AURORA CANNABIS INC (Form: 40-F, Received: 09/21/2022 06:03:24)

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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 fiscal year ended June 30, 2022			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.)

500-10355 Jasper Avenue,

Edmonton, Alberta, T5J 1Y6
Tel: 1-844-928-7672

(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	The Nasdaq Global Select 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: 297,772,238

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

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

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.

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 Global Select 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 year ended June 30, 2022, together with the report thereon of the independent registered public accounting firm			99.5
Management’s Discussion and Analysis of the Company for the year ended June 30, 2022 (the “MD&A”)			99.6
Annual Information Form of the Company for the year ended June 30, 2022 (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 execute on its business transformation plan and path to Adjusted EBITDA profitability;

•planned cost efficiencies, including the execution of the Company’s costs savings plan, including, but not limited to, asset consolidation, supply chain efficiency and other reductions in SG&A expenses;

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

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

•product portfolio and innovation, and associated revenue growth;

•future strategic plans;

•competitive advantages and strengths of medical and regulatory expertise;

•licensing of genetic innovations to other LPs and associated revenue growth;

•expectations regarding biosynthetic production and associated intellectual property;

•the acquisition of Thrive and associated benefits including, but not limited to, the acceleration of the repositioning of the Company’s consumer business;

•the majority investment in Bevo Farms and associated benefits, including repurposing of the Aurora Sky facility; and

•the impact of the COVID-19 pandemic on the Company’s business, operations, capital resources and/or financial 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, including the current outbreak of COVID-19, 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.

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 June 30, 2022 based upon the daily exchange rate as quoted by the Bank of Canada was U.S.$1.00 = $1.2886.

CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The information provided in the section entitled “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 “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 “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.

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, the Audit Committee and the Science and Innovation Committee. The charters of each committee can be viewed on the Company’s corporate website at https://investor.auroramj.com/about-aurora/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. The N&CGC annually assesses the skills and qualifications of directors and nominees to ensure the members of the board of directors have the requisite skills and qualifications to meet the current needs of the Company. The N&CGC is comprised of Norma Beauchamp (Chair), Ron Funk, Adam Szweras and Chitwant Kohli. 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, and (c) 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 Theresa Firestone (Chair), Norma Beauchamp, Adam Szweras and Shan Atkins. 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).

Science and Innovation Committee

The Science and Innovation Committee (“S&I Committee”) reviews and discusses with management the Company’s science and innovation strategies, including the full portfolio of initiatives and investments in plant science, human science, analytical science, and product design & formulation and, when appropriate, makes recommendations to the Board. The S&I Committee is comprised of Lance Friedmann (Chair), Theresa Firestone and Michael Singer. The Board has determined that a majority of the members of the S&I Committee are independent, based on the criteria for independence prescribed by Nasdaq’s director independence standards at Rule 5605(a)(2). Mr. Singer is not considered independent as a result of his former roles as Interim Chief Executive Officer and Executive Chairman.

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 Shan Atkins (Chair), Ron Funk, Lance Friedmann and Chitwant Kohli. 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 each qualify 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 auditors and requires the Audit Committee to pre-approve all permitted non-audit services to be provided by the Company’s external auditors, in accordance with applicable law.

PRINCIPAL ACCOUNTING FEES AND SERVICES - INDEPENDENT AUDITORS

KPMG LLP, of Vancouver, British Columbia, Canada, Audit Firm I.D.:85, (“KPMG”) acted as our independent registered public accounting firm for the fiscal years ended June 30, 2022 and 2021.

The following table sets forth information regarding amounts billed to us by KPMG for each of our last two fiscal years ended June 30 in Canadian dollars:


Financial Period Ending	Audit Fees ($)(1)	Audit Related Fees ($)(2)	Tax Fees ($)(3)	All Other Fees ($)(4)
2022	4,378,890	—	255,944	32,800
2021	3,042,764	—	357,032	—

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..

Audit Committee Pre-Approval Policies

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

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 June 29, 2022. 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 fiscal year ended June 30, 2022, 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.

NOTICES PURSUANT TO REGULATION BTR

There were no notices required by Rule 104 of Regulation BTR that the Company sent during the year ended June 30, 2022 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.

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 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.

[signature page follows]

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: September 20, 2022	AURORA CANNABIS INC.
	By	(signed) “Glen Ibbott”
		Glen Ibbott Chief Financial Officer

EXHIBIT INDEX


Exhibit Number			Exhibit Description

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 year ended June 30, 202 2 , together with the report thereon of the independent auditor
99.6			Management’s Discussion and Analysis for the year ended June 30, 202 2
99.7			Annual Information Form of the Company for the year ended June 30, 202 2
99.8			Consent of KPMG LLP
101.INS			XBRL Instance
101.SCH			XBRL Taxonomy Extension Schema
101.CAL			XBRL Taxonomy Extension Calculation Linkbase
101.DEF			XBRL Taxonomy Extension Definition Linkbase
101.LAB			XBRL Taxonomy Extension Label Linkbase
101.PRE			XBRL Taxonomy Extension Presentation Linkbase

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: September 20, 2022


By:			/s/ Miguel Martin
			Miguel Martin Chief Executive Officer (Principal Executive Officer)

CERTIFICATION

I, Glen Ibbott, certify that:

1. I have reviewed this annual report on Form 40-F of Aurora Cannabis Inc.;

(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: September 20, 2022


By:			/s/ Glen Ibbott
			Glen Ibbott Chief Financial Officer (Principal Financial Officer)

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 June 30, 2022 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.

September 20, 2022


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.

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 June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Glen Ibbott, 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.

September 20, 2022


By:			/s/ Glen Ibbott
			Glen Ibbott Chief Financial Officer (Principal Financial Officer)

AURORA CANNABIS INC.

Consolidated Financial Statements

For the years ended June 30, 2022 and 2021

(in Canadian Dollars)

Table of Contents


Management’s Responsibility for Financial Reporting			1
Report of Independent Registered Public Accounting Firm			2
Consolidated Statements of Financial Position			3
Consolidated Statements of Comprehensive Loss			4
Consolidated Statements of Changes in Equity			6
Consolidated Statements of Cash Flows			8
Notes to the Consolidated Financial Statements

Note 1

Nature of Operations

Note 17

Lease Liabilities

Note 2

Significant Accounting Policies and Judgments

Note 18

Share Capital

Note 3

Restructuring Provision

Note 19

Share-Based Compensation

Note 4

Accounts Receivable

Note 20

Loss per share

Note 5

Government Grant

Note 21

Other Gains (Losses)

Note 6

Investments

Note 22

Supplemental Cash Flow Information

Note 7

Marketable Securities and Derivatives

Note 23

Income Taxes

Note 8

Investments in Associates and Joint Ventures

Note 24

Related Party Transactions

Note 9

Biological Assets

Note 25

Commitments and Contingencies

Note 10

Inventory

Note 26

Revenue

Note 11

Property, Plant and Equipment

Note 27

Segmented Information

Note 12

Assets and Liabilities Held for Sale and Discontinued Operations

Note 28

Fair Value of Financial Instruments

Note 13

Business Combinations

Note 29

Financial Instruments Risk

Note 14

Asset Acquisition and Non-controlling Interests

Note 30

Capital Management

Note 15

Intangible Assets and Goodwill

Note 31

Subsequent Events

Note 16

Convertible Debentures

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. This responsibility includes selection of appropriate accounting policies and principles as well as decisions related to significant estimates and areas of judgment.

In discharging its responsibilities to support the integrity and fairness of the consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded, and financial records are properly maintained to provide reliable information.

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.

September 20, 2022


/s/ Miguel Martin						/s/ Glen Ibbott
Miguel Martin Chief Executive Officer						Glen Ibbott Chief Financial Officer

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 June 30, 2022 and 2021, the related consolidated statements of comprehensive loss, changes in equity, and cash flows for each of the years in the two-year period ended June 30, 2022, 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 June 30, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the two‑year period ended June 30, 2022, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

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 June 30, 2022, 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 September 20, 2022 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.

Valuation of goodwill, intangible assets, and property, plant and equipment in the Canadian cannabis operating segment and in the International cannabis operating segment

As discussed in Note 11 to the consolidated financial statements as of June 30, 2022, the property, plant and equipment balance was $233,465 thousand. As discussed in Note 15 to the consolidated financial statements, the

total goodwill and intangible assets balance was $70,696 thousand as of June 30, 2022. The Company conducts an impairment test annually at year-end, and whenever events or circumstances that make it more likely than not that an impairment may have occurred. The recoverable amounts of the operating segments to which goodwill is allocated and the cash generating units (CGUs) to which intangible assets and property, plant and equipment are allocated in the Canadian cannabis operating segment and in the International cannabis operating segment (together, the relevant operating segments and CGUs) were determined based on the fair value less costs of disposal method. An impairment loss is recognized for the amount by which the operating segment’s or CGU’s carrying amount exceeds its recoverable amount. For the year ended June 30, 2022, the Company recognized impairment of goodwill of $914,275 thousand, impairment of intangible assets of $271.9 million and impairment of property, plant and equipment of $60.7 million.

We identified the assessment of the recoverable amounts of the relevant operating segments and CGUs as a critical audit matter. There was a high degree of auditor judgment required to evaluate the significant assumptions used in determining the recoverable amount. The significant assumptions used in the recoverable amount model were the forecasted revenues, operating costs and discount rates. The sensitivity of reasonably possible changes to those assumptions could have had a significant impact on the determination of the recoverable amount of the relevant operating segments and CGUs and the Company’s determination of the amounts of impairment. Additionally, the audit judgment associated with certain of these significant assumptions required the use 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 and operating costs forecasts to actual results to assess the Company’s ability to accurately forecast. We evaluated the reasonableness of the Company’s forecasted revenues for the relevant operating segments and CGUs by comparing the growth assumptions to historical actual results of the Company, planned business initiatives and external industry reports. In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in:

•evaluating the discount rates used in the impairment analyses by comparing them to discount rate ranges that were independently developed using publicly available market data for comparable entities; and

•performing sensitivity analyses over the discount rates to assess their impact on the determination of the recoverable amount.

Measurement of fair value of biological assets

As discussed in Note 9 to the consolidated financial statements, the Company measures biological assets at fair value less costs to sell. As of June 30, 2022, the carrying value of the Company’s biological assets was $23,827 thousand. Biological assets are measured at fair value less costs to sell at the end of each reporting period in accordance with IAS 41 - Agriculture. The Company utilizes an income approach to determine the fair value less costs to sell at a specific measurement date, based on the existing cannabis plants’ stage of completion up to the point of harvest.

We identified the assessment of the Company’s determination of the fair value of biological assets as a critical audit matter. A high degree of auditor judgment was required due to the degree of subjectivity of the significant assumptions. The significant assumptions used to measure biological assets were average selling price per gram, weighted average yield per plant, weighted average effective yield and cost per gram to complete production.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of internal controls related to the post-harvest weigh-ins. We performed sensitivity analyses over the significant assumptions used to determine the fair value of biological assets to assess the impact of changes in those assumptions on the Company’s determination of fair value. We tested the average selling price per gram by comparing to actual sales prices per gram as set out in sales documents for transactions in the fourth quarter. We tested the weighted average yield per plant by observing a selection of post-harvest weigh-ins. We tested weighted average effective yield by tracing a selection of harvested biological assets

to their external laboratory test reports and comparing those results to Company specifications. We tested the cost per gram to complete production by comparing a selection of production costs incurred and grams produced to source documents.

Assessment of the cannabis inventory provision

As discussed in Note 10 to the consolidated financial statements, the Company’s consolidated inventory balance was $116,098 thousand as of June 30, 2022. Inventory is valued at the lower of cost and net realizable value (NRV). The Company uses judgment in determining the NRV of inventory. When assessing NRV, the Company considers the impact of average selling price per gram, inventory spoilage, inventory excess, age and damage.

We identified the assessment of the cannabis inventory provision as a critical audit matter. A high degree of auditor judgment was required due to the degree of subjectivity of the significant assumptions. The significant assumptions used to determine the inventory provision were inventory excess and age.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the appropriateness of the cannabis inventory provision by testing the inventory excess by comparing the forecast usage to historical usage. We compared the Company’s historical forecasted usage to actual usage in the current year to assess the Company’s ability to accurately forecast. We evaluated the Company's aging policies by comparing the aging assumptions to external industry information. We tested the aging by tracing a selection of inventory to the Company’s production and packaging records.

/s/ KPMG LLP

Chartered Professional Accountants

Vancouver, Canada

September 20, 2022

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

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 June 30, 2022, 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 weaknesses, 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 June 30, 2022, 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 June 30, 2022 and 2021, the related consolidated statements of comprehensive loss, changes in equity, and cash flows for each of the years in the two-year period ended June 30, 2022, and the related notes (collectively, the consolidated financial statements), and our report dated September 20, 2022 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:

Complex Spreadsheet Controls: The Company did not implement and maintain effective controls surrounding certain complex spreadsheets. Spreadsheets are inherently prone to error due to their manual nature, which increases the risk of human error. The Company’s controls related to complex spreadsheets did not address all identified risks associated with manual data entry, review of inputs into management assumptions and estimates, completeness of data entry, and the accuracy of mathematical formulas, impacting complex spreadsheets used in property, plant and equipment, fair value of biological assets, valuation of inventory, and key goodwill, intangibles and purchase price accounting calculations and estimates.

IT General Controls: Specific to the Aurora Europe business component, the Company had an aggregation of deficiencies within its IT general controls across multiple systems within the subsidiary, including deficiencies related to segregation of duties, user access and change management. As a result, the Company concluded that the subsidiary’s process-level automated and manual controls in the areas of journal entries and revenue that are dependent on IT general controls, information, and data derived from affected IT systems were also ineffective because they could have been adversely impacted.

Management Review Controls: The Company did not consistently have documented evidence of management review controls and did not always maintain segregation of duties between preparing and reviewing analyses and reconciliations with respect to inventory, revenue pricing, procure-to-pay, and financial statement close processes.

The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

The Company acquired Thrive Cannabis during 2022, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2022, Thrive Cannabis’s internal control over financial reporting associated with total current assets of $12,319 thousand, total non-current

assets of $11,402 thousand, total current liabilities of $2,680 thousand, total non-current liabilities of $2,862 thousand, total revenues of $1,877 thousand and net loss of $3,154 thousand included in the consolidated financial statements of the Company as of and for the year ended June 30, 2022. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Thrive Cannabis.

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 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

September 20, 2022

AURORA CANNABIS INC.

Consolidated Statements of Financial Position

As at June 30, 2022 and June 30, 2021

Amounts reflected in thousands of Canadian dollars)


	Notes	June 30, 2022	June 30, 2021
		$	$
Assets
Current
Cash and cash equivalents		437,807	421,457
Restricted cash	22	50,972	19,394
Accounts receivable	4, 5, 29(a)	46,995	56,261
Income taxes receivable		57	221
Marketable securities	7(a)	1,331	3,751

Biological assets	9	23,827	20,250
Inventory	10	116,098	117,471
Prepaids and other current assets		6,539	11,169
Assets held for sale	12(a)	61,495	15,918
		745,121	665,892

Property, plant and equipment	11	233,465	606,093
Derivatives	7(b)	26,283	59,382
Deposits		3,134	3,538
Loan receivable	29(a)	16	10,096
Investments in associates and joint ventures	8	1,207	289
Lease receivable		4,434	4,256
Intangible assets	15	70,696	367,448
Goodwill	15	—	887,737
Total assets		1,084,356	2,604,731

Liabilities
Current
Accounts payable and accrued liabilities	29(b)	69,874	57,944
Income taxes payable		167	—
Deferred revenue	26	3,850	4,169
Convertible debentures	16	26,854	34,749
Lease liabilities	17	6,150	6,188
Contingent consideration payable		14,500	374
Provisions	3	5,410	2,077
Other current liabilities		12,435	10,874
Liabilities held for sale	12(a)	5,988	—
		145,228	116,375

Convertible debentures	16	199,650	293,182
Lease liabilities	17	36,837	65,431
Derivative liability	16, 18(c)	37,297	91,939
Other long-term liability		128	104
Deferred tax liability	23	2,862	—
Total liabilities		422,002	567,031

Shareholders’ equity
Share capital	18	6,754,626	6,424,296

Reserves		157,213	141,500
Accumulated other comprehensive loss		(211,721)	(207,011)
Deficit		(6,038,275)	(4,321,085)
Total equity attributable to Aurora shareholders		661,843	2,037,700
Non-controlling interests	14	511	—
Total equity		662,354	2,037,700
Total liabilities and equity		1,084,356	2,604,731

Nature of Operations (Note 1)

Commitments and Contingencies (Note 25)

Subsequent Events (Note 31)

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

AURORA CANNABIS INC.

Consolidated Statements of Comprehensive Loss

Year ended June 30, 2022 and 2021

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


		Years ended June 30,


	Notes		2022	2021
			$	$
Revenue from sale of goods	26		251,607	288,592
Revenue from provision of services	26		1,696	1,877
Excise taxes	26		(31,964)	(45,217)

Net revenue			221,339	245,252

Cost of sales	10		212,713	257,281

Gross (loss) profit before fair value adjustments			8,626	(12,029)

Changes in fair value of inventory sold			106,072	118,707
Unrealized gain on changes in fair value of biological assets	9		(118,671)	(109,178)

Gross profit (loss)			21,225	(21,558)

Expense
General and administration			113,212	119,437
Sales and marketing			62,025	55,198
Acquisition costs			4,689	5,761
Research and development			10,389	11,447
Depreciation and amortization	11, 15		48,602	49,174
Share-based compensation	19(a)(b)(c)		13,757	20,243
			252,674	261,260

Loss from operations			(231,449)	(282,818)

Other income (expense)
Legal settlement and contract termination fees	25(a), (b)(i)		(1,227)	(46,192)
Interest and other income			4,507	5,745
Finance and other costs	29(a)		(71,813)	(66,437)
Foreign exchange (“FX”) loss			(299)	(3,383)
Other gains (losses)	21		47,088	36,447
Restructuring charges	3		(3,131)	(1,011)
Impairment of deposits			—	(15,129)
Impairment of property, plant and equipment	11, 12(a)		(259,115)	(282,078)
Impairment of investment in associates	6(a), 8		(5,479)	—
Impairment of intangible assets and goodwill	15		(1,199,202)	(44,942)
			(1,488,671)	(416,980)

Loss from operations before taxes and discontinued operations			(1,720,120)	(699,798)

Income tax recovery (expense)
Current	23		(52)	(122)
Deferred, net	23		2,193	6,443
			2,141	6,321

Net loss from continuing operations			(1,717,979)	(693,477)
Net gain (loss) from discontinued operations, net of tax			—	(1,612)

Net loss			(1,717,979)	(695,089)

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

AURORA CANNABIS INC.

Consolidated Statements of Comprehensive Loss

Year ended June 30, 2022 and 2021

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

(Continued)


		Years ended June 30,


	Notes		2022	2021
			$	$
Other comprehensive (loss) income (“OCI”) that will not be reclassified to net loss
Deferred tax recovery			—	—
Unrealized (gain) loss on marketable securities	7(a)		(2,067)	(16,690)
			(2,067)	(16,690)

Other comprehensive (loss) income that may be reclassified to net loss
Share of income (loss) from investment in associates	8		(2)	237
Foreign currency translation (gain) loss			(2,641)	(3,361)
			(2,643)	(3,124)
Total other comprehensive (gain) loss			(4,710)	(19,814)

Comprehensive loss from continuing operations			(1,722,689)	(713,291)
Comprehensive loss from discontinued operations			—	(1,612)
Comprehensive loss			(1,722,689)	(714,903)

Net loss from continuing operations attributable to:
Aurora Cannabis Inc.			(1,717,624)	(692,013)
Non-controlling interests	14		(355)	(1,464)

Net loss from discontinued operations attributable to:
Aurora Cannabis Inc.	12(b)		—	(1,612)
Non-controlling interests			—	—

Comprehensive loss attributable to:
Aurora Cannabis Inc.			(1,722,334)	(714,234)
Non-controlling interests			(355)	(669)

Loss per share - basic and diluted
Continuing operations	20		($7.99)	($4.09)
Discontinued operations	20		$—	($0.01)
Total operations	20		($7.99)	($4.10)

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

AURORA CANNABIS INC.

Consolidated Statements of Changes in Equity

Year ended June 30, 2022

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


		Share Capital		Reserves					AOCI
	Note	Common Shares	Amount	Share-Based Compensation	Compensation Options/ Warrants/Shares to be Issued	Convertible Notes	Change in Ownership Interest	Total Reserves	Fair Value	Deferred Tax	Associate OCI Pick-up	Foreign Currency Translation	Total AOCI	Deficit	Non-Controlling Interests	Total
		#	$	$	$	$	$	$	$	$	$	$	$	$	$	$
Balance, June 30, 2021		198,068,923	6,424,296	200,214	27,667	419	(86,800)	141,500	(211,327)	18,919	210	(14,813)	(207,011)	(4,321,085)	—	2,037,700
Shares issued/issuable for business combinations	13, 18(b)	2,467,421	9,230	—	9,683	—	—	9,683	—	—	—	—	—	—	—	18,913
Shares released for earn out payment	18(b)	193,554	1,000	—	—	—	—	—	—	—	—	—	—	—	—	1,000

Shares issued through equity financing	18(b)	96,570,138	326,446	—	—	—	—	—	—	—	—	—	—	—	—	326,446
Equity financing transaction costs		—	(13,410)	—	—	—	—	—	—	—	—	—	—	—	—	(13,410)
Deferred tax on transaction costs		—	(2,193)	—	—	—	—	—	—	—	—	—	—	—	—	(2,193)




Exercise of RSUs, PSUs and DSUs	19(b)	375,193	7,727	(7,727)	—	—	—	(7,727)	—	—	—	—	—	—	—	—
Share-based compensation (1)	19	—	—	13,757	—	—	—	13,757	—	—	—	—	—	—	—	13,757
NCI contribution	14	—	—	—	—	—	—	—	—	—	—	—	—	434	866	1,300

Shares issued from treasury		97,009	1,530	—	—	—	—	—	—	—	—	—	—	—	—	1,530


Comprehensive loss for the period		—	—	—	—	—	—	—	(2,067)	—	(2)	(2,641)	(4,710)	(1,717,624)	(355)	(1,722,689)
Balance, June 30, 2022		297,772,238	6,754,626	206,244	37,350	419	(86,800)	157,213	(213,394)	18,919	208	(17,454)	(211,721)	(6,038,275)	511	662,354

(1) Included in share-based compensation is $0.5 million relating to milestone payments for the year ended June 30, 2022 ( June 30, 2021 - $1.3 million).

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

AURORA CANNABIS INC.

Consolidated Statements of Changes in Equity

Year ended June 30, 2021

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


		Share Capital		Reserves					AOCI
	Note	Common Shares	Amount	Share-Based Compensation	Compensation Options/ Warrants	Convertible Notes	Change in Ownership Interest	Total Reserves	Fair Value	Deferred Tax	Associate OCI Pick-up	Foreign Currency Translation	Total AOCI	Deficit	Non-Controlling Interests	Total
		#	$	$	$	$	$	$	$	$	$	$	$	$	$	$
Balance, June 30, 2020		115,228,811	5,785,395	188,803	42,973	419	(86,800)	145,395	(194,637)	18,919	(27)	(11,452)	(187,197)	(3,596,011)	(24,356)	2,123,226

Shares issued for earn out payments		2,691,759	35,903	—	(15,894)	—	—	(15,894)	—	—	—	—	—	—	—	20,009
Shares issued through equity financing	18(b)	78,671,431	613,362	—	—	—	—	—	—	—	—	—	—	—	—	613,362
Equity financing transaction costs		—	(30,936)	—	—	—	—	—	—	—	—	—	—	—	—	(30,936)

Deferred tax on transaction costs		—	(2,582)	—	—	—	—	—	—	—	—	—	—	—	—	(2,582)


Exercise of stock options	19(a)	36,634	420	(211)	—	—	—	(211)	—	—	—	—	—	—	—	209
Exercise of warrants	18(c)	491,500	9,748	—	(676)	—	—	(676)	—	—	—	—	—	—	—	9,072

Exercise of RSUs and DSUs	19(c)	168,784	7,357	(7,357)	—	—	—	(7,357)	—	—	—	—	—	—	—	—

Share-based compensation (1)	19(a)(b)(c)	—		18,979	1,264	—	—	20,243	—	—	—	—	—	—	—	20,243
Shares returned to treasury		(50,283)	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Change in ownership interests in subsidiaries	14	830,287	5,629	—	—	—	—	—	—	—	—	—	—	(31,449)	25,820	—
Comprehensive income (loss) for the period		—		—	—	—	—	—	(16,690)		237	(3,361)	(19,814)	(693,625)	(1,464)	(714,903)
Balance, June 30, 2021		198,068,923	6,424,296	200,214	27,667	419	(86,800)	141,500	(211,327)	18,919	210	(14,813)	(207,011)	(4,321,085)	—	2,037,700

(1) Included in share-based compensation is $1.3 million expense relating to milestone payments from prior year acquisitions for the year ended June 30, 2021.

As at June 30, 2021, there were no common shares in the capital of the Company (“Common Shares”) held in escrow (June 30, 2020 - 50,283 Common Shares). These securities were originally deposited in escrow on November 30, 2017 in connection with the acquisition of H2 Biopharma Inc. The escrowed Common Shares were to be released upon receipt of relevant licenses to cultivate and sell cannabis, both of which were obtained, and milestones were fully met, during the year ended June 30, 2020. During the year ended June 30, 2021, the Company cancelled and returned the remaining 50,283 escrowed Common Shares to treasury.

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

AURORA CANNABIS INC.

Consolidated Statements of Cash Flows

Years ended June 30, 2022 and 2021

(Amounts reflected in thousands of Canadian dollars)


		Years ended June 30,

	Notes	2022	2021
		$	$
Operating activities
Net loss from continuing operations		(1,717,979)	(693,477)
Adjustments for non-cash items:
Unrealized gain on changes in fair value of biological assets	9	(118,671)	(109,178)
Changes in fair value included in inventory sold		106,072	118,707
Depreciation of property, plant and equipment	11	60,174	60,603
Amortization of intangible assets	15	33,486	37,473
Share-based compensation		13,757	20,243
Impairment of deposits		—	15,129
Impairment of property, plant and equipment	11	259,115	282,078
Impairment of investments in associates	8	5,479	—
Impairment of loans receivable	29(a)	10,509	—
Impairment of intangible assets and goodwill	15	1,199,202	44,942
Accrued interest and accretion expense	16	30,082	30,493
Interest and other income		(433)	(1,388)
Deferred tax expense (recovery)		(2,193)	(6,443)
Other (gains) losses	21	(39,604)	(10,575)
Foreign exchange (gain) loss		(1,915)	3,420
Restructuring charges		3,131	—
Changes in non-cash working capital	22	49,950	397
Net cash used in operating activities from discontinued operations		—	(3,001)
Net cash used in operating activities		(109,838)	(210,577)

Investing activities
Investment in derivatives		—	(6,671)
Proceeds from disposal of marketable securities	7	—	18,064
Loan receivable		(429)	(6,453)
Purchase of property, plant and equipment and intangible assets		(32,213)	(53,082)
Disposal of property, plant and equipment		19,648	19,241
Proceeds from government grant		—	3,636
Acquisition of businesses, net of cash acquired	13	(23,171)	—
Payment of contingent consideration		(250)	—
Deposits		(185)	(3,183)

Net cash provided by investing activities from discontinued operations		—	1,543
Net cash provided by (used in) investing activities		(36,600)	(26,905)

Financing activities

Repayment of long-term loans		—	(117,504)

Repayment of convertible debenture	16	(163,286)	—
Payments of principal portion of lease liabilities	17	(7,545)	(5,416)
Restricted cash	2	(31,578)	(19,394)
Financing fees		—	(1,427)
Shares issued for cash, net of share issue costs		350,188	666,026

Net cash used in financing activities from discontinued operations		—	(331)
Net cash provided by financing activities		147,779	521,954
Effect of foreign exchange on cash and cash equivalents		15,009	(25,194)
Increase in cash and cash equivalents		16,350	259,278
Cash and cash equivalents, beginning of period		421,457	162,179
Cash and cash equivalents, end of period		437,807	421,457

Supplemental cash flow information (Note 22)

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

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

(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 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 500 - 10355 Jasper Avenue, Edmonton, Alberta, Canada, T5J 1Y6. 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 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;

•Distribution of wholesale medical cannabis in various international markets, including Australia, Caribbeans, South America and Israel; and

•Distribution and sale of hemp-derived CBD products in the United States (“U.S.”) market.

Note 2 Significant 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.

Significant 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, which have been adopted during 2022, and new 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 government grants (Note 5), biological assets (Note 9), inventory (Note 10), estimated useful lives of property, plant and equipment and intangible assets (Note 11 and 15), impairment of non-financial assets (Note 10, 11, and 15), business combinations (Note 13), convertible debentures (Note 16), share purchase warrants (Note 18(c)), share-based compensation (Note 19), deferred taxes (Note 23), segmented information (Note 27) and the fair value of financial instruments (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”), and interpretations of the IFRS Interpretations Committee (“IFRIC”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data.

These consolidated financial statements were approved and authorized for issue by the Board of Directors of the Company on September 20, 2022.

(b) COVID-19 Estimation Uncertainty

In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has impacted revenue in the Canadian consumer market, particularly in Ontario, as governments imposed retail access restrictions to curbside pickup at points during the pandemic, and have changed their purchasing patterns to reflect the slow-down in the market. The production and sale of medical and consumer cannabis have been recognized as essential services across Canada. All of the Company’s facilities in Canada and internationally continue to be operational and the Company continues to work closely with local, national and international government authorities to ensure that the Company is following the required protocols and guidelines related to COVID-19 within each region.

Due to the rapid developments and uncertainty surrounding COVID-19, it is not possible to predict the impact that COVID-19 will have on the Company’s business, financial position and operating results in the future. In addition, it is possible that estimates in the Company’s financial statements will change in the near term as a result of COVID-19 and the effect of any such changes could be material, which could result in, among other things, impairment of long-lived assets including intangibles and goodwill. The Company is closely monitoring the impact of the pandemic on all aspects of its business.

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 power 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 June 30, 2022 are as follows:

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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


Major subsidiaries	Percentage Ownership	Functional Currency
1769474 Alberta Ltd. (“1769474”)	100%	Canadian Dollar
2105657 Alberta Inc. (“2105657”)	100%	Canadian Dollar
Aurora Cannabis Enterprises Inc. (“ACE”)	100%	Canadian Dollar
Aurora Deutschland GmbH (“Aurora Deutschland”)	100%	European Euro
Aurora Nordic Cannabis A/S (“Aurora Nordic”)	100%	Danish Krone
Reliva, LLC (“Reliva”)	100%	United States Dollar
TerraFarma Inc.	100%	Canadian Dollar
Whistler Medical Marijuana Corporation (“Whistler”)	100%	Canadian Dollar
ACB Captive Insurance Company Inc.	100%	Canadian 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.

(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 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. Restricted cash includes funds reserved in the Captive to cover self-insurance over property related risks and collateral held for letters of credit and corporate credit cards.

(f) Investment Tax Credit Grants

The Company is entitled to certain Canadian federal and provincial tax incentives for qualified expenditures. These investment tax credits (“ITCs”) are recorded as a reduction to the related expenditures in the fiscal period when there is reasonable assurance that such credits will be realized.

Investment tax credits, whether or not recognized in the financial statements, may be carried forward to reduce future Canadian federal and provincial income taxes payable. The Company applies judgment when determining whether the reasonable assurance threshold has been met to recognize ITCs in the financial statements. The Company must interpret eligibility requirements in accordance with Canadian income tax laws and must assess whether future taxable income will be available against which the ITCs can be utilized. Any changes in these interpretations and assessments could have an impact on the amount and timing of ITCs recognized in the financial statements.

(g) 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.

(h) New Accounting Policy

Segregated Cell Insurance

Insurance coverage for the Company’s directors and officers has been secured through a segregated cell program (“Segregated Cell”). The Segregated Cell was effected by entering into a participation agreement with a registered Segregated Accounts Company for the purposes of holding and supporting the Company’s insurance risk transfer strategies. The Company applies IFRS 10 Consolidated Financial Statements in its assessment of control as it relates to the Segregated Cell and the Company’s accounting policy is to consolidate the Segregated Cell. The funds

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

held in the Segregated Cell are held as cash with the possibility of reinvestment. As the funds cannot be transferred to other parts of the group, the funds are disclosed as Restricted Cash.

(i) New Accounting Pronouncements

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, 2023. The Company is currently evaluating the potential impact of these amendments on the Company’s consolidated financial statements.

Amendments to IAS 37: Onerous Contracts and the Cost of Fulfilling a Contract

The amendment specifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling contracts. The amendment is effective for annual periods beginning on or after January 1, 2022 with early application permitted. The Company is currently evaluating the potential impact of these amendments on the Company’s consolidated financial statements.

Amendments to IAS 41: Agriculture

As part of its 2018-2020 annual improvements to IFRS standards process, the IASB issued amendments to IAS 41. The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flow when measuring the fair value of a biological asset using a present value technique. This will ensure consistency with the requirements in IFRS 13. The amendment is effective for annual reporting periods beginning on or after January 1, 2022. The Company is currently evaluating the potential impact of these amendments on the Company’s consolidated financial statements.

Amendments to IFRS 9: Financial Instruments

As part of its 2018-2020 annual improvements to IFRS standards process, the IASB issued amendments to IFRS 9. The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 with earlier adoption permitted. The Company is currently evaluating the potential impact of these amendments on the Company’s consolidated financial statements.

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 is currently evaluating the potential impact of this standard on the Company’s consolidated financial statements.

Note 3 Restructuring Provision


Accounting Policy 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.

During the year ended June 30, 2022, the Company announced an operational efficiency plan including the centralization of the Company’s Canadian manufacturing processes to the Aurora River facility and the resultant closure of the western Canada manufacturing facility. In addition, with the repositioning of the Company’s production footprint and its shift toward a premium product portfolio, the Company announced the closure of Aurora Sky, Valley, Anandia and Whistler Alpha Lake facilities. The restructuring includes a reduction to the number of corporate and production level employees across the organization in an effort to reduce spending.

During the year ended June 30, 2022, the Company recorded restructuring charges of $2.1 million (June 30, 2021 - $0.2 million) relating to workforce reductions associated with the closure of production facilities. In addition, during the year ended June 30, 2022, the Company recorded restructuring charges of $1.0 million for termination fees on certain contractual obligations.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

During the year ended June 30, 2021, the Company entered into an agreement with Great North Distributors Inc. (“Great North”) to be the exclusive representative for Aurora’s Canadian cannabis retail brands. As a result of shifting consumer sales costs from a fixed internal sales force to variable contract sales, the Company recorded restructuring charges of $0.8 million related to the workforce reductions.

The provisions for restructuring and other charges represent the present value of the best estimate of the future outflow of economic benefits that will be required to settle the expected liabilities and may vary as a result of new events affecting the amounts that will need to be paid.


	June 30, 2022		June 30, 2021
	$		$
Opening balance	—		557
Additions	$	3,131	1,011
Payments	$	(1,946)	(1,568)
Ending balance	1,185		—

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 through the use of an allowance for doubtful accounts (“AFDA”) provision. Changes in the AFDA provision are recognized in the statement of comprehensive loss. When the Company determines that no recovery of the amount owing is possible, the amount is deemed irrecoverable and the financial asset is written off.


	Notes	June 30, 2022	June 30, 2021
		$	$
Trade receivables	29(a)	32,465	42,030
Sales taxes receivable		3,137	1,625
Lease receivable	29(a)	1,883	978
Consideration receivable from divestiture		2,361	2,167
Government grant receivable	5	6,088	6,617
Other receivables (1)		1,061	2,844
		46,995	56,261

(1) Includes interest receivable from the convertible debenture investments (Note 6).

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 statement of comprehensive 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.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

In April 2020, the Government of Canada announced the Canada Emergency Wage Subsidy (“CEWS”) program. CEWS provides a wage subsidy on eligible remuneration, subject to limits per employee, to eligible employers based on certain criteria, including the demonstration of revenue declines. The Company has determined that it has qualified for this subsidy and has applied for CEWS. For the year ended June 30, 2022, the Company has recognized government grant income of $10.7 million (June 30, 2021 - $32.5 million), in government grant income, within other gains (losses) in the statement of comprehensive loss. Estimation uncertainty arises when interpreting certain definitions as prescribed by CEWS. As such, of the $19.5 million (June 30, 2021 - $36.2 million) cash received from CEWS, $12.4 million (June 30, 2021 - $10.9 million) is recognized as other current liabilities on the statement of financial position.

During the year ended June 30, 2021, the Company received a $3.6 million government grant related to the installation of a heat and power system which reduced electricity consumption from a city power grid. The grant was recognized against the asset and reduced the carrying value by $3.6 million (Note 11). Subsequent to June 30, 2022, the Company received an additional $3.7 million related to this government grant which was recognized in accounts receivable as at June 30, 2022 (Note 4), with a corresponding decrease to the carrying value of the asset.

Note 6 Investments

(a) Choom Holdings Inc. (“Choom”)

Choom is a consumer cannabis company that is developing retail networks across Canada. Choom is publicly listed on the Canadian Securities Exchange.

(i) Convertible Debenture

Effective July 8, 2021, the Company restructured its debt with Choom by extinguishing its existing $20.0 million unsecured convertible debenture and accrued interest in exchange for: (i) 79,754,843 common shares in Choom with a fair value of $5.2 million; and (ii) a $6.0 million secured convertible debenture (“2021 Debenture”) which approximated fair value. The 2021 Debenture is secured by a second ranking security interest in all of Choom’s present and future acquired property. The 2021 Debenture bears interest at 7.0% per annum, matures on December 23, 2024, and is convertible into common shares in Choom at $0.10 per share. Additionally, the Company and Choom (i) amended the Investor Rights Agreement providing the right to nominate up to two directors to Choom’s Board of Directors and a participation right to maintain Aurora’s pro-rata ownership, and (ii) established a debt restructuring fee payable by Choom to Aurora based on products sold at Choom’s retail stores. As a result of the amendment, the $20.0 million unsecured convertible debenture with a fair value of $18.2 million and $2.1 million interest receivable was derecognized, resulting in a loss of $9.1 million recognized in other gains (losses) on the statement of comprehensive loss.

On April 22, 2022, Choom and certain of its subsidiaries obtained an order (the “Initial Order”) of the Supreme Court British Columbia providing Choom protection from their creditors pursuant to the Companies’ Creditors Act (Canada) (“CCAA”). As part of the Initial Order, the Company has agreed to advance Choom up to an aggregate of $0.8 million (“Loan”) to fund Choom’s ongoing operations and CCAA proceedings. The Loan accrues interest at a rate of 12% per annum, and matures, at the latest, on August 31, 2022. The Loan is secured against all assets of Choom and certain of its subsidiaries pursuant to the Initial Order. During the year ended June 30, 2022, the Company recorded an impairment of $0.8 million against the outstanding loan receivable.

As of June 30, 2022, the 2021 Debenture had a fair value of $0.0 million (June 30, 2021 - $18.2 million) resulting in an unrealized loss of $6.0 million for the year ended June 30, 2022 (June 30, 2021 - $2.3 million). The Company considers the probability of collection in its assessment of fair value. The fair value of the 2021 Debenture as of June 30, 2021 was estimated using the FINCAD model based on the following assumptions: closing share price of $0.08; credit spread of 14%; dividend yield of 0%; stock price volatility of 119%; and an expected life of 1.34 years.

(ii) Common Shares and Investment in Associate

As a result of the convertible debenture amendment, the Company obtained significant influence over the management of Choom based on its 19.9% ownership interest in Choom and qualitative factors described above. The 9,859,155 common shares previously held in Choom was reclassified from marketable securities (Note 7(a)) to investment in associates (Note 8) at its fair value of $0.6 million based on the quoted market price of $0.065 per share on the amendment date.

As of June 30, 2022, the Company held 89,613,998 (June 30, 2021 - 9,859,155) common shares in Choom, representing a 19% (June 30, 2021 - 3.03%) ownership interest. During the year ended June 30, 2022, the Company assessed the carrying value of the investment against the estimated recoverable amount and as a result, recognized an impairment charge of $5.5 million (year ended June 30, 2021 - $0.0 million) which has been recognized through the statement of comprehensive loss (Note 8).

(b) 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 of June 30, 2022, 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 CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

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 June 30, 2022, the warrants remain un-exercisable.

As of June 30, 2022, the warrants had a fair value of $1.4 million (June 30, 2021 - $5.7 million) estimated using the Binomial model with the following assumptions: share price of $0.09 (June 30, 2021 - $0.32); risk-free interest rate of 4% (June 30, 2021 - 2%); dividend yield of 0% (June 30, 2021 - 0%); stock price volatility of 113% (June 30, 2021 - 116%); an expected life of 6.23 years (June 30, 2021 - 7.23 years); and adjusted for a probability factor of legalization of cannabis in the U.S. under federal and certain state laws. As a result, the Company recognized $4.2 million of unrealized losses on fair value during the year ended June 30, 2022 (year ended June 30, 2021 - $2.5 million) (Note 7(b)).

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 June 30, 2022, the Company held 37,643,431 shares in Radient (June 30, 2021 – 37,643,431) with a fair value of $1.1 million (June 30, 2021 - $3.0 million) resulting in an unrealized loss for the year ended June 30, 2022 of $1.9 million (year ended June 30, 2021 - $3.0 million)(Note 7(a)).

(d) Cann Group Limited (“Cann Group”)

Cann Group is a public company listed on the Australian Stock Exchange and is licensed in Australia for research and cultivation of medical cannabis for human use.

On July 23, 2020, the Company no longer held significant influence over Cann Group as the Company’s percentage ownership interest was diluted to approximately 18%. As a result, the $17.0 million carrying value of the Company’s equity investment was derecognized from investment in associates (Note 8) and reclassified to marketable securities (Note 7(a)) at its fair value of $15.5 million, calculated based on the July 23, 2020 quoted market price of A$0.51. This resulted in the recognition of a $1.4 million loss on the deemed disposal of the investment in associate during the year ended June 30, 2021 (Note 22).

On October 9, 2020, the Company sold all of its 31,956,347 common shares held in Cann Group at A$0.20 per share for net proceeds of $5.9 million. The fair value of the Cann Group shares on October 9, 2020 was $6.0 million, which resulted in a cumulative loss of $9.5 million recognized through OCI during the year ended June 30, 2021.

(e) Capcium Inc. (“Capcium”)

Capcium is a Montreal-based private company and is in the business of manufacturing soft-gels.

In July 2020, the Company converted its 5,371 convertible debentures held in Capcium, with a principal balance of $5.4 million and a fair value of nil, into 5,371,300 Series A preferred shares. The Series A preferred shares accrue an annual per share dividend of 8% and rank subordinate to the Series B preferred shares described below. In the event of a liquidity event, which is the occurrence of a merger, consolidation, sale, lease, transfer, exclusive license or other disposal of all or substantially all of the assets of Capcium, the Series A preferred shares shall automatically convert into a number of common stock equal to 15% of the issued and outstanding common stock on a fully diluted basis. As at June 30, 2022 and 2021, the Series A preferred shares had a nominal fair value .

During the year ended June 30, 2021, the Company subscribed for 1,851,086 Series B preferred shares of Capcium for $1.9 million. In the event of a liquidity event, Series B preferred shareholders of Capcium shall receive a cash payment equal to twice the initial investment and the Series B preferred shares shall automatically convert into a number of common stock based on the fair market value at that time. In the event of an IPO liquidity event, which is the occurrence of either a public offering or a reverse take-over, the Series B preferred shares shall automatically convert into a number of common stock based on the fair market value at that time. In conjunction with the Company’s investment, the parties amended an existing manufacturing agreement to reduce the Company’s annual minimum purchase commitment by 20.0 million capsules (Note 25(b)). As at June 30, 2022 and 2021, the Series B preferred shares had a nominal fair value resulting in an unrealized loss of $1.9 million for the year ended June 30, 2021

The Company continues to hold 8,828,662 common shares in Capcium as of June 30, 2022 (June 30, 2021 - 8,828,662) representing an 18% ownership interest based on common shares outstanding (June 30, 2021 - 18%).

(f) Investee-B

Investee-B is a private Canadian company that cultivates, manufactures, and distributes medical cannabis products in Jamaica. As of June 30, 2022, The Company holds a $12.9 million (US $$10.0 million) (June 30, 2021 - $12.4 million (US$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 US $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.

As of June 30, 2022, the convertible debenture had a fair value of $14.0 million (US $10.8 million) (June 30, 2021 – $14.4 million (US $11.6 million))(Note 7(b)). The Company recognized unrealized gains of $1.0 million for the year ended June 30, 2022 (June 30, 2021 – $0.4 million

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

Note 7(b)). The fair value was estimated using two coupled Black-Scholes models based on the following assumptions: estimated share price of $3.71 (June 30, 2021 – $3.71); risk-free interest rate of 2.77% (June 30, 2021 – 0.29%); dividend yield of 0% (June 30, 2021 – 0%); stock price volatility of 41.93% (June 30, 2021 – 44.75%); credit spread of 1.34% (June 30, 2021 – 0.48%) and an expected life of 1.01 years (June 30, 2021 – 2.01 years). If the estimated volatility increases or decreases by 10%, the estimated fair value would increase or decrease by approximately $0.1 million (June 30, 2021 – $0.2 million). If the estimated share price increases or decreased by 10%, the estimated fair value would increase or decrease by approximately $0.2 million (June 30, 2021 – $0.3 million).

(g) High Tide Inc. (“High Tide”)

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

On December 12, 2018, the Company invested $10.0 million in unsecured convertible debentures bearing an interest rate of 8.5% per annum and maturing on December 12, 2020 (the “December 2018 Debentures”). The December 2018 Debentures are convertible into common shares of High Tide at $0.75 per share at the option of the Company at any time after June 12, 2019.

On June 14, 2019, the Company invested $1.0 million in unsecured convertible debentures of High Tide bearing interest of 10.0% per annum, payable annually in advance in common shares of High Tide and maturing in two years from the date of issuance (the “June 2019 Debentures”). The June 2019 Debentures are convertible into common shares of High Tide at $0.75 per share at the option of the Company at any time after December 14, 2019. The Company also received 1,333,333 warrants, each warrant entitling the Company to acquire one common share at an exercise price of $0.85 per share for a period of two years.

On November 14, 2019, the Company invested $2.0 million in senior unsecured convertible debentures of High Tide bearing an interest rate of 10% per annum and maturing on November 14, 2021 (the “November 2019 Debentures”). The November 2019 Debentures are convertible into common shares of High Tide at $0.25 per share at the option of the Company any time after May 14, 2020. The Company also received 7,936,507 warrants, each warrant entitling the Company to acquire one common share at an exercise price of $0.50 per share for a period of two years.

On July 23, 2020, the Company entered into an amended restated secured convertible debenture (the “July 2020 Debenture”) agreement for its December 2018 Debentures. Under the terms of the amendment, the July 2020 Debenture is secured against the assets and properties of High Tide, bears no interest, are 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 has also entered into a debt restructuring agreement 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 is 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. The June 2019 Debentures and November 2019 Debentures are subject to Aurora holding no more than a 9.9% ownership interest in High Tide under the debenture agreements.

During the year ended June 30, 2021, the Company converted its $1.0 million June 2019 Debentures and $2.0 million November 2019 Debentures into 9,269,840 common shares at a weighted average conversion price of $0.42 with a fair value of $6.3 million). The Company also exercised 7,936,507 warrants held in High Tide at $0.50 per warrant with a fair value of $2.8 million or a cost of $4.0 million. Additionally, the Company sold all of its 18,650,197 common shares held in High Tide at a weighted average price of $0.64 per share for net proceeds of $11.8 million. As a result, the Company recognized a realized loss of $1.3 million through comprehensive loss during the year ended June 30, 2021. The realized loss was calculated based on the deemed cost of $13.1 million which represents the warrant exercise cost and the fair value of the derivatives on the conversion date. As of June 30, 2021, the Company held no common shares of High Tide.

The remaining 1,333,333 warrants exercisable at $0.85 per warrant expired unexercised on June 14, 2021 resulting in a nominal fair value loss during the year ended June 30, 2021.

During the year ended June 30, 2022, $1.0 million of High Tide service fees (June 30, 2021 - $0.4 million) incurred by the Company were applied against the principal outstanding under the July 2020 convertible debentures. As of June 30, 2022, the remaining July 2020 convertible debentures had a fair value of $8.4 million (June 30, 2021 – $18.7 million), resulting in an unrealized loss of $7.8 million for the year ended June 30, 2022 (June 30, 2021 – $9.3 million) net of 1.0 million in repayments (June 30, 2021 - 0.4 million). The fair value of the convertible debentures was estimated using the FINCAD model with the following assumptions: share price of $0.17 (June 30, 2021 – $0.66); credit spread of 12.6% (June 30, 2021 – 11.9%); dividend yield of 0% (June 30, 2021 – 0%); stock price volatility of 94% (June 30, 2021 – 102%) and an expected life of 2.51 years (June 30, 2021 – 3.51 years).

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

(i) 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.

As of June 30, 2022, the convertible debenture had a fair value of $2.5 million (June 30, 2021 - $2.5 million) estimated using the FINCAD model with the following assumptions: interest rate volatility of 39% (June 30, 2021 - 44%); risk-free rate of 2% (June 30, 2021 - 1%); credit spread of 10% (June 30, 2021 - 7%); and an expected life of 0.34 years (June 30, 2021 - 1.34 years).

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended June 30, 2022 and 2021

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

Note 7 Marketable Securities and Derivatives

(a) 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”). The Company designates its marketable securities as financial assets measured at FVTOCI. This designation is made on an instrument-by-instrument basis and if elected, subsequent changes in fair value are recognized in other comprehensive (loss) income only and not through profit or loss upon disposition.

As at June 30, 2022, the Company held the following marketable securities:


Financial asset hierarchy level	Level 1	Level 1	Level 1	Level 1	Level 1	Level 3	Level 3
Marketable securities designated at fair value through other comprehensive income (“FVTOCI”)	Radient	Cann Group	Choom	High Tide	CTT Pharmaceutical Holdings	Capcium	Other immaterial investments	Total
			Note 6(a)
	$	$	$	$	$	$	$	$
Balance, June 30, 2020	6,021	—	—	45	—	—	1,000	7,066
Additions (disposals)	—	(6,013)	—	1,284		1,851	(61)	(2,939)
Transfer (to) from investment in associates	—	15,525	789	—		—	—	16,314
Unrealized loss on changes in fair value	(3,011)	(9,512)	(48)	(1,329)		(1,851)	(939)	(16,690)
Balance, June 30, 2021	3,010	—	741	—	—	—	—	3,751

Transfer (to) from investment in associates	—	—	(642)	—	289	—	—	(353)
Unrealized loss on changes in fair value	(1,882)	—	(99)	—	(86)	—	—	(2,067)
Balance, June 30, 2022	1,128	—	—	—	203	—	—	1,331

Unrealized gain (loss) on marketable securities






Year ended June 30, 2021
OCI unrealized gain (loss)	(3,011)	(9,512)	(48)	(1,329)	—	(1,851)	(939)	(16,690)

Year ended June 30, 2022
OCI unrealized loss	(1,882)	—	(99)	—	(86)	—	—	(2,067)

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Year ended June 30, 2022 and 2021

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

(b) Derivatives


Accounting Policy Derivatives 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.

As at June 30, 2022, the Company held the following derivative investments:


Financial asset hierarchy level	Level 2	Level 2	Level 2	Level 3	Level 2	Level 3	Level 2
Derivatives and convertible debentures at fair value through profit or loss (“FVTPL”)	TGOD	ACI	Choom	Investee-B	High Tide	Investee-C	Other immaterial investments	Total
		Note 6(b)	Note 6(a)
	$	$	$	$	$	$	$	$
Balance, June 30, 2020	1,132	3,178	20,499	16,102	12,660	—	11	53,582
Additions	—	—	—	—	—	2,500	—	2,500
Disposals	—	—	—	—	(9,042)	—	—	(9,042)
Repayment	—	—	—	—	(416)	—	—	(416)
Unrealized gain (loss) on changes in fair value	(1,132)	2,483	(2,348)	(367)	15,463	12	(11)	14,100
Foreign exchange	—	—	—	(1,342)	—	—	—	(1,342)
Balance, June 30, 2021	—	5,661	18,151	14,393	18,665	2,512	—	59,382
Additions	—	—	6,000	—	—	—	—	6,000
Disposals	—	—	(18,151)	—	—	—	—	(18,151)
Repayment	—	—	—	—	(997)	—	—	(997)
Unrealized gain (loss) on changes in fair value	—	(4,243)	(6,000)	(975)	(9,226)	(50)	—	(20,494)

Foreign exchange	—	—	—	543	—	—	—	543
Balance, June 30, 2022	—	1,418	—	13,961	8,442	2,462	—	26,283



Unrealized gain (loss) on derivatives (Note 19)












Year ended June 30, 2021
Foreign exchange	—	—	—	(1,342)	—	—	—	(1,342)

Unrealized loss on changes in fair value	(1,132)	2,483	(2,348)	(367)	15,463	12	(11)	14,100
	(1,132)	2,483	(2,348)	(1,709)	15,463	12	(11)	12,758
Year ended June 30, 2022
Foreign exchange	—	—	—	543	—	—	—	543

Unrealized gain (loss) on changes in fair value	—	(4,243)	(6,000)	(975)	(9,226)	(50)	—	(20,494)
	—	(4,243)	(6,000)	(432)	(9,226)	(50)	—	(19,951)

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

Note 8 Investments in Associates and Joint Ventures


Accounting Policy Associates are companies over which Aurora has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence represents the power to participate in the financial and operating policy decisions of the investee but does not represent the right to exercise control or joint control over those policies. A joint venture is a contractual arrangement whereby the Company and other parties undertake an economic activity that is subject to joint control (i.e. when the strategic, financial and operating policy decisions relating to the activities of the joint venture require the unanimous consent of the parties sharing control). Investments in associates and joint ventures are accounted for using the equity method and are initially recognized at cost, excluding financial assets that are not in-substance common shares and inclusive of transaction costs. When the Company holds marketable securities or derivative financial assets and subsequently obtains significant influence in that investee, the fair value of the financial instruments are reclassified to investments in associates at the deemed cost with the cumulative unrealized fair value gains or losses in other comprehensive loss, if any, transferred to deficit. The consolidated financial statements include the Company’s share of the investee’s income, expenses and equity movements. Where the Company transacts with its joint ventures or associates, unrealized profits or losses are eliminated to the extent of the Company’s interest in the joint venture or associate. Investments in associates and joint ventures are assessed for indicators of impairment at each period end. An impairment test is performed when there is objective evidence of impairment, such as significant adverse changes in the environment in which the equity-accounted investee operates or there is a significant or prolonged decline in the fair value of the investment below its carrying amount. An impairment loss is recorded when the recoverable amount is lower than the carrying amount. An impairment loss is reversed if the reversal is related to an event occurring after the impairment loss is recognized. Reversals of impairment losses are recognized in profit or loss and are limited to the original carrying amount under the equity method as if no impairment had been recognized for the asset in prior periods. The Company uses judgment in assessing whether impairment has occurred or a reversal is required as well as the amounts of such adjustments.

The carrying value of investments in associates and joint ventures consist of:


		Cann Group	CTT Pharmaceutical	Choom	Venn Cannabis	Total
	Note	Note 6(d)	Holdings Inc.	Note 6(a)
		$	$	$	$	$
Balance, June 30, 2020		16,917	381	816	—	18,114
Reclassification		(16,968)	—	(585)	—	(17,553)
Share of net income(1)		(226)	(52)	(231)	—	(509)
OCI FX and share of OCI loss		277	(40)	—	—	237
Balance, June 30, 2021		—	289	—	—	289
Additions			—	5,825	1,156	6,981
Share of net income(1)	21	—	—	(344)	51	(293)
Disposition		—	(289)	—	—	(289)
Impairment	6(a)	—	—	(5,479)	—	(5,479)
OCI FX and share of OCI loss		—	—	(2)	—	(2)
Balance, June 30, 2022		—	—	—	1,207	1,207

(1)Represents an estimate of the Company’s share of net income based on the latest available information of each investee.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

Note 9 Biological Assets

Accounting Policy

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 cannabis plants’ stage of completion up to the point of harvest. 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. 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 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 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 table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor facilities:


Significant inputs & assumptions	Range of inputs				Sensitivity	Impact on fair value
	June 30, 2022		June 30, 2021			June 30, 2022	June 30, 2021
Average selling price per gram	$5.18		$4.70		Increase or decrease of $1.00 per gram	$9,813	$5,067
Weighted average yield (grams per plant)	39.16		30.69		Increase or decrease by 5 grams per plant	$3,219	$3,337
Weighted average effective yield	89	%	84	%	Increase of decrease by 5%	$1,104	$890
Cost per gram to complete production	$1.52		$1.72		Increase or decrease of $1.00 per gram	$6,607	$6,323

The Company’s estimates are, by their nature, subject to change, and differences from the anticipated yield will be reflected in the gain or loss on biological assets in future periods.

The Company’s outdoor plants did not comprise a significant balance of biological assets as at June 30, 2022.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

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


	June 30, 2022	June 30, 2021
	$	$
Opening balance	20,250	18,157
Production costs capitalized	79,620	49,249
Biological assets acquired through business combinations (Note 13)	232	—
Sale of biological assets	(387)	—
Foreign currency translation	(1,233)	—
Changes in fair value less cost to sell due to biological transformation	118,671	109,178
Transferred to inventory upon harvest	(193,326)	(156,334)
Ending balance	23,827	20,250

As of June 30, 2022, the weighted average fair value less cost to complete and cost to sell a gram of dried cannabis was $3.12 per gram (June 30, 2021 - $2.22 per gram) for indoor plants and $0.13 per gram (June 30, 2021 - n/a) for outdoor plants.

During the year ended June 30, 2022, the Company’s biological assets produced 73,371 kilograms of dried cannabis (June 30, 2021 - 111,153 kilograms). As at June 30, 2022, it is expected that the Company’s indoor and outdoor biological assets will yield approximately 14,754 kilograms (June 30, 2021 – 18,599 kilograms) of dried cannabis when harvested. As of June 30, 2022, the weighted average stage of growth for the biological assets was 50% (June 30, 2021 – 49%) for indoor plants and 38% (June 30, 2021 – n/a) for outdoor plants.

Note 10 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 statement of 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.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

The following is a breakdown of inventory:


	June 30, 2022			June 30, 2021
	Capitalized cost	Fair value adjustment	Carrying value	Capitalized cost	Fair value adjustment	Carrying value
	$	$	$	$	$	$
Harvested cannabis
Work-in-process	40,285	27,297	67,582	30,693	10,433	41,126
Finished goods	9,151	2,444	11,595	13,405	4,676	18,081
	49,436	29,741	79,177	44,098	15,109	59,207
Extracted cannabis
Work-in-process	13,577	2,348	15,925	18,884	2,420	21,304
Finished goods	8,257	650	8,907	17,355	2,181	19,536
	21,834	2,998	24,832	36,239	4,601	40,840
Hemp products
Raw materials	—	—	—	773	—	773


	—	—	—	773	—	773

Supplies and consumables	10,817	—	10,817	15,095	—	15,095

Merchandise and accessories	1,272	—	1,272	1,556	—	1,556


Ending balance	83,359	32,739	116,098	97,761	19,710	117,471

During the year ended June 30, 2022, inventory expensed to cost of goods sold was $318.8 million (June 30, 2021 - $376.0 million), which included $106.1 million (June 30, 2021 - $118.7 million) of non-cash expense related to the changes in fair value of inventory sold.

During the year ended June 30, 2022, the Company recognized $137.0 million (June 30, 2021 - $167.2 million) in inventory impairment losses consisting of $71.9 million (June 30, 2021 - $82.5 million) recognized in changes in fair value of inventory sold and $65.1 million (June 30, 2021 - $84.7 million) recognized in cost of sales.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

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

Note 11 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 years Production equipment 2 - 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 comprehensive loss.

AURORA CANNABIS INC.

Notes to the Consolidated Financial Statements

Years ended June 30, 2022 and 2021

(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:


	June 30, 2022				June 30, 2021
	Cost	Accumulated depreciation	Impairment	Net book value	Cost	Accumulated depreciation	Impairment	Net book value
Owned assets
Land	14,351	—	(1,224)	13,127	27,357	—	(3,380)	23,977
Real estate	396,848	(76,010)	(224,034)	96,804	413,589	(76,744)	(8,582)	328,263
Construction in progress	34,260	—	(9,168)	25,092	327,073	—	(249,434)	77,639
Computer software & equipment	31,960	(28,244)	(555)	3,161	34,001	(24,321)	(1,865)	7,815
Furniture & fixtures	10,057	(5,818)	(1,558)	2,681	11,938	(5,744)	(285)	5,909
Production & other equipment	168,829	(86,287)	(22,080)	60,462	182,946	(72,258)	(9,443)	101,245
Total owned assets	656,305	(196,359)	(258,619)	201,327	996,904	(179,067)	(272,989)	544,848

Right-of-use lease assets
Land	7,443	(1,192)	—	6,251	23,748	(971)	—	22,777
Real estate	40,530	(14,990)	(496)	25,044	48,134	(11,277)	—	36,857
Production & other equipment	5,087	(4,244)	—	843	5,045	(3,434)	—	1,611
Total right-of-use lease assets	53,060	(20,426)	(496)	32,138	76,927	(15,682)	—	61,245

Total property, plant and equipment	709,365	(216,785)	(259,115)	233,465	1,073,831	(194,749)	(272,989)	606,093

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


	Balance, June 30, 2021	Additions	Disposals	Other (1)(2)	Depreciation	Impairment	Foreign currency translation	Balance, June 30, 2022
Owned assets
Land	23,977	5,565	(1,210)	(13,785)	—	(1,225)	(195)	13,127
Real estate	328,263	2,514	211	9,989	(19,769)	(224,117)	(287)	96,804
Construction in progress	77,639	12,888	(7,158)	(48,395)	—	(9,174)	(708)	25,092
Computer software & equipment	7,815	431	(236)	2,169	(6,449)	(554)	(15)	3,161
Furniture & fixtures	5,909	172	197	(259)	(1,740)	(1,557)	(41)	2,681
Production & other equipment	101,245	(1,207)	2,425	5,435	(25,374)	(21,992)	(70)