Aurora Cannabis

Adjusted gross margins of 69% in medical (62% consolidated) indicate some pricing power today, driven by regulated medical channels, insurance coverage and high‑quality EU‑GMP supply. However, this appears more a function of mix and regulatory friction than intrinsic, defendable pricing power.

As more EU‑GMP players scale into Germany, Poland, the UK and Australia, price competition could increase, and payors may push back on reimbursement levels. Aurora’s pivot away from the Canadian consumer segment, where price compression has been severe, helps preserve margin structure but does not eliminate competitive risk abroad.

Net: modest to fair pricing power while the market remains constrained, with downside risk as the field broadens.