TSX Shariah screener · September 2026
Is Aurora Cannabis (ACB) Halal?
Aurora Cannabis Inc. · TSX: ACB · Healthcare
The short answer
Aurora Cannabis Inc. (TSX: ACB) is a FAIL. The cash gate fails: cash, restricted cash and short-term investments of C$149.1M at June 30, 2026 are about 42.1% of the ~C$353.8M market cap (C$5.71, September 29, 2026, on 61,956,924 shares) - against a ~33% ceiling. The debt gate passes: total debt of C$22.7M (lease liabilities only; the company reports no loans or borrowings) is about 6.4% of market cap, under the ~33% ceiling. The income gate passes: Q1 FY2027 "Interest and other income" of C$1,241K is about 1.84% of C$67,554K net revenue, under the ~5% ceiling. The business gate passes narrowly: medical cannabis is ~94.8% of net revenue while consumer (recreational) cannabis is ~3.1% and being wound down; whether medical cannabis use is permissible in specific circumstances is a question for a qualified scholar. Musaffa independently rates ACB.TO not halal (September 2026); no public Zoya rating or ShariaPortfolio coverage was found. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Gate 1 — Business activity: PASS (narrow)
Aurora Cannabis Inc. is a Canadian medical cannabis company: cultivation, production, research and export of cannabis for medical patients in Canada, Germany, Poland, Australia and New Zealand, under brands including Aurora, MedReleaf, Pedanios, IndiMed, San Raf and Whistler Medical Marijuana. For Q1 FY2027 (three months ended June 30, 2026) it reported net revenue of C$67,554K: medical cannabis C$64,036K (~94.8%) - Canadian medical C$20.7M and international medical C$43.3M, led by Germany - plus consumer cannabis C$2.1M (~3.1%) and the remainder wholesale bulk cannabis. The company is winding down its consumer cannabis business and its FY2027 outlook states a strategic shift to focus exclusively on global medical cannabis. The recreational share sits below the 5% non-compliant-revenue tolerance, so the business gate passes - narrowly. The scholarly positions on medical cannabis differ (some scholars permit it under strict necessity conditions, others prohibit it); this page reports the positions and issues no ruling. Facts only, no fatwa.
Gate 2 — Debt and cash: FAIL (cash)
The Q1 FY2027 interim balance sheet (June 30, 2026) shows no loans or borrowings - the August 5, 2026 press release states the company has "no Debt" - with total interest-bearing debt of C$22,684K consisting solely of lease liabilities (current C$5,875K, non-current C$16,809K). Against a market capitalization of about C$353.8M (C$5.71, September 29, 2026, on 61,956,924 shares), the debt-to-market-cap ratio is about 6.4% - under the ~33% ceiling, so the debt component passes. The cash component fails: cash and cash equivalents C$69,307K, restricted cash C$49,086K and short-term investments C$30,722K total C$149,115K, the C$149.1M headline in the press release. That is about 42.1% of market cap - above the ~33% ceiling. Excluding restricted cash, the ratio would be about 28.3%; the screen uses the company's own headline cash figure. Holding cash constant, the share price would need to rise above about C$7.30 (from C$5.71) for the cash gate to pass. The cash gate fails.
Gate 3 — Non-compliant income: PASS
The Q1 FY2027 interim income statement discloses "Interest and other income" of C$1,241K against net revenue of C$67,554K - about 1.84%, under the ~5% ceiling. Finance and other costs were C$464K. The income gate passes - but it does not change the overall result, because the cash gate fails.
Key figures used
- Business: medical cannabis ~94.8% of Q1 FY2027 net revenue (C$64,036K of C$67,554K); consumer cannabis ~3.1% (C$2.1M, winding down); remainder wholesale bulk — PASS (narrow)
- Total debt: C$22,684K at June 30, 2026 (lease liabilities C$5,875K current + C$16,809K non-current; no loans or borrowings)
- Cash + restricted cash + short-term investments: C$149,115K at June 30, 2026 (C$69,307K + C$49,086K + C$30,722K)
- Market cap: ~C$353.8M (C$5.71, September 29, 2026, on 61,956,924 shares outstanding per the August 7, 2026 AGM record)
- Debt ÷ market cap: ~6.4% vs ~33% ceiling — PASS
- Cash & securities ÷ market cap: ~42.1% vs ~33% ceiling — FAIL (~28.3% excluding restricted cash)
- Interest income ÷ revenue: C$1,241K ÷ C$67,554K ≈ 1.84% vs ~5% ceiling — PASS
- Material context: still listed on TSX and Nasdaq as ACB (September 2026); Curaleaf hostile take-over bid (implied ~US$4.00/share, capped at US$5.00) open until December 1, 2026 - board formed a special committee and urges shareholders to take no action; Bevo Agtech stake divested Feb 17, 2026 (discontinued operations); Safari Flower Company acquired Apr 14, 2026, EU-GMP certified Jul 23, 2026; Musaffa rates ACB.TO not halal (September 2026); no public Zoya rating or ShariaPortfolio coverage found
Frequently asked questions
Is Aurora Cannabis (ACB) halal?
Our September 2026 screen gives Aurora Cannabis Inc. (TSX: ACB) a FAIL. The cash gate fails: cash, restricted cash and short-term investments of C$149.1M at June 30, 2026 are about 42.1% of the ~C$353.8M market cap (C$5.71, September 29, 2026, on 61,956,924 shares) - against a ~33% ceiling. The debt gate passes: total debt of C$22.7M (lease liabilities only; no loans or borrowings) is about 6.4% of market cap, under the ~33% ceiling. The income gate passes: Q1 FY2027 'Interest and other income' of C$1,241K is about 1.84% of C$67,554K net revenue, under the ~5% ceiling. The business gate passes narrowly: medical cannabis is ~94.8% of net revenue while consumer (recreational) cannabis is ~3.1% and being wound down; whether medical cannabis use is permissible in specific circumstances is a question for a qualified scholar. Musaffa independently rates ACB.TO not halal (September 2026); no public Zoya rating or ShariaPortfolio coverage was found. This is a rules-based screening of published figures, not a religious ruling.
What business is Aurora Cannabis in?
Aurora Cannabis Inc. is a Canadian medical cannabis company - cultivation, production, research and export of cannabis for medical patients in Canada, Germany, Poland, Australia and New Zealand, under brands including Aurora, MedReleaf, Pedanios, IndiMed, San Raf and Whistler Medical Marijuana. For Q1 FY2027 (three months ended June 30, 2026) it reported net revenue of C$67,554K: medical cannabis C$64,036K (~94.8%; Canadian medical C$20.7M and international medical C$43.3M, led by Germany), consumer cannabis C$2.1M (~3.1%) and the remainder wholesale bulk cannabis. The company is winding down its consumer cannabis business and its FY2027 outlook states a strategic shift to focus exclusively on global medical cannabis. It divested its 50.1% stake in Bevo Agtech (Feb 17, 2026) and acquired Safari Flower Company (closed Apr 14, 2026; EU-GMP certified Jul 23, 2026).
Why does Aurora fail the cash gate?
The Q1 FY2027 interim balance sheet (June 30, 2026) reports cash and cash equivalents C$69,307K, restricted cash C$49,086K and short-term investments C$30,722K - C$149,115K in total, the C$149.1M headline in the August 5, 2026 press release. Against a market capitalization of about C$353.8M (C$5.71, September 29, 2026, on 61,956,924 shares), the cash-and-securities-to-market-cap ratio is about 42.1% - above the ~33% ceiling applied by this site's screening. Excluding restricted cash, the ratio would be about 28.3%; the screen uses the company's own headline cash figure. The fail is price-sensitive: holding cash constant, the share price would need to rise above about C$7.30 (from C$5.71) for the ratio to fall under the ceiling. A passing debt and income gate does not change the overall FAIL.
What about the cannabis business - medical vs recreational?
Aurora's Q1 FY2027 revenue split is medical cannabis ~94.8% and consumer (recreational) cannabis ~3.1%, with the consumer line being wound down. The recreational share sits below the 5% non-compliant-revenue tolerance this screening uses, so the business gate passes narrowly. The scholarly positions differ on medical cannabis itself: recreational cannabis is widely treated as an intoxicant and prohibited, while some scholars permit medical cannabis under strict necessity conditions (qualified physician, no lawful alternative, minimal dose) and others prohibit it - this page reports the positions and issues no ruling. Musaffa's stated policy treats cannabis companies as not halal 'unless it is specifically for medicinal purposes and permitted by Shariah scholars.' By contrast, this site's earlier Canopy Growth screen failed at the business gate because adult-use cannabis alone was about 29% of revenue.
What do Zoya, Musaffa or ShariaPortfolio say about ACB?
Musaffa rates Aurora Cannabis (ACB.TO) not halal as of September 2026 under its AAOIFI methodology - consistent with this screen's overall FAIL. No public Zoya rating for ACB was found: zoya.finance has no ACB stock page (it returned HTTP 404 when checked directly in September 2026). ShariaPortfolio publishes no per-stock screening tool, so no coverage exists there. The per-gate figures behind this screen's result come from Aurora's own Q1 FY2027 interim financial statements (June 30, 2026) and the August 5, 2026 results press release. Other cannabis and healthcare names on this site - Canopy Growth (FAIL), Bausch Health (FAIL), Extendicare (PASS), Sienna Senior Living (FAIL) and Medical Facilities (PASS) - are screened on the same business, debt, cash and income basis.
Sources
- Aurora Cannabis Q1 FY2027 interim condensed consolidated financial statements, June 30, 2026 (unaudited — net revenue C$67,554K; interest and other income C$1,241K; cash C$69,307K, restricted cash C$49,086K, short-term investments C$30,722K; lease liabilities C$22,684K; no loans or borrowings)
- Aurora Cannabis Q1 FY2027 results press release, August 5, 2026 (C$149.1M cash headline with no debt; medical cannabis C$64.0M; consumer cannabis wind-down; exclusively medical cannabis strategy)
- Aurora Cannabis Form 6-K, August 2026 AGM voting results (61,956,924 common shares outstanding at the June 15, 2026 record date)
- Finnhub — Aurora Cannabis ACB.TO market data (TSX price ~C$5.62–5.71, September 2026)
- Musaffa — Aurora Cannabis ACB.TO classified not halal (September 2026, AAOIFI methodology)
- Curaleaf take-over bid for Aurora Cannabis, open until December 1, 2026 (implied ~US$4.00/share, US$5.00 cap)
Screened 2026-09-30 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.