Aurora and Curaleaf Trade Statements in Ongoing Bid Dispute

EDMONTON – STAMFORD – Aurora Cannabis and Curaleaf Holdings continued their public exchange over Curaleaf’s unsolicited takeover offer for the Canadian medical Cannabis company. Aurora issued a statement responding to Curaleaf’s regulatory filing, while Curaleaf released a letter to Aurora shareholders and scheduled a direct Q&A session with its CEO.

Aurora responded to Curaleaf’s application to the Alberta Securities Commission seeking to halt Aurora’s at-the-market equity program. In its release, Aurora described the move as an effort to shift focus from what it calls an inadequate hostile bid that undervalues the company.

Aurora stated that its ATM was publicly disclosed in February 2026, months before the bid, to support accretive acquisitions like recent UK transactions. The program had been inactive for several weeks and, prior to February 2026, had not been used for three years. Aurora also highlighted Curaleaf’s debt load of more than $1 billion, including $500 million at an 11.5% interest rate, as of June 30, 2026 filings. Aurora’s board and special committee have unanimously recommended that shareholders REJECT the bid by taking NO ACTION and not tendering shares. The company noted it had raised concerns with the Alberta Securities Commission on September 2 regarding deficiencies in the bid.

The following day, Curaleaf issued a letter to Aurora shareholders urging them to accept the offer, which consists of 0.3463 Curaleaf shares plus $0.75 cash per Aurora share for an implied value of $4.00 as of the August 10 unaffected date, representing a 45% premium. Curaleaf Chairman and CEO Boris Jordan stated that shareholders face a choice between the premium and ownership in a combined global platform or remaining with a standalone business whose management has guided lower revenue and adjusted EBITDA for the coming year. Curaleaf also announced a live shareholder Q&A with Jordan on Thursday, September 17, at 10:30AM, ET.

The latest exchange between Aurora and Curaleaf sharpens the central questions facing Aurora shareholders. Aurora frames Curaleaf’s regulatory filing on the ATM program as a diversion from what it views as an undervalued offer, pointing to its own debt-free position, cash reserves, and pre-existing capital tools used for international expansion.

The practical tension sits in the balance-sheet and strategic profiles each company emphasizes. Aurora highlights its EU-GMP infrastructure and medical growth trajectory in key international markets. Curaleaf stresses the immediate cash-and-share consideration alongside exposure to a broader operating footprint. Both sides have now gone public with detailed materials (director circulars, regulatory applications, and shareholder letters), providing investors with primary sources against which to evaluate competing narratives.

The scheduled Q&A with Curaleaf’s CEO adds a live forum for questions that the written correspondence has not fully resolved. Shareholders will ultimately measure the tender deadline of December 1 against the full set of filings, the relative risk profiles of the two balance sheets, and the execution records each management team cites. The outcome will rest on how investors weigh near-term premium against the longer-term standalone case Aurora continues to advance