Aurora Cannabis Advances Premiumization Strategy by Acquiring Thrive Cannabis, and its Award-Winning Greybeard Brand, in a Margin Accretive Transaction Thrive's highly experienced and trusted cannabis team in craft culti

Aurora Cannabis Advances Premiumization Strategy

by Acquiring Thrive Cannabis, and its Award-Winning Greybeard Brand, in a Margin Accretive Transaction

Thrive's highly experienced

and trusted cannabis team in craft cultivation, product innovation, and operational execution will lead Aurora's Canadian recreational

Expands Aurora's brand offering

with Greybeard, an award-winning, super-premium, high margin brand regarded for its budtender appreciation

Transaction is expected to

close in Aurora's Q4 fiscal 2022, contribute immediate positive EBITDA and support Aurora's goal to reach EBITDA profitability in the

first half of fiscal 2023

EDMONTON, AB, March 22, 2022 /CNW/ - Aurora Cannabis

Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future

of cannabinoids worldwide, is pleased to announce today that the Company has reached an agreement to acquire all of the issued and outstanding

shares of TerraFarma Inc. (parent company of Thrive Cannabis) ("Thrive") (the "Transaction"). The Transaction

is based upon aggregate consideration of $38 million (the "Initial Consideration") payable in cash and Aurora common

shares ("Aurora Shares"), plus two earnout amounts (the "Earnout Consideration") payable in Aurora Shares

or cash (at the election of Aurora), if applicable, based on Thrive achieving certain revenue targets within two years of closing of the

Thrive Craft Cultivation (CNW Group/Aurora Cannabis

Thrive Logo (CNW Group/Aurora Cannabis Inc.)

Greybeard Live Resin Diamonds & Sauce (CNW Group/Aurora

The Transaction is expected to strategically strengthen

Aurora's position in the Canadian market by placing the Thrive team in charge of Aurora's Canadian recreational portfolio, advancing the

shift in focus to innovative premium products including dried flower, pre-rolls, vapour products, and concentrates. The Transaction is

expected to close, subject to customary closing conditions, in Aurora's fiscal Q4 2022. It is anticipated that the Transaction will provide

immediate positive Adjusted EBITDA to Aurora, and support the Company's path to Adjusted EBITDA profitability in the first half of fiscal

Founded in 2018, Thrive is a licensed producer of

super-premium cannabis concentrates and craft dried flower, and leverages innovative cultivation and extraction techniques with a singular

focus on achieving the highest quality standards. Thrive is most widely known for its award-winning flagship recreational brand, Greybeard

Cannabis Co. ("Greybeard"), which amongst other accolades was recognized as the #1 brand recommended by Canadian budtenders

in 2021, and was the 2021 winner of Best Concentrate from the Kind Magazine Awards, as voted for by budtenders.

Management Commentary

"As consolidation among licensed producers accelerates,

it's vital that any transactions we make, now or in the future, be strategic, accretive, and centred around adding exceptional talent

and brands that align with our path to profitability," said Miguel Martin, Chief Executive Officer of Aurora. "In these respects,

Geoff and the Thrive team have a track record seldom found elsewhere in the Canadian market. They are truly exceptional cultivators who

have gained trust with consumers and developed products that have been recognized and acclaimed by Canadian budtenders and industry peers.

We see a unique opportunity to leverage their expertise to deliver near and long-term benefits for both our recreational and medical markets,"

"This transaction supports our path to profitability

while ensuring that we are strategic in our M&A activity. Thrive's achievement of positive standalone EBITDA, combined with their

exceptional operational and brand capabilities, truly set them apart, and we look forward to leveraging their expertise as we embark together

on Aurora's path to profitability," he concluded.

"We are excited to be joining a team that shares

our vision for delivering the highest quality, premium cannabis products to consumers in a way that generates sustainable profitability,"

said Geoff Hoover, Chief Executive Officer of Thrive. "We look forward to combining our best-in-class products and innovation pipeline

with Aurora's depth of operational capabilities, robust route to market and shared focus on superior science and genetics that is critical

for advancement in this sector. This combining of two great companies will be transformative."

Supports Aurora's Timeline to Profitability with

Positive and Growing EBITDA: Transaction is aligned with Aurora's plan to achieve profitability in H1/FY23 on an Adjusted EBITDA basis.

Thrive has achieved positive standalone EBITDA in the last 12 months ended December 2021, with additional cost synergies expected to drive

further EBITDA growth.

Acquisition of Two Leading Cannabis Brands Synonymous

with Quality & Consistency: Thrive adds two new brands to Aurora's portfolio, both of which have rapidly gained market share over

the last twelve months and are expected to flourish with additional resources on Aurora's platform:

Greybeard is an ultra-premium, high-terpene,

high-potency brand with a world class lineup of concentrates that has quickly developed recognition with budtenders and cannabis connoisseurs.

Concentrates are produced using a proprietary hydrocarbon extraction and refining process that maximizes the cannabinoids and terpene

content, resulting in aromatic and flavourful products that highlight the unique characteristics of each strain. Greybeard also utilizes

industry leading cultivation practices to offer super-premium, small batch, AAAA quality dry flower and pre-rolls, featuring large pristine

buds grown in its indoor facilities.

Being Cannabis is a wellness-oriented brand

known for their sublingual THC and CBD strips. These fast-acting and precisely dosed sublingual strips dissolve under the tongue and don't

require any accessories or preparation.

Addition of Highly Experienced Management Team

with Leading Operational and Cultivation Expertise: Transaction will add a talented management team comprised of industry veterans

with leading cannabis cultivation, extraction, and product development expertise. The Thrive team leading Aurora's Canadian recreational

business will drive significant improvements to the consistency, quality, and yield of Aurora's cannabis products across the portfolio.

Robust Product Pipeline Led by Expansive Genetics

Library: Thrive brings a genetics library that has consistently delivered 24%+ THC potency, high yielding (80g+ / plant) and disease-resistant

cultivars. These new cultivars, along with various SKUs in the development pipeline for Greybeard and Being, will deliver innovative and

on-trend products to Canadian consumers.

Transaction Details and Timing

The Transaction will be effected by way of a three-cornered

amalgamation whereby Thrive will amalgamate with a wholly-owned subsidiary of Aurora resulting in Aurora owning all of the issued and

outstanding shares of the amalgamated entity in exchange for the Initial Consideration to be issued to Thrive shareholders on a pro rata

basis at deemed price per Aurora Share equal to the volume weighted average trading price ("VWAP") of Aurora Shares on the Toronto

Stock Exchange ("TSX") for the 5 trading days immediately prior to the second business day prior to the effective date of the

Transaction. The sum of $3 million of the Initial Consideration is subject to a holdback to be released on the 18-month anniversary of

the closing of the Transaction subject to adjustment for any indemnification claims. The Earnout Consideration consists of up to $10 million

for satisfying certain near-term revenue targets and up to $20 million for satisfying certain long-term revenue targets within 2 years

of the closing of the Transaction, each payable in cash, Aurora Shares or a combination of both (at the election of Aurora).

The number of Aurora Shares to be issued under the

Earnout Consideration, if any, will be calculated based on a deemed price per Aurora Share equal to the VWAP of Aurora Shares on the TSX

for the 5 trading days immediately prior to the applicable earnout payment date.

The Transaction is subject to receipt of regulatory,

third party and Thrive shareholders' approvals and other customary closing conditions and expected to close in Aurora's fiscal Q4 2022.

Lazard Canada Inc. is acting as exclusive financial advisor to Aurora in connection with the Transaction. McMillan LLP is serving as legal

About Aurora Cannabis

Aurora is a global leader in the cannabis industry,

serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis, dedicated to

helping people improve their lives. The Company's adult-use brand portfolio includes Aurora Drift, San Rafael '71, Daily Special, and

Whistler, as well as CBD brands, Reliva and KG7. Medical cannabis brands include MedReleaf, CanniMed, Aurora, Whistler Medical

Marijuana Co, and Pedanios. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue

to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched.

Aurora's common shares trade on the NASDAQ and TSX

under the symbol "ACB" and is a constituent of the S&P/TSX Composite Index.

About Thrive Cannabis

Founded in 2018, Thrive Cannabis is a vertically integrated

cannabis company based in Simcoe, Ontario. Thrive is most widely known for its award-winning flagship adult-use brand, Greybeard Cannabis

Co., which specializes in premium quality, small-batch craft cannabis concentrates and flower products. Thrive is also known for its adult-use

wellness-oriented brand, Being. The Thrive team leverage their expertise in cannabis cultivation, extraction and product development with

a singular focus on delivering the highest quality standard products to consumers. Learn more at www.thrivecannabis.ca.