liability at the commencement date. Each lease payment included in the lease liability is apportioned between the repayment of the liability and a finance cost. The finance cost is recognized in “finance and other costs” in the consolidated statements of loss and comprehensive loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. Lease liabilities represent the net present value of fixed lease payments (including in-substance fixed payments); variable lease payments based on an index, rate, or subject to a fair market value renewal condition; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if it is probable that the lessee will exercise that option.

The Company’s lease liability is recognized net of lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be determined, the lessee’s incremental borrowing rate. The period over which the lease payments are discounted is the expected lease term, including renewal and termination options that the Company is reasonably certain to exercise.

Subsequently, if there is a change to the expected lease term within the control of the lessee, the lease liability will be remeasured using the updated term and revised discount rate on a prospective basis.

Payments associated with short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis in general and administration and sales and marketing expense in the consolidated statements of loss and comprehensive loss. Short-term leases are defined as leases with a lease term of 12 months or less. Variable lease payments that do not depend on an index, rate, or subject to a fair market value renewal condition are expensed as incurred and recognized in costs of goods sold, general and administration, or sales and marketing expense, as appropriate given how the underlying leased asset is used, in the consolidated statements of loss and comprehensive loss.

If the right-of-use asset is subsequently leased to a third party (a “sublease”), the Company will assess the classification of the sublease as to whether it is a finance or operating lease. Subleases that are classified as an operating lease will recognize lease income, while a financing lease will recognize a lease receivable and derecognize the carrying value of the right-of-use asset, with the difference recorded in profit or loss.

The changes in the carrying value of current and non-current lease liabilities are as follows:

	$
Balance, June 30, 2022	42,987
Lease additions	555
Disposal of leases	(272)
Lease payments	(6,709)
Net lease term reduction and other items	10,166
Changes due to foreign exchange rates	244
Interest expense on lease liabilities	2,246
Balance, March 31, 2023	49,217
Current portion	(5,413)
Long-term portion	43,804
Balance, March 31, 2023	49,217
Lease additions	5,618
Disposal of leases	(635)
Lease payments	(8,446)
Net lease term increase and other items	(1,402)
Changes due to foreign exchange rates	28
Interest expense on lease liabilities	3,152
Balance, March 31, 2024	47,532
Current portion	(4,856)
Long-term portion	42,676

For the year ended March 31, 2024, the Company recorded $3.1 million in leasing expenses (nine months ended March 31, 2023 – $1.6 million) related to short-term leases, variable leases, and low-value leases.

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Share Capital

12 Months Ended

Mar. 31, 2024

Share capital, reserves and other equity interest [Abstract]

Share Capital

Share Capital

Accounting Policy

Share Purchase Warrants

Warrants issued in foreign currencies are classified as derivative liabilities. Upon exercise, in exchange for a fixed amount of common shares, the expected cash receivable is variable due to changes in foreign exchange rates. The Company measures derivative financial liabilities at fair value through profit or loss at initial recognition and in subsequent reporting periods. Fair value gains or losses are recognized in other (losses) gains on the statement of comprehensive income. The fair value of foreign currency share purchase warrants is determined using the quoted market price on the valuation date, which is a Level 1 input. Transaction costs, which are directly attributable to the offering, are allocated to equity and classified as equity financing transaction costs.

(a)    Authorized

The authorized share capital of the Company is comprised of the following:

i.Unlimited number of common voting shares without par value.

Each Common Share carries the right to attend and vote at all general meetings of shareholders. Holders of Common Shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by the Board at its discretion from funds legally available for the payment of dividends. Upon the liquidation, dissolution or winding up of the Company these holders are entitled to receive, on a pro rata basis, the net assets of the Company after payment of debts and other liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

ii.Unlimited number of Class “A” Shares each with a par value of $1.00. As at March 31, 2024, no Class “A” Shares were issued and outstanding.

Class A shares may be issued from time to time in one or more series, and the directors may fix from time to time, before such issue, the number of Class A shares of each series and the designation, rights and restrictions attached thereto including any voting rights, dividend rights, redemption, purchase or conversion rights, sinking fund or other provisions. The Class A shares rank in priority over Common Shares and any other shares ranking by their terms junior to the Class A shares as to dividends and return of capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets of the Company.

iii.Unlimited number of Class “B” Shares each with a par value of $5.00. As at March 31, 2024, no Class “B” Shares were issued and outstanding.

Class B shares may be issued from time to time in one or more series, and the directors may fix from time to time, before such issue, the number of Class B shares of each series and the designation, rights and privileges attached thereto including any voting rights, dividend rights, redemption, purchase or conversion rights, sinking fund or other provisions. The Class B shares rank in priority over Common Shares and any other shares ranking by their terms junior to the Class B shares as to dividends and return of capital upon liquidation, dissolution or winding up of the Company or any other return of capital or distribution of the assets of the Company.

(b)     Shares Issued and Outstanding

As described under Note 2(a), on February 20, 2024, the Company completed a one-for-ten (1:10) reverse share split of all of its issued and outstanding common shares. Shares reserved under the Company’s equity, warrants, and incentive plans were adjusted to reflect the Share Consolidation. All current and prior period share and per share data presented below has been retroactively adjusted to reflect the Share Consolidation unless otherwise noted.

As at March 31, 2024, 54,545,797 Common Shares (March 31, 2023 – 34,526,9311) were issued and fully paid.

(i)    Shares for business combinations

During the year ended March 31, 2024, the Company issued 6,948,994 Common Shares with a fair value of $32.9 million, in connection with the acquisition of Industries Pty Ltd (“MedReleaf Australia”)

During the year ended March 31, 2024, at the Company’s election paid an earn out in connection with the business acquisition of Thrive in the amount of $0.4 million with the issuance of 57,0081 Common Shares.

1 As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

(ii) Shares issued to repurchase convertible debentures

During the year ended March 31, 2024, the Company issued 7,259,329(1) (nine months ended March 31, 2023 – nil) Common Shares with a fair value of $54.7 million (nine months ended March 31, 2023 – nil) in connection with convertible debenture repurchases (Note 15).

(iii)    Shares issued for equity financing

On October 3, 2023, the Company closed a bought deal offering of 5,318,7501 Common Shares of the Company at $7.301 per Common Share for gross proceeds of approximately $38.8 million. Transactions costs were approximately $2.2 million resulting in net proceeds of $36.6 million.

The Company issued the following Common Shares in the periods indicated:

					U.S.$ equivalence
	Year ended March 31, 2024		Nine months ended March 31, 2023		Year ended March 31, 2024		Nine months ended March 31, 2023
Gross proceeds	$	2,271	$	75,568	$	1,686	$	55,381
Commission	$	45	$	1,422	$	34	$	1,107
Net proceeds	$	2,226	$	74,146	$	1,652	$	54,274
Average gross price(1)	$	8.80	$	16.96	$	6.53	$	12.43
Number of shares issued(1)	258,035		4,455,125

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

(iv)    Share issued under RSU, PSU and DSU plans

During the year ended March 31, 2024, the Company issued 176,725(1) (nine months ended March 31, 2023 – 33,082(1)) Common Shares with a fair value of $5.6 million (nine months ended March 31, 2023 – $4.7 million) related to the exercise of RSUs, PSUs, and DSUs connected to the Company’s share-based compensation program (Note 19).

(c)     Share Purchase Warrants

A summary of warrants outstanding is as follows:

	Warrants(1)	Weighted average exercise price(1)
	#	$
Balance, March 31, 2023	8,912,479	70.90
Expired	(1,838,131)	1,124.60
Balance, March 31, 2024	7,074,348	432.39

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

On June 1, 2022, the Company completed an offering of 7,040,875(1) units of the Company (“June 2022 Offering”) for gross proceeds of approximately $21.8 million (U.S.$17.3 million). The Company paid commissions and issuance costs of $9.9 million for net proceeds of $11.9 million. Each unit consists of one Common Share and one common share purchase warrant (“June 2022 Offering Warrant”) of the Company. Each June 2022 Offering Warrant entitles the holder to purchase one Common Share of the Company at a price of U.S.$32.00 per share until November 30, 2025 (Note 18(c).

The June 2022 Offering warrants were determined to be derivative liabilities as the proceeds receivable upon exercise may vary due to fluctuations in the foreign exchange rates. The June 2022 Offering Warrants are recognized at their fair values based on quoted market prices with gains and losses recognized in other gains (losses) (Note 21) on the consolidated statements of loss and comprehensive loss. Of the $11.9 million total net proceeds received, $35.6 million was allocated to the warrant derivative liabilities and $172.7 million was allocated to share capital.

The November 2020 and January 2021 Offering Warrants, which are denominated in U.S. Dollars, were determined to be derivative liabilities as the proceeds receivable upon exercise may vary due to fluctuations in the foreign exchange rates. The Offering Warrants are recognized at their fair values based on quoted market prices with gains and losses recognized in other (losses) gains (Note 21) on the consolidated statements of loss and comprehensive loss. Of the $381.2 million total net proceeds received, $74.0 million was allocated to the warrant derivative liabilities and $381.2 million was allocated to share capital.

The following summarizes the warrant derivative liabilities:

					U.S.$ equivalent
	November 2020 Offering	January 2021 Offering	June  2022 Offering	Total	November 2020 Offering	January 2021 Offering	June  2022 Offering	Total
	$	$		$	$	$		$
Balance, June 30, 2022	4,014	1,531	31,752	37,297	3,113	1,188	24,644	28,945
Unrealized gains on derivative liability	(3,939)	(1,486)	(22,238)	(27,663)	(3,059)	(1,155)	(17,603)	(21,817)
Balance, March 31, 2023	75	45	9,514	9,634	54	33	7,041	7,128
Unrealized gains on derivative liability	(75)	(45)	(9,038)	(9,158)	(54)	(33)	(6,688)	(6,775)
Balance, March 31, 2024	—	—	476	476	—	—	353	353

The following table summarizes the warrants that remain outstanding as at March 31, 2024:

Exercise Price ($)(1)	Expiry Date	Warrants (#)(1)
111.06 - 433.22	April 1, 2024 - November 30, 2025	7,072,977
1,160.89	August 22, 2024	1,371
		7,074,348

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Share-Based Compensation

12 Months Ended

Mar. 31, 2024

Share-based payment arrangements [Abstract]

Share-Based Compensation

Share-Based Compensation

Accounting Policy

Stock Options

Stock options issued to employees are measured at fair value at the grant date and are recognized as an expense over the relevant vesting periods with a corresponding credit to share reserves.

Stock options issued to non-employees are measured at the fair value of goods or services received or the fair value of equity instruments issued, if it is determined that the fair value of the goods or services cannot be reliably measured. The fair value of non-employee stock options is recorded as an expense at the date the goods or services are received with a corresponding credit to share reserves.

Depending on the complexity of the stock option terms, the fair value of options is calculated using either the Black-Scholes option pricing model or the Binomial model. When determining the fair value of stock options, management is required to make certain assumptions and estimates related to expected lives, volatility, risk-free rate, future dividend yields and estimated forfeitures at the initial grant date.

The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. Upon the exercise of stock options, proceeds received from stock option holders are recorded as an increase to share capital and the related share reserve is transferred to share capital.

Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”)

RSUs are equity-settled share-based payments. RSUs are measured at their intrinsic fair value on the date of grant based on the closing price of the Company’s shares on the date prior to the grant, and is recognized as share-based compensation expense over the vesting period with a corresponding credit to share reserves. Under IFRS, the Company’s DSUs are classified as equity-settled share-based payment transactions as they are settled in either cash or common shares at the sole discretion of Aurora. As such, the DSUs are measured in the same manner as RSUs.

The amount recognized for services received as consideration for the RSUs and DSUs granted is based on the number of equity instruments that eventually vest. Upon the release of RSUs and DSUs, the related share reserve is transferred to share capital.

Performance Share Units (“PSUs”)

PSUs are equity-settled share-based payments and have both a service and market condition. PSUs are measured at their fair value on the grant date and are recognized as share-based compensation expense over the vesting period with a corresponding credit to share reserves. The fair value of PSUs is calculated using the Monte Carlo model which factors in the probability of achieving the market-based performance target. When determining the fair value, management is required to make certain assumptions and estimates related to volatility, risk-free rate, equity correlations between Aurora and a peer group of companies, future stock prices, and estimated forfeitures. The amount recognized for services received as consideration for the PSUs granted is based on the number of equity instruments that eventually vest. Upon the release of PSUs, the related share reserve is transferred to share capital.

Cash Settled Share-based Compensation

Share-based compensation subject to cash settlement are classified as a derivative liability. They are initially measured at fair value and recorded as a derivative liability in the consolidated statements of financial position.

Share-based compensation that is in recognition of past service is recorded at the full amount to share-based compensation expense and are remeasured each reporting period with the difference going through share-based compensation expense. Upon settlement they are remeasured and the derivative liability is extinguished at the remeasured amount.

Share-based compensation that is in recognition of future service is amortized ratably over the future service period. Each reporting period, they are remeasured with the change in value reflected in the share-based compensation expense.

The Company currently has in place a “rolling maximum” or “evergreen” stock option plan (“Option Plan”), Fixed Restricted Share Unit Plan (“RSU Plan”), Fixed Performance Share Unit Plan (“PSU Plan”), and a Fixed Deferred Share Unit Plan (“DSU Plan”), which is applicable to non- employee directors only. The Board may from time to time, in its discretion and in accordance with Toronto Stock Exchange requirements, grant to directors, officers, employees and consultants, as applicable, non-transferable stock options, RSUs, PSUs and DSUs in accordance with these plans. The maximum number of Common Shares issuable pursuant to all equity-based compensation arrangements shall not, at any time, exceed 10.0% of the issued and outstanding Common Shares.

At the Company’s Annual General and Special Meeting held on November 13, 2017 (“2017 AGM”), shareholders approved the adoption of the Option Plan. At the Company’s Annual General and Special Meeting held on November 14, 2022 (“2022 AGM”), shareholders approved amendments to the Option Plan. The Option Plan amendments provides the right for directors, officers, employees and consultants to purchase

shares at a specified price (exercise price) in the future. The amendments include reducing the Option Plan 10.0% “rolling” plan to 7.5%, and therefore, the number of Common Shares issuable under the Option Plan and under all other equity-based compensation arrangements shall not exceed 7.5% of the total number of issued and outstanding Common Shares.

(a)     Stock Options

A summary of stock options outstanding is as follows:

	Stock Options(1)	Weighted Average Exercise Price(1)
	#	$
Balance, June 30, 2022	427,928	539.69
Granted	338,500	18.57
Expired	(27,789)	905.30
Forfeited	(66,489)	588.72
Balance, March 31, 2023	672,150	257.28
Granted	633,485	7.60
Expired	(34,855)	1,033.90
Forfeited	(83,956)	205.10
Balance, March 31, 2024	1,186,824	104.90

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the stock options that are outstanding as at March 31, 2024:

Exercise Price ($)	Expiry Date	Weighted Average Remaining Life	Options Outstanding (#)	Options Exercisable (#)
7.60 - 48.60	February 28, 2027 - June 23, 2028	3.98	961,539	143,162
82.20 - 272.40	January 10, 2025 - November 30, 2026	2.05	148,007	118,771
385.20 - 996.00	August 28, 2024 - November 13, 2024	1.73	73,195	73,195
1,008.00 - 1,563.60	April 4, 2024 - March 13, 2026	0.15	4,083	4,083
			1,186,824	339,211

During the year ended March 31, 2024, stock option expense of $2.9 million (nine months ended March 31, 2023 – $2.5 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The stock options have a service requirement of three years and are amortized on an accelerated basis over that period and expire after five years.

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

	Year ended March 31, 2024			Nine months ended March 31
	2024			2023
Risk-free annual interest rate (1)	4.34		%	3.70		%
Expected annual dividend yield	—		%	—		%
Expected stock price volatility (2)	85.06		%	86.86		%
Expected life of options (years) (3)	2.67			2.54
Forfeiture rate	19.63		%	20.65		%
Weighted Average Value	$	4.11		$	9.90

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

(2)Volatility was estimated by using the average historical volatilities of the Company and certain competitors.

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

(b)     Restricted Share Units (“RSU”)

At the 2017 AGM, shareholders also approved the adoption of the RSU Plan, which was subsequently amended and approved by shareholders at the 2022 AGM to change the limit from a fixed maximum plan to a rolling plan, subject to a global limit of 7.5% of the Company’s issues and outstanding Common Shares under all equity compensation plans in aggregate, and a rolling limit for all full value award plans of the Company of 4.0%, which includes RSU, PSU and DSU plans. The RSU Plan was designed to provide certain executive officers and other key employees of the Company and its subsidiaries with the opportunity to acquire RSUs of the Company in order to enable them to participate in the long-term success of the Company and to promote a greater alignment of their interests with the interests of the shareholders. Under the terms of the RSU Plan, officers, employees and consultants of the Company may be granted RSUs that are released as Common Shares upon completion of the vesting period. Each RSU gives the participant the right to receive one common share of the Company.

A summary of the RSUs outstanding are as follows:

	RSUs	Weighted Average Issue Price of RSUs(1)
	#	$
Balance, June 30, 2022	110,056	107.53
Issued	603,245	18.70
Vested	(32,689)	142.47
Expired	(1,410)	47.67
Forfeited	(17,753)	273.38
Balance, March 31, 2023	661,449	26.14
Issued	378,900	7.50
Vested	(158,248)	34.86
Expired	(27)	21.99
Forfeited	(84,385)	126.10
Balance, March 31, 2024	797,689	15.99

(1)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

During the year ended March 31, 2024, RSU expense of $5.8 million (nine months ended March 31, 2023 – $5.6 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The RSUs have a service requirement of three years and are amortized on an accelerated basis over that period and expire after three years.

The following table summarizes the RSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
5.17 - 33.20	May 25, 2025 - March 4, 2027	767,204	48,304
46.50 - 85.00	May 18, 2024 - March 24, 2025	30,485	14,637
		797,689	62,941

(c)     Deferred Share Units (“DSU”)

At the Company’s Annual General and Special Meeting held on November 30, 2018, shareholders approved the adoption of the DSU Plan, which most recently amended and approved by shareholders at the 2022 AGM to change the limit from a fixed maximum plan to a rolling plan, subject to a global limit of 7.5% of the Company’s issues and outstanding Common Shares under all equity compensation plans in aggregate, and a rolling limit for all full value award plans of the Company of 4.0%, which includes RSU, PSU and DSU plans. Under the terms of the DSU plan, non-employee directors of the Company may be granted DSUs. Each non-employee director is entitled to redeem their DSUs for period of 90 days following their termination date, being the date of their retirement from the Board. The DSUs can be redeemed, at the Company’s sole discretion, for (i) cash; (ii) Common Shares issued from treasury; (iii) common shares purchased in the open market; or (iv) any combination of the foregoing.

	DSUs	Weighted Average Issue Price of DSUs(1)
	#	$
Balance, June 30, 2022	21,397	77.06
Issued	69,648	13.64
Vested	—	—
Expired	—	—
Forfeited	—	—
Balance, March 31, 2023	91,045	28.54
Issued	225,292	20.43
Vested	(21,397)	16.74
Forfeited	(17,734)	21.87
Balance, March 31, 2024	277,206	24.03

(1)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

During the year ended March 31, 2024, DSU expense of $1.2 million (nine months ended March 31, 2023 – $0.9 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The DSUs vest immediately upon issuance and have no expiry date.

The following table summarizes the DSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
4.43 - 85.00	N/A	273,935	273,935
100.90 - 217.20	N/A	2,956	2,956
901.20 - 1,131.60	N/A	315	315
		277,206	277,206

(d)     Performance Share Units (“PSUs”)

A summary of the PSUs outstanding is as follows:

	PSUs(2)	Weighted Average Issue Price of PSUs(2)
	#	$
Balance, June 30, 2022	69,437	87.99
Issued (1)	173,475	18.78
Vested	(363)	21.62
Forfeited	(11,725)	54.43
Balance, March 31, 2023	230,824	37.74
Issued (1)	522,907	7.60
Vested	(26)	18.70
Expired	(24,080)	101.57
Forfeited	(28,745)	34.71
Balance, March 31, 2024	700,880	13.18

(1)Includes PSUs issued under cash settlement plan Note 19(e).

(2)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the PSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
7.60 - 135.90	September 10, 2023 - June 23, 2026	700,880	2

During the year ended March 31, 2024, PSU expense of $2.5 million (nine months ended March 31, 2023 – $1.7 million) was recognized in share-based compensation on the consolidated statements of loss and comprehensive loss. The PSUs have a three years cliff vesting structure and are amortized completely in the third year and expire after three years.

PSUs granted during the respective periods highlighted below were fair valued based on the following weighted average assumptions:

	Year ended March 31, 2024		Nine months ended March 31
	2024		2023
Risk-free annual interest rate (1)	4.76	%	3.99	%
Dividend yield	—	%	—	%
Expected stock price volatility (2)	90.65	%	94.04	%
Expected stock price volatility of peer group (2)	91.51	%	86.71	%
Expected life of options (years) (3)	3.00		3.00
Forfeiture rate	12.45	%	16.98	%
Equity correlation against peer group (4)	39.14	%	49.74	%

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

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

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

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

The weighted average fair value of PSUs granted during the year ended March 31, 2024 was $8.45 per unit (nine months ended March 31, 2023 – $10.50 per unit).

(e) Cash Settled DSUs and PSUs

During the year ended March 31, 2024, the Company issued 206,100 DSUs and 395,759 PSUs that will be settled in cash, pursuant to the Performance Share Unit and Restricted Share Unit Long-Term Cash Settled Plan and Non-Employee Directors Deferred Share Unit Cash Plan, respectively. The DSUs and RSUs issued under these plans are included in the continuities above.

The DSUs subject to cash settlement are classified as a derivative liability. They are initially measured at fair value and recorded as a derivative liability in the consolidated statements of financial position. DSUs are issued in recognition of past service for Directors and are therefore recorded at the full amount to share-based compensation expense in the consolidated statements of loss and comprehensive loss. The DSUs are remeasured each reporting period with the difference going through share-based compensation expense. Upon settlement, the DSU’s are remeasured and the derivative liability is extinguished at the remeasured amount. During the year ended, March 31, 2024, included in the DSUs expense the Company recognized $1.2 million (nine months ended March 31, 2023 – nil) in share-based compensation expense on the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the related derivative liability is $1.2 million.

The PSUs subject to cash settlement are classified as a derivative liability. They are initially measured at fair value using a Monte Carlo simulation model and recorded as a derivative liability in the consolidated statements of financial position. The PSUs have a service requirement of three years and are amortized ratably over that period. The PSUs are remeasured each reporting period with the change in value reflected in the share-based compensation expense. During the year ended, March 31, 2024, included in the PSUs expense is $0.6 million (nine months ended March 31, 2023 – nil) in share-based compensation expense in the consolidated statements of loss and comprehensive loss. As at March 31, 2024, the related derivative liability is $0.6 million.

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Loss Per Share

12 Months Ended

Mar. 31, 2024

Earnings per share [abstract]

Loss Per Share

Loss Per Share

Accounting Policy

The Company calculates basic (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted (loss) earnings per share is determined by adjusting profit or loss attributable to common shareholders and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares, which comprise convertible debentures, RSU, DSU, warrants and share options issued.

The following is a reconciliation of basic and diluted loss per share:

Basic and diluted loss per share

	Year ended March 31	Nine months ended March 31
	2024	2023
Net loss from continuing operations attributable to Aurora shareholders	($55,301)	($175,930)
Net loss from discontinued operations attributable to Aurora shareholders	($10,281)	($21,910)
Net loss attributable to Aurora shareholders	($65,582)	($197,840)
Weighted average number of Common Shares outstanding(1)	43,223,233	32,273,516
Basic loss per share, continuing operations	($1.28)	($5.45)
Basic loss per share, discontinued operations	($0.24)	($0.68)
Basic loss per share	($1.52)	($6.13)

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

Diluted loss per share is the same as basic loss per share as the issuance of shares on the exercise of convertible debentures, RSU, DSU, PSU, warrants and share options are anti-dilutive.

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Other Gains (Losses)

12 Months Ended

Mar. 31, 2024

Analysis of income and expense [abstract]

Other Gains (Losses)

Other Gains (Losses)

		Year ended March 31	Nine months ended March 31
	Note	2024	2023
		$	$
Unrealized gain (loss) on derivative assets		2,540	(15,797)
Unrealized gain on derivative liability	18(c)	9,158	27,663
Gain (loss) on disposal of assets held for sale and property, plant and equipment	10, 11(a)	1,158	(914)
Gain on contingent consideration	28	9,760	5,238
Contract termination fee	25(b)	—	(2,750)
Government grant income (expense)	5	12,547	—
Provisions		1,501	(4,145)
Realized loss on repurchase of convertible debt	15	(9,244)	(10,874)
Other gains		1,669	(3,363)
Total other gains (losses)		29,089	(4,942)

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Supplemental Cash Flow Information

12 Months Ended

Mar. 31, 2024

Statement of cash flows, additional disclosures [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

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

	Years ended March 31,		Nine months ended March 31
	2024		2023
	$		$
Accounts receivable	(4,333)		2,966
Biological assets	(46,450)		(50,950)
Inventory	50,065		49,509
Prepaid and other current assets	(548)		(16,655)
Accounts payable and accrued liabilities	(15,699)		(8,080)
Income taxes payable	1,230		98
Deferred revenue	133		(467)
Provisions	—		(1,281)
Deposits	$	—	16
Other current liabilities	(25)		8
Changes in non-cash working capital	(15,627)		(24,836)

Additional supplementary cash flow information is as follows:

	Years ended March 31,	Nine months ended March 31
	2024	2023
	$	$
Property, plant and equipment in accounts payable	(255)	(193)
Right-of-use asset additions	—	555
Amortization of prepaids	14,416	19,901
Interest paid	11,700	16,933
Interest received	(3,610)	(1,949)

Included in restricted cash as of March 31, 2024 is $3.4 million (March 31, 2023 – $3.4 million) attributed to collateral held for letters of credit and corporate credit cards, nil (March 31, 2023 – $6.0 million) related to the Bevo acquisition, $0.8 million (March 31, 2023 – nil) related to the MedReleaf Australia acquisition, $22.7 million (March 31, 2023 – $20.7 million) for self-insurance, $0.1 million (March 31, 2023 – $0.1 million) attributed to international subsidiaries, and $38.8 million (March 31, 2023 – $35.7 million) of funds reserved for the segregated cell program for insurance coverage.

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Income Taxes

12 Months Ended

Mar. 31, 2024

Income taxes [Abstract]

Income Taxes

Income Taxes

Accounting Policy

Tax expense recognized in profit or loss comprises the sum of current and deferred taxes not recognized in other comprehensive (loss) income or equity.

Current tax assets and liabilities

Current tax assets and/or liabilities comprise those claims from, or obligations to, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted at the end of the reporting period. Current tax assets arise when the amount paid for taxes exceeds the amount due for the current and prior periods.

Deferred tax assets and liabilities

Deferred taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective periods of realization, provided they are enacted or substantively enacted at the end of the reporting period. Deferred tax liabilities are always provided for in full.

Deferred tax assets are recognized to the extent that it is probable that they will be able to be utilized against future taxable income. Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive income or equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively.

Significant estimates are required in determining the Company’s provision for income taxes and uncertain tax positions. Some of these estimates are based on interpretations of existing tax laws or regulations. Various internal and external factors may have favorable or unfavorable effects on the Company’s future effective tax rate. These factors include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, changes in estimates of prior years’ items, results of tax audits by tax authorities, future levels of research and development spending, changes in estimates related to repatriation of undistributed earnings of foreign subsidiaries, and changes in overall levels of pre-tax earnings. The realization of the Company’s deferred tax assets is primarily dependent on whether the Company is able to generate sufficient capital gains and taxable income prior to expiration of any loss carry forward balance. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The assessment of whether or not a valuation allowance is required often requires significant judgment with regard to management’s assessment of the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made.

The Company records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. There is inherent uncertainty in quantifying income tax positions. The Company has recorded tax benefits for those tax positions where it is more likely than not that a tax benefit will result upon ultimate settlement with a tax authority that has all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will result, no tax benefit has been recognized in the consolidated financial statements.

The net tax provision differs from that expected by applying the combined federal and provincial tax rates of 27.0% (March 31, 2023 – 27.0%) to loss before income tax for the following items:

	March 31, 2024		March 31, 2023
	$		$
Loss before tax	(59,599)		(220,376)
Combined federal and provincial rate	27.0	%	27.0	%
Expected tax recovery	(16,092)		(59,502)
Change in estimates from prior year	34		(23)
Foreign exchange	368		(2,637)
Non-deductible expenses	3,170		5,715
Non-deductible (non-taxable) portion of capital items	(2,441)		(7,469)
Goodwill and other impairment items	1,674		612
Tax impact on divestitures	953		3,076
Difference in statutory tax rate	1,070		6,655
Effect of change in tax rates	(5,277)		(99)
Changes in deferred tax benefits not recognized	15,987		38,488
Income tax expense (recovery)	(554)		(15,184)

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of asset and liabilities for financial reporting purposes and their tax values. Movements in deferred tax assets (liabilities) at March 31, 2024 and March 31, 2023 are comprised of the following:

	Balance, March 31, 2023	Recovered through (charged to) earnings	Recovered through (charged to) other comprehensive income	Recovered through (charged to) equity	Balance, March 31, 2024
	$	$	$	$	$
Deferred tax assets
Non-capital losses	31,903	(6,842)	(43)	(1,278)	23,740
Capital losses	142	(86)	—	—	56
Finance costs	118	(54)	—	—	64
Investment tax credit	1,282	(1,282)	—	—	—
Derivatives	26	(26)	—	—	—
Leases	6,529	(287)	(4)	—	6,238
Others	1	(122)	12	—	(109)
Total deferred tax assets	40,001	(8,699)	(35)	(1,278)	29,989
Deferred tax liabilities
Convertible debenture	(3,402)	3,402	—	—	—
Investment in associates	(12)	12	—	—	—
Intangible assets	(12,624)	4,826	56	—	(7,742)
Property, plant and equipment	(16,265)	3,893	(8)	—	(12,380)
Inventory	(5,218)	(491)	—	—	(5,709)
Biological assets	(2,070)	(2,793)	—	—	(4,863)
Others	(1,655)	1,513	—	—	(142)
Total deferred tax liabilities	(41,246)	10,362	48	—	(30,836)
Net deferred tax liabilities	(1,245)	1,663	13	(1,278)	(847)

	Balance, June 30, 2022	(Charged to) / recovered through earnings (restatement)	Recovered through (charged to) earnings	Recovered through (charged to) other comprehensive income	Recovered through (charged to) equity	Balance, March 31, 2023
	$	$	$	$	$	$
Deferred tax assets
Non-capital losses	24,691	839	5,924	965	(516)	31,903
Capital losses	—	—	142	—	—	142
Finance costs	10	133	(25)	—	—	118
Investment tax credit	1,282	—	—	—	—	1,282
Derivatives	26	—	—	—	—	26
Leases	8,718	—	(2,228)	39	—	6,529
Others	5,538	—	(5,537)	—	—	1
Total deferred tax assets	40,265	972	(1,724)	1,004	(516)	40,001
Deferred tax liabilities
Convertible debenture	(11,896)	—	8,494	—	—	(3,402)
Investment in associates	(8)	—	(4)	—	—	(12)
Intangible assets	(10,920)	(1,581)	449	(572)	—	(12,624)
Property, plant and equipment	(4,969)	(15,304)	4,427	(419)	—	(16,265)
Inventory	(11,648)	—	6,441	(11)	—	(5,218)
Biological assets	(3,686)	(407)	2,025	(2)	—	(2,070)
Others	—	49	(1,704)	—	—	(1,655)
Total deferred tax liabilities	(43,127)	(17,243)	20,128	(1,004)	—	(41,246)
Net deferred tax liabilities	(2,862)	(16,271)	18,404	—	(516)	(1,245)

Deferred tax assets (liabilities) as presented in the consolidated statements of financial position:

	March 31, 2024	March 31, 2023
	$	$
Deferred tax assets	15,343	15,500
Deferred tax liabilities	(16,190)	(16,745)
Net deferred tax liabilities	(847)	(1,245)

Deferred tax assets have not been recognized with respect to the following deductible temporary differences:

	March 31, 2024	March 31, 2023
	$	$
Non-capital losses carried forward	1,359,623	1,267,104
Investment in associates	—	1,240
Capital losses	203,843	186,093
Property, plant and equipment	555,376	581,993
Intangible assets	74,068	60,219
Goodwill	29,936	31,728
Marketable securities	22,210	25,075
Investment tax credits	6,696	6,696
Derivatives	11,254	22,164
Capital lease obligations	17,250	15,970
Other	29,143	56,776
	2,309,399	2,255,058

The Company has income tax loss carryforwards of approximately $1,251.2 million (March 31, 2023 – $1,242.6 million) which are predominately from Canada and if unused, will expire between 2024 to 2044.

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Related Party Transactions

12 Months Ended

Mar. 31, 2024

Related party [Abstract]

Related Party Transactions

Related Party Transactions

Accounting Policy

The Company considers a person or entity as a related party if they are a member of key management personnel including their close relatives, an associate or joint venture, those having significant influence over the Company, as well as entities that are under common control or controlled by related parties.

The Company’s key management personnel have the authority and responsibility for planning, directing and controlling the activities of the Company and consists of the Company’s executive management team and management directors. Compensation expense for key management personnel was as follows:

	Year ended	Nine months ended
	March 31, 2024	March 31, 2023
	$	$
Short-term employment benefits (1)	10,440	5,454
Long-term employment benefits	41	31
Termination benefit	1,089	489
Directors’ fees	322	273
Share-based compensation (2)	10,218	8,886
Total management compensation (3)	22,110	15,133

(1)As of March 31, 2024, $1.8 million is payable or accrued for key management compensation (March 31, 2023 – $1.2 million).

(2)Share-based compensation represent the fair value of options granted and vested to key management personnel and directors of the Company under the Company’s share-based compensation plans (Note 19). Director DSUs are included in share-based compensation.

(3)As of March 31, 2024, there are 10 key management personnel (March 31, 2023 – 14).

In connection with the acquisition of all of the issued and outstanding shares of CannaHealth, the Company paid $21.9 million to the minority interest of a consolidated subsidiary. The allocation of the consideration paid was determined to be solely deferred compensation, which is being amortized over a five year period. During the year ended March 31, 2024, the Company recognized amortization expense of $3.8 million (nine months ended March 31, 2023 – $1.9 million) in the consolidated statements of loss and comprehensive loss. The transaction is in the normal course of operations and are measured at the exchange value, being the amounts agreed to by the parties.

During the year ended March 31, 2024, In connection with a Creditor Agreement (Note 16), the Company entered into an unsecured loan agreement (“Agreement”) with Bevo which the Company holds a controlling interest of 50.1%. The Agreement was for a loan of $2.5 million which bears interest of 14.0% per annum. The principal loan and all outstanding accrued and interest are due on May 31, 2025 (Note 16).

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Commitments and Contingencies

12 Months Ended

Mar. 31, 2024

Other provisions, contingent liabilities and contingent assets [Abstract]

Commitments and Contingencies

Provisions

Accounting Policy

Restructuring Provision

A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those individuals who are affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which reflect amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

Loan Loss Provision

The loan loss provision originates from the operations of the insurance company incorporated by the Company, for self insurance related to properties. A loan loss provision is an estimate for known reported losses and loss expenses plus a provision for losses incurred but not reported. These amounts are based upon estimates or losses reported by loss adjusters plus an estimate for losses incurred but not reported in accordance with the recommendations of an independent actuary using the past experience of the Company and industry data, offset by actual claims paid. Changes in the loan loss provision are reflected in the consolidated statements of loss and comprehensive loss.

	Restructuring	Loan Loss Provision	Other	Total
	$	$	$
Balance, June 30, 2022	997	3,613	800	5,410
Remeasurement	513	832	8	1,353
Settlements	(1,510)	—	(800)	(2,310)
Balance, March 31, 2023	—	4,445	8	4,453
Remeasurement	—	1,153	—	1,153
Balance, March 31, 2024	—	5,598	8	5,606

Commitments and Contingencies

(a)Claims and Litigation

From time to time, the Company and/or its subsidiaries may become defendants in legal actions and the Company intends to take appropriate action with respect to any such legal actions, including by defending itself against such legal claims as necessary. Other than the claims described below, as of the date of this report, Aurora is not aware of any other material or significant claims against the Company.

On November 21, 2019, a purported class action proceeding was commenced in the United States District Court for the District of New Jersey against the Company and certain of its current and former directors and officers on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities between October 23, 2018 and February 6, 2020. The judge rendered a decision on August 24, 2023 on Aurora’s motion to dismiss. On September 8, 2023, the Plaintiffs filed a motion for reconsideration as to the stock drop that occurred following

Aurora’s September 2019 financials. Aurora opposed this motion. Mediation was held and a tentative settlement was reached on March 4, 2024. The proposed settlement must now be approved by a court.

On June 16, 2020, the Company and its subsidiary, ACE, were named in a purported class action proceeding in the Province of Alberta in relation to the alleged mislabeling of cannabis products with inaccurate THC/CBD content. The class action involves a number of other parties including Aleafia Health Inc., Hexo Corp, Tilray Canada Ltd., among others, and alleges that upon laboratory testing, certain cannabis products were found to have lower THC potency than the labeled amount, suggesting, among other things, that plastic containers may be leeching cannabinoids. While this matter is ongoing, the Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On June 15, 2020, a claim was commenced by a party to a former term sheet with the King's Bench of Alberta against Aurora and a former officer alleging a claim of breach of obligations under said term sheet, with the plaintiff seeking $18.0 million in damages. While this matter is ongoing, the Company believes the action to be without merit and intends to defend the claim.

On August 10, 2020, a purported class action lawsuit was filed with the King's Bench of Alberta against Aurora and certain executive officers in the Province of Alberta on behalf of persons or entities who purchased, or otherwise acquired, publicly traded Aurora securities and suffered losses as a result of Aurora releasing statements containing misrepresentations during the period of September 11, 2019 and December 21, 2019. Plaintiff and Defendant have each prepared factums for a leave application. Prior to the hearing, Defendants filed a request for adjournment and leave to amend their pleadings. The amended Statement of Claim was filed on March 8, 2024. The Company has filed a Notice of Application to disallow the amendment. The Company disputes the allegations and intends to vigorously defend against the claims. Estimating an amount or range of possible losses resulting from litigation proceedings is inherently difficult, particularly where the matters involve indeterminate claims for monetary damages and are in the stages of the proceedings where key factual and legal issues have not been resolved. For these reasons, the Company is currently unable to predict the ultimate timing or outcome of or reasonably estimate the possible losses or a range of possible losses resulting from the matter described above.

On January 4, 2021, a civil claim was filed with the King’s Bench of Alberta against Aurora and Hempco by a former landlord regarding unpaid rent in the amount of $8.9 million, representing approximately $0.4 million for rent in arrears and costs, plus $8.5 million for loss of rent and remainder of the term. The Company filed a statement of defence on March 24, 2021. Plaintiffs brought an Application seeking summary judgment as against the Company and the Company has filed Affidavit evidence in response. Cross-examinations for the Company’s affiants and for Plaintiff’s affiant have been completed. While this matter is ongoing, the Company intends to continue to defend against the claims.

On November 1, 2022, a claim was commenced by a former employee of Aurora against Aurora Cannabis Enterprises Inc. and another former employee of Aurora (the “Defendant Employee”). The plaintiffs claim that the Defendant Employee entered a lease for a property owned by the plaintiffs in January 2017 and states that Aurora was a guarantor for the Defendant Employee. The claim states that the Defendant Employee left the property and caused damage. The plaintiffs further claim outstanding rent and legal fees. There is no record of any documentation of Aurora being a party to any such relationship. Plaintiffs have received a summary judgment against the Defendant Employee and will now attempt to recover their judgment against the Defendant Employee. Plaintiffs will then decide whether to pursue the indemnity claim against the Company. The Company disputes the allegations and intends to defend against the claims.

On November 15, 2022, the Company, its subsidiary ACE, and MedReleaf Corp. (which amalgamated with ACE in July 2020) were named in a purported class action proceeding in the Ontario Superior Court of Justice. The purported class action claims that the Company failed to warn of certain risks purported to be associated with the consumption of cannabis. The statement of claim was served upon the Company on November 22, 2022 and a statement of defence was filed and served. The next major step in the process is scheduling a timetable for the remaining deliverables of the process, including delivery of the plaintiff’s certification motion record. The plaintiff must either deliver their certification materials or come to an agreement with the Aurora Defendants on a timetable for doing so within one year of commencing the proposed class action. On January 24, 2024, the plaintiff’s delivered their motion record regarding class certification. We are reviewing and will establish our timeline for responding which will not be before June 2024. The Company disputes the allegations and intends to defend against the claims.

The Company is subject to litigation and similar claims in the ordinary course of our business, including claims related to employment, human resources, product liability and commercial disputes. The Company has received notice of, or are aware of, certain possible claims against us where the magnitude of such claims is negligible, or it is not currently possible for us to predict the outcome of such claims, possible claims or lawsuits due to various factors including: the preliminary nature of some claims; an incomplete factual record; and the unpredictable nature of opposing parties and their demands. Management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any of these claims would result in liability to the Company, to the extent not provided for through insurance or otherwise, would have a material effect on the consolidated financial statements, other than the claims described above.

In respect of the aforementioned claims, as at March 31, 2024 the Company has recognized total provisions of $2.3 million (March 31, 2023 – $1.0 million) in provisions on the consolidated statements of financial position and a settlement accrual for nil (March 31, 2023 – $1.0 million) in accounts payable and accrued liabilities on the consolidated statements of financial position.

(b)Commitments

The Company has various lease commitments related to various office space, production equipment, vehicles, facilities and warehouses expiring up to June 2033. The Company has certain leases with optional renewal terms that the Company may exercise at its option.

In addition to lease liability commitments disclosed in Note 29(b) and loans and borrowing repayments in Note 16, the Company has $3.2 million in future capital commitments and purchase commitments payments, which are due over the next 12 months.

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Revenue

12 Months Ended

Mar. 31, 2024

Revenue from contracts with customers [Abstract]

Revenue

Revenue

Accounting Policy

The Company generates revenue primarily from the sale of cannabis, cannabis related products, plant propagation and provision of services. The Company uses the following five-step contract-based analysis of transactions to determine if, when and how much revenue can be recognized:

1. Identify the contract with a customer;

2. Identify the performance obligation(s) in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to the performance obligation(s) in the contract; and

5. Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenue from the sale of cannabis is generally recognized when control over the goods has been transferred to the customer. Payment for medical sales is typically due prior to shipment. Payment for wholesale transactions is due within a specified time period as permitted by the underlying agreement and the Company’s credit policy upon the transfer of goods to the customer. The Company generally satisfies its performance obligation and transfers control to the customer upon delivery and acceptance by the customer. Revenue is recorded at the estimated amount of consideration to which the Company expects to be entitled.

Revenue from plant propagation is recognized at a point in time when control of the goods is transferred to the customer, at an amount which reflects the consideration to which the Company expects to be entitled to in exchange for those goods. The Company goods consist of propagation seedlings and bedding plants. The sale is completed upon delivery as the Company bears the responsibility of transportation and related costs.

For bill-and-hold arrangements, revenue is recognized before delivery but only upon transfer of control of the good to the customer. Control is transferred to the customer when the substance of the bill-and-hold arrangement is substantive, the Company cannot sell the goods to another customer, the goods can be identified separately and are ready for physical transfer to the customer.

Service revenues, including patient referral services, are recognized over a period of time as performance obligations are completed. Payment of the transaction price for patient counselling is typically due prior to the services being rendered and therefore, the transaction price is recognized as a contract liability, or deferred revenue, when payment is received. Contract liabilities are subsequently recognized into revenue as or when the Company fulfills its performance obligation.

Effective October 17, 2018, Canada Revenue Agency (“CRA”) began levying an excise tax on the sale of medical and consumer cannabis products. The Company becomes liable for these excise duties when cannabis products are delivered to the customer. The excise taxes payable is the higher of (i) a flat-rate duty which is imposed when a cannabis product is packaged, and (ii) an advalorem duty that is imposed when a cannabis product is delivered to the customer. Effective May 1, 2019, excise tax calculated on edible cannabis products, cannabis extracts and cannabis topicals will prospectively be calculated as a flat rate based on the quantity of total tetrahydrocannabinol (THC) contained in the final product. There were no changes in the legislation in calculating excise taxes for fresh cannabis, dried cannabis, seeds and plants. Where the excise tax has been billed to customers, the Company has reflected the excise tax as part of revenue in accordance with IFRS 15. Net revenue from sale of goods, as presented on the consolidated statements of comprehensive (loss) income, represents revenue from the sale of goods less applicable excise taxes. Given that the excise tax payable/paid to CRA cannot be reclaimed and is not always billed to customers, the Company recognizes that the excise tax is an operating cost that affects gross margin to the extent that it is not recovered from its customers.

For certain sale of goods in which the Company earns a manufacturing fee, the Company records net revenue as an agent on the basis that the Company does not control pricing or bear inventory or credit risk.

The Company generates revenue from the transfer of goods and services over time and at a point-in-time from the revenue streams below. Net revenue from sale of goods is reflected net of actual returns and estimated variable consideration for future returns and price adjustments of $1.6 million for the year ended March 31, 2024 (nine months ended March 31, 2023 – $3.0 million). The estimated variable consideration is based on historical experience and management’s expectation of future returns and price adjustments. As of March 31, 2024, the net return liability for the estimated variable consideration was $1.2 million (March 31, 2023 – $1.6 million) and is included in deferred revenue on the consolidated statements of financial position.

Year ended March 31, 2024	Consumer	Medical	Other Cannabis(1)	Plant Propagation	Total
	$	$	$	$	$
Canada	46,958	103,068	2,403	12,792	165,221
Australia	—	31,679	—	—	31,679
Europe	—	40,767	—	—	40,767
U.S.	—	—	—	31,967	31,967
Other	—	647	—	—	647
Total net revenue	46,958	176,161	2,403	44,759	270,281
Nine months ended March 31, 2023	Consumer	Medical	Other Cannabis(1)	Plant Propagation	Total
	$	$	$	$	$
Canada	42,850	72,117	2,371	10,849	128,187
Australia	—	9,831	—	—	9,831
Europe	—	24,171	—	—	24,171
U.S.	—	—	—	9,833	9,833
Other	—	1,666	—	—	1,666
Total net revenue	42,850	107,785	2,371	20,682	173,688

(1) Includes core and non-core wholesale bulk cannabis.

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Segmented Information

12 Months Ended

Mar. 31, 2024

Operating segments [Abstract]

Segmented Information

Segmented Information

Accounting Policy

Operating segments are components of the Company that engage in business activities which generate revenues and incur expenses (including intercompany revenues and expenses related to transactions conducted with other components of the Company). The operations of an operating segment are distinct and the operating results are regularly reviewed by the chief operating decision maker (“CODM”) for the purposes of resource allocation decisions and assessing its performance. Reportable segments are Operating segments whose revenues or profit/loss or total assets exceed ten percent or more of those of the combined entity.

Key measures used by the CODM to assess performance and make resource allocation decisions include revenues, gross profit and net (loss) income. The Company’s operating results are divided into three reportable segments plus corporate. The three reportable segments are (i) Canadian Cannabis; (ii) EU Cannabis and (iii) Plant Propagation

During the year ended March 31, 2023, the Company had three reportable operating segments: (i) Canadian Cannabis, (ii) EU Cannabis and (iii) Plant Propagation. During the year ended March 31, 2024, the Company changed its internal management reporting which resulted in a change in the composition of the operating segments. With the closure of Nordic, most of the European market is fulfilled from Canadian sourced cannabis, which impacts how resources are allocated. Additionally, Canada, Europe and other export markets are being managed centrally. Accordingly, Management has identified two reportable operating segments, Cannabis and Plant Propagation. The comparative periods have been restated to conform with the change in segment composition, consolidating the former Canadian and EU Cannabis operating segments.

Operating Segments	Cannabis	Plant Propagation	Corporate (1)	Total
	$		$	$
Year ended March 31, 2024
Net revenue	225,522	44,759	—	270,281
Gross profit (loss) before fair value adjustments	74,340	3,261	12	77,613
Gross profit	126,353	5,095	12	131,460
Selling, general, and administrative expense	127,155	3,304	13,700	144,159
Loss before taxes	(30,401)	(1,210)	(27,988)	(59,599)
Nine months ended March 31, 2023
Net revenue	153,008	20,680	—	173,688
Gross profit (loss) before fair value adjustments	25,505	1,343	—	26,848
Gross profit	5,004	2,650	—	7,654
Selling, general and administrative expense	103,973	1,783	14,344	120,100
Loss before taxes	(156,249)	(2,918)	(39,245)	(198,412)

(1)Net (loss) income under the Corporate allocation includes fair value gains and losses from investments in marketable securities, derivatives and investment in associates. Corporate and administrative expenditures such as regulatory fees, share-based compensation and financing expenditures relating to debt issuances are also included under Corporate.

Geographical Segments	Canada	EU	Australia	Uruguay	Total
	$	$	$	$	$
Non-current assets
March 31, 2024	308,816	29,368	38,197	14,001	390,382
March 31, 2023	360,254	41,866	—	15,030	417,150

During the year ended March 31, 2024 and nine months ended March 31, 2023, no customer contributed 10 per cent or more to the Company’s net revenue.

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Fair Value of Financial Instruments

12 Months Ended

Mar. 31, 2024

Fair value measurement [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Accounting Policy Fair Value Hierarchy Financial instruments recorded at fair value are classified using a hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 - Inputs for the asset or liability that are not based on observable market data. The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine fair value of each financial instrument.
	Fair Value Method
Financial Instruments Measured at Fair Value
Marketable securities	Closing market price of common shares as of the measurement date (Level 1)
Derivatives	Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3)
Contingent consideration payable	Discounted cash flow model (Level 3)
Other long term liability	Discounted cash flow model (level 3)
Derivative liability	Closing market price of warrants (Level 1) or Kynex valuation model (Level 2)
Financial Instruments Measured at Amortized Cost
Cash and cash equivalents, restricted cash, accounts receivable, loans receivable	Carrying amount (approximates fair value due to short-term nature)
Accounts payable and accrued liabilities, other current and long-term liabilities	Carrying amount (approximates fair value due to short-term nature)
Lease receivable, convertible debentures, loans and borrowings, and lease liabilities.	Carrying value discounted at the effective interest rate approximates fair value

The following is a continuity schedule of contingent consideration payable:

	Thrive	Bevo	Total
	$	$	$
Balance, June 30, 2022	14,371	—	14,371
Additions	451	2,902	3,353
Unrealized loss from changes in fair value	(4,882)	(355)	(5,237)
Payments		—	—
Balance, March 31, 2023	9,940	2,547	12,487
Additions	275	—	275
Unrealized gain from changes in fair value	(10,215)	—	(10,215)
Realized gain from changes in fair value	—	459	459
Payments	—	(3,006)	(3,006)
Balance, March 31, 2024	—	—	—

The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries

achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration. If the probabilities of achieving the milestones decreased by 10%, the estimated fair value of the contingent consideration would decrease by nil (March 31, 2023 – $1.0 million). If the discount rates increased or decreased by 5%, the estimated fair value of contingent consideration would increase or decrease by nil (March 31, 2023 – $0.7 million).

The carrying values of the financial instruments at March 31, 2024 are summarized in the following table:

	Amortized cost	FVTPL	Total
	$	$	$
Financial Assets
Cash and cash equivalents	113,439	—	113,439
Restricted cash	65,782	—	65,782
Accounts receivable, excluding sales taxes and lease receivable	41,440	—	41,440
Marketable securities	—	4,036	4,036
Derivative assets	—	760	760
Loans receivable	—	—	—
Lease receivable	8,803	—	8,803
Financial Liabilities
Accounts payable and accrued liabilities	58,563	—	58,563
Lease liabilities	47,532	—	47,532
Derivative liabilities	—	2,309	2,309
Loans and borrowings	57,259	—	57,259

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

	Notes	Level 1	Level 2	Level 3	Total
		$	$	$	$
As at March 31, 2024
Marketable securities	7	4,036	—	—	4,036
Derivative assets		—	760	—	760
Other long term liability		591	—	45,519	46,110
Derivative liabilities	18(c), 19(e)	1,698	611	—	2,309
As at March 31, 2023
Derivative assets		—	7,114	135	7,249
Contingent consideration payable(1)		—	—	12,487	12,487
Other long term liability		409	—	47,638	48,047
Derivative liabilities	18(c), 19(e)	9,634	—	—	9,634

(1) The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration.

During the year ended March 31, 2024, certain marketable securities were reclassified from Level 2 to Level 1 hierarchy (Note 6(b)).

Other long term liability includes the put option arising from the acquisition of Bevo (Note 12). The put option is valued at using a Monte Carlo simulation. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. As at March 31, 2024, the present value of the amount payable on exercise of the put option was $45.5 million which is recorded in other long term liability in the consolidated statements of financial position. The change of $0.2 million is recorded in deficit in the consolidated statements of financial position.

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Financial Instruments Risk

12 Months Ended

Mar. 31, 2024

Disclosure of nature and extent of risks arising from financial instruments [abstract]

Financial Instruments Risk

Financial Instruments Risk

The Company is exposed to a variety of financial instrument related risks. The Board mitigates these risks by assessing, monitoring and approving the Company’s risk management processes.

(a)Credit risk

Credit risk is the risk of a potential loss to the Company if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company is moderately exposed to credit risk from its cash and cash equivalents, accounts receivable and loans receivable. The risk exposure is limited to their carrying amounts reflected on the consolidated statements of financial position. The risk for cash and cash equivalents is mitigated by holding these instruments with highly rated Canadian financial institutions. Certain restricted funds in the amount of $38.8 million are retained by an insurer under the Segregated Accounts Companies Act governed by the Bermuda Monetary Authority. As the Company does not invest in asset-backed deposits or investments, it does not expect any credit losses. The Company periodically assesses the quality of its investments and is satisfied with the credit rating of the financial institutions and the investment grade of its Guaranteed Investment Certificates (“GICs”). The Company mitigates the credit risk associated with the loans receivable by managing and monitoring the underlying business relationship.

The Company provides credit to certain customers in the normal course of business and has established credit evaluation and monitoring processes to mitigate credit risk. Credit risk is generally limited for receivables from government bodies, which generally have low default risk. Credit risk for non-government customers is assessed on a case-by-case basis and a provision is recorded where required. As of March 31, 2024, $22.8 million of accounts receivable, net of allowances, are from non-government wholesale customers (March 31, 2023 – $20.9 million).

As at March 31, 2024, two customers made up 10% or more of trade accounts receivable (March 31, 2023 – three customers).

As at March 31, 2024, the provision for estimated credit losses is $1.3 million (March 31, 2023 – $3.4 million). During the year ended March 31, 2024, the Company wrote off $2.1 million (March 31, 2023 – $5.0 million), and recognized an additional provision for estimated credit losses of nil (nine months ended March 31, 2023 – nil) recorded in the consolidated statements of loss and comprehensive loss.

The Company’s aging of trade receivables, net was as follows:

	March 31, 2024	March 31, 2023
	$	$
0 – 60 days	33,239	28,355
61+ days	7,303	6,661
	40,542	35,016

The Company’s undiscounted contractual cash flows from lease receivables is as follows:

		March 31, 2024
		$
Next 12 months		2,897
Over 1 year to 2 years		2,023
Over 2 years to 3 years		1,919
Over 3 years to 4 years		1,628
Over 4 years to 5 years		1,046
Thereafter		504
Total undiscounted lease payments receivable		10,017
Unearned finance income		(1,214)
Total lease receivable		8,803
Current	Note 4	(2,460)
Long-term		6,343

(b)     Liquidity risk

The composition of the Company’s accounts payable and accrued liabilities was as follows:

	March 31, 2024	March 31, 2023
	$	$
Trade payables	20,325	21,942
Accrued liabilities	20,097	33,608
Payroll liabilities	15,496	12,610
Excise tax payable	2,107	2,611
Income and sales tax payable	1,940	161
Other payables	145	486
	60,110	71,418

In addition to the commitments outlined in Note 25, the Company has the following undiscounted contractual obligations as at March 31, 2024, which are expected to be payable in the following respective periods:

	Total	≤1 year	Over 1 year - 3 years	Over 3 years - 5 years	> 5 years
	$	$	$	$	$
Accounts payable and accrued liabilities	58,563	58,563	—	—	—
Lease liabilities (2)	93,656	7,678	21,180	13,698	51,100
Loans and borrowings	57,259	52,361	4,898	—	—
Capital commitments(3)	3,217	3,217	—	—	—
	212,695	121,819	26,078	13,698	51,100

(1)Assumes the principal balance of the debentures outstanding at March 31, 2024 remains unconverted and includes the estimated interest payable until the maturity date.

(2)Includes interest payable until maturity date.

(3)Relates to remaining commitments that the Company has made to vendors for equipment purchases and capital projects pertaining to existing construction.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with its financial liabilities when they are due. The Company manages liquidity risk through the management of its capital structure and resources to ensure that it has sufficient liquidity to settle obligations and liabilities when they are due. Our ability to fund our operating requirements depends on future operating performance and cash flows, which are subject to economic, financial, competitive, business and regulatory conditions, and other factors, some of which are beyond our control. Our primary short-term liquidity needs are to fund our net operating losses, capital expenditures to maintain existing facilities, convertible debenture repayment and lease payments. Our medium-term liquidity needs primarily relate lease payments and our long-term liquidity needs primarily relate to potential strategic plans.

As of March 31, 2024, the Company has access to the following capital resources available to fund operations and obligations:

•$113.4 million cash and cash equivalents; and

•access to the 2023 Shelf Prospectus (as defined below). The Company currently has access to securities registered for sale under the 2023 Shelf Prospectus currently covering U.S.$650.0 million of issuable securities. Of the U.S.$650.0 million of securities registered under the 2023 Shelf Prospectus and corresponding registration statement on form F-10 filed with the U.S. Securities and Exchange Commission in the U.S., approximately U.S.$225.3 million is allocated to the potential exercise of currently outstanding warrants issued in financing transactions from 2022. Following the closing of the bought deal offering on October 3, 2023 and the expiration of warrants during the year approximately U.S.$396.4 million is available for potential new issuances of Common Shares, warrants, options, subscription receipts, debt securities or any combination thereof during the 25-month period that the 2023 Shelf Prospectus remains effective. Volatility in the cannabis industry, stock market and the Company’s share price may impact the amount and our ability to raise financing under the 2023 Shelf Prospectus.

Based on all of the aforementioned factors, the Company believes that its reduction of operating costs, current liquidity position, and access to the 2023 Shelf Prospectus are adequate to fund operating activities and cash commitments for investing, financing and strategic activities for the foreseeable future. In addition, the Company could access restricted cash of $61.4 million relating to its self-insurance policy, if necessary.

(c) Market risk

Market risk is the risk that changes in the market related factors, such as foreign exchange rates and interest rates, will affect the Company’s (loss) income or the fair value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters.

(i)     Currency risk

The operating results and financial position of the Company are reported in Canadian dollars. As the Company operates internationally, certain of the Company’s financial instruments and transactions are denominated in currencies other than the Canadian dollar. The results of the Company’s operations are, therefore, subject to currency transaction and translation risks. 

The Company’s main risk is associated with fluctuations in Euros, Australian dollars and U.S. dollars. The Company holds cash in Canadian dollars, U.S. dollars, Australian dollars and Euros; U.S.$0.4 million (March 31, 2023 – U.S.$7.1 million) of warrant derivative liabilities are exercisable in U.S. dollars. Assets and liabilities are translated based on the Company’s foreign currency translation policy.

The Company has determined that as at March 31, 2024, the effect of a 10% increase or decrease in Euros, Australian dollars, and U.S. dollars against the Canadian dollar on financial assets and liabilities would result in an increase or decrease of approximately $1.9 million (March 31, 2023 – $15.2 million) to net loss and $6.7 million (March 31, 2023 – $11.4 million) to consolidated statements of loss and comprehensive loss for the nine months ended March 31, 2023.

(ii)    Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market interest rates. Cash and cash equivalents bear interest at market rates. The Company is exposed to interest rate risk on the variable rate of interest on its term credit facilities which is based on the prime rate plus a margin. Otherwise, the Company’s other financial liabilities as at March 31, 2024, consisted of short term, non-interest bearing accounts and as a result are not impacted by changes in market interest rates.

(iii)     Price risk

Price risk is the risk of variability in fair value due to movements in equity or market prices. The Company’s warrant derivative liabilities, marketable securities and investments are susceptible to price risk arising from uncertainties about their future outlook, future values and the impact of market conditions. The fair value of warrant derivative liabilities, marketable securities and derivative investments held in publicly traded entities are based on quoted market prices which the warrants or investment shares can be exchanged for. The fair value of marketable securities and derivatives held in privately-held entities are based on various valuation techniques, as detailed in Note 28, and is dependent on the type and terms of the security.

If the fair value of these financial assets and liabilities were to increase or decrease by 10% as of March 31, 2024, the Company would incur an associated increase or decrease in loss and comprehensive loss of approximately nil (March 31, 2023 – $2.5 million). Refer to Note 7 of the financial statements for details on the fair value of marketable securities and derivatives investments and Note 18(c) for details on the warrant derivative liabilities.

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Capital Management

12 Months Ended

Mar. 31, 2024

Disclosure of notes and other explanatory information [Abstract]

Capital Management

Capital Management

As at March 31, 2024, the capital structure of the Company consists of $706.7 million (March 31, 2023 – $749.2 million) in shareholders’ equity and debt.

The Company’s objectives when managing capital are to ensure that there are adequate capital resources to safeguard the Company’s ability to continue as a going concern and maintain adequate levels of funding to support ongoing operations and future growth such that the Company can continue to deliver returns to shareholders and benefits for other stakeholders.

From time to time, the Company may adjust its capital structure in light of changes in economic conditions and the risk characteristics of the Company’s underlying assets. In addition, the Company plans to use existing funds, as well as funds from the future sale of products to fund operations and expansion activities.

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Subsequent Event	12 Months Ended
	Mar. 31, 2024
Events after reporting period [Abstract]
Subsequent Event	Subsequent EventSubsequent to March 31, 2024, the Company made a formal decision to exit from its operations in Uruguay that is operated through its wholly-owned subsidiary ICC Labs Inc. (“ICC”). ICC has total net assets of $13.8 million as at March 31, 2024, primarily consisting of property, plant and equipment. During the year ended March 31, 2024, ICC incurred operating losses of approximately $2.0 million. The Company is still evaluating its options for disposal.

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Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2024-03-31	12 Months Ended
	Mar. 31, 2024
Erroneously Awarded Compensation Recovery
Restatement Determination Date	Mar. 31, 2024
Restatement does not require Recovery	The corrections, which result in reductions in the Company’s cost of sales, have no adverse impact on the metrics used in the Company’s performance-based compensation arrangements. Therefore, the Company concluded that no recovery was required under the Company’s executive compensation clawback policy attached to this Form 40-F as Exhibit 97.

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Material Accounting Policies and Judgments (Policies)

12 Months Ended

Mar. 31, 2024

Accounting policies, accounting estimates and errors [Abstract]

Basis of Presentation and Measurement

Basis of Presentation and Measurement

The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data.

The Company has reclassified certain comparative balances to conform with the current period’s presentation.

On February 20, 2024, the Company completed a one-to-ten (1:10) reverse share split of all of its issued and outstanding common shares (“Share Consolidation”), resulting in a reduction in the issued and outstanding shares from 545,457,970 to 54,545,797. Shares reserved under the Company’s equity, warrants, and incentive plans were adjusted to reflect the Share Consolidation. All share and per share data presented in the Company’s consolidated financial statements have been retroactively adjusted to reflect the Share Consolidation unless otherwise noted.

These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company on June 19, 2024.

The consolidated financial statements have been prepared on the historical cost basis, with the exception of financial instruments and biological assets, which are measured at fair value, as explained in the accounting policies set out below. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. In February 2023, the Company changed its reporting year end from June 30 to March 31. Accordingly, the current period is for the twelve months ended March 31, 2024, whereas the comparative period is for the nine months ended March 31, 2023. The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, except where noted.

Basis of Consolidation

Basis of Consolidation

The consolidated financial statements include the financial results of the Company and its subsidiaries. Subsidiaries include entities which are wholly-owned as well as entities over which Aurora has the authority or ability to exert control over the investee’s financial and/or operating decisions (i.e. control), which in turn may affect the Company’s exposure or rights to the variable returns from the investee. The consolidated financial statements include the operating results of acquired or disposed entities from the date control is obtained or the date control is lost, respectively. All intercompany balances and transactions are eliminated upon consolidation.

Discontinued Operations

Discontinued Operations

The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Discontinued operations reporting occurs when the disposal of a component or a group of components of the Company represents a strategic shift that will have an impact on the Company’s operations and financial results, and where the operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company.

The results of discontinued operations are excluded from both continuing operations and business segment information in the consolidated financial statements and the notes to the consolidated financial statements, unless otherwise noted, and are presented net of tax in the consolidated statements of loss and comprehensive loss for the current and comparative periods. Refer to Note 11(b) Discontinued Operations.

Foreign Currency Translation

Foreign Currency Translation

The Company’s functional currency is the Canadian dollar. Transactions undertaken in foreign currencies are translated into Canadian dollars at daily exchange rates prevailing when the transactions occur. Monetary assets and liabilities denominated in foreign currencies are translated at period-end exchange rates and non-monetary items are translated at historical exchange rates. Realized and unrealized exchange gains and losses are recognized in the consolidated statements of loss and comprehensive loss.

The assets and liabilities of foreign operations are translated into Canadian dollars using the period-end exchange rates. Income, expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from the translation of foreign operations into Canadian dollars are recognized in other comprehensive loss and accumulated in equity.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents are financial assets that are measured at amortized cost, which approximate fair value. Cash and cash equivalents includes cash deposits in financial institutions and other deposits that are highly liquid and readily convertible into cash.

Provisions

Provisions

The Company recognizes a provision if there is a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and the obligation can be reliably estimated. The amount recognized as a provision reflects management’s best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.

An onerous contract provision is recorded when the Company has a contract under which it is more likely than not that the unavoidable costs of meeting the contractual obligations will be greater than the economic benefits that the Company expects to receive under the contract. An onerous contract provision represents the lesser of the cost of exiting from the contract and the cost of fulfilling it.

Accounting Policy

Restructuring Provision

A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation that it will carry out the restructuring by starting to implement the plan or announcing its main features to those individuals who are affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which reflect amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

Loan Loss Provision

The loan loss provision originates from the operations of the insurance company incorporated by the Company, for self insurance related to properties. A loan loss provision is an estimate for known reported losses and loss expenses plus a provision for losses incurred but not reported. These amounts are based upon estimates or losses reported by loss adjusters plus an estimate for losses incurred but not reported in accordance with the recommendations of an independent actuary using the past experience of the Company and industry data, offset by actual claims paid. Changes in the loan loss provision are reflected in the consolidated statements of loss and comprehensive loss.

Adoption of New Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted

Adoption of New Accounting Pronouncements

IAS 1 - Presentation of Financial Statements

The amendments clarify that entities should disclosure material accounting policies instead of significant accounting policies. The amendments explain how to identify material accounting policies. An accounting policy is material if it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The Company has reviewed its accounting policies and has included those which were considered to be material.

IFRS 17 – Insurance Contracts

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. The standard is effective for annual periods beginning on or after January 1, 2023. The Company does not currently have any contracts to be accounted for under this standard. However, the Company has a wholly owned captive insurance entity that is required to adopt this standard when reporting on a standalone basis. The impact of the captive insurance company adopting IFRS 17 was immaterial to the Company’s consolidated financial statements.

(h) New Accounting Pronouncements Not Yet Adopted

The following IFRS standards have been recently issued by the IASB. Pronouncements that are irrelevant or not expected to have a significant impact have been excluded.

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

The amendment clarifies the requirements relating to determining if a liability should be presented as current or non-current in the statement of financial position. Under the new requirement, the assessment of whether a liability is presented as current or non-current is based on the contractual arrangements in place as at the reporting date and does not impact the amount or timing of recognition. The amendment applies retrospectively for annual reporting periods beginning on or after January 1, 2024. The Company will make this assessment as required at the end of each reporting date.

Accounts Receivable

Accounting Policy

Accounts receivable are recognized initially at fair value and subsequently measured at amortized cost, less any provisions for impairment. Financial assets measured at amortized cost are assessed for impairment at the end of each reporting period. Impairment provisions are estimated using the expected credit loss impairment model where any expected future credit losses are provided for, irrespective of whether a loss event has occurred at the reporting date.

Estimates of expected credit losses take into account the Company’s collection history, deterioration of collection rates during the average credit period, as well as observable changes in and forecasts of future economic conditions that affect default risk. Where applicable, the carrying amount of a trade receivable is reduced for any expected credit losses. Changes in the allowance for expected credit losses are recognized in the consolidated statements of loss and comprehensive loss. Accounts receivables are written off when they are deemed uncollectible.

Government Grant

Accounting Policy

The Company recognizes government grants when there is reasonable assurance that it will comply with the conditions required to qualify for the grant, and that the grant will be received. Government grants related to income are recognized as other gains (losses) in the statements of net loss while government grants related to assets, including non-monetary grants at fair value, are recognized as a reduction of the related asset’s carrying amount.

Marketable Securities

Accounting Policy

Marketable securities are initially measured at fair value and are subsequently measured at fair value through profit or loss (“FVTPL”) or are designated at fair value through other comprehensive income (loss) (“FVTOCI”), at the election of the Company. The designation of FVTOCI is made on an instrument by instrument basis and if elected, subsequent changes in fair value are recognized in other comprehensive (loss) income and not through profit or loss on disposition.

Derivatives

Accounting Policy

Derivatives and debentures are initially measured at fair value and are subsequently measured at FVTPL. If the transaction price does not equal to fair value at the point of initial recognition, management measures the fair value of each component of the investment and any unrealized gains or losses at inception are either recognized in profit or loss or deferred and recognized over the term of the investment, depending on whether the valuation inputs are based on observable market data. The resulting unrealized gain or loss at inception and subsequent changes in fair value are recognized in profit or loss for the period. Transaction costs, which are directly attributable to the acquisition of the investment, are expensed as incurred. Refer to Note 28 for significant judgments in determining the fair value of derivative financial instruments.

Biological Assets

Accounting Policy The Company defines biological assets as living plants up to the point of harvest. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41 - Agriculture using the income approach. The Company utilizes an income approach to determine the fair value less cost to sell at a specific measurement date, based on the existing plants’ stage of completion up to the point of harvest. The Company cultivates cannabis and propagation plants biological assets. For cannabis plants, the stage of completion is determined based on the specific date of clipping the mother plant, the period-end reporting date, the average growth rate for the strain and facility environment and is calculated on a weighted average basis for the number of plants in the specific lot. Propagation plants are comprised solely of plants from the Bevo business, and are sold as living plants to customers and therefore not harvested into inventory. For propagation plants, the stage of completion is determined based on the propagation date, the promised date, and the period-end reporting date.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of cannabis biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Average selling price per gram	Represents the average selling price per gram of dried cannabis net of excise taxes, where applicable, for the period for all strains of cannabis sold, which is expected to approximate future selling prices.	If the average selling price per gram were higher (lower), estimated fair value would increase (decrease).
Average attrition rate	Represents the weighted average number of plants culled at each stage of production.	If the average attrition rate was lower (higher), estimated fair value would increase (decrease).
Weighted average yield per plant	Represents the weighted average number of grams of dried cannabis inventory expected to be harvested from each cannabis plant.	If the weighted average yield per plant was higher (lower), estimated fair value would increase (decrease).
Cost per gram to complete production	Based on actual production costs incurred divided by the grams produced in the period.	If the cost per gram to complete production was lower (higher), estimated fair value would increase (decrease).
Weighted average effective yield	Represents the estimated percentage of harvested product that meets specifications in order to be sold as a dried cannabis product.	If the weighted average effective yield were higher (lower), the estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the weighted average number of days in production over a total average grow cycle of approximately twelve weeks.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to cannabis biological assets and include all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of propagation plants biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Selling price per plant	Represents selling price per plant, which is based on committed purchase plans or approximate future selling price.	If selling price per plant were higher (lower), estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the number of days in production over the promised date less the propagation date.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to propagation plants biological assets based on a rolling gross margin rate and includes all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.

Inventory

Accounting Policy

The Company defines inventory as all cannabis products after the point of harvest (“Cannabis Inventory”), hemp products, purchased finished goods for resale, consumable supplies and accessories. Cannabis Inventory includes harvested cannabis, trim, cannabis oils, capsules, edibles and vaporizers.

Inventories of harvested cannabis are transferred from biological assets at fair value less costs to sell at the point of harvest, which becomes the deemed cost. By-products, such as trim, are measured at their net realizable value (“NRV”) at point of harvest which is deducted from the total deemed cost to give a net cost for the primary product. Any subsequent post-harvest costs are capitalized to Cannabis Inventory to the extent that the cost is less than NRV. NRV for work-in-process (“WIP”) and finished Cannabis Inventory is determined by deducting estimated remaining conversion/completion costs and selling costs from the estimated sale price achievable in the ordinary course of business. Conversion and selling costs are determined using average cost. In the period that Cannabis Inventory is sold, the fair value portion of the deemed cost is recorded within changes in fair value of inventory sold line, and the cost of such Cannabis Inventory, including direct and indirect costs, are recorded within the cost of sales line on the consolidated statements of loss and comprehensive loss.

Products for resale, consumable supplies and accessories are initially recognized at cost and subsequently valued at the lower of cost and NRV. The Company reviews these types of inventory for obsolescence, redundancy and slow turnover to ensure that they are written-down and reflected at NRV.

The Company uses judgment in determining the NRV of inventory. When assessing NRV, the Company considers the impact of the average selling price per gram, inventory spoilage, inventory excess, age and damage.

Property, Plant and Equipment

Accounting Policy

Owned Assets

Property, plant and equipment is measured at cost, net of accumulated depreciation and any impairment losses.

Cost includes expenditures that are directly attributable to the asset acquisition. The cost of self-constructed assets includes the cost of materials, direct labor, other costs directly attributable to make the asset available for its intended use, as well as relevant borrowing costs on qualifying assets as further described below. During their construction, property, plant and equipment are classified as construction in progress (“CIP”) and are not subject to depreciation. When the asset is available for use, it is transferred from CIP to the relevant category of property, plant and equipment and depreciation commences.

Where particular parts of an asset are significant, discrete and have distinct useful lives, the Company may allocate the associated costs between the various components, which are then separately depreciated over the estimated useful lives of each respective component. Depreciation is calculated on a straight-line basis over the following estimated useful lives:

Computer software and equipment 3 - 5 years

Production equipment 5 - 10 years

Furniture and fixtures 5 years

Building and improvements 10 - 30 years

Residual values, useful lives and depreciation methods are reviewed annually and changes are accounted for prospectively.

Gains and losses on asset disposals are determined by deducting the carrying value from the sale proceeds and are recognized in profit or loss.

The Company capitalizes borrowing costs on qualifying capital construction projects. Upon the asset becoming available for use, capitalization of borrowing costs ceases and depreciation commences on a straight-line basis over the estimated useful life of the related asset.

Right-of-use leased assets

Right-of-use assets are measured at cost, which is calculated as the amount of the initial measurement of lease liability plus any lease payments made at or before the commencement date, any initial direct costs and related restoration costs. The right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset. The depreciation is recognized from the commencement date of the lease.

If the right-of-use asset is subsequently leased to a third party (a “sublease”), the Company will assess the classification of the sublease as to whether it is a finance or operating lease. Subleases that are classified as an operating lease will recognize lease income while a finance lease will recognize a lease receivable and derecognize the carrying value of the right-of-use asset, with the difference recorded in profit of loss.

Impairment of property, plant and equipment

The Company assesses impairment of property, plant and equipment when an impairment indicator arises (e.g. change in use or discontinued use, obsolescence or physical damage). When the asset does not generate cash inflows that are largely independent of those from other assets or group of assets, the asset is tested at the cash generating unit (“CGU”) level. In assessing impairment, the Company compares the carrying amount of the asset or CGU to the recoverable amount, which is determined as the higher of the asset or CGU’s fair value less costs of disposal and its value-in-use. Value-in-use is assessed based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects applicable market and economic conditions, the time value of money and the risks specific to the asset. An impairment loss is recognized whenever the carrying amount of the asset or CGU exceeds its recoverable amount and is recorded in the consolidated statements of loss and comprehensive loss.

Assets Held for Sale and Discontinued Operations

Accounting Policy

Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continued use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and the fair value less costs of disposal. Impairment losses recognized upon initial classification as held-for-sale and subsequent gains and losses on re-measurement are recognized in the consolidated statements of loss and comprehensive loss. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortized or depreciated.

Business Combinations

Accounting Policy

A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for using the acquisition method. The total consideration paid for the acquisition is the aggregate of the fair values of assets acquired, liabilities assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. The acquisition date is the date when the Company obtains control of the acquiree. The identifiable assets acquired and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where IFRS provides exceptions to recording the amounts at fair value. Goodwill represents the difference between the fair value of total consideration paid and the fair value of the net identifiable assets acquired. Acquisition costs incurred are expensed through the consolidated statements of loss and comprehensive loss.

Contingent consideration is measured at its acquisition date fair value and is included as part of the consideration transferred in a business combination, subject to the applicable terms and conditions. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 Financial Instruments with the corresponding gain or loss recognized in profit or loss.

Based on the facts and circumstances that existed at the acquisition date, management will perform a valuation analysis to allocate the purchase price based on the fair values of the identifiable assets acquired and liabilities assumed on the acquisition date. Management has one year from the acquisition date to confirm and finalize the facts and circumstances that support the finalized fair value analysis and related purchase price allocation. Until such time, these values are provisionally reported and are subject to change. Changes to fair values and allocations are retrospectively adjusted in subsequent periods.

In determining the fair value of all identifiable assets acquired and liabilities assumed, the most significant estimates generally relate to contingent consideration, intangible assets and property, plant and equipment. Management exercises judgment in estimating the probability and timing of when earn-out milestones are expected to be achieved, which is used as the basis for estimating fair value. Identified intangible assets are fair valued using appropriate valuation techniques which are generally based on a forecast of the total expected future net cash flows of the acquiree. Valuations are highly dependent on the inputs used and assumptions made by management regarding the future performance of these assets and any changes in the discount rate applied. Property, plant and equipment are fair valued using a combination of the cost approach and sales comparison approach. The significant assumptions used were the replacement costs and rate per acre in the fair value measurement of the acquired land and replacement cost per square foot in the fair value measurement of the acquired buildings.

Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions. Consideration paid for an asset acquisition is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values. Asset acquisitions do not give rise to goodwill.

Non-Controlling Interests

Accounting Policy

Non-controlling interests (“NCI”) are recognized either at fair value or at the NCI’s proportionate share of the acquiree’s net assets, determined on an acquisition-by-acquisition basis. For each acquisition, the excess of the total consideration, the fair value of previously held equity interests held prior to obtaining control and the NCI in the acquiree, over the fair value of the identifiable net asset acquired, is recorded as goodwill.

Intangible Assets and Goodwill

Accounting Policy Intangible assets Intangible assets are recorded at cost less accumulated amortization and any impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is calculated on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any, over the following terms:
	Customer relationships Health Canada licenses Other operating licenses Patents IP and Know-how ERP Software	20 years Useful life of the facility 10 years 10 years 10 years 5 years
The estimated useful lives, residual values and amortization methods are reviewed annually and any changes in estimates are accounted for prospectively. Intangible assets with an indefinite life or not yet available for use are not subject to amortization. Indefinite life permits and licenses are predominantly held by the Company’s foreign subsidiaries. Given that these permits and licenses are connected to the subsidiary rather than a specific asset, there is no foreseeable limit to the period over which these assets are expected to generate future cash inflows for the Company. Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Other development expenditures are recognized as research and development expenses on the consolidated statements of loss and comprehensive loss as incurred. Capitalized deferred development costs are internally generated intangible assets. Goodwill Goodwill represents the excess of the purchase price paid for the acquisition of an entity over the fair value of the net tangible and intangible assets acquired. Goodwill is allocated to the cash generating unit (“CGU”) or group of CGUs which are expected to benefit from the synergies of the combination. Goodwill is not subject to amortization. Impairment of intangible assets and goodwill Goodwill and intangible assets with an indefinite life or not yet available for use are tested for impairment annually and whenever events or circumstances that make it more likely than not that an impairment may have occurred, such as a significant adverse change in the business climate or a decision to sell or dispose all or a portion of a reporting unit. Finite life intangible assets are tested whenever there is an indication of impairment. Goodwill and indefinite life intangible assets are tested annually as required for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Indefinite life intangible assets are tested for impairment by comparing the carrying value of each CGU containing the assets to its recoverable amount. Goodwill is tested for impairment based on the level at which it is monitored by management, and not at a level higher than an operating segment. The allocation of goodwill to the CGUs or group of CGUs requires the use of judgment. An impairment loss is recognized for the amount by which the operating segment or CGU’s carrying amount exceeds it recoverable amount. The recoverable amounts of the CGUs’ assets have been determined based on the higher of fair value less costs of disposal and value-in-use. There is a material degree of uncertainty with respect to the estimates of the recoverable amounts of the CGU, given the necessity of making key economic assumptions about the future. Impairment losses recognized in respect of a CGU are first allocated to the carrying value of goodwill and any excess is allocated to the carrying value of assets in the CGU. Any impairment is recorded in profit and loss in the period in which the impairment is identified. A reversal of an asset impairment loss is allocated to the assets of the CGU on a pro rata basis. In allocating a reversal of an impairment loss, the carrying amount of an asset shall not be increased above the lower of its recoverable amount and the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior period. Impairment losses on goodwill are not subsequently reversed.

Convertible Debentures and Loans and Borrowings

Accounting Policy

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through profit and loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

Transaction costs are apportioned to the debt liability and equity components in proportion to the allocation of proceeds.

Accounting Policy

Loans and Borrowings are initially recognized at fair value, net of transaction costs incurred. Loans are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss

over the period of the borrowings using the effective interest method. Loans are derecognized from the Consolidated Statement of Financial Position when the obligation specified in the contract is discharged, cancelled, or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as finance costs. Loans are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period

Leases Liabilities

Accounting Policy

The Company assesses whether a contract is or contains a lease at inception of the contract. A lease is recognized as a right-of-use asset and corresponding liability at the commencement date. Each lease payment included in the lease liability is apportioned between the repayment of the liability and a finance cost. The finance cost is recognized in “finance and other costs” in the consolidated statements of loss and comprehensive loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability. Lease liabilities represent the net present value of fixed lease payments (including in-substance fixed payments); variable lease payments based on an index, rate, or subject to a fair market value renewal condition; amounts expected to be payable by the lessee under residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and payments of penalties for terminating the lease, if it is probable that the lessee will exercise that option.

The Company’s lease liability is recognized net of lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease or, if that rate cannot be determined, the lessee’s incremental borrowing rate. The period over which the lease payments are discounted is the expected lease term, including renewal and termination options that the Company is reasonably certain to exercise.

Subsequently, if there is a change to the expected lease term within the control of the lessee, the lease liability will be remeasured using the updated term and revised discount rate on a prospective basis.

Payments associated with short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis in general and administration and sales and marketing expense in the consolidated statements of loss and comprehensive loss. Short-term leases are defined as leases with a lease term of 12 months or less. Variable lease payments that do not depend on an index, rate, or subject to a fair market value renewal condition are expensed as incurred and recognized in costs of goods sold, general and administration, or sales and marketing expense, as appropriate given how the underlying leased asset is used, in the consolidated statements of loss and comprehensive loss.

If the right-of-use asset is subsequently leased to a third party (a “sublease”), the Company will assess the classification of the sublease as to whether it is a finance or operating lease. Subleases that are classified as an operating lease will recognize lease income, while a financing lease will recognize a lease receivable and derecognize the carrying value of the right-of-use asset, with the difference recorded in profit or loss.

Share Purchase Warrants

Accounting Policy

Share Purchase Warrants

Warrants issued in foreign currencies are classified as derivative liabilities. Upon exercise, in exchange for a fixed amount of common shares, the expected cash receivable is variable due to changes in foreign exchange rates. The Company measures derivative financial liabilities at fair value through profit or loss at initial recognition and in subsequent reporting periods. Fair value gains or losses are recognized in other (losses) gains on the statement of comprehensive income. The fair value of foreign currency share purchase warrants is determined using the quoted market price on the valuation date, which is a Level 1 input. Transaction costs, which are directly attributable to the offering, are allocated to equity and classified as equity financing transaction costs.

Share-Based Compensation

Accounting Policy

Stock Options

Stock options issued to employees are measured at fair value at the grant date and are recognized as an expense over the relevant vesting periods with a corresponding credit to share reserves.

Stock options issued to non-employees are measured at the fair value of goods or services received or the fair value of equity instruments issued, if it is determined that the fair value of the goods or services cannot be reliably measured. The fair value of non-employee stock options is recorded as an expense at the date the goods or services are received with a corresponding credit to share reserves.

Depending on the complexity of the stock option terms, the fair value of options is calculated using either the Black-Scholes option pricing model or the Binomial model. When determining the fair value of stock options, management is required to make certain assumptions and estimates related to expected lives, volatility, risk-free rate, future dividend yields and estimated forfeitures at the initial grant date.

The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. Upon the exercise of stock options, proceeds received from stock option holders are recorded as an increase to share capital and the related share reserve is transferred to share capital.

Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”)

RSUs are equity-settled share-based payments. RSUs are measured at their intrinsic fair value on the date of grant based on the closing price of the Company’s shares on the date prior to the grant, and is recognized as share-based compensation expense over the vesting period with a corresponding credit to share reserves. Under IFRS, the Company’s DSUs are classified as equity-settled share-based payment transactions as they are settled in either cash or common shares at the sole discretion of Aurora. As such, the DSUs are measured in the same manner as RSUs.

The amount recognized for services received as consideration for the RSUs and DSUs granted is based on the number of equity instruments that eventually vest. Upon the release of RSUs and DSUs, the related share reserve is transferred to share capital.

Performance Share Units (“PSUs”)

PSUs are equity-settled share-based payments and have both a service and market condition. PSUs are measured at their fair value on the grant date and are recognized as share-based compensation expense over the vesting period with a corresponding credit to share reserves. The fair value of PSUs is calculated using the Monte Carlo model which factors in the probability of achieving the market-based performance target. When determining the fair value, management is required to make certain assumptions and estimates related to volatility, risk-free rate, equity correlations between Aurora and a peer group of companies, future stock prices, and estimated forfeitures. The amount recognized for services received as consideration for the PSUs granted is based on the number of equity instruments that eventually vest. Upon the release of PSUs, the related share reserve is transferred to share capital.

Cash Settled Share-based Compensation

Share-based compensation subject to cash settlement are classified as a derivative liability. They are initially measured at fair value and recorded as a derivative liability in the consolidated statements of financial position.

Share-based compensation that is in recognition of past service is recorded at the full amount to share-based compensation expense and are remeasured each reporting period with the difference going through share-based compensation expense. Upon settlement they are remeasured and the derivative liability is extinguished at the remeasured amount.

Share-based compensation that is in recognition of future service is amortized ratably over the future service period. Each reporting period, they are remeasured with the change in value reflected in the share-based compensation expense.

Loss Per Share

Accounting Policy

The Company calculates basic (loss) earnings per share by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted (loss) earnings per share is determined by adjusting profit or loss attributable to common shareholders and the weighted average number of common shares outstanding, for the effects of all dilutive potential common shares, which comprise convertible debentures, RSU, DSU, warrants and share options issued.

Income Taxes

Accounting Policy

Tax expense recognized in profit or loss comprises the sum of current and deferred taxes not recognized in other comprehensive (loss) income or equity.

Current tax assets and liabilities

Current tax assets and/or liabilities comprise those claims from, or obligations to, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted at the end of the reporting period. Current tax assets arise when the amount paid for taxes exceeds the amount due for the current and prior periods.

Deferred tax assets and liabilities

Deferred taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective periods of realization, provided they are enacted or substantively enacted at the end of the reporting period. Deferred tax liabilities are always provided for in full.

Deferred tax assets are recognized to the extent that it is probable that they will be able to be utilized against future taxable income. Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive income or equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively.

Significant estimates are required in determining the Company’s provision for income taxes and uncertain tax positions. Some of these estimates are based on interpretations of existing tax laws or regulations. Various internal and external factors may have favorable or unfavorable effects on the Company’s future effective tax rate. These factors include, but are not limited to, changes in tax laws, regulations and/or rates, changing interpretations of existing tax laws or regulations, changes in estimates of prior years’ items, results of tax audits by tax authorities, future levels of research and development spending, changes in estimates related to repatriation of undistributed earnings of foreign subsidiaries, and changes in overall levels of pre-tax earnings. The realization of the Company’s deferred tax assets is primarily dependent on whether the Company is able to generate sufficient capital gains and taxable income prior to expiration of any loss carry forward balance. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. The assessment of whether or not a valuation allowance is required often requires significant judgment with regard to management’s assessment of the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made.

The Company records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. There is inherent uncertainty in quantifying income tax positions. The Company has recorded tax benefits for those tax positions where it is more likely than not that a tax benefit will result upon ultimate settlement with a tax authority that has all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will result, no tax benefit has been recognized in the consolidated financial statements.

Related Party Transactions

Accounting Policy

The Company considers a person or entity as a related party if they are a member of key management personnel including their close relatives, an associate or joint venture, those having significant influence over the Company, as well as entities that are under common control or controlled by related parties.

Revenue

Accounting Policy

The Company generates revenue primarily from the sale of cannabis, cannabis related products, plant propagation and provision of services. The Company uses the following five-step contract-based analysis of transactions to determine if, when and how much revenue can be recognized:

1. Identify the contract with a customer;

2. Identify the performance obligation(s) in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to the performance obligation(s) in the contract; and

5. Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenue from the sale of cannabis is generally recognized when control over the goods has been transferred to the customer. Payment for medical sales is typically due prior to shipment. Payment for wholesale transactions is due within a specified time period as permitted by the underlying agreement and the Company’s credit policy upon the transfer of goods to the customer. The Company generally satisfies its performance obligation and transfers control to the customer upon delivery and acceptance by the customer. Revenue is recorded at the estimated amount of consideration to which the Company expects to be entitled.

Revenue from plant propagation is recognized at a point in time when control of the goods is transferred to the customer, at an amount which reflects the consideration to which the Company expects to be entitled to in exchange for those goods. The Company goods consist of propagation seedlings and bedding plants. The sale is completed upon delivery as the Company bears the responsibility of transportation and related costs.

For bill-and-hold arrangements, revenue is recognized before delivery but only upon transfer of control of the good to the customer. Control is transferred to the customer when the substance of the bill-and-hold arrangement is substantive, the Company cannot sell the goods to another customer, the goods can be identified separately and are ready for physical transfer to the customer.

Service revenues, including patient referral services, are recognized over a period of time as performance obligations are completed. Payment of the transaction price for patient counselling is typically due prior to the services being rendered and therefore, the transaction price is recognized as a contract liability, or deferred revenue, when payment is received. Contract liabilities are subsequently recognized into revenue as or when the Company fulfills its performance obligation.

Effective October 17, 2018, Canada Revenue Agency (“CRA”) began levying an excise tax on the sale of medical and consumer cannabis products. The Company becomes liable for these excise duties when cannabis products are delivered to the customer. The excise taxes payable is the higher of (i) a flat-rate duty which is imposed when a cannabis product is packaged, and (ii) an advalorem duty that is imposed when a cannabis product is delivered to the customer. Effective May 1, 2019, excise tax calculated on edible cannabis products, cannabis extracts and cannabis topicals will prospectively be calculated as a flat rate based on the quantity of total tetrahydrocannabinol (THC) contained in the final product. There were no changes in the legislation in calculating excise taxes for fresh cannabis, dried cannabis, seeds and plants. Where the excise tax has been billed to customers, the Company has reflected the excise tax as part of revenue in accordance with IFRS 15. Net revenue from sale of goods, as presented on the consolidated statements of comprehensive (loss) income, represents revenue from the sale of goods less applicable excise taxes. Given that the excise tax payable/paid to CRA cannot be reclaimed and is not always billed to customers, the Company recognizes that the excise tax is an operating cost that affects gross margin to the extent that it is not recovered from its customers.

For certain sale of goods in which the Company earns a manufacturing fee, the Company records net revenue as an agent on the basis that the Company does not control pricing or bear inventory or credit risk.

Segmented Information

Accounting Policy

Operating segments are components of the Company that engage in business activities which generate revenues and incur expenses (including intercompany revenues and expenses related to transactions conducted with other components of the Company). The operations of an operating segment are distinct and the operating results are regularly reviewed by the chief operating decision maker (“CODM”) for the purposes of resource allocation decisions and assessing its performance. Reportable segments are Operating segments whose revenues or profit/loss or total assets exceed ten percent or more of those of the combined entity.

Key measures used by the CODM to assess performance and make resource allocation decisions include revenues, gross profit and net (loss) income. The Company’s operating results are divided into three reportable segments plus corporate. The three reportable segments are (i) Canadian Cannabis; (ii) EU Cannabis and (iii) Plant Propagation

Fair Value of Financial Instruments

Accounting Policy Fair Value Hierarchy Financial instruments recorded at fair value are classified using a hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 - Inputs for the asset or liability that are not based on observable market data. The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine fair value of each financial instrument.
	Fair Value Method
Financial Instruments Measured at Fair Value
Marketable securities	Closing market price of common shares as of the measurement date (Level 1)
Derivatives	Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3)
Contingent consideration payable	Discounted cash flow model (Level 3)
Other long term liability	Discounted cash flow model (level 3)
Derivative liability	Closing market price of warrants (Level 1) or Kynex valuation model (Level 2)
Financial Instruments Measured at Amortized Cost
Cash and cash equivalents, restricted cash, accounts receivable, loans receivable	Carrying amount (approximates fair value due to short-term nature)
Accounts payable and accrued liabilities, other current and long-term liabilities	Carrying amount (approximates fair value due to short-term nature)
Lease receivable, convertible debentures, loans and borrowings, and lease liabilities.	Carrying value discounted at the effective interest rate approximates fair value

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Material Accounting Policies and Judgments (Tables)

12 Months Ended

Mar. 31, 2024

Accounting policies, accounting estimates and errors [Abstract]

Principal Subsidiaries

The Company’s principal subsidiaries during the year ended March 31, 2024 are as follows:

Major subsidiaries	Percentage Ownership	Functional Currency
Aurora Cannabis Enterprises Inc. (“ACE”)	100%	Canadian Dollar
Aurora Deutschland GmbH (“Aurora Deutschland”)	100%	European Euro
TerraFarma Inc.	100%	Canadian Dollar
Whistler Medical Marijuana Corporation (“Whistler”)	100%	Canadian Dollar
Bevo Agtech Inc. (“Bevo”)	50.1%	Canadian Dollar
CannaHealth Therapeutics Inc.	100%	Canadian Dollar
ACB Captive Insurance Company Inc.	100%	Canadian Dollar
Indica Industries Pty Ltd. (“MedReleaf Australia”)	100%	Australian Dollar

Revisions of Previously Issued Financial Statements

The following is the revision to the ending deficit for the year ended June 30, 2022:

	June 30, 2022 As previously reported	Adjustments	June 30, 2022 Adjusted
Consolidated Statements of Financial Position
June 30, 2022
Deficit	(6,038,275)	3,411	(6,034,864)

The following is a summary of the impacts to the statement of financial position, the statement of comprehensive loss, and the statement of cash flows for the year ended March 31, 2023:

	March 31, 2023 As previously reported	Adjustments	March 31, 2023 Adjusted
Consolidated Statements of Financial Position
March 31, 2023
Accounts payable and accrued liabilities	75,825	(4,568)	71,257
Deficit	(6,296,833)	4,568	(6,292,265)

	Nine months ended March 31, 2023 As previously reported(1)		Adjustments		Nine months ended March 31, 2023 Adjusted
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
March 31, 2023
Cost of sales	150,835		(1,157)		149,678
Gross profit (loss) before fair value adjustments	24,133		1,157		25,290
Gross profit	775		1,157		1,932
Income before income taxes and discontinued operations	(221,532)		1,157		(220,375)
Net loss from continuing operations	(206,295)		1,157		(205,138)
Net loss from continuing operations attributable to Aurora shareholders	(198,997)		1,157		(197,840)
Comprehensive loss	(206,939)		1,157		(205,782)
Loss per share - basic and diluted(2)	$	(6.17)	$	0.04	$	(6.13)
Continuing operations	$	(5.49)	$	0.04	$	(5.45)
Discontinued operations	$	(0.68)	$	—	$	(0.68)

(1) Amounts before impacts of discontinued operations (Note 11).

(2) As described under Note 2(a) in the Consolidated Financial Statements, comparative information has been adjusted due to 1:10 reverse stock split.

	Nine months ended March 31, 2023 As previously reported(1)		Adjustments		Nine months ended March 31, 2023 Adjusted
Consolidated Statements of Cash Flows
March 31, 2023
Net income (loss) from continuing operations	$	(206,295)	$	1,157	$	(205,138)
Changes in non-cash working capital	$	(25,116)	$	(1,157)	$	(26,273)
Net cash used in operating activities	$	(115,821)	$	—	$	(115,821)

(1) Amounts before impacts of discontinued operations (Note 11).

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Provisions (Tables)

12 Months Ended

Mar. 31, 2024

Disclosure of other provisions, contingent liabilities and contingent assets [Abstract]

Roll forward of Provisions

	Restructuring	Loan Loss Provision	Other	Total
	$	$	$
Balance, June 30, 2022	997	3,613	800	5,410
Remeasurement	513	832	8	1,353
Settlements	(1,510)	—	(800)	(2,310)
Balance, March 31, 2023	—	4,445	8	4,453
Remeasurement	—	1,153	—	1,153
Balance, March 31, 2024	—	5,598	8	5,606

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Accounts Receivable (Tables)

12 Months Ended

Mar. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Accounts Receivable

	Notes	March 31, 2024	March 31, 2023
		$	$
Trade receivables, net (1)	29(a)	40,542	35,016
Sales taxes receivable		1,511	1,214
Lease receivable	29(a)	2,460	2,094
Government grant receivable	5	—	1,913
Other receivables, net (1) (2)		898	1,108
		45,411	41,345

(1)    Refer to (Note 29(a)) for credit risk loss provisions.

(2)    Includes interest receivable from the convertible debenture investments (Note 7).

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Marketable Securities (Tables)

12 Months Ended

Mar. 31, 2024

Financial instruments [Abstract]

Marketable Securities

As at March 31, 2024, the Company held the following marketable securities:

Financial asset hierarchy level	Level 1	Level 1	Level 1
	Radient	CTT Pharmaceutical Holdings	High Tide	Total
Subsequent remeasurement policy	FVTOCI	FVTOCI	FVTPL
	Note 6(a)		Note 6(b)
	$	$	$	$
Balance, June 30, 2022	1,128	203	—	1,331
Disposals	—	(126)	—	(126)
Realized loss on changes in fair value	—	(77)	—	(77)
Unrealized loss on changes in fair value	(1,128)	—	—	(1,128)
Balance, March 31, 2023	—	—	—	—
Additions	—	—	5,025	5,025
Disposals	—	—	(2,179)	(2,179)
Unrealized gain on changes in fair value	—	—	1,190	1,190
Balance, March 31, 2024	—	—	4,036	4,036

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Derivatives and Convertible Debentures (Tables)

12 Months Ended

Mar. 31, 2024

Financial instruments [Abstract]

Derivatives and Convertible Debentures

At March 31, 2024, the Company held the following derivative and convertible debentures:

Financial asset hierarchy level	Level 2	Level 3	Level 2	Level 3
Derivatives and convertible debentures at fair value through profit or loss (“FVTPL”)	ACI	Investee-B	High Tide	Investee-C	Total
	Note 7(a)	Note 7(b)	Note 7(c)	Note 7(d)
Balance, June 30, 2022	1,418	13,961	8,442	2,462	26,283
Repayment	—	—	(748)	(2,490)	(3,238)
Unrealized loss on changes in fair value	(1,418)	—	(580)	—	(1,998)
Realized gain (loss) on changes in fair value	—	(14,506)	—	28	(14,478)
Foreign exchange	—	680	—	—	680
Balance, March 31, 2023	—	135	7,114	—	7,249
Repayment	—	(135)	(7,916)	—	(8,051)
Adjustments	—	—	100	—	100
Unrealized gain on changes in fair value	—	—	1,462	—	1,462
Balance, March 31, 2024	—	—	760	—	760

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Biological Assets (Tables)

12 Months Ended

Mar. 31, 2024

Biological Assets [Abstract]

Unobservable Inputs and Assumptions Used in Determining the Fair Value of Biological Assets

Accounting Policy The Company defines biological assets as living plants up to the point of harvest. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41 - Agriculture using the income approach. The Company utilizes an income approach to determine the fair value less cost to sell at a specific measurement date, based on the existing plants’ stage of completion up to the point of harvest. The Company cultivates cannabis and propagation plants biological assets. For cannabis plants, the stage of completion is determined based on the specific date of clipping the mother plant, the period-end reporting date, the average growth rate for the strain and facility environment and is calculated on a weighted average basis for the number of plants in the specific lot. Propagation plants are comprised solely of plants from the Bevo business, and are sold as living plants to customers and therefore not harvested into inventory. For propagation plants, the stage of completion is determined based on the propagation date, the promised date, and the period-end reporting date.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of cannabis biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Average selling price per gram	Represents the average selling price per gram of dried cannabis net of excise taxes, where applicable, for the period for all strains of cannabis sold, which is expected to approximate future selling prices.	If the average selling price per gram were higher (lower), estimated fair value would increase (decrease).
Average attrition rate	Represents the weighted average number of plants culled at each stage of production.	If the average attrition rate was lower (higher), estimated fair value would increase (decrease).
Weighted average yield per plant	Represents the weighted average number of grams of dried cannabis inventory expected to be harvested from each cannabis plant.	If the weighted average yield per plant was higher (lower), estimated fair value would increase (decrease).
Cost per gram to complete production	Based on actual production costs incurred divided by the grams produced in the period.	If the cost per gram to complete production was lower (higher), estimated fair value would increase (decrease).
Weighted average effective yield	Represents the estimated percentage of harvested product that meets specifications in order to be sold as a dried cannabis product.	If the weighted average effective yield were higher (lower), the estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the weighted average number of days in production over a total average grow cycle of approximately twelve weeks.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to cannabis biological assets and include all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of propagation plants biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Selling price per plant	Represents selling price per plant, which is based on committed purchase plans or approximate future selling price.	If selling price per plant were higher (lower), estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the number of days in production over the promised date less the propagation date.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to propagation plants biological assets based on a rolling gross margin rate and includes all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.

The following table outlines the key assumptions used in calculating the recoverable amount for each CGU and operating segment for impairment as at March 31, 2024 (Impairment testing date of January 1, 2024) and March 31, 2023:

	Indefinite Life Intangible Impairment Testing			Goodwill Impairment Testing
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Cannabis Operating Segment	Plant Propagation
March 31, 2024
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	12.0%	10.0%	12.0%	12.0%	10.0%
Budgeted revenue growth rate over forecast period	4.6%	10.6%	17.4%	4.6%	10.6%
Fair value less cost to dispose	$74,175	$192,729	$48,143	$138,395	$192,729
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Canadian Cannabis Operating Segment	Plant Propagation	European Cannabis Operating Segment
March 31, 2023
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	16.5%	11.0%	17.0%	16.5%	11.0%	17.0%
Budgeted revenue growth rate over forecast period	16.7%	10.0%	48.8%	16.5%	10.0%	48.8%
Fair value less cost to dispose	$258,228	$184,832	$78,612	$236,345	$184,832	$87,420

Breakdown of Biological Assets

The following is a breakdown of biological assets:

	March 31, 2024	March 31, 2023
	$	$
Indoor cannabis production facilities	21,522	8,428
Plant propagation production facilities	21,252	14,262
	42,774	22,690

Changes in Carrying Value of Biological Assets

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

	March 31, 2024	March 31, 2023
	$	$
Balance, beginning of period	22,690	23,827
Production costs capitalized	85,766	71,326
Biological assets acquired through business combinations (Note 12)	—	4,470
Sale of biological assets	(39,218)	(18,645)
Impairment related to discontinued operations	(1,126)	—
Foreign currency translation	(3)	(234)
Changes in fair value less cost to sell due to biological transformation	134,588	34,129
Transferred to inventory upon harvest	(159,923)	(92,183)
Balance, end of period	42,774	22,690

Sensitivities and Impact of Changes in Significant Assumptions on the Fair Value of Biological Assets

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor cannabis production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per gram	$4.88		$4.42		Increase or decrease of $1.00 per gram	$5,490	$3,360
Weighted average yield (grams per plant)	68.61		38.80		Increase or decrease by 5 grams per plant	$1,538	$1,438
Weighted average effective yield	100	%	91	%	Increase or decrease by 5%	$1,057	$395
Cost per gram to complete production	$0.99		$1.65		Increase or decrease of $1.00 per gram	$5,619	$3,427

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at plant propagation production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per floral/bedding plant	$7.77		$7.58		Increase or decrease by 10%	$2,360	$1,682
Average stage of completion in the production process	59	%	56	%	Increase or decrease by 10%	$3,464	$2,295

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$2,542
Revenue	Decrease of 2%	$7,525
EBITDA margin	Decrease of 0.25%	$1,398

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$12,595
Revenue	Decrease of 2%	$16,880
Gross margin	Decrease of 1%	$8,244

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Inventory (Tables)

12 Months Ended

Mar. 31, 2024

Inventories [Abstract]

Breakdown of Inventory

The following is a breakdown of inventory:

	March 31, 2024			March 31, 2023
	Capitalized cost	Fair value adjustment	Carrying value	Capitalized cost	Fair value adjustment	Carrying value
	$	$	$	$	$	$
Harvested cannabis
Work-in-process	25,977	32,519	58,496	30,936	14,756	45,692
Finished goods	34,871	10,782	45,653	13,518	1,777	15,295
	60,848	43,301	104,149	44,454	16,533	60,987
Extracted cannabis
Work-in-process	8,674	4,428	13,102	11,566	2,753	14,319
Finished goods	8,749	590	9,339	8,786	561	9,347
	17,423	5,018	22,441	20,352	3,314	23,666
Supplies and consumables	14,987	—	14,987	19,923	—	19,923
Merchandise and accessories	2,025	—	2,025	1,556	—	1,556
Ending balance	95,283	48,319	143,602	86,285	19,847	106,132

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Property, Plant and Equipment (Tables)

12 Months Ended

Mar. 31, 2024

Property, plant and equipment [abstract]

Property, Plant and Equipment

The following summarizes the carrying values of property, plant and equipment for the periods reflected:

	March 31, 2024				March 31, 2023
	Cost	Accumulated depreciation	Impairment	Net book value	Cost	Accumulated depreciation	Impairment	Net book value
Owned assets
Land	43,914	—	—	43,914	52,077	—	(1,820)	50,257
Buildings	242,052	(97,885)	(300)	143,867	239,353	(83,888)	(3,842)	151,623
Construction in progress	26,330	—	(645)	25,685	37,563	—	(11,945)	25,618
Computer software & equipment	31,333	(30,135)	—	1,198	31,313	(29,570)	(20)	1,723
Furniture & fixtures	7,900	(6,444)	—	1,456	7,434	(5,596)	(42)	1,796
Production & other equipment	154,042	(106,370)	(202)	47,470	146,960	(87,425)	(1,686)	57,849
Total owned assets	505,571	(240,834)	(1,147)	263,590	514,700	(206,479)	(19,355)	288,866
Right-of-use leased assets
Land	13,890	(1,601)	—	12,289	14,859	(1,345)	(969)	12,545
Buildings	37,252	(16,640)	(2,512)	18,100	36,789	(15,836)	—	20,953
Production & other equipment	5,290	(4,945)	—	345	5,343	(4,738)	—	605
Total right-of-use lease assets	56,432	(23,186)	(2,512)	30,734	56,991	(21,919)	(969)	34,103
Total property, plant and equipment	562,003	(264,020)	(3,659)	294,324	571,691	(228,398)	(20,324)	322,969

The following summarizes the changes in the net book values of property, plant and equipment for the periods presented:

	Balance, March 31, 2023	Additions	Additions from business combinations	Disposals	Other (1)	Depreciation	Impairment	Foreign currency translation	Balance, March 31, 2024
Owned assets
Land	50,257	—	1,497	—	(7,779)	—	—	(61)	43,914
Buildings	151,623	1,168	—	(212)	3,435	(12,397)	(300)	550	143,867
Construction in progress	25,618	10,239	—	(2,137)	(7,760)	(145)	(645)	515	25,685
Computer software & equipment	1,723	313	—	(26)	(12)	(797)	—	(3)	1,198
Furniture & fixtures	1,796	407	—	(11)	159	(883)	—	(12)	1,456
Production & other equipment	57,849	3,026	—	(1,232)	4,340	(16,325)	(202)	14	47,470
Total owned assets	288,866	15,153	1,497	(3,618)	(7,617)	(30,547)	(1,147)	1,003	263,590
Right-of-use leased assets
Land	12,545	—	—	—	—	(255)	—	(1)	12,289
Buildings	20,953	5,232	298	(2,355)	(388)	(3,098)	(2,512)	(30)	18,100
Production & other equipment	605	87	—	(68)	—	(277)	—	(2)	345
Total right-of-use lease assets	34,103	5,319	298	(2,423)	(388)	(3,630)	(2,512)	(33)	30,734
Total property, plant and equipment	322,969	20,472	1,795	(6,041)	(8,005)	(34,177)	(3,659)	970	294,324

(1)Includes reclassification of construction in progress cost when associated projects are complete and transfers to assets held for sale (Note 11).

	Balance, June 30, 2022	Additions	Additions from business combinations	Disposals	Other (1)	Depreciation	Impairment	Foreign currency translation	Balance, March 31, 2023
Owned assets
Land	13,127	—	21,770	—	16,609	—	(1,820)	571	50,257
Real estate	96,804	840	52,350	—	15,467	(9,774)	(3,842)	(222)	151,623
Construction in progress	25,092	5,322	1,134	(36)	5,135	—	(11,945)	916	25,618
Computer software & equipment	3,161	710	—	—	(867)	(1,284)	(20)	23	1,723
Furniture & fixtures	2,681	37	—	—	(874)	(46)	(42)	40	1,796
Production & other equipment	60,462	1,662	17,633	(1,989)	(1,808)	(16,942)	(1,686)	517	57,849
Total owned assets	201,327	8,571	92,887	(2,025)	33,662	(28,046)	(19,355)	1,845	288,866
Right-of-use leased assets
Land	6,251	—	—	(29)	7,580	(291)	(969)	3	12,545
Real estate	25,044	57	—	(6,553)	5,363	(3,155)	—	197	20,953
Production & other equipment	843	498	—	(182)	(72)	(495)	—	13	605
Total right-of-use lease assets	32,138	555	—	(6,764)	12,871	(3,941)	(969)	213	34,103
Total property, plant and equipment	233,465	9,126	92,887	(8,789)	46,533	(31,987)	(20,324)	2,058	322,969

(1)Includes reclassification of construction in progress cost when associated projects are complete and transfers to assets held for sale (Note 11).

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Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2024

Non-current assets held for sale and discontinued operations [Abstract]

Assets Held For Sale

Assets held for sale are comprised of the following:

	Whistler Alpha Lake	European R&D Facility & Land	Colombia Property	Aurora Sun	Valley	Polaris	Equipment	Total
	$	$						$
Balance, June 30, 2022	638	—	1,925	34,404	5,850	18,678	—	61,495
Transfer to property, plant, and equipment	—	—	—	(34,404)	—	—	—	(34,404)
Impairment	—	—	(1,925)	—	—	—	—	(1,925)
Transfer from liabilities held for sale	—	—	—	—	—	(3,977)	—	(3,977)
Proceeds from disposal	—	—	—	—	(5,573)	(14,680)	—	(20,253)
Loss on disposal (1)	—	—	—	—	(277)	(21)	—	(298)
Balance, March 31, 2023	638	—	—	—	—	—	—	638
Transfer from property, plant, and equipment	—	8,919	—	—	—	—	1,999	10,918
Impairment	—	(585)	—	—	—	—	—	(585)
Foreign exchange	—	(1)	—	—	—	—	—	(1)
Proceeds from disposal	(2,270)	(8,333)	—	—	—	—	(600)	(11,203)
Gain on disposal (1)	1,632	—	—	—	—	—	—	1,632
Balance, March 31, 2024	—	—	—	—	—	—	1,399	1,399

(1) The loss on disposal is recognized in other gains (losses) (Note 21) in the consolidated statements of loss and comprehensive loss.

Discontinued Operations

The following table summarizes the Company's consolidated discontinued operations for the respective periods:

	Year ended March 31,	Nine months ended March 31
	2024	2023
Revenue	425	1,280
Cost of sales	6,205	2,838
Changes in fair value of inventory and biological assets sold	5,449	(184)
Unrealized loss (gain) on changes in fair value of biological assets	(4,411)	4,348
General and administration expenses	1,887	1,748
Sales and marketing	502	791
Acquisition costs	—	30
Research and development	301	1,141
Depreciation	(350)	405
Interest	193	—
Finance costs	(523)	61
Foreign exchange	55	1,798
Impairment of property, plant, and equipment	85	8,180
Impairment of goodwill	—	1,920
Other losses (gains)	(1,191)	167
Current tax	93	—
Deferred tax	—	(53)
Loss on disposal of discontinued operations	2,411	—
	10,706	23,190
Net loss from discontinued operations	(10,281)	(21,910)

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Business Combinations (Tables)

12 Months Ended

Mar. 31, 2024

Business combinations [Abstract]

Schedule of Business Combinations

	Provisional Allocation at Acquisition
Cash paid	8,249
Common shares issued	36,482
Total purchase price for remaining 90.43% interest	44,731
Fair value of existing ownership	4,734
Total fair value of consideration	49,465
Preliminary fair value of net identifiable assets
Cash	5,710
Accounts receivable	4,785
Inventory	10,464
Prepaid expenses and other current assets	80
Property, plant and equipment	1,795
Intangible assets:
Licenses	5,500
Brand	7,500
	35,834
Accounts payable and accrued liabilities	10,206
Income taxes payable	317
Lease liability	311
	10,834
Provisional purchase price allocation
Net identifiable assets acquired	25,000
Goodwill	24,465
	49,465
Net cash outflows
Cash consideration paid	(8,249)
Cash acquired	5,710
	(2,539)

	Provisional allocation at acquisition	Adjustments	Final
Cash paid	38,844	—	38,844
Performance holdback	2,153	—	2,153
Indemnity holdback	3,000	—	3,000
Contingent consideration	749	—	749
	44,746	—	44,746
Preliminary fair value of net identifiable assets
Cash	54	—	54
Accounts receivable	3,317	—	3,317
Biological assets	4,873	(403)	4,470
Inventory	4,366	—	4,366
Prepaid expenses and other current assets	749	—	749
Property, plant and equipment	92,887	—	92,887
Intangible assets			—
Customer relationships	5,600	—	5,600
Software	247	—	247
	112,093	(403)	111,690
Accounts payable and accrued liabilities	3,699	—	3,699
Income taxes payable	1,660	(1,744)	(84)
Deferred revenue	151	—	151
Loans and borrowings	39,934	(237)	39,697
Deferred tax liability	14,762	1,509	16,271
	60,206	(472)	59,734
Provisional purchase price allocation
Net identifiable assets acquired	51,887	69	51,956
Non-controlling interest	(25,891)	(34)	(25,925)
Goodwill	18,750	(35)	18,715
	44,746	—	44,746
Net cash outflows
Cash consideration paid	(38,844)	—	(38,844)
Cash acquired	54	—	54
	(38,790)	—	(38,790)

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Non-controlling Interest (“NCI”) (Tables)

12 Months Ended

Mar. 31, 2024

Interests In Other Entities [Abstract]

Change in Non-Controlling Interest

The change in non-controlling interest is as follows:

	Bevo	Other	Total
	$	$	$
Balance, June 30, 2022	—	511	511
Acquired through business acquisitions (Note 12)	25,925	—	25,925
Change in ownership interests in net assets	11,923	—	11,923
Share of loss for the period	(4,944)	(2,354)	(7,298)
Balance, March 31, 2023	32,904	(1,843)	31,061
Additions	—	—	—
Change in ownership interests in net assets	12,208	—	12,208
Discontinued operations (Note 11)	—	2,572	2,572
Share of loss for the period	(3,519)	(225)	(3,744)
Balance, March 31, 2024	41,593	504	42,097

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Intangible Assets and Goodwill (Tables)

12 Months Ended

Mar. 31, 2024

Intangible assets and goodwill [abstract]

Continuity Schedule of Intangible Assets and Goodwill

The following is a continuity schedule of intangible assets and goodwill:

	March 31, 2024				March 31, 2023
	Cost	Accumulated amortization	Impairment	Net book value	Cost	Accumulated amortization	Impairment	Net book value
Definite life intangible assets:
Customer relationships	42,439	(37,349)	—	5,090	42,529	(37,068)	—	5,461
Permits and licenses	54,002	(43,305)	(10,652)	45	56,782	(42,826)	(2,783)	11,173
Patents	982	(793)	—	189	928	(771)	—	157
Intellectual property and know-how	52,590	(52,590)	—	—	52,590	(52,590)	—	—
Software	18,661	(16,408)	(1,504)	749	20,121	(16,390)	(3,460)	271
Indefinite life intangible assets:
Brand	28,200	—	(20,700)	7,500	36,200	—	(15,500)	20,700
Permits and licenses	27,277	—	—	27,277	21,918	—	—	21,918
Total intangible assets	224,151	(150,445)	(32,856)	40,850	231,068	(149,645)	(21,743)	59,680
Goodwill	43,180	—	—	43,180	19,465	—	(750)	18,715
Total	267,331	(150,445)	(32,856)	84,030	250,533	(149,645)	(22,493)	78,395

Changes in Net Book Value of Intangible Assets and Goodwill

The following summarizes the changes in the net book value of intangible assets and goodwill for the periods presented:

	Balance, March 31, 2023	Additions from business combinations	Additions	Other	Amortization	Impairment	Foreign currency translation	Balance, March 31, 2024
Definite life intangible assets:
Customer relationships	5,461	—	—	(90)	(281)	—	—	5,090
Permits and licenses	11,173	—	2	(51)	(493)	(10,652)	66	45
Patents	157	—	55	—	(23)	—	—	189
Software	271	—	2,000	86	(104)	(1,504)	—	749
Indefinite life intangible assets:
Brand	20,700	7,500	—	—	—	(20,700)	—	7,500
Permits and licenses	21,918	5,500	—	—	—	—	(141)	27,277
Total intangible assets	59,680	13,000	2,057	(55)	(901)	(32,856)	(75)	40,850
Goodwill	18,715	24,465	—	—	—	—	—	43,180
Total	78,395	37,465	2,057	(55)	(901)	(32,856)	(75)	84,030

Key Assumptions Used in Impairment Testing

Accounting Policy The Company defines biological assets as living plants up to the point of harvest. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41 - Agriculture using the income approach. The Company utilizes an income approach to determine the fair value less cost to sell at a specific measurement date, based on the existing plants’ stage of completion up to the point of harvest. The Company cultivates cannabis and propagation plants biological assets. For cannabis plants, the stage of completion is determined based on the specific date of clipping the mother plant, the period-end reporting date, the average growth rate for the strain and facility environment and is calculated on a weighted average basis for the number of plants in the specific lot. Propagation plants are comprised solely of plants from the Bevo business, and are sold as living plants to customers and therefore not harvested into inventory. For propagation plants, the stage of completion is determined based on the propagation date, the promised date, and the period-end reporting date.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of cannabis biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Average selling price per gram	Represents the average selling price per gram of dried cannabis net of excise taxes, where applicable, for the period for all strains of cannabis sold, which is expected to approximate future selling prices.	If the average selling price per gram were higher (lower), estimated fair value would increase (decrease).
Average attrition rate	Represents the weighted average number of plants culled at each stage of production.	If the average attrition rate was lower (higher), estimated fair value would increase (decrease).
Weighted average yield per plant	Represents the weighted average number of grams of dried cannabis inventory expected to be harvested from each cannabis plant.	If the weighted average yield per plant was higher (lower), estimated fair value would increase (decrease).
Cost per gram to complete production	Based on actual production costs incurred divided by the grams produced in the period.	If the cost per gram to complete production was lower (higher), estimated fair value would increase (decrease).
Weighted average effective yield	Represents the estimated percentage of harvested product that meets specifications in order to be sold as a dried cannabis product.	If the weighted average effective yield were higher (lower), the estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the weighted average number of days in production over a total average grow cycle of approximately twelve weeks.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to cannabis biological assets and include all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.
The following inputs and assumptions are all categorized within Level 3 on the fair value hierarchy and were used in determining the fair value of propagation plants biological assets:
Inputs and assumptions	Description	Correlation between inputs and fair value
Selling price per plant	Represents selling price per plant, which is based on committed purchase plans or approximate future selling price.	If selling price per plant were higher (lower), estimated fair value would increase (decrease).
Stage of completion in the production process	Calculated by taking the number of days in production over the promised date less the propagation date.	If the number of days in production was higher (lower), estimated fair value would increase (decrease).
Production costs are capitalized to propagation plants biological assets based on a rolling gross margin rate and includes all direct and indirect costs relating to biological transformation. Costs include direct costs of production, such as labor, growing materials, as well as indirect costs such as indirect labor and benefits, quality control costs, depreciation on production equipment, and overhead expenses including rent and utilities.

The following table outlines the key assumptions used in calculating the recoverable amount for each CGU and operating segment for impairment as at March 31, 2024 (Impairment testing date of January 1, 2024) and March 31, 2023:

	Indefinite Life Intangible Impairment Testing			Goodwill Impairment Testing
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Cannabis Operating Segment	Plant Propagation
March 31, 2024
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	12.0%	10.0%	12.0%	12.0%	10.0%
Budgeted revenue growth rate over forecast period	4.6%	10.6%	17.4%	4.6%	10.6%
Fair value less cost to dispose	$74,175	$192,729	$48,143	$138,395	$192,729
	Canadian Cannabis CGU	Plant Propagation	European Cannabis CGU	Canadian Cannabis Operating Segment	Plant Propagation	European Cannabis Operating Segment
March 31, 2023
Terminal value growth rate	3.0%	3.0%	3.0%	3.0%	3.0%	3.0%
Discount rate	16.5%	11.0%	17.0%	16.5%	11.0%	17.0%
Budgeted revenue growth rate over forecast period	16.7%	10.0%	48.8%	16.5%	10.0%	48.8%
Fair value less cost to dispose	$258,228	$184,832	$78,612	$236,345	$184,832	$87,420

Sensitivities and Impact of Changes in Significant Assumptions on the Fair Value of Intangible Assets

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor cannabis production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per gram	$4.88		$4.42		Increase or decrease of $1.00 per gram	$5,490	$3,360
Weighted average yield (grams per plant)	68.61		38.80		Increase or decrease by 5 grams per plant	$1,538	$1,438
Weighted average effective yield	100	%	91	%	Increase or decrease by 5%	$1,057	$395
Cost per gram to complete production	$0.99		$1.65		Increase or decrease of $1.00 per gram	$5,619	$3,427

The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at plant propagation production facilities:

Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	March 31, 2024		March 31, 2023			March 31, 2024	March 31, 2023
Average selling price per floral/bedding plant	$7.77		$7.58		Increase or decrease by 10%	$2,360	$1,682
Average stage of completion in the production process	59	%	56	%	Increase or decrease by 10%	$3,464	$2,295

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$2,542
Revenue	Decrease of 2%	$7,525
EBITDA margin	Decrease of 0.25%	$1,398

Significant inputs & assumptions	Sensitivity	Decrease in fair value
Discount rate	Increase of 0.5%	$12,595
Revenue	Decrease of 2%	$16,880
Gross margin	Decrease of 1%	$8,244

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Convertible Debentures (Tables)

12 Months Ended

Mar. 31, 2024

Subclassifications of assets, liabilities and equities [abstract]

Detailed Information about Convertible Debentures

	$
Balance, June 30, 2022	226,504
Interest paid	(13,305)
Accretion	16,123
Accrued interest	8,956
Debt repurchased	(128,706)
Realized loss on debt repurchased	10,874
Realized loss on foreign exchange	12,125
Balance, March 31, 2023	132,571
Interest paid	(3,043)
Accretion	5,363
Accrued interest	2,199
Amortized cost of debt repurchased	(145,770)
Realized loss on debt repurchased	9,244
Unrealized gain on foreign exchange	(564)
Balance, March 31, 2024	—

Total undiscounted loans and borrowings principal repayments as at March 31, 2024 are as follows:

	$
Next 12 months	52,361
Over 1 year to 3 years	4,898
Total long-term debt repayments	57,259

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Loans and Borrowings (Tables)

12 Months Ended

Mar. 31, 2024

Financial instruments [Abstract]

Changes in the Carrying Value of Current and Non-current Loans and Borrowings

The changes in the carrying value of current and non-current credit facilities are as follows:

	Credit facilities
Balance, June 30, 2022	—
Acquired through business combination	39,697
Drawings	7,242
Interest accretion	343
Principal repayments	(1,548)
Balance, March 31, 2023	45,734
Drawings	14,544
Interest accretion	23
Principal repayments	(3,042)
Balance, March 31, 2024	57,259
Current portion	(52,361)
Long-term portion	4,898

Detailed Information about Borrowings

	$
Balance, June 30, 2022	226,504
Interest paid	(13,305)
Accretion	16,123
Accrued interest	8,956
Debt repurchased	(128,706)
Realized loss on debt repurchased	10,874
Realized loss on foreign exchange	12,125
Balance, March 31, 2023	132,571
Interest paid	(3,043)
Accretion	5,363
Accrued interest	2,199
Amortized cost of debt repurchased	(145,770)
Realized loss on debt repurchased	9,244
Unrealized gain on foreign exchange	(564)
Balance, March 31, 2024	—

Total undiscounted loans and borrowings principal repayments as at March 31, 2024 are as follows:

	$
Next 12 months	52,361
Over 1 year to 3 years	4,898
Total long-term debt repayments	57,259

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Lease Liabilities (Tables)

12 Months Ended

Mar. 31, 2024

Leases Liabilities [Abstract]

Changes in the Carrying Value of Current and Non-current Lease Liabilities

The changes in the carrying value of current and non-current lease liabilities are as follows:

	$
Balance, June 30, 2022	42,987
Lease additions	555
Disposal of leases	(272)
Lease payments	(6,709)
Net lease term reduction and other items	10,166
Changes due to foreign exchange rates	244
Interest expense on lease liabilities	2,246
Balance, March 31, 2023	49,217
Current portion	(5,413)
Long-term portion	43,804
Balance, March 31, 2023	49,217
Lease additions	5,618
Disposal of leases	(635)
Lease payments	(8,446)
Net lease term increase and other items	(1,402)
Changes due to foreign exchange rates	28
Interest expense on lease liabilities	3,152
Balance, March 31, 2024	47,532
Current portion	(4,856)
Long-term portion	42,676

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Share Capital (Tables)

12 Months Ended

Mar. 31, 2024

Share capital, reserves and other equity interest [Abstract]

Disclosure of Common Shares Issued

The Company issued the following Common Shares in the periods indicated:

					U.S.$ equivalence
	Year ended March 31, 2024		Nine months ended March 31, 2023		Year ended March 31, 2024		Nine months ended March 31, 2023
Gross proceeds	$	2,271	$	75,568	$	1,686	$	55,381
Commission	$	45	$	1,422	$	34	$	1,107
Net proceeds	$	2,226	$	74,146	$	1,652	$	54,274
Average gross price(1)	$	8.80	$	16.96	$	6.53	$	12.43
Number of shares issued(1)	258,035		4,455,125

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

Disclosure of Change in Warrants Outstanding

A summary of warrants outstanding is as follows:

	Warrants(1)	Weighted average exercise price(1)
	#	$
Balance, March 31, 2023	8,912,479	70.90
Expired	(1,838,131)	1,124.60
Balance, March 31, 2024	7,074,348	432.39

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

Disclosure of Warrant Derivative Liabilities

The following summarizes the warrant derivative liabilities:

					U.S.$ equivalent
	November 2020 Offering	January 2021 Offering	June  2022 Offering	Total	November 2020 Offering	January 2021 Offering	June  2022 Offering	Total
	$	$		$	$	$		$
Balance, June 30, 2022	4,014	1,531	31,752	37,297	3,113	1,188	24,644	28,945
Unrealized gains on derivative liability	(3,939)	(1,486)	(22,238)	(27,663)	(3,059)	(1,155)	(17,603)	(21,817)
Balance, March 31, 2023	75	45	9,514	9,634	54	33	7,041	7,128
Unrealized gains on derivative liability	(75)	(45)	(9,038)	(9,158)	(54)	(33)	(6,688)	(6,775)
Balance, March 31, 2024	—	—	476	476	—	—	353	353

Disclosure of Exercise Price for Warrants Outstanding

The following table summarizes the warrants that remain outstanding as at March 31, 2024:

Exercise Price ($)(1)	Expiry Date	Warrants (#)(1)
111.06 - 433.22	April 1, 2024 - November 30, 2025	7,072,977
1,160.89	August 22, 2024	1,371
		7,074,348

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Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2024

Share-based payment arrangements [Abstract]

Disclosure of Number and Weighted Average Exercise Prices of Stock Options

A summary of stock options outstanding is as follows:

	Stock Options(1)	Weighted Average Exercise Price(1)
	#	$
Balance, June 30, 2022	427,928	539.69
Granted	338,500	18.57
Expired	(27,789)	905.30
Forfeited	(66,489)	588.72
Balance, March 31, 2023	672,150	257.28
Granted	633,485	7.60
Expired	(34,855)	1,033.90
Forfeited	(83,956)	205.10
Balance, March 31, 2024	1,186,824	104.90

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

Disclosure of Range of Exercise Prices of Outstanding Stock Options

The following table summarizes the stock options that are outstanding as at March 31, 2024:

Exercise Price ($)	Expiry Date	Weighted Average Remaining Life	Options Outstanding (#)	Options Exercisable (#)
7.60 - 48.60	February 28, 2027 - June 23, 2028	3.98	961,539	143,162
82.20 - 272.40	January 10, 2025 - November 30, 2026	2.05	148,007	118,771
385.20 - 996.00	August 28, 2024 - November 13, 2024	1.73	73,195	73,195
1,008.00 - 1,563.60	April 4, 2024 - March 13, 2026	0.15	4,083	4,083
			1,186,824	339,211

Weighted Average Assumptions for Stock Options

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

	Year ended March 31, 2024			Nine months ended March 31
	2024			2023
Risk-free annual interest rate (1)	4.34		%	3.70		%
Expected annual dividend yield	—		%	—		%
Expected stock price volatility (2)	85.06		%	86.86		%
Expected life of options (years) (3)	2.67			2.54
Forfeiture rate	19.63		%	20.65		%
Weighted Average Value	$	4.11		$	9.90

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

(2)Volatility was estimated by using the average historical volatilities of the Company and certain competitors.

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

Summary of Other Equity Instruments Outstanding

A summary of the RSUs outstanding are as follows:

	RSUs	Weighted Average Issue Price of RSUs(1)
	#	$
Balance, June 30, 2022	110,056	107.53
Issued	603,245	18.70
Vested	(32,689)	142.47
Expired	(1,410)	47.67
Forfeited	(17,753)	273.38
Balance, March 31, 2023	661,449	26.14
Issued	378,900	7.50
Vested	(158,248)	34.86
Expired	(27)	21.99
Forfeited	(84,385)	126.10
Balance, March 31, 2024	797,689	15.99

(1)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the RSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
5.17 - 33.20	May 25, 2025 - March 4, 2027	767,204	48,304
46.50 - 85.00	May 18, 2024 - March 24, 2025	30,485	14,637
		797,689	62,941

	DSUs	Weighted Average Issue Price of DSUs(1)
	#	$
Balance, June 30, 2022	21,397	77.06
Issued	69,648	13.64
Vested	—	—
Expired	—	—
Forfeited	—	—
Balance, March 31, 2023	91,045	28.54
Issued	225,292	20.43
Vested	(21,397)	16.74
Forfeited	(17,734)	21.87
Balance, March 31, 2024	277,206	24.03

(1)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the DSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
4.43 - 85.00	N/A	273,935	273,935
100.90 - 217.20	N/A	2,956	2,956
901.20 - 1,131.60	N/A	315	315
		277,206	277,206

A summary of the PSUs outstanding is as follows:

	PSUs(2)	Weighted Average Issue Price of PSUs(2)
	#	$
Balance, June 30, 2022	69,437	87.99
Issued (1)	173,475	18.78
Vested	(363)	21.62
Forfeited	(11,725)	54.43
Balance, March 31, 2023	230,824	37.74
Issued (1)	522,907	7.60
Vested	(26)	18.70
Expired	(24,080)	101.57
Forfeited	(28,745)	34.71
Balance, March 31, 2024	700,880	13.18

(1)Includes PSUs issued under cash settlement plan Note 19(e).

(2)As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

The following table summarizes the PSUs that are outstanding as at March 31, 2024:

Weighted Average Issue Price ($)	Expiry Date	Outstanding (#)	Vested (#)
7.60 - 135.90	September 10, 2023 - June 23, 2026	700,880	2

Weighted Average Assumptions for Other Equity Instruments

PSUs granted during the respective periods highlighted below were fair valued based on the following weighted average assumptions:

	Year ended March 31, 2024		Nine months ended March 31
	2024		2023
Risk-free annual interest rate (1)	4.76	%	3.99	%
Dividend yield	—	%	—	%
Expected stock price volatility (2)	90.65	%	94.04	%
Expected stock price volatility of peer group (2)	91.51	%	86.71	%
Expected life of options (years) (3)	3.00		3.00
Forfeiture rate	12.45	%	16.98	%
Equity correlation against peer group (4)	39.14	%	49.74	%

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

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

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

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

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Loss Per Share (Tables)

12 Months Ended

Mar. 31, 2024

Earnings per share [abstract]

Reconciliation of Basic and Diluted Loss Per Share

The following is a reconciliation of basic and diluted loss per share:

Basic and diluted loss per share

	Year ended March 31	Nine months ended March 31
	2024	2023
Net loss from continuing operations attributable to Aurora shareholders	($55,301)	($175,930)
Net loss from discontinued operations attributable to Aurora shareholders	($10,281)	($21,910)
Net loss attributable to Aurora shareholders	($65,582)	($197,840)
Weighted average number of Common Shares outstanding(1)	43,223,233	32,273,516
Basic loss per share, continuing operations	($1.28)	($5.45)
Basic loss per share, discontinued operations	($0.24)	($0.68)
Basic loss per share	($1.52)	($6.13)

(1) As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

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Other Gains (Losses) (Tables)

12 Months Ended

Mar. 31, 2024

Analysis of income and expense [abstract]

Disclosure of Other Gains (Losses)

		Year ended March 31	Nine months ended March 31
	Note	2024	2023
		$	$
Unrealized gain (loss) on derivative assets		2,540	(15,797)
Unrealized gain on derivative liability	18(c)	9,158	27,663
Gain (loss) on disposal of assets held for sale and property, plant and equipment	10, 11(a)	1,158	(914)
Gain on contingent consideration	28	9,760	5,238
Contract termination fee	25(b)	—	(2,750)
Government grant income (expense)	5	12,547	—
Provisions		1,501	(4,145)
Realized loss on repurchase of convertible debt	15	(9,244)	(10,874)
Other gains		1,669	(3,363)
Total other gains (losses)		29,089	(4,942)

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Supplemental Cash Flow Information (Tables)

12 Months Ended

Mar. 31, 2024

Statement of cash flows, additional disclosures [Abstract]

Changes in Non-Cash Working Capital

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

	Years ended March 31,		Nine months ended March 31
	2024		2023
	$		$
Accounts receivable	(4,333)		2,966
Biological assets	(46,450)		(50,950)
Inventory	50,065		49,509
Prepaid and other current assets	(548)		(16,655)
Accounts payable and accrued liabilities	(15,699)		(8,080)
Income taxes payable	1,230		98
Deferred revenue	133		(467)
Provisions	—		(1,281)
Deposits	$	—	16
Other current liabilities	(25)		8
Changes in non-cash working capital	(15,627)		(24,836)

Supplementary Cash Flow Information

Additional supplementary cash flow information is as follows:

	Years ended March 31,	Nine months ended March 31
	2024	2023
	$	$
Property, plant and equipment in accounts payable	(255)	(193)
Right-of-use asset additions	—	555
Amortization of prepaids	14,416	19,901
Interest paid	11,700	16,933
Interest received	(3,610)	(1,949)

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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2024

Income taxes [Abstract]

Reconciliation of Net Tax Provision

The net tax provision differs from that expected by applying the combined federal and provincial tax rates of 27.0% (March 31, 2023 – 27.0%) to loss before income tax for the following items:

	March 31, 2024		March 31, 2023
	$		$
Loss before tax	(59,599)		(220,376)
Combined federal and provincial rate	27.0	%	27.0	%
Expected tax recovery	(16,092)		(59,502)
Change in estimates from prior year	34		(23)
Foreign exchange	368		(2,637)
Non-deductible expenses	3,170		5,715
Non-deductible (non-taxable) portion of capital items	(2,441)		(7,469)
Goodwill and other impairment items	1,674		612
Tax impact on divestitures	953		3,076
Difference in statutory tax rate	1,070		6,655
Effect of change in tax rates	(5,277)		(99)
Changes in deferred tax benefits not recognized	15,987		38,488
Income tax expense (recovery)	(554)		(15,184)

Deferred Tax Assets (Liabilities) and Temporary Differences

Movements in deferred tax assets (liabilities) at March 31, 2024 and March 31, 2023 are comprised of the following:

	Balance, March 31, 2023	Recovered through (charged to) earnings	Recovered through (charged to) other comprehensive income	Recovered through (charged to) equity	Balance, March 31, 2024
	$	$	$	$	$
Deferred tax assets
Non-capital losses	31,903	(6,842)	(43)	(1,278)	23,740
Capital losses	142	(86)	—	—	56
Finance costs	118	(54)	—	—	64
Investment tax credit	1,282	(1,282)	—	—	—
Derivatives	26	(26)	—	—	—
Leases	6,529	(287)	(4)	—	6,238
Others	1	(122)	12	—	(109)
Total deferred tax assets	40,001	(8,699)	(35)	(1,278)	29,989
Deferred tax liabilities
Convertible debenture	(3,402)	3,402	—	—	—
Investment in associates	(12)	12	—	—	—
Intangible assets	(12,624)	4,826	56	—	(7,742)
Property, plant and equipment	(16,265)	3,893	(8)	—	(12,380)
Inventory	(5,218)	(491)	—	—	(5,709)
Biological assets	(2,070)	(2,793)	—	—	(4,863)
Others	(1,655)	1,513	—	—	(142)
Total deferred tax liabilities	(41,246)	10,362	48	—	(30,836)
Net deferred tax liabilities	(1,245)	1,663	13	(1,278)	(847)

	Balance, June 30, 2022	(Charged to) / recovered through earnings (restatement)	Recovered through (charged to) earnings	Recovered through (charged to) other comprehensive income	Recovered through (charged to) equity	Balance, March 31, 2023
	$	$	$	$	$	$
Deferred tax assets
Non-capital losses	24,691	839	5,924	965	(516)	31,903
Capital losses	—	—	142	—	—	142
Finance costs	10	133	(25)	—	—	118
Investment tax credit	1,282	—	—	—	—	1,282
Derivatives	26	—	—	—	—	26
Leases	8,718	—	(2,228)	39	—	6,529
Others	5,538	—	(5,537)	—	—	1
Total deferred tax assets	40,265	972	(1,724)	1,004	(516)	40,001
Deferred tax liabilities
Convertible debenture	(11,896)	—	8,494	—	—	(3,402)
Investment in associates	(8)	—	(4)	—	—	(12)
Intangible assets	(10,920)	(1,581)	449	(572)	—	(12,624)
Property, plant and equipment	(4,969)	(15,304)	4,427	(419)	—	(16,265)
Inventory	(11,648)	—	6,441	(11)	—	(5,218)
Biological assets	(3,686)	(407)	2,025	(2)	—	(2,070)
Others	—	49	(1,704)	—	—	(1,655)
Total deferred tax liabilities	(43,127)	(17,243)	20,128	(1,004)	—	(41,246)
Net deferred tax liabilities	(2,862)	(16,271)	18,404	—	(516)	(1,245)

Deferred tax assets (liabilities) as presented in the consolidated statements of financial position:

	March 31, 2024	March 31, 2023
	$	$
Deferred tax assets	15,343	15,500
Deferred tax liabilities	(16,190)	(16,745)
Net deferred tax liabilities	(847)	(1,245)

Deferred tax assets have not been recognized with respect to the following deductible temporary differences:

	March 31, 2024	March 31, 2023
	$	$
Non-capital losses carried forward	1,359,623	1,267,104
Investment in associates	—	1,240
Capital losses	203,843	186,093
Property, plant and equipment	555,376	581,993
Intangible assets	74,068	60,219
Goodwill	29,936	31,728
Marketable securities	22,210	25,075
Investment tax credits	6,696	6,696
Derivatives	11,254	22,164
Capital lease obligations	17,250	15,970
Other	29,143	56,776
	2,309,399	2,255,058

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Related Party Transactions (Tables)

12 Months Ended

Mar. 31, 2024

Related party [Abstract]

Compensation Expense for Key Management Personnel

Compensation expense for key management personnel was as follows:

	Year ended	Nine months ended
	March 31, 2024	March 31, 2023
	$	$
Short-term employment benefits (1)	10,440	5,454
Long-term employment benefits	41	31
Termination benefit	1,089	489
Directors’ fees	322	273
Share-based compensation (2)	10,218	8,886
Total management compensation (3)	22,110	15,133

(1)As of March 31, 2024, $1.8 million is payable or accrued for key management compensation (March 31, 2023 – $1.2 million).

(2)Share-based compensation represent the fair value of options granted and vested to key management personnel and directors of the Company under the Company’s share-based compensation plans (Note 19). Director DSUs are included in share-based compensation.

(3)As of March 31, 2024, there are 10 key management personnel (March 31, 2023 – 14).

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Revenue (Tables)

12 Months Ended

Mar. 31, 2024

Revenue from contracts with customers [Abstract]

Disaggregation of Revenue

Year ended March 31, 2024	Consumer	Medical	Other Cannabis(1)	Plant Propagation	Total
	$	$	$	$	$
Canada	46,958	103,068	2,403	12,792	165,221
Australia	—	31,679	—	—	31,679
Europe	—	40,767	—	—	40,767
U.S.	—	—	—	31,967	31,967
Other	—	647	—	—	647
Total net revenue	46,958	176,161	2,403	44,759	270,281
Nine months ended March 31, 2023	Consumer	Medical	Other Cannabis(1)	Plant Propagation	Total
	$	$	$	$	$
Canada	42,850	72,117	2,371	10,849	128,187
Australia	—	9,831	—	—	9,831
Europe	—	24,171	—	—	24,171
U.S.	—	—	—	9,833	9,833
Other	—	1,666	—	—	1,666
Total net revenue	42,850	107,785	2,371	20,682	173,688

(1) Includes core and non-core wholesale bulk cannabis.

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Segmented Information (Tables)

12 Months Ended

Mar. 31, 2024

Operating segments [Abstract]

Operating Segments

Operating Segments	Cannabis	Plant Propagation	Corporate (1)	Total
	$		$	$
Year ended March 31, 2024
Net revenue	225,522	44,759	—	270,281
Gross profit (loss) before fair value adjustments	74,340	3,261	12	77,613
Gross profit	126,353	5,095	12	131,460
Selling, general, and administrative expense	127,155	3,304	13,700	144,159
Loss before taxes	(30,401)	(1,210)	(27,988)	(59,599)
Nine months ended March 31, 2023
Net revenue	153,008	20,680	—	173,688
Gross profit (loss) before fair value adjustments	25,505	1,343	—	26,848
Gross profit	5,004	2,650	—	7,654
Selling, general and administrative expense	103,973	1,783	14,344	120,100
Loss before taxes	(156,249)	(2,918)	(39,245)	(198,412)

(1)Net (loss) income under the Corporate allocation includes fair value gains and losses from investments in marketable securities, derivatives and investment in associates. Corporate and administrative expenditures such as regulatory fees, share-based compensation and financing expenditures relating to debt issuances are also included under Corporate.

Geographical Segments

Geographical Segments	Canada	EU	Australia	Uruguay	Total
	$	$	$	$	$
Non-current assets
March 31, 2024	308,816	29,368	38,197	14,001	390,382
March 31, 2023	360,254	41,866	—	15,030	417,150

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Fair Value of Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2024

Fair value measurement [Abstract]

Valuation Methods

Accounting Policy Fair Value Hierarchy Financial instruments recorded at fair value are classified using a hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 - Inputs for the asset or liability that are not based on observable market data. The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine fair value of each financial instrument.
	Fair Value Method
Financial Instruments Measured at Fair Value
Marketable securities	Closing market price of common shares as of the measurement date (Level 1)
Derivatives	Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3)
Contingent consideration payable	Discounted cash flow model (Level 3)
Other long term liability	Discounted cash flow model (level 3)
Derivative liability	Closing market price of warrants (Level 1) or Kynex valuation model (Level 2)
Financial Instruments Measured at Amortized Cost
Cash and cash equivalents, restricted cash, accounts receivable, loans receivable	Carrying amount (approximates fair value due to short-term nature)
Accounts payable and accrued liabilities, other current and long-term liabilities	Carrying amount (approximates fair value due to short-term nature)
Lease receivable, convertible debentures, loans and borrowings, and lease liabilities.	Carrying value discounted at the effective interest rate approximates fair value

Financial Liabilities Measured at Fair Value

The following is a continuity schedule of contingent consideration payable:

	Thrive	Bevo	Total
	$	$	$
Balance, June 30, 2022	14,371	—	14,371
Additions	451	2,902	3,353
Unrealized loss from changes in fair value	(4,882)	(355)	(5,237)
Payments		—	—
Balance, March 31, 2023	9,940	2,547	12,487
Additions	275	—	275
Unrealized gain from changes in fair value	(10,215)	—	(10,215)
Realized gain from changes in fair value	—	459	459
Payments	—	(3,006)	(3,006)
Balance, March 31, 2024	—	—	—

The carrying values of the financial instruments at March 31, 2024 are summarized in the following table:

	Amortized cost	FVTPL	Total
	$	$	$
Financial Assets
Cash and cash equivalents	113,439	—	113,439
Restricted cash	65,782	—	65,782
Accounts receivable, excluding sales taxes and lease receivable	41,440	—	41,440
Marketable securities	—	4,036	4,036
Derivative assets	—	760	760
Loans receivable	—	—	—
Lease receivable	8,803	—	8,803
Financial Liabilities
Accounts payable and accrued liabilities	58,563	—	58,563
Lease liabilities	47,532	—	47,532
Derivative liabilities	—	2,309	2,309
Loans and borrowings	57,259	—	57,259

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

	Notes	Level 1	Level 2	Level 3	Total
		$	$	$	$
As at March 31, 2024
Marketable securities	7	4,036	—	—	4,036
Derivative assets		—	760	—	760
Other long term liability		591	—	45,519	46,110
Derivative liabilities	18(c), 19(e)	1,698	611	—	2,309
As at March 31, 2023
Derivative assets		—	7,114	135	7,249
Contingent consideration payable(1)		—	—	12,487	12,487
Other long term liability		409	—	47,638	48,047
Derivative liabilities	18(c), 19(e)	9,634	—	—	9,634

(1) The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration.

Financial Assets Measured at Fair Value

The carrying values of the financial instruments at March 31, 2024 are summarized in the following table:

	Amortized cost	FVTPL	Total
	$	$	$
Financial Assets
Cash and cash equivalents	113,439	—	113,439
Restricted cash	65,782	—	65,782
Accounts receivable, excluding sales taxes and lease receivable	41,440	—	41,440
Marketable securities	—	4,036	4,036
Derivative assets	—	760	760
Loans receivable	—	—	—
Lease receivable	8,803	—	8,803
Financial Liabilities
Accounts payable and accrued liabilities	58,563	—	58,563
Lease liabilities	47,532	—	47,532
Derivative liabilities	—	2,309	2,309
Loans and borrowings	57,259	—	57,259

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

	Notes	Level 1	Level 2	Level 3	Total
		$	$	$	$
As at March 31, 2024
Marketable securities	7	4,036	—	—	4,036
Derivative assets		—	760	—	760
Other long term liability		591	—	45,519	46,110
Derivative liabilities	18(c), 19(e)	1,698	611	—	2,309
As at March 31, 2023
Derivative assets		—	7,114	135	7,249
Contingent consideration payable(1)		—	—	12,487	12,487
Other long term liability		409	—	47,638	48,047
Derivative liabilities	18(c), 19(e)	9,634	—	—	9,634

(1) The Company’s contingent consideration payable is measured at fair value based on unobservable inputs and is considered a Level 3 financial instrument. The determination of the fair value of these liabilities is primarily driven by the Company’s expectations of the respective subsidiaries achieving certain milestones. The expected milestones were assigned probabilities and the expected related cash flows were discounted to derive the fair value of the contingent consideration.

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Financial Instruments Risk (Tables)

12 Months Ended

Mar. 31, 2024

Disclosure of nature and extent of risks arising from financial instruments [abstract]

Disclosure of Aging of Receivables

The Company’s aging of trade receivables, net was as follows:

	March 31, 2024	March 31, 2023
	$	$
0 – 60 days	33,239	28,355
61+ days	7,303	6,661
	40,542	35,016

Disclosure of Contractual Cash Flows from Lease Receivables

The Company’s undiscounted contractual cash flows from lease receivables is as follows:

		March 31, 2024
		$
Next 12 months		2,897
Over 1 year to 2 years		2,023
Over 2 years to 3 years		1,919
Over 3 years to 4 years		1,628
Over 4 years to 5 years		1,046
Thereafter		504
Total undiscounted lease payments receivable		10,017
Unearned finance income		(1,214)
Total lease receivable		8,803
Current	Note 4	(2,460)
Long-term		6,343

Disclosure of Accounts Payable and Accrued Liabilities

The composition of the Company’s accounts payable and accrued liabilities was as follows:

	March 31, 2024	March 31, 2023
	$	$
Trade payables	20,325	21,942
Accrued liabilities	20,097	33,608
Payroll liabilities	15,496	12,610
Excise tax payable	2,107	2,611
Income and sales tax payable	1,940	161
Other payables	145	486
	60,110	71,418

Disclosure of Gross Contractual Obligations

In addition to the commitments outlined in Note 25, the Company has the following undiscounted contractual obligations as at March 31, 2024, which are expected to be payable in the following respective periods:

	Total	≤1 year	Over 1 year - 3 years	Over 3 years - 5 years	> 5 years
	$	$	$	$	$
Accounts payable and accrued liabilities	58,563	58,563	—	—	—
Lease liabilities (2)	93,656	7,678	21,180	13,698	51,100
Loans and borrowings	57,259	52,361	4,898	—	—
Capital commitments(3)	3,217	3,217	—	—	—
	212,695	121,819	26,078	13,698	51,100

(1)Assumes the principal balance of the debentures outstanding at March 31, 2024 remains unconverted and includes the estimated interest payable until the maturity date.

(2)Includes interest payable until maturity date.

(3)Relates to remaining commitments that the Company has made to vendors for equipment purchases and capital projects pertaining to existing construction.

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Nature of Operations (Details)	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Bevo
Disclosure of subsidiaries [line items]
Proportion of ownership interest	50.10%	50.10%

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Material Accounting Policies and Judgments - Narrative (Details)	Feb. 20, 2024 shares	Feb. 19, 2024 shares
Accounting policies, accounting estimates and errors [Abstract]
Reverse stock split conversion ratio	0.1
Number of shares issued (in shares)	54,545,797	545,457,970
Number of shares outstanding (in shares)	54,545,797	545,457,970

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Material Accounting Policies and Judgments - Principal Subsidiaries (Details)	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Aurora Cannabis Enterprises Inc. (“ACE”)
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%
Aurora Deutschland GmbH (“Aurora Deutschland”)
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%
TerraFarma Inc.
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%
Whistler Medical Marijuana Corporation (“Whistler”)
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%
Bevo Agtech Inc. (“Bevo”)
Disclosure of subsidiaries [line items]
Percentage Ownership	50.10%	50.10%
CannaHealth Therapeutics Inc.
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%
ACB Captive Insurance Company Inc.
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%
Indica Industries Pty Ltd. (“MedReleaf Australia”)
Disclosure of subsidiaries [line items]
Percentage Ownership		100.00%

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Material Accounting Policies and Judgments - Revisions of Previously Issued Financial Statements (Details) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 20, 2024	Mar. 31, 2023 CAD ($) $ / shares		Mar. 31, 2024 CAD ($) $ / shares	Jun. 30, 2022 CAD ($)
Consolidated Statements of Financial Position
Deficit		$ (6,292,265)		$ (6,367,936)	$ (6,034,864)
Accounts payable and accrued liabilities		71,257		58,563
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
Cost of sales		146,840	[1]	192,668
Gross profit (loss) before fair value adjustments		26,848	[1]	77,613
Gross profit		7,654	[1]	131,460
Income before income taxes and discontinued operations		(198,412)	[1]	(59,599)
Net loss from continuing operations		(183,228)	[1]	(59,045)
Net loss from continuing operations attributable to Aurora shareholders		(175,930)	[1]	(55,301)
Comprehensive loss		$ (205,782)	[1]	$ (63,019)
Basic loss per share (in CAD per share) | $ / shares		$ (6.13)	[1]	$ (1.52)
Diluted loss per share (in CAD per share) | $ / shares		(6.13)	[1]	(1.52)
Basic loss per share, continuing operations (in CAD per share) | $ / shares		(5.45)	[1]	(1.28)
Diluted loss per share, continuing operations (in CAD per share) | $ / shares		(5.45)	[1]	(1.28)
Basic loss per share, discontinued operations (in CAD per share) | $ / shares		(0.68)	[1]	(0.24)
Diluted loss per share, discontinued operations (in CAD per share) | $ / shares		$ (0.68)	[1]	$ (0.24)
Reverse stock split conversion ratio	0.1
Consolidated Statements of Cash Flows
Net income (loss) from continuing operations		$ (183,228)	[1]	$ (59,045)
Changes in non-cash working capital		(24,836)	[2]	(15,627)
Net cash used in operating activities		(115,805)	[2]	$ (68,508)
Aggregate continuing and discontinued operations
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
Cost of sales		149,678
Gross profit (loss) before fair value adjustments		25,290
Gross profit		1,932
Income before income taxes and discontinued operations		(220,375)
Net loss from continuing operations		(205,138)
Net loss from continuing operations attributable to Aurora shareholders		(197,840)
Comprehensive loss		$ (205,782)
Basic loss per share (in CAD per share) | $ / shares		$ (6.13)
Diluted loss per share (in CAD per share) | $ / shares		(6.13)
Basic loss per share, continuing operations (in CAD per share) | $ / shares		(5.45)
Diluted loss per share, continuing operations (in CAD per share) | $ / shares		(5.45)
Basic loss per share, discontinued operations (in CAD per share) | $ / shares		(0.68)
Diluted loss per share, discontinued operations (in CAD per share) | $ / shares		$ (0.68)
Consolidated Statements of Cash Flows
Net income (loss) from continuing operations		$ (205,138)
Changes in non-cash working capital		(26,273)
Net cash used in operating activities		(115,821)
As previously reported
Consolidated Statements of Financial Position
Deficit		(6,296,833)			(6,038,275)
Accounts payable and accrued liabilities		75,825
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
Cost of sales		150,835
Gross profit (loss) before fair value adjustments		24,133
Gross profit		775
Income before income taxes and discontinued operations		(221,532)
Net loss from continuing operations		(206,295)
Net loss from continuing operations attributable to Aurora shareholders		(198,997)
Comprehensive loss		$ (206,939)
Basic loss per share (in CAD per share) | $ / shares		$ (6.17)
Diluted loss per share (in CAD per share) | $ / shares		(6.17)
Basic loss per share, continuing operations (in CAD per share) | $ / shares		(5.49)
Diluted loss per share, continuing operations (in CAD per share) | $ / shares		(5.49)
Basic loss per share, discontinued operations (in CAD per share) | $ / shares		(0.68)
Diluted loss per share, discontinued operations (in CAD per share) | $ / shares		$ (0.68)
Consolidated Statements of Cash Flows
Net income (loss) from continuing operations		$ (206,295)
Changes in non-cash working capital		(25,116)
Net cash used in operating activities		(115,821)
Adjustments
Consolidated Statements of Financial Position
Deficit		4,568			$ 3,411
Accounts payable and accrued liabilities		(4,568)
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
Cost of sales		(1,157)
Gross profit (loss) before fair value adjustments		1,157
Gross profit		1,157
Income before income taxes and discontinued operations		1,157
Net loss from continuing operations		1,157
Net loss from continuing operations attributable to Aurora shareholders		1,157
Comprehensive loss		$ 1,157
Basic loss per share (in CAD per share) | $ / shares		$ 0.04
Diluted loss per share (in CAD per share) | $ / shares		0.04
Basic loss per share, continuing operations (in CAD per share) | $ / shares		0.04
Diluted loss per share, continuing operations (in CAD per share) | $ / shares		0.04
Basic loss per share, discontinued operations (in CAD per share) | $ / shares		0
Diluted loss per share, discontinued operations (in CAD per share) | $ / shares		$ 0
Consolidated Statements of Cash Flows
Net income (loss) from continuing operations		$ 1,157
Changes in non-cash working capital		(1,157)
Net cash used in operating activities		$ 0

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

[2] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Provisions (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in other provisions [abstract]
Beginning balance	$ 5,410	$ 4,453
Remeasurement	1,353	1,153
Settlements	(2,310)
Ending balance	4,453	5,606
Restructuring
Reconciliation of changes in other provisions [abstract]
Beginning balance	997	0
Remeasurement	513	0
Settlements	(1,510)
Ending balance	0	0
Loan Loss Provision
Reconciliation of changes in other provisions [abstract]
Beginning balance	3,613	4,445
Remeasurement	832	1,153
Settlements	0
Ending balance	4,445	5,598
Other
Reconciliation of changes in other provisions [abstract]
Beginning balance	800	8
Remeasurement	8	0
Settlements	(800)
Ending balance	$ 8	$ 8

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Accounts Receivable (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables, net	$ 40,542	$ 35,016
Sales taxes receivable	1,511	1,214
Lease receivable	2,460	2,094
Government grant receivable	0	1,913
Other receivables	898	1,108
Trade and receivables	$ 45,411	$ 41,345

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Government Grant (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Government Grants [Line Items]
Government grant income	$ 0	$ 12,547
CEWS Program
Government Grants [Line Items]
Current government grants	12,400	0
Government grant income		12,400
Co-Generation Project, Aurora River Facility
Government Grants [Line Items]
Proceeds from government grant	$ 3,300	$ 0

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Marketable Securities - Hierarchy Level (Details) - Marketable securities - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	$ 1,331	$ 0
Additions		5,025
Disposals	(126)	(2,179)
Realized loss on changes in fair value	(77)
Unrealized loss on changes in fair value	(1,128)
Unrealized gain on changes in fair value		1,190
Ending balance	0	4,036
FVTOCI | Radient
Reconciliation of changes in fair value measurement, assets [abstract]
Unrealized loss on changes in fair value	(1,100)	0
FVTOCI | Level 1 | Radient
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	1,128	0
Disposals	0
Realized loss on changes in fair value	0
Unrealized loss on changes in fair value	(1,128)
Ending balance	0	0
FVTOCI | Level 1 | CTT Pharmaceutical Holdings
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	203	0
Disposals	(126)
Realized loss on changes in fair value	(77)
Unrealized loss on changes in fair value	0
Ending balance	0	0
FVTPL | High Tide
Reconciliation of changes in fair value measurement, assets [abstract]
Additions		5,000
Disposals		(2,200)
FVTPL | Level 1 | High Tide
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance		0
Additions		5,025
Disposals		(2,179)
Unrealized gain on changes in fair value		1,190
Ending balance	$ 0	$ 4,036

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Marketable Securities - Narrative (Details) - Marketable securities - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Unrealized loss on changes in fair value	$ 1,128
Investment, value of shares issued		$ 5,025
Investment, value of shares sold	$ 126	$ 2,179
FVTOCI | Radient
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Shares held (in shares)	37,643,431	37,643,431
Fair value	$ 0	$ 0
Unrealized loss on changes in fair value	$ 1,100	$ 0
FVTPL | High Tide
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Investment, shares issued (in shares)		2,491,496
Investment, value of shares issued		$ 5,000
Investment, shares sold (in shares)		996,538
Investment, value of shares sold		$ 2,200

XML

Derivatives and Convertible Debentures - Hierarchy Level (Details) - FVTPL - Derivatives and Convertible Debentures - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	$ 26,283	$ 7,249
Repayment	(3,238)	(8,051)
Adjustments		100
Unrealized gain (loss) on changes in fair value	(1,998)	1,462
Realized gain (loss) on changes in fair value	(14,478)
Foreign exchange	680
Ending balance	7,249	760
ACI
Reconciliation of changes in fair value measurement, assets [abstract]
Unrealized gain (loss) on changes in fair value	(1,400)	0
Level 2 | ACI
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	1,418	0
Repayment	0	0
Adjustments		0
Unrealized gain (loss) on changes in fair value	(1,418)	0
Realized gain (loss) on changes in fair value	0
Foreign exchange	0
Ending balance	0	0
Level 2 | High Tide
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	8,442	7,114
Repayment	(748)	(7,916)
Adjustments		100
Unrealized gain (loss) on changes in fair value	(580)	1,462
Realized gain (loss) on changes in fair value	0
Foreign exchange	0
Ending balance	7,114	760
Level 3 | Investee-B
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	13,961	135
Repayment	0	(135)
Adjustments		0
Unrealized gain (loss) on changes in fair value	0	0
Realized gain (loss) on changes in fair value	(14,506)
Foreign exchange	680
Ending balance	135	0
Level 3 | Investee-C
Reconciliation of changes in fair value measurement, assets [abstract]
Beginning balance	2,462	0
Repayment	(2,490)	0
Adjustments		0
Unrealized gain (loss) on changes in fair value	0	0
Realized gain (loss) on changes in fair value	28
Foreign exchange	0
Ending balance	$ 0	$ 0

XML

Derivatives and Convertible Debentures - Narrative (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions		9 Months Ended		12 Months Ended
	Oct. 31, 2022 CAD ($)	Mar. 31, 2023 CAD ($) year $ / shares	Mar. 31, 2023 USD ($)	Mar. 31, 2024 CAD ($) year day $ / shares shares	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) year day $ / shares shares	Mar. 31, 2023 USD ($) year	Nov. 01, 2022	Nov. 01, 2021	May 19, 2021 CAD ($)	Jul. 23, 2020 CAD ($) $ / shares
High Tide | July 2020 Debenture
Disclosure of detailed information about financial instruments [line items]
Debt restructuring agreement, royalty payment percentage									0.50%
Debt restructuring agreement, royalty payment, annual automatic percentage increase								0.50%
Marketable securities
Disclosure of detailed information about financial instruments [line items]
Unrealized gain (loss) on changes in fair value				$ 1,190
Investment, value of shares issued				$ 5,025
FVTPL | Restricted Back-In Right Warrants | ACI
Disclosure of detailed information about financial instruments [line items]
Number of warrants held (in shares) | shares				22,628,751		22,628,751
Exercise price of warrants (in CAD per share) | $ / shares				$ 0.20
Warrants received as a percentage of common shares issued and outstanding				20.00%		20.00%
Number of trading dates for volume weighted average trading price | day				5		5
Fair value		$ 0		$ 0
FVTPL | Convertible Debentures | Investee-B
Disclosure of detailed information about financial instruments [line items]
Fair value		0		0
Unrealized gain (loss) on changes in fair value		0		0
Notional amount		13,500		$ 13,500		$ 10.0	$ 10.0
Interest rate				1.50%		1.50%
Convertible debenture convertible into units, price (per share) | $ / shares						$ 4.9585
Investor rights agreement, milestone options, nomination of a director, required entity ownership percentage				10.00%		10.00%
Payment forgiveness		6,750	$ 5.0
Consideration received for amendments				$ 300	$ 0.2
Credit losses recognized				14,400	$ 10.6
FVTPL | Convertible Debentures | High Tide | July 2020 Debenture
Disclosure of detailed information about financial instruments [line items]
Fair value		7,100		800
Unrealized gain (loss) on changes in fair value		(1,500)		1,500
Notional amount											$ 10,000
Convertible debenture convertible into units, price (per share) | $ / shares											$ 0.425
Proportion of ownership interest in investment, percentage restriction											25.00%
Settlement agreement amount for convertible debenture including interest				10,800
Proceeds from settlement of convertible debenture				2,800
Settlement of liabilities				1,900
Repayment		$ 500		$ 7,900
Share price (in CAD per share) | $ / shares		$ 0.12		$ 0.18
FVTPL | Convertible Debentures | High Tide | July 2020 Debenture | Credit spread
Disclosure of detailed information about financial instruments [line items]
Significant unobservable input, assets		0.125		0.1217		0.1217	0.125
FVTPL | Convertible Debentures | High Tide | July 2020 Debenture | Dividend yield
Disclosure of detailed information about financial instruments [line items]
Significant unobservable input, assets		0		0		0	0
FVTPL | Convertible Debentures | High Tide | July 2020 Debenture | Historical volatility for shares
Disclosure of detailed information about financial instruments [line items]
Significant unobservable input, assets		0.69		0.630		0.630	0.69
FVTPL | Convertible Debentures | High Tide | July 2020 Debenture | Expected life (years)
Disclosure of detailed information about financial instruments [line items]
Significant unobservable input, assets | year		1.76		0.76		0.76	1.76
FVTPL | Convertible Debentures | Investee-C
Disclosure of detailed information about financial instruments [line items]
Notional amount										$ 2,500
Interest rate										8.00%
Repayment	$ 2,500
Percentage discount on average daily VWAP of common shares										0.15
FVTPL | Marketable securities | High Tide
Disclosure of detailed information about financial instruments [line items]
Investment, value of shares issued				$ 5,000

XML

Biological Assets - Breakdown of Biological Assets (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022
Disclosure of information about agricultural produce [line items]
Biological assets	$ 42,774	$ 22,690	$ 23,827
Indoor cannabis production facilities
Disclosure of information about agricultural produce [line items]
Biological assets	21,522	8,428
Plant propagation production facilities
Disclosure of information about agricultural produce [line items]
Biological assets	$ 21,252	$ 14,262

XML

Biological Assets - Changes in Carrying Value of Biological Assets (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in biological assets [abstract]
Balance, beginning of period	$ 23,827	$ 22,690
Production costs capitalized	71,326	85,766
Biological assets acquired through business combinations (Note 12)	4,470	0
Sale of biological assets	(18,645)	(39,218)
Impairment related to discontinued operations	0	(1,126)
Foreign currency translation	(234)	(3)
Changes in fair value less cost to sell due to biological transformation	34,129	134,588
Transferred to inventory upon harvest	(92,183)	(159,923)
Balance, end of period	$ 22,690	$ 42,774

XML

Biological Assets - Narrative (Details) g in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($) $ / plant g $ / g	Mar. 31, 2024 CAD ($) g $ / g $ / plant
Disclosure of information about agricultural produce [line items]
Biological assets expensed to cost of goods sold | $	$ 18.1	$ 39.2
Fair value adjustments on biological assets sold | $	$ 3.5	$ 8.1
Plant propagation production facilities
Disclosure of information about agricultural produce [line items]
Weighted average fair value less cost to complete and cost to sell (in CAD per plant) | $ / plant	2.35	2.87
Indoor cannabis production facilities
Disclosure of information about agricultural produce [line items]
Weighted average fair value less cost to complete and cost to sell (in CAD per plant) | $ / g	2.43	3.76
Dried cannabis
Disclosure of information about agricultural produce [line items]
Biological assets produced (in grams) | g	40,707	44,096
Outdoor cannabis production facilities
Disclosure of information about agricultural produce [line items]
Biological assets produced (in grams) | g	16,314	14,683

XML

Biological Assets - Sensitivities and Impact of Changes in Significant Assumptions on the Fair Value of Biological Assets (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($) $ / g g $ / plant	Mar. 31, 2024 CAD ($) $ / g $ / plant g
Indoor cannabis production facilities | Average selling price
Disclosure of nature and extent of risks arising from financial instruments [line items]
Significant unobservable input, assets | $ / g	4.42	4.88
Amount of reasonably possible increase in unobservable input | $ / g	1.00	1.00
Amount of reasonably possible decrease in unobservable input | $ / g	1.00	1.00
Increase (decrease) in fair value due to reasonably possible increase in unobservable input	$ 3,360	$ 5,490
Increase (decrease) in fair value due to reasonably possible decrease in unobservable input	$ (3,360)	$ (5,490)
Indoor cannabis production facilities | Weighted average yield (grams per plant)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Significant unobservable input, assets | g	38.80	68.61
Amount of reasonably possible increase in unobservable input | g	5	5
Amount of reasonably possible decrease in unobservable input | g	5	5
Increase (decrease) in fair value due to reasonably possible increase in unobservable input	$ 1,438	$ 1,538
Increase (decrease) in fair value due to reasonably possible decrease in unobservable input	$ (1,438)	$ (1,538)
Indoor cannabis production facilities | Weighted average effective yield
Disclosure of nature and extent of risks arising from financial instruments [line items]
Significant unobservable input, assets	0.91	1
Percentage of reasonably possible increase in unobservable input	5.00%	5.00%
Percentage of reasonably possible decrease in unobservable input	5.00%	5.00%
Increase (decrease) in fair value due to reasonably possible increase in unobservable input	$ 395	$ 1,057
Increase (decrease) in fair value due to reasonably possible decrease in unobservable input	$ (395)	$ (1,057)
Indoor cannabis production facilities | Cost per gram to complete production
Disclosure of nature and extent of risks arising from financial instruments [line items]
Significant unobservable input, assets | $ / g	1.65	0.99
Amount of reasonably possible increase in unobservable input | $ / g	1.00	1.00
Amount of reasonably possible decrease in unobservable input | $ / g	1.00	1.00
Increase (decrease) in fair value due to reasonably possible increase in unobservable input	$ (3,427)	$ (5,619)
Increase (decrease) in fair value due to reasonably possible decrease in unobservable input	$ 3,427	$ 5,619
Plant propagation production facilities | Average selling price
Disclosure of nature and extent of risks arising from financial instruments [line items]
Significant unobservable input, assets | $ / plant	7.58	7.77
Percentage of reasonably possible increase in unobservable input	10.00%	10.00%
Percentage of reasonably possible decrease in unobservable input	10.00%	10.00%
Increase (decrease) in fair value due to reasonably possible increase in unobservable input	$ 1,682	$ 2,360
Increase (decrease) in fair value due to reasonably possible decrease in unobservable input	$ (1,682)	$ (2,360)
Plant propagation production facilities | Average stage of completion in the production process
Disclosure of nature and extent of risks arising from financial instruments [line items]
Significant unobservable input, assets	0.56	0.59
Percentage of reasonably possible increase in unobservable input	10.00%	10.00%
Percentage of reasonably possible decrease in unobservable input	10.00%	10.00%
Increase (decrease) in fair value due to reasonably possible increase in unobservable input	$ 2,295	$ 3,464
Increase (decrease) in fair value due to reasonably possible decrease in unobservable input	$ (2,295)	$ (3,464)

XML

Inventory (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of fair value measurement of assets [line items]
Supplies and consumables	$ 14,987	$ 19,923
Merchandise and accessories	2,025	1,556
Inventory	143,602	106,132
Harvested cannabis
Disclosure of fair value measurement of assets [line items]
Work-in-process	58,496	45,692
Finished goods	45,653	15,295
Inventory	104,149	60,987
Extracted cannabis
Disclosure of fair value measurement of assets [line items]
Work-in-process	13,102	14,319
Finished goods	9,339	9,347
Inventory	22,441	23,666
Capitalized cost
Disclosure of fair value measurement of assets [line items]
Supplies and consumables	14,987	19,923
Merchandise and accessories	2,025	1,556
Inventory	95,283	86,285
Capitalized cost | Harvested cannabis
Disclosure of fair value measurement of assets [line items]
Work-in-process	25,977	30,936
Finished goods	34,871	13,518
Inventory	60,848	44,454
Capitalized cost | Extracted cannabis
Disclosure of fair value measurement of assets [line items]
Work-in-process	8,674	11,566
Finished goods	8,749	8,786
Inventory	17,423	20,352
Fair value adjustment
Disclosure of fair value measurement of assets [line items]
Supplies and consumables	0	0
Merchandise and accessories	0	0
Inventory	48,319	19,847
Fair value adjustment | Harvested cannabis
Disclosure of fair value measurement of assets [line items]
Work-in-process	32,519	14,756
Finished goods	10,782	1,777
Inventory	43,301	16,533
Fair value adjustment | Extracted cannabis
Disclosure of fair value measurement of assets [line items]
Work-in-process	4,428	2,753
Finished goods	590	561
Inventory	$ 5,018	$ 3,314

XML

Inventory - Narrative (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of attribution of expenses by nature to their function [line items]
Inventory expensed to cost of goods sold	$ 186.4	$ 234.2
Non-cash expense related to changes in fair value of inventory sold	54.2	72.7
Inventory write-down	93.4	73.4
Cost of sales
Disclosure of attribution of expenses by nature to their function [line items]
Inventory write-down	45.6	28.5
Changes in fair value of inventory sold
Disclosure of attribution of expenses by nature to their function [line items]
Inventory write-down	$ 47.8	$ 44.9

XML

Property, Plant and Equipment - Accounting Policy (Details)	12 Months Ended
	Mar. 31, 2024
Computer software & equipment | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	3 years
Computer software & equipment | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	5 years
Production & other equipment | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	5 years
Production & other equipment | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	10 years
Furniture & fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	5 years
Buildings | Bottom of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	10 years
Buildings | Top of range
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life	30 years

XML

Property, Plant and Equipment - Carrying Values of Property, Plant and Equipment (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	$ 263,590	$ 288,866
Right-of-use leased assets	30,734	34,103
Property, plant and equipment	294,324	322,969	$ 233,465
Land
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	43,914	50,257
Right-of-use leased assets	12,289	12,545
Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	143,867	151,623
Right-of-use leased assets	18,100	20,953
Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	25,685	25,618
Computer software & equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	1,198	1,723
Furniture & fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	1,456	1,796
Production & other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	47,470	57,849
Right-of-use leased assets	345	605
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	505,571	514,700
Right-of-use leased assets	56,432	56,991
Property, plant and equipment	562,003	571,691
Cost | Land
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	43,914	52,077
Right-of-use leased assets	13,890	14,859
Cost | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	242,052	239,353
Right-of-use leased assets	37,252	36,789
Cost | Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	26,330	37,563
Cost | Computer software & equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	31,333	31,313
Cost | Furniture & fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	7,900	7,434
Cost | Production & other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	154,042	146,960
Right-of-use leased assets	5,290	5,343
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(240,834)	(206,479)
Right-of-use leased assets	(23,186)	(21,919)
Property, plant and equipment	(264,020)	(228,398)
Accumulated depreciation | Land
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	0	0
Right-of-use leased assets	(1,601)	(1,345)
Accumulated depreciation | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(97,885)	(83,888)
Right-of-use leased assets	(16,640)	(15,836)
Accumulated depreciation | Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	0	0
Accumulated depreciation | Computer software & equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(30,135)	(29,570)
Accumulated depreciation | Furniture & fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(6,444)	(5,596)
Accumulated depreciation | Production & other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(106,370)	(87,425)
Right-of-use leased assets	(4,945)	(4,738)
Impairment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(1,147)	(19,355)
Right-of-use leased assets	(2,512)	(969)
Property, plant and equipment	(3,659)	(20,324)
Impairment | Land
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	0	(1,820)
Right-of-use leased assets	0	(969)
Impairment | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(300)	(3,842)
Right-of-use leased assets	(2,512)	0
Impairment | Construction in progress
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(645)	(11,945)
Impairment | Computer software & equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	0	(20)
Impairment | Furniture & fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	0	(42)
Impairment | Production & other equipment
Disclosure of detailed information about property, plant and equipment [line items]
Owned assets	(202)	(1,686)
Right-of-use leased assets	$ 0	$ 0

XML

Property, Plant and Equipment - Changes in the Net Book Values of Property, Plant and Equipment (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	$ 233,465	$ 322,969
Additions	9,126	20,472
Additions from business combinations	92,887	1,795
Disposals	(8,789)	(6,041)
Other	46,533	(8,005)
Depreciation	(31,987)	(34,177)
Impairment	(20,324)	(3,659)
Foreign currency translation	2,058	970
Ending balance	322,969	294,324
Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	201,327	288,866
Additions	8,571	15,153
Additions from business combinations	92,887	1,497
Disposals	(2,025)	(3,618)
Other	33,662	(7,617)
Depreciation	(28,046)	(30,547)
Impairment	(19,355)	(1,147)
Foreign currency translation	1,845	1,003
Ending balance	288,866	263,590
Right-of-use leased assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	32,138	34,103
Additions	555	5,319
Additions from business combinations	0	298
Disposals	(6,764)	(2,423)
Other	12,871	(388)
Depreciation	(3,941)	(3,630)
Impairment	(969)	(2,512)
Foreign currency translation	213	(33)
Ending balance	34,103	30,734
Land | Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	13,127	50,257
Additions	0	0
Additions from business combinations	21,770	1,497
Disposals	0	0
Other	16,609	(7,779)
Depreciation	0	0
Impairment	(1,820)	0
Foreign currency translation	571	(61)
Ending balance	50,257	43,914
Land | Right-of-use leased assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	6,251	12,545
Additions	0	0
Additions from business combinations	0	0
Disposals	(29)	0
Other	7,580	0
Depreciation	(291)	(255)
Impairment	(969)	0
Foreign currency translation	3	(1)
Ending balance	12,545	12,289
Buildings | Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	96,804	151,623
Additions	840	1,168
Additions from business combinations	52,350	0
Disposals	0	(212)
Other	15,467	3,435
Depreciation	(9,774)	(12,397)
Impairment	(3,842)	(300)
Foreign currency translation	(222)	550
Ending balance	151,623	143,867
Buildings | Right-of-use leased assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	25,044	20,953
Additions	57	5,232
Additions from business combinations	0	298
Disposals	(6,553)	(2,355)
Other	5,363	(388)
Depreciation	(3,155)	(3,098)
Impairment	0	(2,512)
Foreign currency translation	197	(30)
Ending balance	20,953	18,100
Construction in progress | Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	25,092	25,618
Additions	5,322	10,239
Additions from business combinations	1,134	0
Disposals	(36)	(2,137)
Other	5,135	(7,760)
Depreciation	0	(145)
Impairment	(11,945)	(645)
Foreign currency translation	916	515
Ending balance	25,618	25,685
Computer software & equipment | Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	3,161	1,723
Additions	710	313
Additions from business combinations	0	0
Disposals	0	(26)
Other	(867)	(12)
Depreciation	(1,284)	(797)
Impairment	(20)	0
Foreign currency translation	23	(3)
Ending balance	1,723	1,198
Furniture & fixtures | Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	2,681	1,796
Additions	37	407
Additions from business combinations	0	0
Disposals	0	(11)
Other	(874)	159
Depreciation	(46)	(883)
Impairment	(42)	0
Foreign currency translation	40	(12)
Ending balance	1,796	1,456
Production & other equipment | Owned assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	60,462	57,849
Additions	1,662	3,026
Additions from business combinations	17,633	0
Disposals	(1,989)	(1,232)
Other	(1,808)	4,340
Depreciation	(16,942)	(16,325)
Impairment	(1,686)	(202)
Foreign currency translation	517	14
Ending balance	57,849	47,470
Production & other equipment | Right-of-use leased assets
Reconciliation of changes in property, plant and equipment [abstract]
Beginning balance	843	605
Additions	498	87
Additions from business combinations	0	0
Disposals	(182)	(68)
Other	(72)	0
Depreciation	(495)	(277)
Impairment	0	0
Foreign currency translation	13	(2)
Ending balance	$ 605	$ 345

XML

Property, Plant and Equipment - Narrative (Details) - CAD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Jul. 21, 2023	Mar. 31, 2023	Mar. 31, 2024	Jun. 30, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation		$ 31,600	$ 34,200
Depreciation expense recognized in cost of goods sold		14,500	20,100
Change in ownership interests in net assets		0
Impairment of property, plant and equipment		20,324	3,659
Non-current assets or disposal groups classified as held for sale		638	1,399	$ 61,495
Canadian Cannabis
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		1,800
Canadian Cannabis CGU
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment			2,800
Owned assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		19,355	1,147
Right-of-use leased assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		969	2,512
Aurora Sun
Disclosure of detailed information about property, plant and equipment [line items]
Non-current assets or disposal groups classified as held for sale		0	0	$ 34,404
Certain Assets Transferred to Held for Sale
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment			1,400
Aurora Sun Facility
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		5,300
Transfer from held for sale to property, plant, and equipment		29,100
Aurora Nordic Facility | Owned assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		2,900
FVLCD		0
Aurora Nordic Facility | Right-of-use leased assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		1,000
Netherlands Growery Facility
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		4,300
FVLCD		6,500
Netherlands Research and Development Facility
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		2,500
FVLCD		2,300
Individually Immaterial Assets
Disclosure of detailed information about property, plant and equipment [line items]
Impairment of property, plant and equipment		2,500
FVLCD		0
Bevo
Disclosure of detailed information about property, plant and equipment [line items]
Change in ownership interests in net assets	$ 12,200	$ 11,923	12,208
Bevo
Disclosure of detailed information about property, plant and equipment [line items]
Maximum consideration receivable	15,000		$ 25,000
Maximum consideration receivable for achieving additional milestones	$ 1,000

XML

Assets Held for Sale and Discontinued Operations - Assets Held For Sale (Details) $ in Thousands, € in Millions			9 Months Ended	12 Months Ended
	Nov. 03, 2023 CAD ($)	Nov. 03, 2023 EUR (€)	Mar. 31, 2023 CAD ($)	Mar. 31, 2024 CAD ($)
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			$ 61,495	$ 638
Transfer (to) from property, plant, and equipment			(34,404)	10,918
Impairment			(1,925)	(585)
Transfer from liabilities held for sale			(3,977)
Foreign exchange				(1)
Proceeds from disposal			(20,253)	(11,203)
Gain (loss) on disposal			(298)	1,632
Ending balance			638	1,399
Whistler Alpha Lake
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			638	638
Transfer (to) from property, plant, and equipment			0	0
Impairment			0	0
Transfer from liabilities held for sale			0
Foreign exchange				0
Proceeds from disposal			0	(2,270)
Gain (loss) on disposal			0	1,632
Ending balance			638	0
European R&D Facility & Land
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			0	0
Transfer (to) from property, plant, and equipment			0	8,919
Impairment	$ (600)	€ (0.4)	0	(585)
Transfer from liabilities held for sale			0
Foreign exchange				(1)
Proceeds from disposal	$ (8,300)	€ (5.8)	0	(8,333)
Gain (loss) on disposal			0	0
Ending balance			0	0
Colombia Property
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			1,925	0
Transfer (to) from property, plant, and equipment			0	0
Impairment			(1,925)	0
Transfer from liabilities held for sale			0
Foreign exchange				0
Proceeds from disposal			0	0
Gain (loss) on disposal			0	0
Ending balance			0	0
Aurora Sun
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			34,404	0
Transfer (to) from property, plant, and equipment			(34,404)	0
Impairment			0	0
Transfer from liabilities held for sale			0
Foreign exchange				0
Proceeds from disposal			0	0
Gain (loss) on disposal			0	0
Ending balance			0	0
Valley
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			5,850	0
Transfer (to) from property, plant, and equipment			0	0
Impairment			0	0
Transfer from liabilities held for sale			0
Foreign exchange				0
Proceeds from disposal			(5,573)	0
Gain (loss) on disposal			(277)	0
Ending balance			0	0
Polaris
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			18,678	0
Transfer (to) from property, plant, and equipment			0	0
Impairment			0	0
Transfer from liabilities held for sale			(3,977)
Foreign exchange				0
Proceeds from disposal			(14,680)	0
Gain (loss) on disposal			(21)	0
Ending balance			0	0
Equipment
Disclosure Of Non-current Assets Held For Sale [Line Items]
Beginning balance			0	0
Transfer (to) from property, plant, and equipment			0	1,999
Impairment			0	0
Transfer from liabilities held for sale			0
Foreign exchange				0
Proceeds from disposal			0	(600)
Gain (loss) on disposal			0	0
Ending balance			$ 0	$ 1,399

XML

Assets Held for Sale and Discontinued Operations - Narrative (Details) $ in Thousands, € in Millions			9 Months Ended	12 Months Ended
	Nov. 03, 2023 CAD ($)	Nov. 03, 2023 EUR (€)	Mar. 31, 2023 CAD ($)	Mar. 31, 2024 CAD ($)
Disclosure of analysis of single amount of discontinued operations [line items]
Proceeds from disposal			$ 20,253	$ 11,203
Gain (loss) on disposal			(298)	1,632
Transfer from property, plant, and equipment			(34,404)	10,918
Impairment loss			1,925	585
Whistler Alpha Lake
Disclosure of analysis of single amount of discontinued operations [line items]
Proceeds from disposal			0	2,270
Gain (loss) on disposal			0	1,632
Transfer from property, plant, and equipment			0	0
Impairment loss			0	0
European R&D Facility & Land
Disclosure of analysis of single amount of discontinued operations [line items]
Proceeds from disposal	$ 8,300	€ 5.8	0	8,333
Gain (loss) on disposal			0	0
Transfer from property, plant, and equipment			0	8,919
Impairment loss	$ 600	€ 0.4	0	585
Colombia Property
Disclosure of analysis of single amount of discontinued operations [line items]
Proceeds from disposal			0	0
Gain (loss) on disposal			0	0
Transfer from property, plant, and equipment			0	0
Impairment loss			1,925	0
Valley
Disclosure of analysis of single amount of discontinued operations [line items]
Proceeds from disposal			5,573	0
Gain (loss) on disposal			(277)	0
Transfer from property, plant, and equipment			0	0
Impairment loss			0	0
Polaris
Disclosure of analysis of single amount of discontinued operations [line items]
Proceeds from disposal			14,680	0
Gain (loss) on disposal			(21)	0
Transfer from property, plant, and equipment			0	0
Impairment loss			$ 0	$ 0

XML

Assets Held for Sale and Discontinued Operations - Discontinued Operations (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Disclosure of analysis of single amount of discontinued operations [line items]
Revenue	$ 195,305	[1]	$ 299,824
Cost of sales	146,840	[1]	192,668
Changes in fair value of inventory and biological assets sold	57,671	[1]	80,741
Unrealized gain on changes in fair value of biological assets	(38,477)	[1]	(134,588)
General and administration expenses	81,416	[1]	92,222
Sales and marketing	38,684	[1]	51,937
Acquisition costs	5,608	[1]	5,326
Research and development	3,780	[1]	3,572
Depreciation	31,600		34,200
Finance costs	29,535	[1]	14,186
Foreign exchange	(7,773)	[1]	436
Impairment of property, plant and equipment	14,069	[1]	4,244
Other losses (gains)	4,942	[1]	(29,089)
Current tax	3,167	[1]	1,109
Deferred tax	(18,351)	[1]	(1,663)
Loss on disposal of discontinued operations	0		2,411
Net expenses from discontinued operations	23,190		10,706
Net loss from discontinued operations, net of tax	(21,910)	[1]	(10,281)
Discontinued operations
Disclosure of analysis of single amount of discontinued operations [line items]
Revenue	1,280		425
Cost of sales	2,838		6,205
Changes in fair value of inventory and biological assets sold	(184)		5,449
Unrealized gain on changes in fair value of biological assets	4,348		(4,411)
General and administration expenses	1,748		1,887
Sales and marketing	791		502
Acquisition costs	30		0
Research and development	1,141		301
Depreciation			(350)
Depreciation	405
Interest expense	0		193
Finance costs	61		(523)
Foreign exchange	1,798		55
Impairment of property, plant and equipment	8,180		85
Impairment of goodwill	1,920		0
Other losses (gains)	167		(1,191)
Current tax	0		93
Deferred tax	$ (53)		$ 0

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

XML

Business Combinations - Narrative (Details) $ in Thousands, $ in Millions				9 Months Ended		12 Months Ended
	Feb. 07, 2024 CAD ($) shares	Feb. 07, 2024 AUD ($)	Aug. 25, 2022 CAD ($) shares	Mar. 31, 2023 CAD ($)		Mar. 31, 2024 CAD ($)	Feb. 07, 2024 AUD ($) shares	Feb. 06, 2024
Disclosure of detailed information about business combination [line items]
Payment of indemnity holdback				$ 0	[1]	$ 3,006
MedReleaf Australia
Disclosure of detailed information about business combination [line items]
Ownership interest prior to the acquisition								9.57%
MedReleaf Australia
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	90.43%						90.43%
Total purchase price for remaining interest	$ 44,731						$ 51.0
Cash consideration	$ 8,249						$ 9.5
Common shares issued (in shares) | shares	6,948,994						6,948,994
Common shares issued	$ 36,482						$ 41.6
Gain on remeasuring ownership interest in acquiree held before business combination to fair value	4,700	$ 5.4
Cash consideration held in escrow	$ 800						$ 0.9
Common shares issued held in escrow (in shares) | shares	676,579						676,579
Common shares issued held in escrow	$ 3,600						$ 4.0
Maximum indemnification period	1 year	1 year
Certain tax and superannuation claims expiration period	5 years	5 years
Transaction costs expensed	$ 2,200
Revenue of acquiree since acquisition date						2,800
Loss of acquiree since acquisition date						900
Revenue as if combination occurred at beginning of period						44,400
Profit as if combination occurred at beginning of period						6,100
Bevo
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired			50.10%
Cash consideration			$ 38,844			38,844
Initial consideration			44,800
Indemnification assets, indemnity holdback			3,000
Indemnity holdback			3,000			3,000
Performance holdback			2,153			2,153
Consideration transferred, escrow			6,000
Indemnification assets recognized as of acquisition date, goodwill			800
Contingent consideration			749			749
Earnout payable			$ 700
Shares pledged for earnout payable (in shares) | shares			6,596,761
Additional interests to be purchased			40.40%
Put option recognized as of acquisition date			$ 48,000
Payment of indemnity holdback						3,000
Performance holdback fair value						3,000
Non-controlling interest			$ 25,891			$ 25,925
Proportion of ownership interests held by non-controlling interests			49.90%
Deferred tax asset			$ 16,300
Transaction costs incurred in connection with an acquisition				$ 1,000
Bevo | Top of range
Disclosure of detailed information about business combination [line items]
Contingent consideration			$ 12,000

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

XML

Business Combinations - Purchase Price Allocation (Details) $ in Thousands, $ in Millions			9 Months Ended		12 Months Ended	19 Months Ended
	Feb. 07, 2024 CAD ($)	Aug. 25, 2022 CAD ($)	Mar. 31, 2023 CAD ($)	[1]	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 CAD ($)	Feb. 07, 2024 AUD ($)
Preliminary fair value of net identifiable assets
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities			$ 38,790		$ 2,539
MedReleaf Australia
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	90.43%						90.43%
Consideration transferred
Cash paid	$ 8,249						$ 9.5
Common shares issued	36,482						41.6
Total purchase price for remaining 90.43% interest	44,731						51.0
Fair value of existing ownership	4,734
Total fair value of consideration	49,465
Preliminary fair value of net identifiable assets
Cash	5,710
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities	2,539
Accounts receivable	4,785
Inventory	10,464
Prepaid expenses and other current assets	80
Property, plant and equipment	1,795
Identifiable assets acquired	35,834
Accounts payable and accrued liabilities	10,206
Income taxes payable	317
Lease liability	311
Identifiable liabilities assumed	10,834
Provisional purchase price allocation
Net identifiable assets acquired	25,000
Goodwill	24,465
Provisional purchase price allocation	49,465
Net cash outflows
Cash consideration paid	(8,249)						$ (9.5)
Cash acquired	5,710
MedReleaf Australia | Licenses
Preliminary fair value of net identifiable assets
Intangible assets	5,500
MedReleaf Australia | Brand
Preliminary fair value of net identifiable assets
Intangible assets	$ 7,500
Bevo
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired		50.10%
Consideration transferred
Cash paid		$ 38,844			38,844	$ 38,844
Performance holdback		2,153			2,153	2,153
Indemnity holdback		3,000			3,000	3,000
Contingent consideration		749			749	749
Total fair value of consideration		44,746			44,746	44,746
Preliminary fair value of net identifiable assets
Cash		54			54	54
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities		(38,790)				(38,790)
Accounts receivable		3,317			3,317	3,317
Biological assets		4,873			4,470	4,470
Inventory		4,366			4,366	4,366
Prepaid expenses and other current assets		749			749	749
Property, plant and equipment		92,887			92,887	92,887
Identifiable assets acquired		112,093			111,690	111,690
Accounts payable and accrued liabilities		3,699			3,699	3,699
Income taxes payable		1,660			(84)	(84)
Deferred revenue		151			151	151
Loans and borrowings		39,934			39,697	39,697
Deferred tax liability		14,762			16,271	16,271
Identifiable liabilities assumed		60,206			59,734	59,734
Provisional purchase price allocation
Net identifiable assets acquired		51,887			51,956	51,956
Non-controlling interest		(25,891)			(25,925)	(25,925)
Goodwill		18,750			18,715	18,715
Provisional purchase price allocation		44,746			44,746	44,746
Net cash outflows
Cash consideration paid		(38,844)			(38,844)	(38,844)
Cash acquired		54			54	54
Adjustments
Biological assets						(403)
Net identifiable assets						(403)
Income taxes payable						(1,744)
Loans and borrowings						(237)
Deferred tax liability						1,509
Identifiable liabilities assumed						(472)
Net identifiable assets acquired						69
Non-controlling interest						(34)
Goodwill						(35)
Measurement period adjustments						0
Bevo | Customer relationships
Preliminary fair value of net identifiable assets
Intangible assets		5,600			5,600	5,600
Bevo | Software
Preliminary fair value of net identifiable assets
Intangible assets		$ 247			$ 247	$ 247

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

XML

Non-controlling Interest (“NCI”) - Net Change in Non-Controlling Interests (Details) - CAD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Jul. 21, 2023	Mar. 31, 2023		Mar. 31, 2024
Disclosure of subsidiaries [line items]
Beginning balance		$ 665,765		$ 521,705
Acquired through business acquisitions (Note 12)		0		36,482
Additions		25,925
Change in ownership interests in net assets		0
Share of loss for the period		(205,138)	[1]	(69,326)
Ending balance		521,705		601,870
Non-Controlling Interests
Disclosure of subsidiaries [line items]
Beginning balance		511		31,061
Acquired through business acquisitions (Note 12)		25,925
Additions		25,925		0
Change in ownership interests in net assets		11,923		12,208
Discontinued operations (Note 11)				2,572
Share of loss for the period		(7,298)		(3,744)
Ending balance		31,061		42,097
Bevo
Disclosure of subsidiaries [line items]
Beginning balance		0		32,904
Acquired through business acquisitions (Note 12)		25,925
Additions				0
Change in ownership interests in net assets	$ 12,200	11,923		12,208
Discontinued operations (Note 11)				0
Share of loss for the period		(4,944)		(3,519)
Ending balance		32,904		41,593
Other
Disclosure of subsidiaries [line items]
Beginning balance		511		(1,843)
Acquired through business acquisitions (Note 12)		0
Additions				0
Change in ownership interests in net assets		0		0
Discontinued operations (Note 11)				2,572
Share of loss for the period		(2,354)		(225)
Ending balance		$ (1,843)		$ 504

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

XML

Non-controlling Interest (“NCI”) - Narrative (Details) - CAD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Jul. 21, 2023	Mar. 31, 2023	Mar. 31, 2024
Disclosure Of Detailed Information About Asset Acquisitions [Line Items]
Change in ownership interests in net assets		$ 0
Bevo
Disclosure Of Detailed Information About Asset Acquisitions [Line Items]
Change in ownership interests in net assets	$ 12,200	$ 11,923	$ 12,208
Bevo
Disclosure Of Detailed Information About Asset Acquisitions [Line Items]
Maximum consideration receivable	$ 15,000		$ 25,000
Bevo
Disclosure Of Detailed Information About Asset Acquisitions [Line Items]
Proportion of ownership interest		50.10%	50.10%

XML

Intangible Assets and Goodwill - Accounting Policy (Details)	12 Months Ended
	Mar. 31, 2024
Customer relationships
Disclosure of detailed information about intangible assets [line items]
Useful life	20 years
Other operating licenses
Disclosure of detailed information about intangible assets [line items]
Useful life	10 years
Patents
Disclosure of detailed information about intangible assets [line items]
Useful life	10 years
IP and know-how
Disclosure of detailed information about intangible assets [line items]
Useful life	10 years
ERP software
Disclosure of detailed information about intangible assets [line items]
Useful life	5 years

XML

Intangible Assets and Goodwill - Continuity Schedule of Intangible Assets and Goodwill (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	$ 40,850	$ 59,680
Goodwill	43,180	18,715
Total	84,030	78,395
Brand
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	7,500	20,700
Total	7,500	20,700
Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	27,277	21,918
Total	27,277	21,918
Customer relationships
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	5,090	5,461
Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	45	11,173
Patents
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	189	157
Intellectual property and know-how
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Software
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	749	271
Cost
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	224,151	231,068
Goodwill	43,180	19,465
Total	267,331	250,533
Cost | Brand
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	28,200	36,200
Cost | Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	27,277	21,918
Cost | Customer relationships
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	42,439	42,529
Cost | Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	54,002	56,782
Cost | Patents
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	982	928
Cost | Intellectual property and know-how
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	52,590	52,590
Cost | Software
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	18,661	20,121
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(150,445)	(149,645)
Goodwill	0	0
Total	(150,445)	(149,645)
Accumulated amortization | Brand
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Accumulated amortization | Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Accumulated amortization | Customer relationships
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(37,349)	(37,068)
Accumulated amortization | Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(43,305)	(42,826)
Accumulated amortization | Patents
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(793)	(771)
Accumulated amortization | Intellectual property and know-how
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(52,590)	(52,590)
Accumulated amortization | Software
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(16,408)	(16,390)
Impairment
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(32,856)	(21,743)
Goodwill	0	(750)
Total	(32,856)	(22,493)
Impairment | Brand
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(20,700)	(15,500)
Impairment | Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Impairment | Customer relationships
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Impairment | Permits and licenses
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	(10,652)	(2,783)
Impairment | Patents
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Impairment | Intellectual property and know-how
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	0	0
Impairment | Software
Disclosure of detailed information about intangible assets [line items]
Total intangible assets	$ (1,504)	$ (3,460)

XML

Intangible Assets and Goodwill - Changes in Net Book Value of Intangible Assets and Goodwill (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 CAD ($)
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	$ 78,395
Additions from business combinations	37,465
Additions	2,057
Other	(55)
Amortization	(901)
Impairment	(32,856)
Foreign currency translation	(75)
Net book value, ending balance	84,030
Brand
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	20,700
Additions from business combinations	7,500
Additions	0
Other	0
Amortization	0
Impairment	(20,700)
Foreign currency translation	0
Net book value, ending balance	7,500
Permits and licenses
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	21,918
Additions from business combinations	5,500
Additions	0
Other	0
Amortization	0
Impairment	0
Foreign currency translation	(141)
Net book value, ending balance	27,277
Intangible assets other than goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	59,680
Additions from business combinations	13,000
Additions	2,057
Other	(55)
Amortization	(901)
Impairment	(32,856)
Foreign currency translation	(75)
Net book value, ending balance	40,850
Customer relationships
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	5,461
Additions from business combinations	0
Additions	0
Other	(90)
Amortization	(281)
Impairment	0
Foreign currency translation	0
Net book value, ending balance	5,090
Permits and licenses
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	11,173
Additions from business combinations	0
Additions	2
Other	(51)
Amortization	(493)
Impairment	(10,652)
Foreign currency translation	66
Net book value, ending balance	45
Patents
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	157
Additions from business combinations	0
Additions	55
Other	0
Amortization	(23)
Impairment	0
Foreign currency translation	0
Net book value, ending balance	189
Software
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	271
Additions from business combinations	0
Additions	2,000
Other	86
Amortization	(104)
Impairment	(1,504)
Foreign currency translation	0
Net book value, ending balance	749
Goodwill
Reconciliation of changes in intangible assets and goodwill [abstract]
Net book value, beginning balance	18,715
Additions from business combinations	24,465
Additions	0
Other	0
Amortization	0
Impairment	0
Foreign currency translation	0
Net book value, ending balance	$ 43,180

XML

Intangible Assets and Goodwill - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($) segment	Mar. 31, 2024 CAD ($) segment	Mar. 31, 2023 CAD ($) segment
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 18,715	$ 43,180	$ 18,715
Number of reportable segments | segment	3	2	3
Impairment of property, plant and equipment	$ 20,324	$ 3,659
Canadian Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets		$ (32,900)
Estimated cash flow, projected years		4 years
Impairment of property, plant and equipment		$ 2,800
Canadian Cannabis CGU | Intangible assets other than goodwill | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.167	0.046	0.167
Canadian Cannabis CGU | Intangible assets other than goodwill | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.165	0.120	0.165
Percentage of reasonably possible increase in unobservable input		5.00%
Percentage of reasonably possible decrease in unobservable input		5.00%
Decrease in fair value due to reasonably possible increase in unobservable input		$ 1,200
Increase in fair value due to reasonably possible decrease in unobservable input		$ 1,200
Canadian Cannabis CGU | Intangible assets other than goodwill | Bottom of range | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0
Canadian Cannabis CGU | Intangible assets other than goodwill | Bottom of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.023
Canadian Cannabis CGU | Intangible assets other than goodwill | Bottom of range | Royalty rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.010
Canadian Cannabis CGU | Intangible assets other than goodwill | Bottom of range | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.130
Canadian Cannabis CGU | Intangible assets other than goodwill | Top of range | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.142
Canadian Cannabis CGU | Intangible assets other than goodwill | Top of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.048
Canadian Cannabis CGU | Intangible assets other than goodwill | Top of range | Royalty rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.015
Canadian Cannabis CGU | Intangible assets other than goodwill | Top of range | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.150
European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	$ 0	$ 0
Estimated cash flow, projected years		4 years
European Cannabis CGU | Intangible assets other than goodwill | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.488	0.174	0.488
Percentage of reasonably possible decrease in unobservable input		2.00%
Increase in fair value due to reasonably possible decrease in unobservable input		$ (7,525)
European Cannabis CGU | Intangible assets other than goodwill | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Percentage of reasonably possible decrease in unobservable input		0.25%
Increase in fair value due to reasonably possible decrease in unobservable input		$ (1,398)
European Cannabis CGU | Intangible assets other than goodwill | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.170	0.120	0.170
Percentage of reasonably possible increase in unobservable input		0.50%
Decrease in fair value due to reasonably possible increase in unobservable input		$ 2,542
European Cannabis CGU | Intangible assets other than goodwill | Bottom of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.227	0.040	0.227
European Cannabis CGU | Intangible assets other than goodwill | Top of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.366	0.149	0.366
Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	$ 0	$ 0
Estimated cash flow, projected years		7 years
Estimated cash flow, additional projected years		2 years
Plant Propagation CGU | Intangible assets other than goodwill | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.100	0.106	0.100
Percentage of reasonably possible decrease in unobservable input		2.00%
Increase in fair value due to reasonably possible decrease in unobservable input		$ (16,880)
Plant Propagation CGU | Intangible assets other than goodwill | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Percentage of reasonably possible decrease in unobservable input		1.00%
Increase in fair value due to reasonably possible decrease in unobservable input		$ (8,244)
Plant Propagation CGU | Intangible assets other than goodwill | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.110	0.100	0.110
Percentage of reasonably possible increase in unobservable input		0.50%
Decrease in fair value due to reasonably possible increase in unobservable input		$ 12,595
Plant Propagation CGU | Intangible assets other than goodwill | Bottom of range | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.02	0.02	0.02
Plant Propagation CGU | Intangible assets other than goodwill | Bottom of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.18	0.24	0.18
Plant Propagation CGU | Intangible assets other than goodwill | Bottom of range | Gross margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.24	0.32	0.24
Plant Propagation CGU | Intangible assets other than goodwill | Top of range | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.39	0.32	0.39
Plant Propagation CGU | Intangible assets other than goodwill | Top of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.29	0.26	0.29
Plant Propagation CGU | Intangible assets other than goodwill | Top of range | Gross margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.33	0.30	0.33
Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 0	$ 24,500	$ 0
Estimated cash flow, projected years		4 years
European Cannabis Operating Segment | Netherlands
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	1,900
Plant Propagation
Disclosure of detailed information about intangible assets [line items]
Goodwill	18,700	$ 18,700	$ 18,700
Estimated cash flow, projected years		7 years
Estimated cash flow, additional projected years		2 years
Canadian Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	19,800
Impairment of property, plant and equipment	1,800
Impairment	22,400
Impairment of goodwill	$ 800
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Discount rate
Disclosure of detailed information about intangible assets [line items]
Percentage of reasonably possible increase in unobservable input	5.00%		5.00%
Percentage of reasonably possible decrease in unobservable input	5.00%		5.00%
Decrease in fair value due to reasonably possible increase in unobservable input			$ 4,200
Increase in fair value due to reasonably possible decrease in unobservable input			$ 4,200
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Bottom of range | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.06		0.06
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Bottom of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.132		0.132
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Bottom of range | Royalty rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.025		0.025
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Bottom of range | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.11		0.11
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Top of range | Budgeted revenue growth rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.244		0.244
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Top of range | EBITDA margin
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.213		0.213
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Top of range | Royalty rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.05		0.05
Canadian Cannabis Operating Segment | Intangible assets other than goodwill | Top of range | Discount rate
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.175		0.175

XML

Intangible Assets and Goodwill - Key Assumptions Used in Impairment Testing (Details) $ in Thousands	Mar. 31, 2024 CAD ($)	Mar. 31, 2023 CAD ($)
Intangible assets other than goodwill | Canadian Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose	$ 74,175	$ 258,228
Intangible assets other than goodwill | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose	192,729	184,832
Intangible assets other than goodwill | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose	$ 48,143	$ 78,612
Intangible assets other than goodwill | Terminal value growth rate | Canadian Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.030	0.030
Intangible assets other than goodwill | Terminal value growth rate | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.030	0.030
Intangible assets other than goodwill | Terminal value growth rate | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.030	0.030
Intangible assets other than goodwill | Discount rate | Canadian Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.120	0.165
Intangible assets other than goodwill | Discount rate | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.100	0.110
Intangible assets other than goodwill | Discount rate | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.120	0.170
Intangible assets other than goodwill | Budgeted revenue growth rate | Canadian Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.046	0.167
Intangible assets other than goodwill | Budgeted revenue growth rate | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.106	0.100
Intangible assets other than goodwill | Budgeted revenue growth rate | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.174	0.488
Goodwill | Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose	$ 138,395
Goodwill | Canadian Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose		$ 236,345
Goodwill | Plant Propagation
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose	$ 192,729	184,832
Goodwill | European Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Fair value less cost to dispose		$ 87,420
Goodwill | Terminal value growth rate | Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.030
Goodwill | Terminal value growth rate | Canadian Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.030
Goodwill | Terminal value growth rate | Plant Propagation
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.030	0.030
Goodwill | Terminal value growth rate | European Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.030
Goodwill | Discount rate | Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.120
Goodwill | Discount rate | Canadian Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.165
Goodwill | Discount rate | Plant Propagation
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.100	0.110
Goodwill | Discount rate | European Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.170
Goodwill | Budgeted revenue growth rate | Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.046
Goodwill | Budgeted revenue growth rate | Canadian Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.165
Goodwill | Budgeted revenue growth rate | Plant Propagation
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets	0.106	0.100
Goodwill | Budgeted revenue growth rate | European Cannabis Operating Segment
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, assets		0.488

XML

Intangible Assets and Goodwill - Sensitivity Analysis (Details) - Intangible assets other than goodwill $ in Thousands	12 Months Ended
	Mar. 31, 2024 CAD ($)
Discount rate | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Decrease in fair value due to reasonably possible increase in unobservable input	$ 2,542
Percentage of reasonably possible increase in unobservable input	0.50%
Discount rate | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Decrease in fair value due to reasonably possible increase in unobservable input	$ 12,595
Percentage of reasonably possible increase in unobservable input	0.50%
Revenue | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Decrease in fair value due to reasonably possible decrease in unobservable input	$ 7,525
Percentage of reasonably possible decrease in unobservable input	2.00%
Revenue | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Decrease in fair value due to reasonably possible decrease in unobservable input	$ 16,880
Percentage of reasonably possible decrease in unobservable input	2.00%
EBITDA margin | European Cannabis CGU
Disclosure of detailed information about intangible assets [line items]
Decrease in fair value due to reasonably possible decrease in unobservable input	$ 1,398
Percentage of reasonably possible decrease in unobservable input	0.25%
EBITDA margin | Plant Propagation CGU
Disclosure of detailed information about intangible assets [line items]
Decrease in fair value due to reasonably possible decrease in unobservable input	$ 8,244
Percentage of reasonably possible decrease in unobservable input	1.00%

XML

Convertible Debentures - Activity of Convertible Debentures (Details) - Convertible debenture - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Borrowings, Convertible Debentures [Roll Forward]
Beginning balance	$ 226,504	$ 132,571
Interest paid	(13,305)	(3,043)
Accretion	16,123	5,363
Accrued interest	8,956	2,199
Debt repurchased	(128,706)	(145,770)
Realized loss on debt repurchased	10,874	9,244
Unrealized loss (gain) on foreign exchange	12,125	(564)
Ending balance	$ 132,571	$ 0

XML

Convertible Debentures - Narrative (Details) $ / shares in Units, $ in Thousands		9 Months Ended			12 Months Ended
	Jan. 24, 2019 CAD ($) shares	Mar. 31, 2023 CAD ($) shares		Mar. 31, 2023 USD ($) shares	Mar. 31, 2024 CAD ($) shares		Mar. 31, 2024 USD ($) shares		Mar. 31, 2023 USD ($)	Jun. 30, 2022 CAD ($)	Jan. 24, 2019 USD ($) $ / shares
Disclosure of detailed information about borrowings [line items]
Repayment of convertible debenture		$ 128,706	[1]		$ 91,635
Amount outstanding		$ 45,734			$ 57,259					$ 0
Share Capital
Disclosure of detailed information about borrowings [line items]
Shares issued to repurchase convertible debentures (in shares) | shares		0		0	7,259,329	[2]	7,259,329	[2]
Convertible debenture, January 2019
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 460,600										$ 345,000,000
Interest rate	5.50%										5.50%
Conversion, number of common shares (in shares) | shares	11.53
Principal amount used for conversion rate											$ 1,000
Conversion price (in USD per share) | $ / shares											$ 86.72
Repurchased amount		$ 135,000		$ 99,000,000	$ 148,300		$ 109,900,000
Repurchased amount including accrued interest		130,400		$ 95,700,000	147,600		$ 109,300,000
Loss on repurchase of debentures		$ 10,900			$ 9,200
Average discount percentage on convertible debentures repurchased		4.68%		4.68%	1.36%		1.36%
Repayment of convertible debenture		$ 128,700		$ 95,700,000	$ 91,600		$ 109,300,000
Amount outstanding		$ 148,500			$ 0				$ 109,900,000

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

[2] As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

XML

Loans and Borrowings - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($)	Mar. 31, 2024 CAD ($) tranche	Dec. 29, 2023	Oct. 20, 2023 CAD ($)	Aug. 25, 2022	Jun. 30, 2022 CAD ($)
Disclosure of detailed information about borrowings [line items]
Interest expense	$ 1,500	$ 3,500
Amount outstanding	45,734	57,259				$ 0
Credit Agreement
Disclosure of detailed information about borrowings [line items]
Expected covenant compliance period for borrowings			15 months
Term Loan
Disclosure of detailed information about borrowings [line items]
Increase (decrease) to maximum borrowing capacity		(1,500)
Maximum borrowing capacity		$ 36,600
Number of tranches | tranche		3
Interest expense		$ 2,500
Amount outstanding	38,200	35,500
Accrued interest	800	$ 800
Interest rate		7.20%
Quarterly principal payments		$ 500
Revolver
Disclosure of detailed information about borrowings [line items]
Increase (decrease) to maximum borrowing capacity		6,000
Maximum borrowing capacity		18,000
Interest expense	200	900
Amount outstanding	$ 7,500	$ 16,800
Revolver | Borrowings, Prime Rate | Bottom of range
Disclosure of detailed information about borrowings [line items]
Interest rate margin		0.25%
Revolver | Borrowings, Prime Rate | Top of range
Disclosure of detailed information about borrowings [line items]
Interest rate margin		1.75%
Term Facility 2
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity				$ 16,000
Amount outstanding		$ 2,800
Interest rate		8.40%
Creditor Agreement | Bevo
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity		$ 5,000
Amount outstanding		$ 4,800
Interest rate		14.00%
Creditor Agreement | Parent | Bevo
Disclosure of detailed information about borrowings [line items]
Amount outstanding		$ 2,500
Bevo
Disclosure of detailed information about borrowings [line items]
Percentage of voting equity interests acquired					50.10%

XML

Loans and Borrowings - Changes in the Carrying Value of Current and Non-current Loans and Borrowings (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Financial instruments [Abstract]
Beginning balance	$ 0	$ 45,734
Acquired through business combination	39,697
Drawings	7,242	14,544
Interest accretion	343	23
Principal repayments	(1,548)	(3,042)
Ending balance	45,734	57,259
Current portion		(52,361)
Long-term portion	$ 36,163	$ 4,898

XML

Loans and Borrowings - Loans and Borrowings Principal Repayments (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022
Disclosure of detailed information about borrowings [line items]
Total long-term debt repayments	$ 57,259	$ 45,734	$ 0
Next 12 months
Disclosure of detailed information about borrowings [line items]
Total long-term debt repayments	52,361
Over 1 year - 3 years
Disclosure of detailed information about borrowings [line items]
Total long-term debt repayments	$ 4,898

XML

Lease Liabilities - Changes in Lease Liabilities (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Lease Liability [Roll Forward]
Beginning balance	$ 42,987	$ 49,217
Lease additions	555	5,618
Disposal of leases	(272)	(635)
Lease payments	(6,709)	(8,446)
Lease term reductions and other items	10,166	(1,402)
Changes due to foreign exchange rates	244	28
Interest expense on lease liabilities	2,246	3,152
Ending balance	49,217	47,532
Current portion	(5,413)	(4,856)
Long-term portion	$ 43,804	$ 42,676

XML

Lease Liabilities - Narrative (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Leases Liabilities [Abstract]
Leasing expenses	$ 1.6	$ 3.1

XML

Share Capital - Narrative (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions						3 Months Ended	9 Months Ended		12 Months Ended
		Feb. 20, 2024 shares	Oct. 03, 2023 CAD ($) $ / shares shares	Jun. 01, 2022 CAD ($) shares	Jun. 01, 2022 USD ($) $ / shares shares	Jan. 31, 2021 CAD ($)	Mar. 31, 2023 CAD ($) shares		Mar. 31, 2024 CAD ($) shares $ / shares		Feb. 19, 2024 shares	Jun. 30, 2022 shares	[2]
Disclosure of classes of share capital [line items]
Number of shares issued (in shares) | shares		54,545,797									545,457,970
Number of shares outstanding (in shares) | shares		54,545,797									545,457,970
Reverse stock split conversion ratio		0.1
Number of shares issued and fully paid (in shares) | shares							34,526,931		54,545,797
Shares issued for business combinations							$ 0		$ 36,482
Shares released for earn out payment related to business combination									353
Shares issued to repurchase convertible debentures									54,680
Shares issued through equity financing							75,568		40,684
Share issue related cost							2,381		3,215
Shares issued for cash, net of issuance costs							73,187	[1]	37,926
Share issued under RSU, PSU and DSU plans							$ 0		$ 0
Bought Deal Offering
Disclosure of classes of share capital [line items]
Average gross price (in CAD per share) | $ / shares			$ 7.30
Shares issued for cash, net of issuance costs			$ 36,600
June 2022 Offering
Disclosure of classes of share capital [line items]
Shares issued for equity financings (in shares) | shares				7,040,875	7,040,875
Share issue related cost				$ 9,900
Shares issued for cash, net of issuance costs				11,900
Gross proceeds from offering				21,800	$ 17.3
Number of common shares per warrant (in shares)					1
Proceeds allocated to warrant derivative liabilities				35,600
Proceeds allocated to share capital				$ 172,700
June 2022 Offering, Common Stock
Disclosure of classes of share capital [line items]
Number of common shares per unit (in shares) | shares					1
June 2022 Offering, Warrant
Disclosure of classes of share capital [line items]
Exercise price of outstanding warrants (in USD per share) | $ / shares					$ 32.00
November and January Offerings
Disclosure of classes of share capital [line items]
Shares issued for cash, net of issuance costs						$ 381,200
Proceeds allocated to warrant derivative liabilities						$ 74,000
Share Capital
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares							34,526,931	[2]	54,545,797	[3]		29,777,224
Shares issued for business combinations (in shares) | shares							261,500	[2]	6,948,994	[3]
Shares issued for business combinations							$ 9,683		$ 32,915
Shares released for earn out payment related to business combination									$ 353
Shares released for earn out payments (in shares) | shares	[3]								57,008
Shares issued to repurchase convertible debentures (in shares) | shares							0		7,259,329	[3]
Shares issued to repurchase convertible debentures							$ 0		$ 54,680
Shares issued for equity financings (in shares) | shares							4,455,125	[2]	5,576,785	[3]
Shares issued through equity financing							$ 75,154		$ 41,098
Share issue related cost							$ 2,381		$ 3,215
Share issued under RSU, PSU and DSU plans (in shares) | shares							33,082	[2]	176,725	[3]
Share issued under RSU, PSU and DSU plans							$ 4,668		$ 5,629
Share Capital | Bought Deal Offering
Disclosure of classes of share capital [line items]
Shares issued for equity financings (in shares) | shares			5,318,750
Shares issued through equity financing			$ 38,800
Share issue related cost			$ 2,200
Share Capital | MedReleaf Australia
Disclosure of classes of share capital [line items]
Shares issued for business combinations (in shares) | shares									6,948,994
Shares issued for business combinations									$ 32,900
Share Capital | Thrive Cannabis
Disclosure of classes of share capital [line items]
Shares released for earn out payment related to business combination									$ 400
Shares released for earn out payments (in shares) | shares									57,008
Class A Preference Shares
Disclosure of classes of share capital [line items]
Par value per share (in CAD per share) | $ / shares									$ 1.00
Number of shares issued (in shares) | shares									0
Number of shares outstanding (in shares) | shares									0
Class B Preference Shares
Disclosure of classes of share capital [line items]
Par value per share (in CAD per share) | $ / shares									$ 5.00
Number of shares issued (in shares) | shares									0
Number of shares outstanding (in shares) | shares									0

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

[2] As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

[3] As described under Note 2(a), comparative information has been adjusted due to 1:10 reverse stock split.

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Share Capital - Shares Issued for Equity Financing (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 20, 2024	Mar. 31, 2023 CAD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2024 CAD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares
Disclosure of classes of share capital [line items]
Reverse stock split conversion ratio	0.1
2019 At-The-Market Program
Disclosure of classes of share capital [line items]
Gross proceeds		$ 75,568	$ 55,381	$ 2,271	$ 1,686
Commission		1,422	1,107	45	34
Net proceeds		$ 74,146	$ 54,274	$ 2,226	$ 1,652
Average gross price (in CAD/ USD per share) | (per share)		$ 16.96	$ 12.43	$ 8.80	$ 6.53
Number of shares issued (in shares)		4,455,125	4,455,125	258,035	258,035

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Share Capital - Change in Warrants Outstanding (Details)	12 Months Ended
	Mar. 31, 2024 $ / shares shares
Share capital, reserves and other equity interest [Abstract]
Warrants outstanding, beginning balance (in shares) | shares	8,912,479
Warrants expired (in shares) | shares	(1,838,131)
Warrants outstanding, ending balance (in shares) | shares	7,074,348
Weighted average exercise price of warrants outstanding, beginning balance (in CAD per share) | $ / shares	$ 70.90
Weighted average exercise price of warrants expired (in CAD per share) | $ / shares	1,124.6
Weighted average exercise price of warrants outstanding, ending balance (in CAD per share) | $ / shares	$ 432.39

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Share Capital - Warrant Derivative Liabilities (Details) $ in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023 CAD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 USD ($)
Disclosure of classes of share capital [line items]
Beginning balance	$ 37,297	$ 28,945	$ 9,634	$ 7,128
Unrealized gains on derivative liability	(27,663)	(21,817)	(9,158)	(6,775)
Ending balance	9,634	7,128	476	353
November 2020 Offering
Disclosure of classes of share capital [line items]
Beginning balance	4,014	3,113	75	54
Unrealized gains on derivative liability	(3,939)	(3,059)	(75)	(54)
Ending balance	75	54	0	0
January 2021 Offering
Disclosure of classes of share capital [line items]
Beginning balance	1,531	1,188	45	33
Unrealized gains on derivative liability	(1,486)	(1,155)	(45)	(33)
Ending balance	45	33	0	0
June 2022 Offering
Disclosure of classes of share capital [line items]
Beginning balance	31,752	24,644	9,514	7,041
Unrealized gains on derivative liability	(22,238)	(17,603)	(9,038)	(6,688)
Ending balance	$ 9,514	$ 7,041	$ 476	$ 353

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Share Capital - Exercise Price for Warrants Outstanding (Details) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Disclosure of classes of share capital [line items]
Warrants (in shares)	7,074,348	8,912,479
Exercise Price Range One
Disclosure of classes of share capital [line items]
Warrants (in shares)	7,072,977
Exercise Price Range One | Bottom of range
Disclosure of classes of share capital [line items]
Exercise price (in CAD per share)	$ 111.06
Exercise Price Range One | Top of range
Disclosure of classes of share capital [line items]
Exercise price (in CAD per share)	433.22
Exercise Price Range Two
Disclosure of classes of share capital [line items]
Exercise price (in CAD per share)	$ 1,160.89
Warrants (in shares)	1,371

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Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions			9 Months Ended	12 Months Ended
	Nov. 14, 2022 shares	Nov. 13, 2017	Mar. 31, 2023 CAD ($) $ / shares	Mar. 31, 2024 CAD ($) $ / shares shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum percentage of common shares issuable pursuant to compensation arrangements	7.50%	10.00%
Cash-Settled DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Derivative financial liabilities				$ 1.2
Cash-Settled RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Derivative financial liabilities				0.6
Stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense			$ 2.5	$ 2.9
Service period requirement				3 years
Expiration period				5 years
RSU, PSU and DSU
Disclosure of terms and conditions of share-based payment arrangement [line items]
Maximum percentage of common shares issuable pursuant to compensation arrangements	4.00%
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense			5.6	$ 5.8
Service period requirement				3 years
Expiration period				3 years
Number of common shares, right to receive (in shares) | shares	1
DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense			0.9	$ 1.2
Instrument redemption period following termination				90 days
Other equity instruments granted in cash-settled arrangement (in shares) | shares				206,100,000
Expense from cash-settled share-based payment transactions			0.0	$ 1.2
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share-based compensation expense			$ 1.7	$ 2.5
Service period requirement				3 years
Expiration period				3 years
Vesting period				3 years
Weighted average fair value of other equity instruments granted in share-based payment arrangement (in CAD per share) | $ / shares			$ 10.50	$ 8.45
Other equity instruments granted in cash-settled arrangement (in shares) | shares				395,759,000
Expense from cash-settled share-based payment transactions			$ 0.0	$ 0.6

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Share-Based Compensation - Summary of Options Outstanding (Details)		9 Months Ended	12 Months Ended
	Feb. 20, 2024	Mar. 31, 2023 shares $ / shares	Mar. 31, 2024 shares $ / shares
Stock Options (#)
Options outstanding, beginning (in shares) | shares		427,928	672,150
Granted (in shares) | shares		338,500	633,485
Expired (in shares) | shares		(27,789)	(34,855)
Forfeited (in shares) | shares		(66,489)	(83,956)
Options outstanding, ending (in shares) | shares		672,150	1,186,824
Weighted Average Exercise Price ($)
Options outstanding, beginning (in CAD per share) | $ / shares		$ 539.69	$ 257.28
Granted (in CAD per share) | $ / shares		18.57	7.60
Expired (in CAD per share) | $ / shares		905.30	1,033.9
Forfeited (in CAD per share) | $ / shares		588.72	205.10
Options outstanding, ending (in CAD per share) | $ / shares		$ 257.28	$ 104.90
Reverse stock split conversion ratio	0.1

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Share-Based Compensation - Stock Options that Remain Outstanding, by Exercise Price Range (Details)	12 Months Ended
	Mar. 31, 2024 shares $ / shares	Mar. 31, 2023 shares	Jun. 30, 2022 shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Options outstanding (in shares)	1,186,824	672,150	427,928
Options Exercisable (in shares)	339,211
Exercise Price Range One
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted Average Remaining Life	3 years 11 months 23 days
Options outstanding (in shares)	961,539
Options Exercisable (in shares)	143,162
Exercise Price Range Two
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted Average Remaining Life	2 years 18 days
Options outstanding (in shares)	148,007
Options Exercisable (in shares)	118,771
Exercise Price Range Three
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted Average Remaining Life	1 year 8 months 23 days
Options outstanding (in shares)	73,195
Options Exercisable (in shares)	73,195
Exercise Price Range Four
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted Average Remaining Life	1 month 24 days
Options outstanding (in shares)	4,083
Options Exercisable (in shares)	4,083
Bottom of range | Exercise Price Range One
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	$ 7.60
Bottom of range | Exercise Price Range Two
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	82.20
Bottom of range | Exercise Price Range Three
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	385.20
Bottom of range | Exercise Price Range Four
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	1,008
Top of range | Exercise Price Range One
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	48.60
Top of range | Exercise Price Range Two
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	272.40
Top of range | Exercise Price Range Three
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	996.00
Top of range | Exercise Price Range Four
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise Price (CAD per share) | $ / shares	$ 1,563.6

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Share-Based Compensation - Weighted Average Assumptions of Options (Details)	9 Months Ended	12 Months Ended
	Mar. 31, 2023 year $ / shares	Mar. 31, 2024 year $ / shares
Share-based payment arrangements [Abstract]
Risk-free annual interest rate	3.70%	4.34%
Expected annual dividend yield	0.00%	0.00%
Expected stock price volatility	86.86%	85.06%
Expected life of options (years) | year	2.54	2.67
Forfeiture rate	20.65%	19.63%
Weighted Average Value (in CAD per share) | $ / shares	$ 9.90	$ 4.11

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Share-Based Compensation - Summary of RSUs, DSUs and PSUs Outstanding (Details)		9 Months Ended	12 Months Ended
	Feb. 20, 2024	Mar. 31, 2023 shares $ / shares	Mar. 31, 2024 shares $ / shares
Weighted Average Issue Price
Reverse stock split conversion ratio	0.1
RSUs
Instruments (#)
Outstanding, beginning (in shares) | shares		110,056	661,449
Issued (in shares) | shares		603,245	378,900
Vested (in shares) | shares		(32,689)	(158,248)
Expired (in shares) | shares		(1,410)	(27)
Forfeited (in shares) | shares		(17,753)	(84,385)
Outstanding, ending (in shares) | shares		661,449	797,689
Weighted Average Issue Price
Outstanding, beginning (in CAD per share) | $ / shares		$ 107.53	$ 26.14
Issued (in CAD per share) | $ / shares		18.70	7.50
Vested (in CAD per share) | $ / shares		142.47	34.86
Expired (in CAD per share) | $ / shares		47.67	21.99
Forfeited (in CAD per share) | $ / shares		273.38	126.10
Outstanding, ending (in CAD per share) | $ / shares		$ 26.14	$ 15.99
DSUs
Instruments (#)
Outstanding, beginning (in shares) | shares		21,397	91,045
Issued (in shares) | shares		69,648	225,292
Vested (in shares) | shares		0	(21,397)
Expired (in shares) | shares		0
Forfeited (in shares) | shares		0	(17,734)
Outstanding, ending (in shares) | shares		91,045	277,206
Weighted Average Issue Price
Outstanding, beginning (in CAD per share) | $ / shares		$ 77.06	$ 28.54
Issued (in CAD per share) | $ / shares		13.64	20.43
Vested (in CAD per share) | $ / shares		0	16.74
Expired (in CAD per share) | $ / shares		0
Forfeited (in CAD per share) | $ / shares		0	21.87
Outstanding, ending (in CAD per share) | $ / shares		$ 28.54	$ 24.03
PSUs
Instruments (#)
Outstanding, beginning (in shares) | shares		69,437	230,824
Issued (in shares) | shares		173,475	522,907
Vested (in shares) | shares		(363)	(26)
Expired (in shares) | shares			(24,080)
Forfeited (in shares) | shares		(11,725)	(28,745)
Outstanding, ending (in shares) | shares		230,824	700,880
Weighted Average Issue Price
Outstanding, beginning (in CAD per share) | $ / shares		$ 87.99	$ 37.74
Issued (in CAD per share) | $ / shares		18.78	7.60
Vested (in CAD per share) | $ / shares		21.62	18.70
Expired (in CAD per share) | $ / shares			101.57
Forfeited (in CAD per share) | $ / shares		54.43	34.71
Outstanding, ending (in CAD per share) | $ / shares		$ 37.74	$ 13.18

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Share-Based Compensation - Weighted Average Issue Price for RSUs, DSUs and PSUs Outstanding (Details)	Mar. 31, 2024 shares $ / shares	Mar. 31, 2023 shares $ / shares	Jun. 30, 2022 shares $ / shares
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 15.99	$ 26.14	$ 107.53
Outstanding (in shares)	797,689	661,449	110,056
Vested (in shares)	62,941
RSUs | Exercise Price Range One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (in shares)	767,204
Vested (in shares)	48,304
RSUs | Exercise Price Range One | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 5.17
RSUs | Exercise Price Range One | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 33.20
RSUs | Exercise Price Range Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (in shares)	30,485
Vested (in shares)	14,637
RSUs | Exercise Price Range Two | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 46.50
RSUs | Exercise Price Range Two | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	85.00
DSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 24.03	$ 28.54	$ 77.06
Outstanding (in shares)	277,206	91,045	21,397
Vested (in shares)	277,206
DSUs | Exercise Price Range One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (in shares)	273,935
Vested (in shares)	273,935
DSUs | Exercise Price Range One | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 4.43
DSUs | Exercise Price Range One | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 85.00
DSUs | Exercise Price Range Two
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (in shares)	2,956
Vested (in shares)	2,956
DSUs | Exercise Price Range Two | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 100.90
DSUs | Exercise Price Range Two | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 217.20
DSUs | Exercise Price Range Three
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (in shares)	315
Vested (in shares)	315
DSUs | Exercise Price Range Three | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 901.20
DSUs | Exercise Price Range Three | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	1,131.6
PSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 13.18	$ 37.74	$ 87.99
Outstanding (in shares)	700,880	230,824	69,437
PSUs | Exercise Price Range One
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding (in shares)	700,880
Vested (in shares)	2
PSUs | Exercise Price Range One | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 7.60
PSUs | Exercise Price Range One | Top of range
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in CAD per share) | $ / shares	$ 135.90

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Share-Based Compensation - Weighted Average Assumptions of PSUs (Details) - PSUs	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk-free annual interest rate	3.99%	4.76%
Dividend yield	0.00%	0.00%
Expected stock price volatility	94.04%	90.65%
Expected stock price volatility of peer group	86.71%	91.51%
Expected life of options (years)	3 years	3 years
Forfeiture rate	16.98%	12.45%
Equity correlation against peer group	49.74%	39.14%

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Loss Per Share (Details) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
	Feb. 20, 2024	Mar. 31, 2023 CAD ($) $ / shares shares		Mar. 31, 2024 CAD ($) $ / shares shares
Earnings per share [abstract]
Net loss from continuing operations attributable to Aurora shareholders | $		$ (175,930)		$ (55,301)
Net loss from discontinued operations attributable to Aurora shareholders | $		(21,910)		(10,281)
Net loss attributable to Aurora shareholders | $		$ (197,840)		$ (65,582)
Weighted average number of common shares outstanding (in shares) | shares		32,273,516		43,223,233
Basic loss per share, continuing operations (in CAD per share) | $ / shares		$ (5.45)	[1]	$ (1.28)
Basic loss per share, discontinued operations (in CAD per share) | $ / shares		(0.68)	[1]	(0.24)
Basic loss per share (in CAD per share) | $ / shares		$ (6.13)	[1]	$ (1.52)
Reverse stock split conversion ratio	0.1

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Other Gains (Losses) (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Analysis of income and expense [abstract]
Unrealized gain (loss) on derivative assets	$ (15,797)		$ 2,540
Unrealized gain on derivative liability	27,663		9,158
Gain (loss) on disposal of assets held for sale and property, plant and equipment	(914)		1,158
Gain on contingent consideration	5,238		9,760
Contract termination fee	(2,750)		0
Government grant income (expense)	0		12,547
Provisions	(4,145)		1,501
Realized loss on repurchase of convertible debt	(10,874)		(9,244)
Other gains	(3,363)		1,669
Total other gains (losses)	$ (4,942)	[1]	$ 29,089

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Supplemental Cash Flow Information - Changes in Non-Cash Working Capital (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Statement of cash flows, additional disclosures [Abstract]
Accounts receivable	$ 2,966		$ (4,333)
Biological assets	(50,950)		(46,450)
Inventory	49,509		50,065
Prepaid and other current assets	(16,655)		(548)
Accounts payable and accrued liabilities	(8,080)		(15,699)
Income taxes payable	98		1,230
Deferred revenue	(467)		133
Deferred tax recovery	(18,351)	[1]	(1,667)
Provisions	(1,281)		0
Adjustments For Increase (Decrease) In Deposits	16		0
Other current liabilities	8		(25)
Changes in non-cash working capital	$ (24,836)	[1]	$ (15,627)

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Supplemental Cash Flow Information - Supplementary Cash Flow Information (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Statement of cash flows, additional disclosures [Abstract]
Property, plant and equipment in accounts payable	$ (193)	$ (255)
Right-of-use asset additions	555	0
Amortization of prepaids	19,901	14,416
Interest paid	16,933	11,700
Interest received	$ (1,949)	$ (3,610)

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Supplemental Cash Flow Information - Narrative (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of detailed information about business combination [line items]
Collateral held for letters of credit and corporate credit cards	$ 3.4	$ 3.4
Self-insurance	20.7	22.7
Collateral held for international subsidiaries	0.1	0.1
Insurance coverage for company management	35.7	38.8
Bevo
Disclosure of detailed information about business combination [line items]
Collateral held for acquisition	6.0	0.0
MedReleaf Australia
Disclosure of detailed information about business combination [line items]
Collateral held for acquisition	$ 0.0	$ 0.8

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Income Taxes - Narrative (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Combined federal and provincial rate	27.00%	27.00%
Deferred tax assets	$ 15,500	$ 15,343
Income tax loss carryforwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets	$ 1,242,600	$ 1,251,200

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Income Taxes - Reconciliation of Net Tax Provision (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Income taxes [Abstract]
Loss before tax	$ (220,376)		$ (59,599)
Combined federal and provincial rate	27.00%		27.00%
Expected tax recovery	$ (59,502)		$ (16,092)
Change in estimates from prior year	(23)		34
Foreign exchange	(2,637)		368
Non-deductible expenses	5,715		3,170
Non-deductible (non-taxable) portion of capital items	(7,469)		(2,441)
Goodwill and other impairment items	612		1,674
Tax impact on divestitures	3,076		953
Difference in statutory tax rate	6,655		1,070
Effect of change in tax rates	(99)		(5,277)
Changes in deferred tax benefits not recognized	38,488		15,987
Income tax expense (recovery)	$ (15,184)	[1]	$ (554)

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Income Taxes - Movements in Deferred Tax Assets (Liabilities) (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets		$ 15,500
Deferred tax liabilities		(16,745)
Deferred tax assets	$ 15,500	15,343
Deferred tax liabilities	(16,745)	(16,190)
Total deferred tax assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	40,265	40,001
Deferred tax assets (liabilities) assumed from acquisition	972
Recovered through (charged to) earnings	(1,724)	(8,699)
Recovered through (charged to) other comprehensive income	1,004	(35)
Recovered through (charged to) equity	(516)	(1,278)
Deferred tax assets	40,001	29,989
Non-capital losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	24,691	31,903
Deferred tax assets (liabilities) assumed from acquisition	839
Recovered through (charged to) earnings	5,924	(6,842)
Recovered through (charged to) other comprehensive income	965	(43)
Recovered through (charged to) equity	(516)	(1,278)
Deferred tax assets	31,903	23,740
Capital losses
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	0	142
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	142	(86)
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax assets	142	56
Finance costs
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	10	118
Deferred tax assets (liabilities) assumed from acquisition	133
Recovered through (charged to) earnings	(25)	(54)
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax assets	118	64
Investment tax credit
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	1,282	1,282
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	0	(1,282)
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax assets	1,282	0
Derivatives
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	26	26
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	0	(26)
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax assets	26	0
Leases
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	8,718	6,529
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	(2,228)	(287)
Recovered through (charged to) other comprehensive income	39	(4)
Recovered through (charged to) equity	0	0
Deferred tax assets	6,529	6,238
Others
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax assets	5,538	1
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	(5,537)	(122)
Recovered through (charged to) other comprehensive income	0	12
Recovered through (charged to) equity	0	0
Deferred tax assets	1	(109)
Total deferred tax liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(43,127)	(41,246)
Deferred tax assets (liabilities) assumed from acquisition	(17,243)
Recovered through (charged to) earnings	20,128	10,362
Recovered through (charged to) other comprehensive income	(1,004)	48
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(41,246)	(30,836)
Convertible debenture
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(11,896)	(3,402)
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	8,494	3,402
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(3,402)	0
Investment in associates
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(8)	(12)
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	(4)	12
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(12)	0
Intangible assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(10,920)	(12,624)
Deferred tax assets (liabilities) assumed from acquisition	(1,581)
Recovered through (charged to) earnings	449	4,826
Recovered through (charged to) other comprehensive income	(572)	56
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(12,624)	(7,742)
Property, plant and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(4,969)	(16,265)
Deferred tax assets (liabilities) assumed from acquisition	(15,304)
Recovered through (charged to) earnings	4,427	3,893
Recovered through (charged to) other comprehensive income	(419)	(8)
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(16,265)	(12,380)
Inventory
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(11,648)	(5,218)
Deferred tax assets (liabilities) assumed from acquisition	0
Recovered through (charged to) earnings	6,441	(491)
Recovered through (charged to) other comprehensive income	(11)	0
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(5,218)	(5,709)
Biological assets
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(3,686)	(2,070)
Deferred tax assets (liabilities) assumed from acquisition	(407)
Recovered through (charged to) earnings	2,025	(2,793)
Recovered through (charged to) other comprehensive income	(2)	0
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(2,070)	(4,863)
Others
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	0	(1,655)
Deferred tax assets (liabilities) assumed from acquisition	49
Recovered through (charged to) earnings	(1,704)	1,513
Recovered through (charged to) other comprehensive income	0	0
Recovered through (charged to) equity	0	0
Deferred tax liabilities	(1,655)	(142)
Net deferred tax liabilities
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax liabilities	(2,862)	(1,245)
Deferred tax assets (liabilities) assumed from acquisition	(16,271)
Recovered through (charged to) earnings	18,404	1,663
Recovered through (charged to) other comprehensive income	0	13
Recovered through (charged to) equity	(516)	(1,278)
Deferred tax liabilities	$ (1,245)	$ (847)

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Income Taxes - Deferred Tax Assets (Liabilities) (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income taxes [Abstract]
Deferred tax assets	$ 15,343	$ 15,500
Deferred tax liability	(16,190)	(16,745)
Net deferred tax liabilities	$ (847)	$ (1,245)

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Income Taxes - Deferred Tax Assets Not Recognized (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	$ 2,309,399	$ 2,255,058
Non-capital losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	1,359,623	1,267,104
Investment in associates
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	0	1,240
Capital losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	203,843	186,093
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	555,376	581,993
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	74,068	60,219
Goodwill
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	29,936	31,728
Marketable securities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	22,210	25,075
Investment tax credits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	6,696	6,696
Derivatives
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	11,254	22,164
Capital lease obligations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	17,250	15,970
Others
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets not recognized	$ 29,143	$ 56,776

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Related Party Transactions - Compensation Expense for Key Management Personnel (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($) employee	Mar. 31, 2024 CAD ($) employee
Related party [Abstract]
Short-term employment benefits	$ 5,454	$ 10,440
Long-term employment benefits	31	41
Termination benefit	489	1,089
Directors’ fees	273	322
Share-based compensation	8,886	10,218
Total management compensation	15,133	22,110
Management compensation payable or accrued	$ 1,200	$ 1,800
Key management personnel
Disclosure of transactions between related parties [line items]
Number of employees | employee	14	10

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Related Party Transactions - Narrative (Details) - CAD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Sep. 20, 2022	Mar. 31, 2023	Mar. 31, 2024	Jun. 30, 2022
Disclosure of transactions between related parties [line items]
Amount outstanding		$ 45,734	$ 57,259	$ 0
Creditor Agreement | Bevo
Disclosure of transactions between related parties [line items]
Amount outstanding			$ 4,800
Interest rate			14.00%
Bevo
Disclosure of transactions between related parties [line items]
Proportion of ownership interest		50.10%	50.10%
Parent | Creditor Agreement | Bevo
Disclosure of transactions between related parties [line items]
Amount outstanding			$ 2,500
CannaHealth Therapeutics Inc.
Disclosure of transactions between related parties [line items]
Cash paid	$ 21,900
Amortization period	5 years
Amortization expense		$ 1,900	$ 3,800

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Commitments and Contingencies (Details) - CAD ($) $ in Millions	Jan. 04, 2021	Jun. 15, 2020	Mar. 31, 2024	Mar. 31, 2023
Disclosure of contingent liabilities [line items]
Legal proceedings provision			$ 2.3	$ 1.0
Current legal proceedings provision			0.0	$ 1.0
Next 12 months
Disclosure of contingent liabilities [line items]
Capital commitments and purchase commitments			$ 3.2
Claim of breach of obligations under term sheet
Disclosure of contingent liabilities [line items]
Damages sought		$ 18.0
Legal proceedings contingent liability, unpaid rent
Disclosure of contingent liabilities [line items]
Damages sought	$ 8.9
Legal proceedings contingent liability, unpaid rent, rent in arrears and costs
Disclosure of contingent liabilities [line items]
Damages sought	0.4
Legal proceedings contingent liability, unpaid rent, loss of remaining rent
Disclosure of contingent liabilities [line items]
Damages sought	$ 8.5

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Revenue - Narrative (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Revenue from contracts with customers [Abstract]
Variable consideration, actual and estimated future returns and price adjustments	$ 3.0	$ 1.6
Return liability for estimated variable revenue consideration	$ 1.6	$ 1.2

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Revenue - Disaggregation of Revenue (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	$ 173,688	[1]	$ 270,281
Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	42,850		46,958
Medical
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	107,785		176,161
Other Cannabis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	2,371		2,403
Plant Propagation
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	20,682		44,759
Canada
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	128,187		165,221
Canada | Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	42,850		46,958
Canada | Medical
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	72,117		103,068
Canada | Other Cannabis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	2,371		2,403
Canada | Plant Propagation
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	10,849		12,792
Australia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	9,831		31,679
Australia | Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Australia | Medical
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	9,831		31,679
Australia | Other Cannabis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Australia | Plant Propagation
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	24,171		40,767
Europe | Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Europe | Medical
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	24,171		40,767
Europe | Other Cannabis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Europe | Plant Propagation
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
U.S.
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	9,833		31,967
U.S. | Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
U.S. | Medical
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
U.S. | Other Cannabis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
U.S. | Plant Propagation
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	9,833		31,967
Other
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	1,666		647
Other | Consumer
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Other | Medical
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	1,666		647
Other | Other Cannabis
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	0		0
Other | Plant Propagation
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total net revenue	$ 0		$ 0

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Segmented Information - Narrative (Details) - segment	Mar. 31, 2024	Mar. 31, 2023
Operating segments [Abstract]
Number of reportable segments	2	3

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Segmented Information - Operating Segments (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024
Disclosure of operating segments [line items]
Net revenue	$ 173,688	[1]	$ 270,281
Gross profit (loss) before fair value adjustments	26,848	[1]	77,613
Gross profit	7,654	[1]	131,460
Selling, general, and administrative expense	120,100		144,159
Loss before taxes	(198,412)	[1]	(59,599)
Corporate
Disclosure of operating segments [line items]
Net revenue	0		0
Gross profit (loss) before fair value adjustments	0		12
Gross profit	0		12
Selling, general, and administrative expense	14,344		13,700
Loss before taxes	(39,245)		(27,988)
Cannabis | Operating Segments
Disclosure of operating segments [line items]
Net revenue	153,008		225,522
Gross profit (loss) before fair value adjustments	25,505		74,340
Gross profit	5,004		126,353
Selling, general, and administrative expense	103,973		127,155
Loss before taxes	(156,249)		(30,401)
Plant propagation production facilities | Operating Segments
Disclosure of operating segments [line items]
Net revenue	20,680		44,759
Gross profit (loss) before fair value adjustments	1,343		3,261
Gross profit	2,650		5,095
Selling, general, and administrative expense	1,783		3,304
Loss before taxes	$ (2,918)		$ (1,210)

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Segmented Information - Geographical Segments (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of geographical areas [line items]
Non-current assets	$ 390,382	$ 417,150
Canada
Disclosure of geographical areas [line items]
Non-current assets	308,816	360,254
EU
Disclosure of geographical areas [line items]
Non-current assets	29,368	41,866
Australia
Disclosure of geographical areas [line items]
Non-current assets	38,197	0
Uruguay
Disclosure of geographical areas [line items]
Non-current assets	$ 14,001	$ 15,030

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Fair Value of Financial Instruments - Continuity Schedule of Contingent Consideration Payable (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance		$ 404,617
Ending balance	$ 404,617	236,803
Contingent consideration payable | Level 3
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	14,371	12,487
Additions	3,353	275
Unrealized loss from changes in fair value	(5,237)	(10,215)
Realized gain from changes in fair value		459
Payments	0	(3,006)
Ending balance	12,487	0
Contingent consideration payable | Level 3 | Thrive Cannabis
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	14,371	9,940
Additions	451	275
Unrealized loss from changes in fair value	(4,882)	(10,215)
Realized gain from changes in fair value		0
Payments		0
Ending balance	9,940	0
Contingent consideration payable | Level 3 | Bevo
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	0	2,547
Additions	2,902	0
Unrealized loss from changes in fair value	(355)	0
Realized gain from changes in fair value		459
Payments	0	(3,006)
Ending balance	$ 2,547	$ 0

XML

Fair Value of Financial Instruments - Narrative (Details) - CAD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Liabilities	$ 404,617	$ 236,803
Gain on fair value adjustment of put option		$ 200
Contingent consideration payable | At fair value
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Liabilities	$ 12,487
Contingent consideration payable | Probability of achieving milestones
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Percentage of reasonably possible decrease in unobservable input	10.00%	10.00%
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input	$ (1,000)	$ 0
Contingent consideration payable | Discount rate
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Percentage of reasonably possible decrease in unobservable input	5.00%	5.00%
Percentage of reasonably possible increase in unobservable input	5.00%	5.00%
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input	$ 700	$ 0
Decrease in fair value measurement due to reasonably possible increase in unobservable input	$ 700	0
Other long term liability, put option | At fair value
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Liabilities		$ 45,500

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Fair Value of Financial Instruments - Carrying Values of Financial Instruments (Details) $ in Thousands	Mar. 31, 2024 CAD ($)
Accounts payable and accrued liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	$ 58,563
Lease liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	47,532
Derivative liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	2,309
Loans and borrowings
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	57,259
Cash and cash equivalents
Disclosure of fair value measurement of assets [line items]
Financial Assets	113,439
Restricted cash
Disclosure of fair value measurement of assets [line items]
Financial Assets	65,782
Accounts receivable, excluding sales taxes and lease receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	41,440
Marketable securities
Disclosure of fair value measurement of assets [line items]
Financial Assets	4,036
Derivative assets
Disclosure of fair value measurement of assets [line items]
Financial Assets	760
Loans receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
Lease receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	8,803
Amortized cost | Accounts payable and accrued liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	58,563
Amortized cost | Lease liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	47,532
Amortized cost | Derivative liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	0
Amortized cost | Loans and borrowings
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	57,259
FVTPL | Accounts payable and accrued liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	0
FVTPL | Lease liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	0
FVTPL | Derivative liabilities
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	2,309
FVTPL | Loans and borrowings
Disclosure of fair value measurement of liabilities [line items]
Financial Liabilities	0
Amortized cost | Cash and cash equivalents
Disclosure of fair value measurement of assets [line items]
Financial Assets	113,439
Amortized cost | Restricted cash
Disclosure of fair value measurement of assets [line items]
Financial Assets	65,782
Amortized cost | Accounts receivable, excluding sales taxes and lease receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	41,440
Amortized cost | Marketable securities
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
Amortized cost | Derivative assets
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
Amortized cost | Loans receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
Amortized cost | Lease receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	8,803
FVTPL | Cash and cash equivalents
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
FVTPL | Restricted cash
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
FVTPL | Accounts receivable, excluding sales taxes and lease receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
FVTPL | Marketable securities
Disclosure of fair value measurement of assets [line items]
Financial Assets	4,036
FVTPL | Derivative assets
Disclosure of fair value measurement of assets [line items]
Financial Assets	760
FVTPL | Loans receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	0
FVTPL | Lease receivable
Disclosure of fair value measurement of assets [line items]
Financial Assets	$ 0

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Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	$ 838,673	$ 926,322
Financial Liabilities	236,803	404,617
Level 3 | Contingent consideration payable
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	0	12,487	$ 14,371
At fair value | Contingent consideration payable
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities		12,487
At fair value | Other long term liability
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	46,110	48,047
At fair value | Derivative liabilities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	2,309	9,634
At fair value | Marketable securities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	4,036
At fair value | Derivative assets
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	760	7,249
At fair value | Level 1 | Contingent consideration payable
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities		0
At fair value | Level 1 | Other long term liability
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	591	409
At fair value | Level 1 | Derivative liabilities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	1,698	9,634
At fair value | Level 1 | Marketable securities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	4,036
At fair value | Level 1 | Derivative assets
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	0	0
At fair value | Level 2 | Contingent consideration payable
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities		0
At fair value | Level 2 | Other long term liability
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	0	0
At fair value | Level 2 | Derivative liabilities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	611	0
At fair value | Level 2 | Marketable securities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	0
At fair value | Level 2 | Derivative assets
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	760	7,114
At fair value | Level 3 | Contingent consideration payable
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities		12,487
At fair value | Level 3 | Other long term liability
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	45,519	47,638
At fair value | Level 3 | Derivative liabilities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Liabilities	0	0
At fair value | Level 3 | Marketable securities
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	0
At fair value | Level 3 | Derivative assets
Disclosure Of Fair Value Measurements Of Assets And Liabilities [Line Items]
Financial Assets	$ 0	$ 135

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Financial Instruments Risk - Credit Risk Narrative (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Disclosure of detailed information about borrowings [line items]
Insurance coverage for company management	$ 35.7	$ 38.8
Credit risk
Disclosure of detailed information about borrowings [line items]
Accounts receivables from non-government wholesale customers	20.9	22.8
Provision for expected credit losses	0.0	0.0
Credit risk | Provision for credit losses | Trade receivables
Disclosure of detailed information about borrowings [line items]
Financial assets	3.4	1.3
Write-off	$ 5.0	$ 2.1
Credit risk | Trade receivables | Two Customers
Disclosure of detailed information about borrowings [line items]
Concentration percentage (or more)		10.00%
Credit risk | Trade receivables | Three customers
Disclosure of detailed information about borrowings [line items]
Concentration percentage (or more)	10.00%

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Financial Instruments Risk - Aging of Receivables (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade receivables, net	$ 40,542	$ 35,016
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade receivables, net	40,542	35,016
0 – 60 days | Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade receivables, net	33,239	28,355
61+ days | Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade receivables, net	$ 7,303	$ 6,661

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Financial Instruments Risk - Contractual Cash Flows from Lease Receivables (Details) - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	$ 10,017
Unearned finance income	(1,214)
Total lease receivable	8,803
Current	(2,460)	$ (2,094)
Long-term	6,343	$ 6,496
Next 12 months
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	2,897
Over 1 year to 2 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	2,023
Over 2 years to 3 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	1,919
Over 3 years to 4 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	1,628
Over 4 years to 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	1,046
Thereafter
Disclosure of maturity analysis of finance lease payments receivable [line items]
Undiscounted finance lease payments to be received	$ 504

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Financial Instruments Risk - Accounts Payable and Accrued Liabilities (Details) - Liquidity risk - CAD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disclosure of nature and extent of risks arising from financial instruments [line items]
Trade payables	$ 20,325	$ 21,942
Accrued liabilities	20,097	33,608
Payroll liabilities	15,496	12,610
Excise tax payable	2,107	2,611
Income and sales tax payable	1,940	161
Other payables	145	486
Accounts payable and accrued liabilities	$ 60,110	$ 71,418

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Financial Instruments Risk - Gross Contractual Obligations (Details) - Liquidity risk $ in Thousands	Mar. 31, 2024 CAD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	$ 212,695
≤1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	121,819
Over 1 year - 3 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	26,078
Over 3 years - 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	13,698
> 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	51,100
Accounts payable and accrued liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	58,563
Accounts payable and accrued liabilities | ≤1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	58,563
Accounts payable and accrued liabilities | Over 1 year - 3 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Accounts payable and accrued liabilities | Over 3 years - 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Accounts payable and accrued liabilities | > 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Lease liabilities
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	93,656
Lease liabilities | ≤1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	7,678
Lease liabilities | Over 1 year - 3 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	21,180
Lease liabilities | Over 3 years - 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	13,698
Lease liabilities | > 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	51,100
Loans and borrowings
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	57,259
Loans and borrowings | ≤1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	52,361
Loans and borrowings | Over 1 year - 3 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	4,898
Loans and borrowings | Over 3 years - 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Loans and borrowings | > 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Capital commitments
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	3,217
Capital commitments | ≤1 year
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	3,217
Capital commitments | Over 1 year - 3 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Capital commitments | Over 3 years - 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	0
Capital commitments | > 5 years
Disclosure of nature and extent of risks arising from financial instruments [line items]
Financial liabilities	$ 0

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Financial Instruments Risk - Liquidity Risk Narrative (Details) $ in Thousands, $ in Millions	12 Months Ended
	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 CAD ($)	[1]	Jun. 30, 2022 CAD ($)	[1]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	$ 113,439		$ 234,942		$ 437,807
Liquidity risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash and cash equivalents	113,400
Shelf Prospectus, amount allowed		$ 650.0
Shelf Prospectus, amount allowed for warrant exercises	225,300
Shelf Prospectus, amount allowed for new issuances	$ 396,400
Shelf Prospectus, effective period	25 months
Liquidity risk | Self-Insurance Policy
Disclosure of nature and extent of risks arising from financial instruments [line items]
Restricted cash	$ 61,400

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).

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Financial Instruments Risk - Market Risk Narrative (Details) $ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2023 CAD ($)	Mar. 31, 2024 CAD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 CAD ($)	Jun. 30, 2022 USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Warrant derivative liabilities	$ 9,634	$ 476	$ 353	$ 7,128	$ 37,297	$ 28,945
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Warrant derivative liabilities	7,100	$ 400
Reasonably possible change in risk variable percentage		10.00%	10.00%
Change in risk variable, impact on net loss	15,200	$ 1,900
Change in risk variable, impact on comprehensive loss	11,400	$ 6,700
Price risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Reasonably possible change in risk variable percentage		10.00%	10.00%
Change in risk variable, impact on net loss	2,500	$ 0
Change in risk variable, impact on comprehensive loss	$ 2,500	$ 0

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Capital Management (Details) - CAD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Disclosure of notes and other explanatory information [Abstract]
Shareholders' equity and debt	$ 706.7	$ 749.2

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Subsequent Event (Details) - CAD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Mar. 31, 2023		Mar. 31, 2024	Jun. 30, 2022
Disclosure of non-adjusting events after reporting period [line items]
Net assets	$ 521,705		$ 601,870	$ 665,765
Operating losses	$ 147,109	[1]	46,453
ICC
Disclosure of non-adjusting events after reporting period [line items]
Net assets			13,800
Operating losses			$ 2,000

[1] Comparative information has been adjusted due to discontinued operations see Note 11(b).