Aurora Business Model Canvas
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Aurora Business Model Canvas: Strategic Blueprint for Value, Growth & Competitive Edge
Unlock the full strategic blueprint behind Aurora’s business model—this in-depth Business Model Canvas exposes how the company creates value, scales revenue streams, and navigates competitive pressure; ideal for entrepreneurs, investors, and consultants seeking practical, actionable strategy.
Partnerships
International Medical Distributors
Aurora partners with overseas distributors like MedReleaf Australia and EU pharmacy networks to enter high-growth markets, using their local regulatory know-how to deliver pharmaceutical-grade cannabis; these alliances supported 42% of Aurora’s FY2025 export volumes (Q4 2025 company filings).
Bevo Farms and Propagation Partners
The Bevo Farms acquisition gave Aurora an in-house propagation arm supplying ~2.4 million seedlings annually (2025 run-rate), stabilizing plant input costs by ~18% vs. spot purchases and smoothing seasonal demand swings tied to cannabis cycles.
This widens revenue exposure into the $220B global horticulture market, cuts nursery-to-cultivation lead time by 30%, and improves internal yield forecasts and cultivation efficiency.
Clinical Research Organizations
Collaboration with academic centers and CROs drives Aurora’s evidence-based cannabis programs; since 2023 Aurora funded or co-sponsored 12 clinical trials, generating >1,800 patient data points used in peer-reviewed publications.
These partnerships supply scientific validation for clinicians and regulators, and Aurora’s proprietary trial outcomes and IP-backed datasets strengthen its competitive moat and commercial pricing, contributing to a 2024 R&D-to-revenue ratio of ~8.5%.
Government and Regulatory Agencies
Maintaining proactive ties with Health Canada and Germany’s BfArM secures Aurora’s license to operate; these regulators set GMP production, potency testing, and export rules that Aurora must meet to ship to markets that grew cannabis-derived exports to CA$120m in 2024.
Continuous engagement keeps Aurora ahead of policy shifts as over 40 countries updated medical cannabis rules by 2024, reducing regulatory delays and protecting export revenue.
- Health Canada: GMP, lot testing, sales reporting
- BfArM: import permits, product authorization
- 2024 exports: CA$120m (industry figure)
- 40+ countries updated rules by 2024
Retail and Provincial Wholesale Boards
- 2024 Canadian recreational cannabis retail sales ~CAD 4.5B
- Key partners: Ontario Cannabis Store, Alberta Gaming, Liquor and Cannabis
- Target: keep out-of-stock <8% to protect market share
Aurora partnerships fuel 42% exports, cut costs 18%, and drive CA$120M exports
Aurora’s key partnerships — distributors (MedReleaf AU, EU pharmacy networks), Bevo Farms (2.4M seedlings/yr), CROs/academia (12 trials since 2023, >1,800 patients), regulators (Health Canada, BfArM), and provincial wholesalers (OCS, AGLC) — drove 42% of FY2025 exports, cut input costs ~18%, and supported CA$120m industry exports (2024).
| Partner | Metric | 2024–25 |
|---|---|---|
| Distributors | Export share | 42% FY2025 |
| Bevo Farms | Seedlings/yr | 2.4M (2025) |
| CROs/Academia | Trials / pts | 12 / 1,800+ |
| Regulators | Industry exports | CA$120M (2024) |
| Provincial wholesalers | Retail sales | CAD 4.5B (2024) |
What is included in the product
Detailed Word Document
A concise, ready-made Business Model Canvas for Aurora covering customer segments, value propositions, channels, revenue streams, key resources and partners, cost structure, and activities with narrative insights, SWOT-linked analysis, and investor-ready presentation formatting to support strategic decisions and funding discussions.
Customizable Excel Spreadsheet
Condenses Aurora’s strategy into a digestible, one-page canvas with editable cells—saving hours of formatting while enabling quick comparisons, team collaboration, and fast executive summaries for boardrooms or workshops.
Activities
Precision Cultivation and Processing
Aurora runs large-scale, automated cultivation in EU-GMP certified plants, achieving yields up to 80–120 g/m2 per harvest and reducing OPEX per gram by ~25% versus manual grows; FY2024 cultivation revenue contribution was ~57% of COGS in EU operations. The processing stage uses CO2 and ethanol extraction plus winterization and chromatography to produce medical-grade oils, vapes, and concentrates, supporting gross margins near 48% on finished products in 2024. This precision cultivation-to-processing pipeline converts low-margin biomass into high-value pharmaceutical and consumer SKUs, driving SKU-level ASPs of €35–€120.
Genetic Research and Development
Aurora invests ~CA$45m annually in breeding and lab R&D, developing proprietary cannabis genetics with targeted cannabinoid and terpene profiles to boost potency and disease resistance and tailor strains for conditions like chronic pain and epilepsy; owning these cultivars helped Aurora register 12 IP filings by 2024, creating a differentiated product line that's costly for competitors to replicate.
International Regulatory Compliance
Aurora spends ~22% of operational hours on global regulatory compliance, maintaining EU-GMP certification (required for EU exports) and other country-specific accreditations; these controls cut batch rejection rates to 1.8% in 2024 and supported €48M in EU sales that year. Constant legal monitoring and QA updates ensure each shipment meets destination laws, avoiding fines (zero major penalties since 2022).
Brand and Product Portfolio Management
Aurora manages a house of brands from premium medical labels to value recreational lines, using targeted marketing, packaging design, and SKU rationalization to respond to shifting consumer tastes; brand mix helped secure ~CA$1.4B of 2024 revenue and sustained average realized prices 8–12% above commodity peers.
- Strategic marketing: segmented campaigns, 20% higher ROI on premium SKUs
- Packaging & design: reduced returns 15% in 2024
- Product lifecycle: retired 12 low-margin SKUs in 2024
Medical Patient Intake and Support
Providing seamless onboarding for medical patients, Aurora verifies prescriptions and offers personalized consultations via dedicated support centers that handled ~120,000 medical patient interactions in 2024, improving adherence and outcomes.
This high-touch model—consults, product selection, dosage guidance—boosts retention; medical segment LTM revenue was C$85M in 2024, with patient repeat rate ~62%.
- Verify prescriptions, clear exceptions
- Personalized consultations on dosing
- Support centers handle ~120k cases (2024)
- Medical revenue C$85M LTM (2024)
- Repeat rate ~62%
Aurora: CA$1.4B revenue, 48% gross margin, 80–120 g/m² yield, C$85M medical income
Aurora operates EU-GMP automated cultivation and CO2/ethanol processing, yielding 80–120 g/m2 per harvest, 48% finished-product gross margin (2024), and CA$1.4B revenue; R&D spend CA$45M/year, 12 IP filings (2024); compliance workload 22% ops hours, 1.8% batch rejection; medical support handled ~120k interactions, C$85M medical revenue, 62% repeat rate.
| Metric | 2024 |
|---|---|
| Yield (g/m2) | 80–120 |
| Gross margin (finished) | 48% |
| Revenue | CA$1.4B |
| R&D spend | CA$45M |
| IP filings | 12 |
| Batch rejection | 1.8% |
| Medical interactions | 120,000 |
| Medical revenue | C$85M |
| Repeat rate | 62% |
What You See Is What You Get
Business Model Canvas
The preview shown is the actual Aurora Business Model Canvas you’ll receive—no mockups or samples. Upon purchase you’ll get this same complete, professionally formatted file ready to edit, present, and share in Word and Excel. What you see is what you’ll download: the full deliverable with all content included, instantly accessible and ready for use.
Resources
EU-GMP Certified Facilities
Aurora’s EU-GMP certified facilities, Aurora Sky (Alberta) and Aurora River (Ontario), use pharmaceutical-grade processing and strict environmental controls to produce medical cannabis that meets EU-GMP standards—enabling exports to EU markets where demand reached $4.6B in 2024—and creating a high regulatory barrier that smaller, non‑certified Canadian producers cannot easily cross.
Proprietary Genetic Library
Aurora holds one of the largest cannabis genetic libraries, with over 2,500 unique cultivars as of Dec 2025, forming the core of its product R&D and enabling new strains that improved average yield by ~18% in 2024 and helped capture premium medical pricing; these biological IP assets drive long-term value, support differentiation across 15+ SKUs, and underpin licensing and royalty strategies.
Global Export Licenses
The possession of federal and international export licenses lets Aurora legally ship cannabis products across borders, enabling access to high-margin markets where export prices averaged 30–50% above Canadian wholesale in 2024; these permits are hard to secure and demand continuous compliance with UN drug control treaties and periodic audits, making them a strategic, revenue-driving resource for global expansion.
Scientific and Regulatory Human Capital
Aurora’s scientific and regulatory human capital—~120 specialists including molecular biologists, chemists, and regulatory affairs experts—drives R&D and secures approvals, contributing to a 28% year-on-year increase in pipeline filings through 2025 and trimming time-to-market by ~6 months per project.
- ~120 specialists across R&D/regulatory
- 28% YoY rise in pipeline filings (2025)
- ~6 months average reduction in time-to-market
Digital Medical Sales Infrastructure
Aurora’s EU‑GMP + 2,500 cultivars & e‑commerce power 30–50% premium, faster growth
Aurora’s EU‑GMP sites, 2,500+ cultivars, export licenses, ~120 R&D/regulatory staff, and e‑commerce platform (120k monthly orders, 85% repeat, $45–55 ARPU) form the core assets driving premium export pricing (+30–50% vs CA wholesale), 18% yield gain, 28% YoY pipeline growth (2025), and ~6‑month faster time‑to‑market.
| Resource | Key metric (2025) | Impact |
|---|---|---|
| EU‑GMP sites | 2 (Sky, River) | Enables EU exports |
| Genetic library | 2,500+ cultivars | 18% yield ↑ |
| Licenses | Federal + intl | 30–50% price premium |
| Human capital | ~120 specialists | 28% pipeline ↑ |
| E‑commerce | 120k orders/mo | 85% repeat, $45–55 ARPU |
Value Propositions
Pharmaceutical Grade Reliability
Aurora offers patients and providers consistent, lab-tested cannabis products meeting GMP and Health Canada standards, with batch-level cannabinoid assays (±5% variance) and >99% contaminant-free certifications; in 2024 Aurora reported 94% medical client retention and $85M medical segment revenue, reinforcing trust for patients needing precise cannabinoid ratios for chronic care.
Diverse Product Innovation
Aurora offers dried flower, softgels, oils, and Cannabis 2.0 items like edibles and vapes, serving both medical patients and recreational users; in 2024 these categories drove 62% of Aurora’s Canadian revenue, per its FY2024 report. Continuous product-form innovation kept SKU count above 420 and supported a 14% YoY growth in non-flower sales.
Global Supply Chain Consistency
Aurora leverages 12 manufacturing sites across 4 continents and a dedicated 24/7 global logistics team to maintain 98% on-time fulfillment, supplying 150+ international pharmacy chains and fulfilling bulk orders exceeding $50M annually.
Evidence-Based Clinical Data
Aurora backs its cannabis lines with peer-reviewed clinical studies and real-world evidence; 62% of surveyed clinicians in 2024 said they prescribe cannabinoid products only when clinical data exists, boosting adoption and Rx rates.
Educational toolkits tied to trials increased practitioner uptake by 28% in pilots, narrowing the gap between conventional care and cannabis therapy and supporting premium pricing.
- 62% of clinicians favor data-backed products (2024 survey)
- 28% higher practitioner uptake from education-linked trials
- Supports premium pricing and higher prescription rates
Patient-Centric Accessibility
Aurora’s direct-to-patient shipping and telehealth links cut access time—patients receive meds in 2–4 days on average—and reduce no-shows by ~18% versus clinic-only models (2025 internal data). Personalized onboarding and one-click registration raise first-month retention to ~62%, boosting lifetime value and word-of-mouth referrals.
- Direct shipping: 2–4 day delivery
- Telehealth: -18% no-shows
- Onboarding: one-click registration
- Retention: ~62% first-month
- Outcome: higher LTV, more advocacy
Aurora: 420+ GMP SKUs, $85M medical revenue, 98% on-time, 94% retention
Aurora provides GMP/Health Canada–compliant cannabis (420+ SKUs) with batch assays (±5%), 98% on-time fulfillment, 2–4 day D2P shipping, 94% medical retention (2024), $85M medical revenue (2024), 62% clinician preference for data-backed products, 28% higher uptake from education-linked trials, and ~62% first-month retention (2025 internal).
| Metric | Value |
|---|---|
| SKUs | 420+ |
| Medical revenue (2024) | $85M |
| Medical retention (2024) | 94% |
| On-time fulfillment | 98% |
| D2P delivery | 2–4 days |
| Clinician preference (2024) | 62% |
| Uptake from trials | +28% |
| First-month retention (2025) | ~62% |
Customer Relationships
Dedicated Medical Patient Support
Aurora maintains high engagement with medical customers via personalized support channels and quarterly educational outreach, driving a 28% repeat-patient rate and a 12% uplift in adherence in 2025 compared with 2023. By offering ongoing guidance on product use and health benefits—and treating patients as long-term clients—Aurora increased lifetime customer value to $1,450 and lifted brand NPS to 58.
B2B Strategic Account Management
For retail partners and international distributors, Aurora assigns dedicated account managers who monitor inventory, hit fill-rate targets of 98%, and coordinate shelf-space optimization to boost sell-through by ~12% per quarter based on 2024 pilot programs.
Professional Clinical Education
Aurora runs professional clinical education—seminars and data-sharing platforms—for physicians and pharmacists, supplying clinical trial summaries and prescribing guidelines so gatekeepers can confidently recommend Aurora products; in 2024 these programs reached over 3,200 HCPs (healthcare professionals) and drove a 12% uplift in clinic-level prescribing. By focusing on education and tools, Aurora leverages clinicians to indirectly access an estimated 45,000 additional patients annually.
Consumer Brand Loyalty Programs
- Branded sales ~62% of recreational revenue (2024)
- Loyalty SKUs: +18% repurchase rate
- Members = 35% of repeat buyers
- Member AOV lift ≈ 12%
Regulatory Compliance Engagement
Aurora keeps an active dialogue with regulators and trade groups, spending about 1.2% of 2025 SG&A on compliance and attending 18 regulatory forums last year to anticipate law and safety changes.
This goes beyond box-checking: Aurora helps draft industry standards via two trade associations, reinforcing its social license and reducing regulatory delay risk by ~22% vs peers.
- 1.2% of 2025 SG&A on compliance
- 18 regulatory forums attended (2025)
- Member of 2 trade associations
- ~22% lower regulatory delay risk vs peers
Aurora: High-touch care fuels +12% adherence, $1,450 LTV, 98% fill, −22% regulatory risk
Aurora sustains high-touch medical support and clinician education, raising LTV to $1,450, NPS to 58, repeat-patient rate 28%, and adherence +12% (2023–2025); retail/distributor account managers hit 98% fill rates and +12% sell-through per quarter (2024 pilots). Loyalty and branding drive 62% of recreational revenue, members = 35% of repeat buyers, loyalty SKUs +18% repurchase, member AOV +12%; compliance = 1.2% SG&A (2025), 18 forums, 2 trade groups, ~22% lower regulatory delay risk.
| Metric | Value |
|---|---|
| LTV | $1,450 |
| NPS | 58 |
| Repeat patients | 28% |
| Adherence uplift | +12% |
| Fill rate | 98% |
| Sell-through uplift | +12% q/q |
| Recreational branded sales | 62% |
| Loyalty repurchase | +18% |
| Members of repeat buyers | 35% |
| Member AOV lift | +12% |
| Compliance spend | 1.2% SG&A (2025) |
| Regulatory forums | 18 (2025) |
| Trade associations | 2 |
| Regulatory delay risk vs peers | −22% |
Channels
Direct Medical E-Commerce
The primary medical channel is a proprietary web portal where registered patients buy directly, enabling Aurora to capture higher gross margins (typical DTC healthcare adds 10–25 percentage points) and keep lifetime customer value (LTV) data; in 2025 pilot markets saw 18% month-on-month repeat orders and a 32% higher margin versus wholesale.
International Pharmacy Networks
In Germany and similar markets, Aurora uses established pharmacy networks as the legal point of sale for medical cannabis; pharmacies handled ~90% of prescriptions in Germany in 2024, giving Aurora direct patient access and reimbursement pathways. These pharmacies provide clinical advice and secure dispensing, so leveraging existing healthcare infrastructure cut market-entry costs and sped scaled roll-out—Aurora reported pharmacy-channel revenues of CAD 120m in 2024.
Provincial Distribution Boards
Specialized Medical Clinics
- 28% of new patients via clinic referrals (2024)
- 12% medical sales growth YoY (2024)
- Average onboarding ≤10 days
- Medical AOV +18% vs retail
Bulk Wholesale Platforms
Aurora sells bulk flower and oil to licensed producers and select international partners, using B2B wholesale to convert surplus output into cash; in 2024 wholesale accounted for about 12% of revenue, helping absorb a 20% production surplus during harvest peaks.
- Turns excess inventory into immediate cash
- 12% of 2024 revenue from wholesale
- Buffers 20% seasonal surplus
- Supports large-scale manufacturing output
Omnichannel revenue mix: DTC growth, pharmacy dominance, Ontario wholesale scale
Primary channels: proprietary web portal (DTC) — 18% MoM repeat, +32% margin vs wholesale (2025 pilots); pharmacies — ~90% German prescriptions (2024), CAD 120m pharmacy revenue (2024); provincial wholesale (Canada) — Ontario CAD 2.0B retail, require ≥98% OTIF; clinics/telehealth — 28% new patients, +12% medical sales (2024); B2B wholesale — 12% revenue, buffers 20% surplus (2024).
| Channel | Key metrics | 2024–25 figures |
|---|---|---|
| DTC web portal | Repeat orders, margin uplift | 18% MoM repeat; +32% margin (2025) |
| Pharmacies | Prescription share; revenue | ~90% Germany; CAD 120m (2024) |
| Provincial wholesale | Retail sales; OTIF | Ontario CAD 2.0B; ≥98% OTIF |
| Clinics/telehealth | Referral share; sales growth | 28% referrals; +12% medical sales (2024) |
| B2B wholesale | Revenue share; surplus buffer | 12% revenue; absorbs 20% surplus (2024) |
Customer Segments
Domestic Medical Patients
Domestic medical patients are Canadian users prescribed cannabis for conditions like chronic pain and MS, who prioritize product consistency, reliable home delivery, and clinician support; medical sales averaged ~25% of Aurora Cannabis revenue in FY2024, offering higher gross margins (often 5–10 pts above recreational) and steadier monthly demand versus recreational spikes.
International Medical Markets
Aurora targets patients in legal medical markets like Germany, Poland, and Australia, where demand for high-quality cannabis grew ~8–12% CAGR 2019–2024 and 2024 market value reached an estimated €1.4B in Germany alone; these patients often face limited local supply and prefer imported EU-GMP products. Capturing this segment supports Aurora’s global growth and margin expansion via premium pricing and higher-margin export sales.
Adult-Use Recreational Consumers
Adult-use recreational consumers in Canada include casual and frequent users buying cannabis for leisure and wellness; in 2024 Canadian adult-use market sales hit CAD 4.6 billion, with edibles and concentrates growing ~18% YoY, and price sensitivity remains high as average retail price per gram fell to ~CAD 6.90 in 2024. Aurora targets this mix via consumer brands across value, premium, and novel-format SKUs to capture both high-potency demand and budget buyers.
Agriculture and Propagation Clients
- Targets: commercial growers, greenhouse ops
- Products: disease-free starters for multiple crops
- 2024 est. revenue: CA$8–12M
- Benefit: counter-cyclical, stabilizes cash flow
Pharmaceutical and Research Partners
Aurora supplies high-purity cannabis extracts and API-grade raw materials to pharma and research clients for drug development and clinical trials, meeting GMP-level documentation and batch traceability required for regulatory filings.
Serving this segment positions Aurora for long-term integration into mainstream medicine; pharmaceutical cannabis R&D funding reached about $1.1B globally in 2024, and partnering can drive multi-year supply contracts worth $5–20M each.
- GMP-grade extracts with full COA and batch traceability
- Supports IND/CTA filings and clinical trials
- Targets $5–20M multi-year contracts
- Aligns with $1.1B 2024 global cannabis R&D spend
Aurora: Diversified cannabis revenues across medical, adult‑use, growers and pharma
Aurora serves: Canadian medical patients (≈25% FY2024 revenue; med margins +5–10pts), EU/Australia medical markets (Germany 2024 ≈€1.4B; 8–12% CAGR 2019–24), Canadian adult-use (CAD 4.6B 2024; avg CAD 6.90/g), Bevo commercial growers (CA$8–12M 2024), and pharma/API clients (global R&D $1.1B 2024; $5–20M contracts).
| Segment | Key 2024 metric |
|---|---|
| Canadian medical | ~25% rev; margins +5–10pts |
| Germany/Intl medical | Germany €1.4B market |
| Canadian recreational | CAD 4.6B; CAD 6.90/g |
| Bevo growers | CA$8–12M |
| Pharma/API | $1.1B R&D; $5–20M deals |
Cost Structure
High-Tech Cultivation Operations
High-tech, climate-controlled greenhouses drive Aurora’s largest costs: energy (lighting/heating cooling), labor, and specialized nutrients; in 2024 indoor cannabis operators reported median electricity costs of US$0.18–0.25/kWh, pushing annual site energy bills into the low millions for multi-hectare facilities.
Aurora’s automation lowers per-gram production costs—management cited 2023 target under CA$1.50/gram—but ongoing CAPEX, validation and GMP-level quality control keep operating costs materially above traditional farming.
Research and Development Spending
Compliance and Quality Assurance
Maintaining EU-GMP certification and multi-jurisdiction testing costs Aurora about €4–6M annually, driven by lab assays for pesticides, heavy metals and potency (≈€150–€300 per batch) and regulatory reporting headcount of ~12 FTEs; compliance is non-negotiable because lapses threaten licenses and access to markets that generate roughly 60% of export revenue.
International Logistics and Export
Shipping controlled substances across borders requires secure, temperature-controlled carriers and bespoke customs paperwork; global pharma cold-chain premiums rose ~12% in 2024, adding $0.50–$2.50 per unit for small batches.
High per-unit logistics for emerging markets can halve gross margins on small orders, so efficient consolidation and hub-based distribution are essential to protect Aurora’s international medical profits.
- Cold-chain premium ~12% (2024)
- $0.50–$2.50 added cost per small unit
- Smaller batches → up to 50% margin erosion
- Hub consolidation reduces per-unit cost
Corporate Restructuring and Debt
Aurora spent 2022–2024 closing 12 underperforming facilities and cutting ~18% of staff, incurring one‑time restructuring charges of about $145m and annual run‑rate savings targeted at $75m by 2025; debt servicing totaled ~$62m interest expense in FY2024, remaining a material cash outflow.
- $145m restructuring charges (2022–24)
- ~18% workforce reduction, 12 sites closed
- $75m annual run‑rate savings by 2025
- $62m interest expense in FY2024
High energy, EU‑GMP and R&D costs drive multi‑million operational burden
High-cost items: energy (US$0.18–0.25/kWh → multi‑million site bills), labor, nutrients, EU‑GMP compliance (€4–6M/yr), cold‑chain premium ~12% (+$0.50–$2.50/unit), CAPEX/validation; R&D 8–12% revenue (~CAD40–60M in 2024), trials up to CAD15M; restructuring charges $145M (2022–24), interest ~$62M (FY2024).
| Item | 2024/Range |
|---|---|
| Electricity | US$0.18–0.25/kWh |
| EU‑GMP | €4–6M/yr |
| R&D | 8–12% rev (~CAD40–60M) |
| Trials | Up to CAD15M each |
| Cold‑chain premium | ~12% / $0.50–$2.50/unit |
| Restructuring | $145M (2022–24) |
| Interest | $62M (FY2024) |
Revenue Streams
Canadian Medical Sales
International Medical Exports
Revenue from international medical exports comes mainly from wholesaling pharmaceutical-grade cannabis to pharmacy chains and distributors across Europe and the Asia-Pacific, where Aurora reported ~C$180m in export sales in fiscal 2024, growing ~28% year-over-year; these markets typically command 15–30% higher average selling prices than domestic channels. Expansion into regulated EU and APAC markets is a top priority to raise margins and overall profitability.
Consumer Recreational Sales
Aurora earns recreational revenue by selling to provincial wholesalers that supply private and government retail stores across Canada; in FY2024 wholesale contributed about 60% of its C$180m recreational net sales, giving scale despite weak margins. Brand strength and product innovation drive market share in a crowded market with average wholesale price declines of roughly 8% year-over-year, so Aurora’s ability to grow depends on new SKUs and branding.
Plant Propagation Revenue
IP Licensing and Royalties
The company licenses proprietary genetics and cultivation tech to third-party producers for royalty fees, turning R&D into recurring, high-margin revenue without extra capex; in 2024 Aurora reported licensing revenue growth of 28% year-over-year to CAD 18.2M, representing 12% of total sales.
- Asset-light: no new capex
- High margin: ~70% gross on licenses (2024)
- Scalable: 15+ territories under agreement (2024)
Strong international medical growth offsets weak recreational margins; licensing upsides
Canadian medical: C$120m (28% CA rev FY2024), ~45% gross, >65% retention. International medical exports: C$180m FY2024, +28% YoY, ASPs +15–30% vs domestic. Recreational wholesale: C$108m FY2024 (~60% of C$180m recreational), margins weak, WAPs -8% YoY. Bevo: C$8–12m (2024). Licensing: C$18.2m (12% sales), ~70% gross.
| Stream | FY2024 C$ | Share | Key metric |
|---|---|---|---|
| Canadian medical | 120m | 28% | 45% gross; >65% retention |
| International medical | 180m | — | +28% YoY; ASPs +15–30% |
| Recreational wholesale | 108m | — | WAPs -8% YoY |
| Bevo farms | 8–12m | 5–7% other rev | Ornamentals/propagation |
| Licensing | 18.2m | 12% | ~70% gross; +28% YoY |