Aurora Reaffirms Growth Outlook on European Strength

EDMONTON – Aurora Cannabis Inc. issued a business update, reaffirming guidance for sequential growth in net revenue and adjusted EBITDA in fiscal Q2 2027. The company cited the integration of Safari Flower Company and continued strength in Germany and Poland as the primary basis for that confidence.

Aurora closed its C$26.5 million acquisition of Safari Flower Company in April 2026, adding a 59,000-square-foot EU-GMP certified indoor cultivation and manufacturing facility in Ontario’s Niagara Region. The deal reduced Aurora’s reliance on third-party supply for its international markets. In July, Safari received a renewed three-year EU-GMP certification, clearing the facility to ship medical Cannabis flower to Germany, Poland, the United Kingdom, Australia, and other regulated destinations.

That certification came at the right time. Aurora’s Q1 fiscal 2027 results showed international medical Cannabis revenue up 17% YoY to C$43.3 million, accounting for roughly 64% of total net revenue, compared to 50% a year earlier. Germany led the international segment, driven by increased patient demand. In Poland, Aurora claimed the top spot by revenue.

The domestic picture told a different story. Canadian medical Cannabis revenue fell 25% after Veterans Affairs Canada reduced reimbursement rates by approximately 30%, effective April 1, 2026. The policy change pushed Aurora’s adjusted EBITDA for the quarter to C$3.4 million, down from C$10.8 million in the year-ago period. Management characterized the quarter as a deliberate transition, linked to Aurora’s formal exit from lower-margin Canadian consumer and plant propagation segments.

Speaking on the Q1 earnings call, CEO Miguel Martin said the Safari integration was tracking ahead of early expectations. The company plans to invest approximately C$3.5 million over three years in facility improvements at the Niagara site, targeting higher yields and lower manufacturing costs.

Aurora extended its UK presence in August through the acquisition of Internode Pharma Limited and HAP Pharma Limited [a licensed importer/wholesaler and a licensed pharmacy operating in Birmingham] for £2.1 million in cash. The deal gave Aurora vertical control over its UK supply chain, from cultivation through to patient delivery. The company closed Q1 with C$149.1 million in cash and no debt.

Aurora’s trajectory heading into fiscal Q2 reflects a calculated compression of short-term EBITDA in favor of a longer-term, higher-margin international revenue base. The Safari EU-GMP certification removed one of the more significant operational uncertainties around the deal. Germany is accelerating, Poland is locked in at the top spot, and the UK is now vertically integrated under Aurora’s ownership. The balance sheet is clean. The central question going into Q2 and beyond is how quickly those European volume gains convert into bottom-line results that investors can actually see.