Aurora Cannabis

The business mix skews to recurring medical demand, which should be steadier than adult‑use, yet quarterly results remain volatile due to export timing, tenders, and working‑capital swings. FY2026 illustrates this: Q1 free cash flow positive, Q2 deeply negative on working capital and seasonal items, then Q3 positive again.

Regulatory change is an additional source of variance, particularly in Europe. We expect long‑term growth in medical volumes, but the cadence will likely be uneven, making multi‑year cash flow less predictable than in classic toll‑booth businesses.