Mr. Miguel Martin reports

AURORA CANNABIS PROVIDES BUSINESS UPDATE AND ANNOUNCES DATE OF THIRD QUARTER FISCAL YEAR 2024 INVESTOR CONFERENCE CALL

Aurora Cannabis Inc. provided key business updates today and confirmed that it will release financial results and host an investor conference call for its third quarter of fiscal 2024 ended Dec. 31, 2023, on Feb. 8, 2024.

Fiscal 2024 update

• Adjusted earnings before interest, taxes, depreciation and amortization are expected to be positive on an annual basis in fiscal 2024.

• Management continues to expect that the company will generate positive free cash flow in calendar 2024.

Share consolidation

Aurora also today announced that its board of directors has approved, subject to required regulatory and stock exchange approvals, a plan to consolidate all of its outstanding common shares on the basis of one common share for every 10 common shares currently outstanding, with such share consolidation to be effective on or about Feb. 20, 2024. The company expects the share consolidation to restore compliance with Nasdaq Listing Rule 5550(a)(2) (the minimum bid price requirement) and to ensure the company continues to have access to a wide range of institutional investors. Further details regarding the share consolidation can be found below under the heading Information regarding the share consolidation plan.

"We will continue to exercise financial discipline, and do not see this share consolidation as a distraction from our target of delivering positive free cash flow this calendar year," said Miguel Martin, chief executive officer of Aurora. "Aurora is taking the required steps to comply with Nasdaq's listing rules so that we can maintain the financial flexibility needed to continue our pursuit of profitable international growth," added Mr. Martin.

Third quarter fiscal year investor conference call

Aurora has scheduled a conference call to discuss the results for its third quarter of fiscal year 2024 on Thursday, Feb. 8, 2024, at 8 a.m. Eastern Time/6 a.m. Mountain Time. Miguel Martin, chief executive officer, and Glen Ibbott, chief financial officer, will host the call, as well as a question and answer period. The company will report its financial results before markets open on Thursday, Feb. 8, 2024.

Conference call details

Date:  Thursday, Feb. 8, 2024

Time:  8 a.m. Eastern Time/6 a.m. Mountain Time

Information regarding the share consolidation plan

As discussed above, the company's board of directors has approved a consolidation of the company's common shares on a 10 to 1 basis. The share consolidation will be effective on or about Feb. 20, 2024, and the company expects to begin trading on the Nasdaq Capital Market and the Toronto Stock Exchange on a postconsolidation basis on such effective date. The share consolidation is subject to the approval of the TSX, and the determination as to whether the minimum bid price requirement is satisfied is subject to the approval of the Nasdaq.

The company currently has 475,903,822 common shares outstanding and, assuming no additional common shares are issued prior to the share consolidation, the share consolidation will reduce the issued and outstanding common shares to approximately 47,590,382 common shares. Upon completion of the share consolidation, the company's common shares will continue to trade on the Nasdaq and the TSX under the symbol ACB.

The company will not be issuing fractional postconsolidation common shares in connection with the share consolidation. Where the share consolidation would otherwise result in a shareholder being entitled to a fractional common share, the number of postconsolidation common shares issued to such holder of common shares shall be rounded up or down to the nearest whole number of common shares.

A letter of transmittal with respect to the share consolidation will be mailed to registered shareholders of the company. All registered shareholders with physical certificates will be required to send their certificates representing preconsolidation common shares along with a completed letter of transmittal to the company's transfer agent, Computershare Trust Company of Canada, in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal can be obtained through Computershare. All shareholders who submit a duly completed letter of transmittal along with their preconsolidation common share certificate(s) to Computershare will receive a postconsolidation common share certificate. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name will not need to complete a letter of transmittal.

The exercise or conversion price and the number of common shares issuable under any of the company's outstanding warrants, convertible notes, stock options and any other securities convertible in common shares will be proportionately adjusted to reflect the consolidation in accordance with the respective terms thereof.

About Aurora Cannabis Inc.

Aurora is opening the world to cannabis, serving both the medical and consumer markets. Headquartered in Edmonton, Alta., Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The company's adult-use brand portfolio includes Aurora Drift, San Rafael '71, Daily Special, Tasty's, Being and Greybeard. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co., as well as international brands Pedanios, Bidiol and CraftPlant. Aurora also has a controlling interest in Bevo Farms Ltd., North America's leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched.

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