Aurora Cannabis closed the first quarter of fiscal 2027 on June 30, 2026 with net revenue of $47.5 million, down 8.8% from the $52.1 million reported a year earlier, as a 30% reduction in the Canadian federal medical reimbursement rate that took effect April 1, 2026 cut $7.0 million out of the Canadian medical cannabis line. The offset came from international medical cannabis, where revenue rose 16.8% to $30.5 million on stronger German patient demand, and from the April 14, 2026 close of the $26.5 million Safari Flower Company acquisition, which added EU-GMP certified indoor cultivation capacity in Ontario that received its three-year GMP certification on July 23, 2026. Adjusted EBITDA, a non-IFRS measure that excludes the volatile fair-value mark-to-market on biological assets, fell to $2.4 million from $7.6 million a year earlier, with the $5.2 million year-on-year decline directly traceable to the lower Canadian reimbursement rate rather than to competitive pressure on volume. The investment debate is whether the international medical thesis can re-accelerate revenue growth fast enough to absorb the permanent Canadian reimbursement reset before cash on hand of $48.8 million and short-term investments of $21.6 million at quarter-end get diluted by an additional equity raise under the company's $100 million at-the-market program. The single next data point that tests this thesis is the Q2 FY2027 print in November 2026, where management has guided to sequential improvement in both revenue and adjusted EBITDA.