Aurora Disputes the Narrative Behind Curaleaf’s Hostile Bid

EDMONTON – Aurora Cannabis Inc. fired back at Curaleaf Holdings Inc., rejecting the claims the Connecticut-based MSO has been advancing to Aurora shareholders to justify its unsolicited takeover bid. In a statement issued today, Aurora’s leadership challenged Curaleaf’s portrayal of its business across four fronts:

• the German medical Cannabis market,
• the history of pre-bid negotiations,
• the state of its cultivation operations, and
• recent financial results.

Aurora’s Board of Directors and a newly formed Special Committee of independent directors are reviewing the bid in consultation with financial and legal advisors, and shareholders have been urged to take no action pending a formal recommendation.

Curaleaf formally launched its hostile bid on August 18, offering US$4.00 per Aurora share [a combination of Curaleaf subordinate voting shares and US$0.75 in cash] with the total outlay approaching US$272 million. The offer carries a 45% premium to Aurora’s unaffected share price and remains open through December 1, 2026. Curaleaf Chairman and CEO Boris Jordan framed the offer as going directly to Aurora shareholders after the Canadian company declined to negotiate.

Aurora’s Executive Chairman and CEO Miguel Martin rejected that framing. According to Martin, Curaleaf’s bid is designed to pressure Aurora shareholders into a short-term decision for the benefit of Curaleaf, and to acquire Aurora’s EU-GMP manufacturing facilities and global medical Cannabis platform at the lowest price possible.

On Germany specifically, Aurora took direct aim at what it called a factual error. Curaleaf’s CEO had pointed to reduced German medical Cannabis reimbursement rates as evidence of mounting pressure on Aurora’s core business. Aurora’s rebuttal: the reimbursement market segment represented less than 10% of Aurora’s total German volume before those regulatory changes. Germany, the company says, continues to drive a 17% year-over-year gain in international net revenue as of fiscal Q1 2027.

The two companies also give sharply conflicting accounts of their pre-bid engagement. Curaleaf said it made multiple private attempts to reach Aurora’s board before going public, while Aurora confirmed receiving letters from Curaleaf dated June 23 and July 7, noting that only the July letter included financial terms.

Aurora also pointed to recent corporate activity that runs counter to Curaleaf’s bearish read. On August 19, Aurora acquired Internode Pharma Limited and HAP Pharma Limited, expanding direct distribution into what it describes as Europe’s fastest-growing medical Cannabis market. The company also holds the top revenue position in Poland and, over the past five years, has increased its EU-GMP production capacity by more than 40%. Aurora delivered record global medical Cannabis revenue and adjusted EBITDA in fiscal 2026 – its third [!] consecutive year of positive adjusted EBITDA results.

This standoff has the hallmarks of a proxy battle where narrative control runs parallel to financial terms. Aurora is betting that its rare EU-GMP infrastructure and improving international numbers give its Special Committee enough leverage to negotiate better terms or… defeat the bid outright. Curaleaf, in turn, needs shareholders to believe the cost of waiting outweighs the offer currently on the table. The formal Board recommendation, when it arrives, will be the moment this dispute moves from public statements to shareholder decisions.