"Aurora Cannabis Inc." Q1 Fiscal 2027 Earnings Call - International Medical Revenue Surges 17% as Global Strategy Offsets Canadian Headwinds

Operator: Greetings, welcome to the Aurora Cannabis Inc. first quarter 2027 results conference call. All participants will be in a listen-only mode, and a question-and-answer session will follow the formal presentation. This conference call is being recorded today, Wednesday, August 5th, 2026. I would now like to turn the conference over to your host, Kevin Niland, Director of Strategic Finance and Investor Relations. Please go ahead, sir.

Kevin Niland, Director of Strategic Finance and Investor Relations, Aurora Cannabis Inc.: Hello, thank you for joining us. With me are Miguel Martin, Executive Chairman and CEO, and Simona King, CFO. Earlier this morning, we filed our fiscal first quarter 2027 financials for the period ending June 30th, 2026, and issued a news release containing our quarterly results. Our financial statement, MD&A, and news release are available on our IR website and can also be accessed via SEDAR+ and EDGAR. In addition, you will find a supplemental information deck on our IR website. Please note that we present our financials in accordance with IFRS and in Canadian dollars. Throughout our discussions, we’ll be referring to both GAAP and non-GAAP adjusted results. We encourage you to review the reconciliation contained within the press release of our reported results under GAAP and the corresponding non-GAAP measures.

Our discussion today serves as a reminder that certain matters could constitute forward-looking statements that are subject to risks and uncertainties relating to our future financial or business performance. Actual results could differ materially from those anticipated in those forward-looking statements. Risk factors that may affect actual results are detailed in our annual information form and other periodic filings and registration statements. These documents may similarly be accessed via SEDAR+ and EDGAR. Following our prepared remarks, we’ll conduct a question-and-answer session where covering analysts. With that, I’ll turn the call over to Miguel. Please go ahead.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Thanks, Kevin. Aurora has become synonymous with medical cannabis in nationally legal markets because we spent years building the infrastructure, scientific capability, and regulatory expertise required to deliver reliable, scalable, and consistently high-quality products to patients. Our dedicated focus on medical cannabis enables us to maximize opportunities in the industry’s most attractive, durable, and profitable segment, and should help us maintain and expand our leadership over time. We are already a leading exporter and hold top-tier market share positions in Canada, Germany, Poland, and Australia. We are also well-positioned to export to other countries as the regulatory environment continues to open. We prioritize expanding our manufacturing capacity to support growth in the estimated CAD 9 billion global medical cannabis market. There are only a handful of companies like Aurora that have the capabilities and certified pharmaceutical-grade facilities required to reliably produce and sell directly into European and Australian medical channels.

Our integrated approach to manufacturing and distribution reflects disciplined operational and financial management that drives lower production costs through strong yields, higher potency, and continued operational efficiency. Our cost base is structured to support top-line growth. Our continued investment in international expansion helps offset the near-term headwind in revenue and gross profit contributions to our business stemming from the reduced back reimbursement rate in Canadian medical. We continue to prioritize and maintain a strong balance sheet with ample cash and no debt. This gives us greater flexibility to navigate regulatory and competitive developments across Canada, Europe, and other key international markets. This lets us deploy capital thoughtfully to stay ahead of our competition. Here are some of the key highlights from this quarter. First, international medical cannabis net revenue rose 17% to CAD 43 million, driven by strong performance in Germany.

Notably, about 64% of our total net revenue was generated outside of Canada, up from 50% last year. Second, our acquisition of Safari Flower Company and the recently announced certification of its EU GMP facility adds critical manufacturing capacity to serve the growing, profitable international medical cannabis markets. Third, adjusted gross margin was 58% at the high end of our expected annual range as we benefited from strong contributions from international markets. Finally, we ended the quarter with nearly CAD 150 million in cash equivalents, and short-term investments with no debt. Our operational network is clearly a core differentiator for Aurora, further supported by the recently completed acquisition of Safari Flower Company and the investments we have made in genetics and plant science. As international medical cannabis markets continue to evolve, EU GMP certification remains a critical enabler of our global strategy and supports long-term profitable growth.

Our investment in plant science and genetics has helped deliver meaningful reductions in the cost per gram to manufacture. Genetic differences alone can drive a yield improvement of up to 40% on the same cost base, a critical advantage in a capital-intensive business. Consistency is equally important, particularly in highly regulated medical markets, where product variability can disqualify items from market access altogether. Safari is an established EU GMP-certified cultivator and manufacturer operating a 59,000-square-foot purpose-built indoor facility in Ontario that strengthens our position as one of the largest Canadian exporters of medical cannabis. The acquisition gives us incremental EU GMP capacity that aligns with our existing global manufacturing network, strengthening our ability to meet the growing international demand for high-quality EU GMP products.

This transaction was accretive to our adjusted EBITDA results during the first quarter. We intend to apply our plant science and operational expertise to drive incremental benefits through increased yields, lower manufacturing costs, and additional supply of EU GMP flower to maximize the high-margin opportunities in Europe and other key international markets. Now let’s discuss our key medical cannabis markets individually. Germany is our largest and fastest-growing international market. It’s also one of the most rigorous markets, with strict GMP standards required for access. We view these attributes as a competitive advantage rather than a barrier, and one that has helped us build a stellar reputation with wholesalers, distributors, and pharmacists. The market is structured around flower and oil. Unlike in other countries, Germany maintains a meaningful separation between premium, core, and value-tier pricing.

We operate primarily in the premium and core segments, which represent the majority of our volume, with all 3 segments continuing to grow. As new competitors enter Germany and pricing pressure increases, we’ve maintained our leading market share by adjusting pricing where appropriate and broadening our product line to include more value options. We also expect GMP standards to become increasingly stringent, a trend we believe favors experienced and established operators like Aurora. Our EU GMP-certified facilities and integrated supply chain allow us to ship directly to Germany and continue supporting growing patient demand in the years ahead. Our leadership showed through this quarter, with two of our proprietary cultivars continuing to rank in the top five by sales, clear evidence of our brand equity that we’ve developed since first entering Germany in 2018.

We’re one of only three active in-country producers of medical cannabis holding a production and R&D license under German cannabis law, giving us a strong foundation to directly serve the growing medical markets across Europe. To capture incremental share in this growing market and augment our EU GMP production, we are in the final phase of our expansion plans for our Leuna facility. These investments should increase product quality through the same industry-leading genetics and operational playbook that has helped deliver incremental margin gains. The project is nearing completion, and combined with the rollout of our proprietary cultivars, is expected to double the site’s annual flower output. The German market has built a very mature and integrated medical cannabis framework. They have a well-developed physician and pharmacy-led network that supports patient access, which is further supported by proper manufacturing and distribution capacity, GMP-level standards, and strong regulatory oversight.

All those points to a system that’s solid, well thought out, and highly integrated. We continue to monitor the regulatory and legislative environment in Germany, and while there’s been lots of discussion regarding potential changes, we believe that we have the skills and capabilities to navigate any potential revisions successfully and come out stronger on the other side, similar to how we successfully navigated the changes in Poland last year. Speaking of Poland, we hold the number 1 market share position, supported by strong commercial execution. We are encouraged by recent increases in annual import limits and the strong, loyal patient base, which strengthens our growth outlook for this key, highly regulated market. Success in Germany and Poland positions us well for other emerging regulated markets such as France, Ukraine, Switzerland, Spain, and Austria, as our capabilities are portable.

We will continue to focus on cultivation and wholesale, where we believe the greatest margin opportunity exists, rather than downstream channels like retail or telehealth. These sit outside our core competencies of weaving ever-increasing regulatory standards into our operations. Our well-established leadership in Australia is allowing us to shift our sales mix towards core and premium products, reflecting growing demand from both prescribing physicians and patients for higher-tier options. Australia also offers one of the broadest product format ranges outside of North America, giving us the opportunity to fully leverage our diverse product portfolio beyond flower and oils. We are also encouraged by the growth we are seeing in New Zealand, another highly regulated market where patients are responding favorably to our growing product assortment. Finally, let’s turn to Canada. The first quarter marked the onset of revisions to the federal reimbursement program, which took effect April 1st.

As expected, this external regulatory shift impacted both our top line and adjusted gross profit. However, we are encouraged by our continued strong margins in our global medical cannabis business that supported the achievement of consolidated adjusted gross margins of 58%, which are at the higher end of our targeted range. These leading margins, along with our historical ability to grow share in this business, should therefore remain intact. Against this backdrop, we expect to expand share where new patients continue to enter the market. The revenue and adjusted EBITDA impact reflected in our first quarter performance and reaffirmed annual guidance is primarily a function of industry-wide changes and not a reflection of underlying demand or our competitive position in the long term.

In our view, we have the capabilities, high-quality products, financial resources, and resilience to successfully navigate this headwind and deliver profitable growth while continuing to invest in growing international opportunities. Let me address the changing U.S. regulatory landscape. We’re watching developments in the U.S. closely, particularly as recent uplisting activity and potential rescheduling create new possibilities. We see three areas of opportunity for us: expanded research collaboration following federal rescheduling, potential partnerships leveraging our GMP and medical-grade manufacturing standards, and longer-term import/export possibilities between the U.S. and the international medical markets we already serve. We are encouraged by this renewed momentum and look forward to further regulatory clarity from the U.S. administration in the coming months. Let me now turn the call over to Simona.

Simona King, CFO, Aurora Cannabis Inc.: Thank you, Miguel. Our quarterly performance reflects the strategic decisions we have made to reallocate our resources to focus on global medical cannabis opportunities. While some of the year-over-year comparatives may appear less favorable, the results themselves are in line with our expectations. We are purposefully investing in our international business through strategic sales initiatives and EU GMP capacity expansion to support growth in our most profitable markets. Let’s now review our fiscal first quarter 2027 compared to the prior year, and I will then reaffirm our fiscal year 2027 outlook. Net revenue was CAD 67.6 million, which is inclusive of a 17% increase in international medical cannabis. This growth was offset by the expected changes in Canadian medical net revenue and the planned exit from our lower-margin Canadian consumer cannabis business.

Consolidated adjusted gross margin held strong at 58%, coming in at the high end of our annual guidance range. The change versus the prior year was primarily due to the expected changes in Canadian medical pricing, offset by strong international performance. Consolidated adjusted SG&A was reduced from CAD 36.1 million in the prior year to CAD 35.1 million this quarter. This CAD 1 million reduction was driven primarily by lower general and admin spending, offset by slightly higher selling costs. Adjusted EBITDA was CAD 3.4 million, compared to CAD 10.8 million in the prior year, while adjusted net income was CAD 3.8 million, compared to CAD 6.6 million last year. The year-over-year changes primarily reflect lower adjusted gross profit before fair value adjustments, partially offset by improved SG&A performance and an increase in other income. Our balance sheet remains one of the strongest in the global cannabis industry.

We held close to CAD 150 million in cash equivalents, and short-term investments with no debt. We have ample liquidity and can be opportunistic with respect to investing in ourselves as needed, while also pursuing additional acquisitions. Free cash flow was an outflow of CAD 5.8 million, compared to an inflow of CAD 6.8 million from the prior year. This was mainly due to a reduction in gross profit before fair value adjustments of CAD 9.7 million. Let me now reaffirm our outlook for fiscal 2027, ending March 31st, 2027. It reflects the important steps that we’ve taken to strengthen the business and drive growth in the attractive global medical cannabis market. Recall that we viewed this as a transitionary year, we remain optimistic in our long-term trajectory. Fiscal 2027 is being shaped by changes in Canadian medical that can be partially offset by international growth, as we demonstrated in Q1.

We are purposefully investing in our international business to support growth in our most profitable markets. This includes our new wholly-owned subsidiary, Safari Flower Company, a trusted cultivator and manufacturer of high-quality medical cannabis, which provides incremental capacity to supply international markets such as Germany, Poland, and the U.K. For the fiscal second quarter, we expect revenue and adjusted EBITDA to be sequentially higher than in the fiscal first quarter. Thank you for your time. I’ll now turn the call back to Miguel.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Thanks, Simona. We’ve established one of the most attractive medical cannabis growth businesses in the world, anchored by a sizable footprint across all major countries and regions. To accelerate our global momentum, we are deploying targeted investments to rapidly expand GMP capacity, push a steady cadence of new product launches, seize additional market share, and reinforce our leadership position. These actions are engineered to deliver sustained double-digit revenue growth, maintain superior margins, and drive higher EBITDA contributions over the coming years. Thank you all for your time today and for your continued confidence in Aurora.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press

Bill Kirk, Analyst, Roth Capital Partners: Good morning, everybody. I was hoping, Miguel and Simona, if you could give us some more details or specifics on the expectation for sequential revenue growth and the EBITDA improvement that you expect off 1Q. In particular, are there any markets where you’re confident that growth is going to be driven from, or any cost savings opportunities that you have on the horizon that gives you that sequential improvement confidence?

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Great. Good morning, Bill. Let me start. I’ll let Simona pick up the backside of it. I think overall, it’s going to be similar to what you’ve seen. The same markets where we see opportunities and we see growth will continue to be there. Obviously, there’s a bit of a reset as it pertains to VAC, but we expect to grow share off of that. As you move offshore, we see opportunities in Poland and Germany and Australia and New Zealand. Clearly, Germany being the biggest, is the most sort of obvious place for it. As we said in our prepared remarks, we continue to find significant opportunities there because of the scarcity of high-quality GMP flower, which is something that really we excel at. I think it’s more of the same, there won’t be any real big surprises.

On the cost side, we continue to look for efficiencies. The biggest do come from our genetic work and the production efficiencies we get out of our facilities. As we said, and we’ve said in the past, some of those genetics can yield up to a 40% increase, also have improvements in quality and potency and terp scores and things like that allow you to garner some higher economics. Simona, anything you want to add to that?

Simona King, CFO, Aurora Cannabis Inc.: I think you covered it, Miguel. Maybe to reiterate that we’re very encouraged by the strong growth that we’re seeing in Germany, and we’re happy to, especially in Q1, deliver on the high end of our guidance range with our adjusted gross margins being at 58%. Again, reflecting what Miguel said, that we see continued efficiencies in our manufacturing network.

Bill Kirk, Analyst, Roth Capital Partners: Perfect. As a follow-up on that manufacturing network, you talked a lot about the importance of EU GMP and your medical standards and quality. What do you think about the U.S. growers who are confident they can export into international markets? Would you think of them as potential extra competition in those markets, or would they be potential partners that you could help access your international supply chain?

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Listen, I think it’s a little early. Obviously, the regulatory construct that the MSOs and the FSO operate in is totally different than what we see, say, in Germany or Poland or New Zealand. That’s not to take anything away from them, because I think there’s some very strong operators there. What I do know is that we’ve been in Germany since 2018, and it’s difficult. It’s not just the regs that exist today. As we’ve said, those standards continue to tighten. I think whether you come from the U.S. or you come from Canada, it’s a challenge in order to get product consistently in there. The other thing for us, which is a big advantage, is we grow almost everything that we sell. We control that network all the way through as opposed to, say, third-party purchases or other aspects on it.

In terms of partnership, as we said in our comments, we absolutely believe that there will be opportunities to partner. Our almost decade-plus of large-scale GMP manufacturing in a pharmaceutical setup for these countries lines up very well for what we’re starting to see from the rescheduling regulations coming out of the U.S. We’re hopeful, just like we partner with folks in Canada, and internationally, that that would also extend to the U.S.

Bill Kirk, Analyst, Roth Capital Partners: Thank you. That’s perfect. I’ll jump back in the queue.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Thank you, Bill.

Operator: Our next question comes from Frederico Gomes with ATB Capital Markets. Please proceed with your question.

Frederico Gomes, Analyst, ATB Capital Markets: Hi, good morning. Thanks for the question here. I guess I want to talk about Germany. Miguel, you mentioned that, I guess, your senior expect to see continued pricing pressure there. Can you talk about the magnitude of that price pressure that you’re seeing, and are prices coming down steadily every quarter? Has that been bumpy and varied according just to the availability of supply? The second point on Germany is just potential revisions there in terms of the regulatory framework. If you could just talk about how you think the regulatory environment in Germany is going to evolve and how Aurora is positioned to potentially benefit from that. Thank you.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Of course, good morning, Fred. I think, first let me talk about pricing in Germany. As we mentioned in our prepared remarks, there really are 3 distinct sort of quality tiers in Germany that are very articulated, and we like that in a market. You’ve got premium, core, and value. All of them are required to be GMP, so they hold a higher standard than maybe a non-GMP market. We see most of the pricing pressure in the value segment, as to be expected. Actually, when you look at core and premium, because of the increasingly challenge that comes with these GMP standards getting more stringent, we see that pricing’s been held up quite well there. I think, while you always are sort of seeing something in the value segment, on the higher ends, you don’t.

We also see, since it’s such a large self-payer market, that you don’t see some of the pressure on the reimbursed side, as maybe the reimbursement rates would change like you see in Canada under the VAC system. I think we’re pretty confident in that piece of it. Overall, when you think about some of the noise that we’ve heard from potential legislation, we’ll know a lot more in the coming months. Usually, when these things happen, it benefits those companies that have the sort of wherewithal and the persistence to stick through it. Obviously, the most obvious example is Poland, when they made some changes in the telehealth platform there, which you’re well aware of. We saw a short-term dip, and then for those companies like Aurora that were able to pivot and handle the regulatory changes, there was actually growth opportunities.

If there were changes to the telehealth provisions in Germany, which seem a little less likely on some of the more severe ones, we’ll see. I think companies like Aurora actually stand to gain because it makes it that much more difficult for those that haven’t dealt with it or are not prepared to manage it.

Frederico Gomes, Analyst, ATB Capital Markets: Thank you. Appreciate that.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: You’re very welcome, Fred.

Operator: Our next question comes from Ryan Neil with TD Cowen. Please proceed with your question.

Ryan Neil, Analyst, TD Cowen: Hey, everyone, this is Ryan on for Derek, thanks for taking my questions. Just to start in the domestic market, can you isolate the impact of the lower reimbursement rates on revenue, gross profit, and EBITDA? Have you seen any further changes in patient behavior or pricing since the initial adjustment?

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Let me take the second part of it, I’ll let Simona pick up the first part. We’ve seen very little changes. For the VAC patient, there’s very little difference for them. Most of, if not the entirety of the pricing change, has been handled by the LPs that service those critical patients. From a format choice and selection and cadence and everything, it’s pretty much unchanged. Simona, maybe you want to take the first part?

Simona King, CFO, Aurora Cannabis Inc.: Yeah. We have seen an impact in Canadian medical on our revenues versus the prior quarters, and that’s a result of the reimbursement impact coming into effect on April 1st, a 30% reduction in reimbursement rates. That is as expected as we discussed last quarter, where we’re anticipating these changes. This is how Q1 has come in. It’s coming per our expectations.

Ryan Neil, Analyst, TD Cowen: Great. Then just as a follow-up, how is the integration of Safari progressing, and do you see any expected accretion and synergies in FY 2027? Are there any updates on sort of the operational or genetic improvements there?

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Yeah, we saw contributions this quarter. We don’t break out each of the facilities. We’re very pleased with the integration. I think, the fact they just received their GMP certification, which is valid for three years, was very exciting for us, and we’re thrilled. More to follow in the coming quarters in terms of what it means, but early days on Safari are very encouraging.

Ryan Neil, Analyst, TD Cowen: Great. Thanks. I’ll re-queue.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Thank you, Ryan.

Operator: As a reminder, if you’d like to ask a question, please press 1 on your telephone keypad. Our next question comes from Pablo Zuanic with Zuanic & Associates. Please proceed with your question.

Pablo Zuanic, Analyst, Zuanic & Associates: Thank you. Good morning, everyone.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Morning.

Pablo Zuanic, Analyst, Zuanic & Associates: Miguel, in my opinion, the industry did a very good job over the last four to five years in Canadian medical. The penetration with veterans, according to the numbers that I see, went from around 4% to 8% over a four-year period. How much higher can that go? What would you think is the natural cap on that percentage? Is there room to take that up much further? Thank you.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Pablo, I think it’s a difficult one because that behavior is really an interaction between that patient, the doctor, and then coming to the LP. I think clearly, we’ve seen through our interactions with the veterans and everything that we owe them, that they’re seeing a strong benefit from that cannabis component as they leave the service. We’re also seeing new patients join that system on a very regular basis, and those patients are all across different age spectrums and gender and different sort of indications. Hard to say what is the cap, as you’ve talked about four to eight percent. I think the system, though, is very healthy, and we see an opportunity for us to grow share in that because of the great service that we do offer them.

The other part about that, which is very interesting, is the portability of those insights, because that veteran interest in medical cannabis is not solely a Canadian condition. We see interest across the board, whether it’s in Europe, the U.S., or New Zealand and Australia. Those veteran communities are very well-connected because in many cases, they serve with each other in those different markets. We’re excited, beyond just what we’re seeing in Canada from those learnings and those insights. Again, the portability of that, because it’s a very specific sort of activity and service level required to take care of that critical patient. I think there’s benefits across the board, even those outside of Canada.

Pablo Zuanic, Analyst, Zuanic & Associates: Thank you. Just a quick follow-up. Obviously, you are the first, or you’ve been among the first in entering a lot of these overseas markets. In the case of U.K., and correct me if I’m wrong, I think you’ve been slower than other people, right? That market has very quickly vertically integrated downstream, LPs controlling online pharmacies, clinics. Can you talk more about, am I right? You’ve been slow in the U.K., and can you still catch up there? Thank you.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: With all due respect, I wouldn’t describe it as slow. I don’t think we’ve been slow at all. Our real sort of focus is on the genetics, the development, and the manufacturing of these medications. In the U.K., you’re right, there’s been a lot of movement on the clinic side and on the pharmacy side. Those are not areas of focus for us. As the regs have started to change in the U.K. through interactions we have with the MHRA, we feel very confident about our position there. What we do know is that the U.K. is, once again, a place where high-quality, premium medical products are valued, particularly in the self-payer market, and Aurora having some of the largest supply of those GMP products for that market, I think will be just fine.

I think, as things sort of ebb and flow, you can’t look at things in the short term. I think you have to look at things in the long term. I think we’ve proven across almost 12-plus countries that very stringent standards benefit us, and we’re seeing that in the U.K., and we think that will play out over the coming quarters.

Pablo Zuanic, Analyst, Zuanic & Associates: Thank you.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: You’re very welcome.

Operator: Our next question comes from Ryan Neil with TD Cowen. Please proceed with your question.

Ryan Neil, Analyst, TD Cowen: Hey, everyone. Just one more from me.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Sure.

Ryan Neil, Analyst, TD Cowen: Curious if you have any color on recent progress in Australia as you transition to more of the core and premium offerings there and how that’s evolved in recent months.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Right. It’s a great question. I think that what we’re seeing in Australia is a very interesting dynamic because it allows more than flower and oils, and we’re seeing a lot of quality. Having been there for almost a decade, and you’re right, predominantly focused in what they call the concession market, which is a bit of the value market. We’re starting to see strong progress in the core and premium, and it’s a country where cannabis is moving pretty quickly, and so we’re excited about that as well. Right next to it is New Zealand, and I know that wasn’t your question, but there’s a lot of efficiencies and synergies in having success in Australia, and New Zealand’s a bit more difficult from a regulatory standpoint, which lines up well for us. I think when you combine the two, we’re very encouraged about what the opportunities there are.

It’s also a wonderful jumping-off spot for that part of the world as medical cannabis gains more sort of mainstream acceptance. We’re bullish on both the opportunities that present themselves in that market, but also what it means for us in markets next door.

Ryan Neil, Analyst, TD Cowen: Great. Thanks, everyone.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Thank you, Ryan.

Operator: We’ve reached the end of our question and answer session. I would now like to turn the floor back over to Mr. Martin for closing comments.

Miguel Martin, Executive Chairman and CEO, Aurora Cannabis Inc.: Operator, thank you very much, and our appreciation to everyone’s coverage of Aurora. We’re incredibly excited about the future, and we look forward to sharing that with you in the coming quarters. All the best. Thank you.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.