Aurora Cannabis Announces Fiscal 2022 Fourth Quarter and Full Year Results Remains #1 Canadian LP in High Margin Global Medical Cannabis Revenues; International Medical Cannabis Net Revenue Increased 35.4% from Q4 2021 a

Aurora Cannabis Announces Fiscal 2022 Fourth

Quarter and Full Year Results

Remains #1 Canadian LP

in High Margin Global Medical Cannabis Revenues; International Medical Cannabis Net Revenue Increased 35.4% from Q4 2021 and 70.3% from

Reiterates Adjusted EBITDA

Profitability Run Rate by December 31, 2022

Reaffirms $150 to $170

Million in Annualized Cost Savings by December 31, 2022

Strengthens Balance Sheet

Through Accretive Debt Reduction Totaling $155.3 Million in Q4 2022

Completed Profitable Acquisition

of Thrive Cannabis and Majority Investment in Bevo Farms

EDMONTON, AB, Sept. 20, 2022 /CNW/ - Aurora Cannabis

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

of cannabinoids worldwide, today announced its financial and operational results for the fourth quarter and fiscal year ended June 30,

"We continue to enhance the long-term value of

our differentiated global cannabis business by quickly identifying highly profitable growth opportunities, deploying capital in a disciplined

manner, and continuing to rationalize our cost structure. We remain the #1 Canadian LP in global medical cannabis revenues and expect

this high margin, high growth segment to be a key driver for future profitability. We continue to expect a positive adjusted EBITDA run

rate by December 31, 2022 and remain on track with our previously announced cost saving targets of up to $170 million in annualized savings.

Furthermore, our strengthened balance sheet enabled an early repurchase of $155.3 million in convertible debt during Q4 2022, while providing

us with the ability to pursue strategic and accretive acquisitions. These include our purchase of a controlling interest in Bevo Farms,

one of the largest suppliers of propagated vegetables and ornamental plants in North America, and Thrive Cannabis, which is widely known

for its award-winning recreational brand, Greybeard," stated Miguel Martin, Chief Executive Officer of Aurora.

"During fiscal 2022, our international medical

cannabis net revenues increased by over 70%; our leadership in key markets such as Germany, UK, Australia and Poland demonstrates our

unique, portable and profitable international medical program. We are beginning to see signs of stabilization in our Canadian adult recreational

segment and are excited about the contributions from the Thrive acquisition which continues to advance our premiumization strategy. Finally,

our investment in science is beginning to pay dividends; we delivered nine new proprietary cultivars to market during the year, providing

rotation and variety to consumers and driving meaningful improvements in yield," he concluded.

Fourth Quarter 2022 Highlights

(Unless otherwise stated, comparisons are made between fiscal Q4 2022, Q3 2022, and Q4 2021 results and are in Canadian dollars)

Medical cannabis net revenue1

was $36.6 million, a 4% increase from the prior year period, delivering 72.8% of Aurora's Q4 2022 consolidated net revenue1

and 86.3% of adjusted gross profit before fair value adjustments1.

The increase in revenue was driven

by growth in the international medical business, up 35.4% from the prior year quarter which was attributed primarily to the Company's

increasing presence in key emerging international medical cannabis markets. The 7.1% sequential decrease from Q3 was due primarily to

lower sales in the EU region, the result of a temporary limited supply of high-demand cultivars, and the weakening of the Euro to the

Adjusted gross margin before

FV adjustments on medical cannabis net revenue1 was 62% compared to 68% in the prior year period and 64% sequentially. The

continued strength of the Company's medical adjusted gross margins1 reflect the direct-to-patient model in Canada and sustained

presence in the high margin international medical business. The decrease from Q4 2021 was attributed primarily to a shift in sales mix

from domestic medical to export into certain international markets which yield a slightly lower margin. The decrease from Q3 2022 was

due primarily to lower volumes sold in the high-margin EU region in Q4 2022.

Consumer cannabis net revenue1

was $12.6 million, as compared to the prior quarter net revenue of $10.3 million. The 22.2% increase was primarily due to the addition

of Thrive's consumer cannabis net revenues1 of $1.4 million for the period from May 6, 2022 to June 30, 2022 and a result

of the Company's strengthened product offerings in certain categories.

Adjusted gross margin before

FV adjustments on consumer cannabis net revenue1 was 26% for the three months ended June 30, 2022, compared to 29% in the

prior quarter and 31% in the comparable prior year period. The decrease of 3% from Q3 2022 and 5% from Q4 2021 was due primarily to an

increase in value segment vape sales.

and Administrative ("SG&A"):

SG&A, including Research

and Development ("R&D"), was $49.3 million in Q4 2022 which includes $6.8 million of restructuring related costs, $2.3

million of prior period regulatory fee accruals, and $1.1 million in non-recurring project and litigation costs. Excluding the restructuring

and prior period items, SG&A and R&D continued to be well controlled at $39.1 million versus $39.5 million in the prior quarter

and $44.8 million in the prior year period, presented on a comparable basis. SG&A is now at the lowest level in almost four years.

Q4 2022 total cannabis net revenue1

was $50.2 million, as compared to the prior quarter total cannabis net revenue1 of $50.4 million. Excluding a $1.0 million

provision related to anticipated returns on prior period U.S. CBD extract sales, cannabis net revenue was $51.2 million, an increase

of $0.8 million in Q4 2022 as compared to Q3 2022, primarily due to the inclusion of less than two months of the recently acquired Thrive

net revenues1 of $1.4 million. The Q4 2022 average net selling price per gram of dried cannabis1, excluding the

effect of bulk wholesale sales, decreased 6% to $5.10 from $5.41 in Q3 2022 reflecting the higher proportion of consumer market revenue

Adjusted gross margin before

FV adjustments on cannabis net revenue1 was 52% in Q4 2022 versus 57% in the prior quarter and 54% in Q4 2021. The change

from Q3 is related to the gross margin impact from a greater portion of Q4 2022 revenue coming from the consumer business.

Adjusted EBITDA1 loss

increased to $12.9 million in Q4 2022 versus $11.4 million in Q3 2022 but narrowed from $21.8 million in the prior year period. The increased

adjusted EBITDA1 loss as compared to the previous quarter is driven mostly by the $3.4 million reduction in adjusted Gross

Margin before FV adjustments1 resulting primarily from a change in the Company's sales channel mix which yielded lower average

Net loss for Q4 2022 was $618.8 million compared to

$134.0 million for the same period in the prior year. The increase in net loss was primarily due to non-cash impairment charges of $505.1

million recorded in other income (expense) during the current quarter to write-down goodwill, intangibles assets and property, plant and

equipment. The impairment charges were triggered by changes in cannabis market conditions, and in the current capital market environment

including higher rates of borrowing and lower foreign exchange rates.

Operational Efficiency Plan, Balance Sheet Strength, & Cash Use:

Aurora has previously identified annualized cash savings

of up to $170 million in cash savings under this transformation program by the end December 2022, split approximately evenly between costs

of goods sold ("COGS") and SG&A. Projected COGS savings include the repurposing of the Aurora Sky facility in Edmonton,

in keeping with our diversified business portfolio, a prudent approach to capital allocation, and focusing on higher margin categories

in the Canadian adult-use market. These cash savings will be reflected in our P&L either as they occur within SG&A savings, or

as inventory is drawn down for production-related savings.

At June 30, 2022, the Company had $488.8 million of

cash, including $51.0 million in restricted cash, and no secured term debt.

During Q4 2022, the Company completed an offering

of 70,408,750 units of the Company ("June 2022 Offering") for gross proceeds of approximately US$172.5 million. Each unit consists

of one common share and one common share purchase warrant ("June 2022 Offering Warrant") of the Company. Each June 2022 Offering

Warrant entitles the holder to purchase one common share of the Company at a price of US$2.45 per warrant share until June 1, 2025. The

Company issued an additional 488,639 Common Shares of the Company during Q4 2022 for gross proceeds of US$1.5 million under the ATM Program.

As of June 30, 2022, the Company has access to US$713.7

million under the 2021 Shelf Prospectus, including the balance of US$186.2 million pursuant to the ATM Program. At management's discretion,

Aurora may sell shares under the ATM Program from time to time to be utilized for strategic purposes.

Fiscal 2023 will comprise of three quarters, with

the new fiscal year end being March 31, 2023.

The Company continues to materially improve cash use,

as outlined in the following table:

Key Quarterly Financial and Operating Results