ACB vs CGC: How Aurora Cannabis and Canopy Growth Corporation Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ACB and CGC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ACB and CGC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Aurora Cannabis is a Canadian licensed cannabis producer that has spent the past several years reinventing itself. Once one of the most hyped names of the 2018-2019 cannabis boom, it has since exited low-margin Canadian consumer (recreational) cannabis and non-core operations to concentrate on global medical cannabis, which carries higher and more durable margins. In its fiscal 2026 the company reported record medical results: global medical net revenue grew sharply, international medical revenue rose even faster (led by Germany and Poland), and adjusted EBITDA and free cash flow turned meaningfully positive, a real shift from years of cash burn. International medical, its highest-margin segment, now makes up a majority of medical revenue. To feed that demand, Aurora acquired Safari Flower Company, an EU-GMP certified European cultivator, and in February 2026 it completed the divestiture of its controlling stake in Bevo Agtech, its plant-propagation business, further sharpening the focus on medical cannabis.

Full ACB guide

Canopy Growth Corporation is one of Canada's largest cannabis companies, based in Smiths Falls, Ontario. It sells recreational (adult-use) and medical cannabis in Canada, exports medical cannabis to international markets in Europe and Australia, and owns Storz & Bickel, a maker of premium vaporizer devices. Its revenue comes mainly from selling cannabis flower, pre-rolls, vapes, edibles, and beverages under brands like Tweed and Doja, plus device sales. In fiscal 2026 the company completed its acquisition of MTL Cannabis, a move it says makes it Canada's leading medical-cannabis provider by revenue, and reported that its core cannabis business returned to growth after years of contraction.

Full CGC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ACB drivers: International medical cannabis growth; Path to sustained profitability.
• CGC drivers: Core cannabis business back to growth; MTL Cannabis and medical leadership.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The central risk is Aurora's capital-structure history: repeated equity raises and a cumulative reverse-split history (roughly 1-for-120 over time) have destroyed per-share value, and further dilution would do so again. For CGC, the central risk is that Canopy is still unprofitable in a brutally competitive industry.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ACB if you believe its drivers more; CGC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ACB and CGC guides.

ACB. These points are qualitative and tied to the asOf date; verify live numbers before acting. For a stock like Aurora, headline revenue growth matters less than whether profitability is durable and whether the company can fund itself without issuing more shares, because dilution has repeatedly overwhelmed operating progress in the past. Be cautious with per-share comparisons across time given the reverse-split history, and always check the current share count, cash position, and latest guidance directly in the filings.

CGC. These figures are qualitative and tied to the asOf date; verify live numbers before acting. Because Canopy is unprofitable, standard earnings multiples do not apply, and the stock trades on revenue trajectory, cash runway, and expectations for cannabis reform rather than on profits. Reported financials are also in Canadian dollars, so US-dollar figures depend on exchange rates. Treat any single quarter with caution: cannabis results swing on pricing, one-time charges, and restructuring.

Headline figures (approximate, Jul 2026): ACB shows business model Canadian cannabis producer pivoting to higher-margin global medical cannabis, with EU-GMP supply into Germany, Poland, and other international markets, revenue trend Medical (especially international) growing fast, but total revenue expected to ease toward earlier levels as low-margin Canadian consumer and non-core units are exited; verify latest figures, profitability Record fiscal 2026 medical results; adjusted EBITDA and free cash flow turned positive, a shift from years of losses, though management guides fiscal 2027 EBITDA lower, share count Around 59 million common shares as of early 2026, reflecting a heavy cumulative reverse-split history (roughly 1-for-120 over time); CGC shows revenue trend (fy2026) Modest annual growth (roughly mid-single-digit percent), the first sustained return to growth after years of contraction, growth drivers Double-digit gains in Canadian adult-use, Canadian medical, and international cannabis; device sales (Storz & Bickel) were softer, profitability Still net-loss-making, but fiscal 2026 net loss from continuing operations narrowed roughly by half versus the prior year, balance sheet Shifted to a net-cash position after a January 2026 recapitalization, reducing near-term financing risk.

ACB and CGC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ACB and CGC exposure against your real portfolio. It is not an investment adviser.