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Aurora Cannabis, a near-$300 million, publicly traded Canadian producer and distributor of medical marijuana, has positioned itself as a global leader with operations across Canada, Europe and Australia. The company recently reported being free cash flow positive for the first time, a milestone that reflects its pivot away from recreational sales toward higher-margin medical products in international markets.
The path has not been easy. Aurora has faced steep competition, shifting regulations and the volatility that comes with operating in a global emerging industry. CFO Simonwho brings a rare blend of CPA discipline and MBA strategy to the role, spoke with CFO.com about how the business’s shift towards pursuing higher margins, her new ERP system and forecasting is shaping Aurora’s growth. She also discusses how the company is preparing for a future that could include both U.S. federal and global regulatory reform.
Simon
Optional Caption
Permission granted by Simona King
Cfo, Auratori Cannabis
Notable previous employers:
- Passage Bio
- Tmunity Therapeutics
- Emergent BioSolutions
- Bristol-Meyers Squibb
This interview has been edited for brevity and clarity.
ADAM ZAKI: The company covers multiple markets with different regulatory frameworks. What is the biggest opportunity for Aurora right now, and what are some of the challenges in forecasting a business like this?
SIMION IN: We are the leaders in global medical cannabis, and that’s been our focus for several years. A few years ago, we made the decision to transition away from recreational and concentrate almost entirely on medical because it offered more stability, higher margins and better alignment with our expertise.
The biggest opportunities today are in international markets, especially Europe and Australia. Both regions are medical-only markets, and the regulatory frameworks are much closer to what you’d find in pharmaceuticals. That makes the environment more predictable and gives us confidence in investing. We’re already seeing growing physician and patient demand in those markets, which positions us to capture long-term, sustainable growth.
“Better forecasting has given us sharper decision-making, more confidence in capital allocation and the ability to support the business in a more strategic way.”
Simon
Cfo, Auratori Cannabis
The challenge is that cannabis remains one of the hardest industries to forecast. Every country moves at its own pace, regulations can shift suddenly and demand is still influenced by cultural and political factors. What gives us confidence is that medical cannabis, unlike recreational, has consistent barriers to entry, less price compression and stronger patient demand. So while the sector is volatile, narrowing our focus has allowed us to build a much more stable growth strategy.
Margins in medical cannabis are much higher than in recreational cannabis. Why is that?
There’s less price compression because the number of competitors is lower and barriers to entry are much higher. Medical is regulated more like pharma, which keeps pricing stronger and more stable.
On the recreational side, there are far more players, all chasing a limited market share, which drives prices down. The result is significant price compression and much thinner margins. We’ve actually seen some stabilization in recreational margins recently, which is encouraging, but overall, the economics remain much stronger in medical.
There’s also a patient access factor. In medical, patients often go through legitimate healthcare channels, which sustains pricing. In recreational, people may turn to the illicit market, which puts further downward pressure on prices. So when you put all of that together, medical provides the more attractive, sustainable business model.
In the U.S., rescheduling cannabis is being debated. You don’t operate here today, but how would federal changes affect Aurora?
It’s an area we monitor very closely. What we’ve seen in other countries is that medical legalization usually comes before broader recreational reform, and we believe that if the U.S. moves toward federal change, it will likely follow that same path.
If and when that happens, Aurora will be well-positioned. We already have the infrastructure, the regulatory expertise and the credibility in medical cannabis to step into that market quickly and responsibly. The U.S. is a massive opportunity, but it’s also a complex one — entering too early could risk our NASDAQ listing and expose us to regulatory uncertainty.
From a financial standpoint, rescheduling in the U.S. would attract significant capital into cannabis globally.
Every CFO is under pressure to show ROI on technology investments. Can you share an example of where finance tech has made a difference at Aurora?
For us, technology starts with process. You can’t slap tech on top of a broken process and expect results. So our priority has been continuous improvement and building processes that support efficiency.
We’re in the process of implementing a new ERP system, which will bring consistency and integration across the business. At the same time, we’re actively evaluating how to incorporate AI into finance and into the company more broadly. AI has the potential to drive efficiency, improve accuracy and free up capacity for value-added work, so that’s very much on our radar.
One of the most impactful areas so far has been in forecasting. By strengthening our forecasting and cash flow modeling — really getting closer to the business drivers — we achieved free cash flow positive for the first time in Aurora’s history. That’s less about one piece of software and more about how finance partners with operations. Better forecasting has given us sharper decision-making, more confidence in capital allocation and the ability to support the business in a more strategic way.
You have a CPA and an MBA. How have those shaped you as a CFO?
Both have been critical, but in very different ways. The MBA gave me the ability to step back and think strategically about the business — to connect the dots between day-to-day decisions and the company’s long-term direction. That analytical, forward-looking lens is something I’ve applied throughout my career, and it’s been essential in helping me lead finance teams through growth and change.
The CPA came later when I was at Bristol Myers Squibb. I pursued it because I never wanted anyone to question whether I truly understood accounting. I wanted that credibility, both for myself and for how others viewed me as a finance leader. It grounded me in the fundamentals, gave me confidence to dive deep into the technical side and ensured I could speak the language of accounting as fluently as I speak the language of strategy.
Together, the two experiences allow me to wear what I call the ‘strategic CFO hat.’ I can move seamlessly between technical accounting, compliance and reporting, and then pivot into strategy, capital allocation and growth. That balance of technical grounding and strategic vision has shaped how I lead and has been a big reason for my success across industries.
“I pursued [my CPA] because I never wanted anyone to question whether I truly understood accounting. I wanted that credibility, both for myself and for how others viewed me as a finance leader.”
Simon
Cfo, Auratori Cannabis
It’s funny because I actually stopped doing my CPE credits last year. They were time-consuming and not directly relevant to my role as a CFO. I’m not in audit or public accounting, so maintaining that status wasn’t necessary for me. If I had waited, I might have avoided it altogether.
I think I’m one of the few large-company CFOs who actually went through the 150-hour requirement, so I understand how significant this shift is for the profession. It’s going to open doors for future finance leaders who may have otherwise been discouraged by the extra year of schooling.
How do you lead during uncertain or challenging times and keep teams motivated?
We’re only as good as our teams. Cannabis, like pharma and biotech, where I spent much of my career, is dynamic and unpredictable. What’s worked for me is helping people see how their work connects to the company’s mission and long-term strategy. If you can make that link clear, people feel their work matters.
I also believe in empowerment. I tell my team members they’re the CFOs of their own areas. I’ll provide the guidance and the resources, but they own the outcomes. That sense of ownership motivates people, helps them problem-solve, and keeps them engaged even when times are tough. It’s one of the most powerful ways to lead through change.
Did you ever have to “sell” the legitimacy of cannabis, especially to peers from your pharma background?
Honestly, not really. The stigma is fading quickly, especially in markets like Germany, where cannabis is treated as a prescribed pharmaceutical product. In my experience, colleagues from pharma and biotech have been more excited than skeptical about my move into cannabis. There’s a recognition now that cannabis is part of the broader healthcare landscape, and that openness has made it easier to build legitimacy in this space.