Edmonton, Alberta, Canada, September 2, 2026
Aurora Cannabis Inc., a global medical cannabis company, has urged its shareholders to reject an unsolicited takeover bid from Curaleaf Holdings Inc., stating that the proposal significantly undervalues Aurora and could expose shareholders to financial, regulatory and governance risks. Following a review by Aurora’s Board of Directors and a special committee of independent directors, supported by external financial and legal advisers, the Board unanimously recommended that shareholders take no action and not tender their shares. Aurora also advised shareholders who have already tendered their shares to consider withdrawing them. The company’s position comes as the proposed transaction seeks to combine two major cannabis businesses, placing Aurora’s global medical cannabis platform and its EU-GMP manufacturing capabilities at the center of the takeover dispute.
Aurora Board Challenges Curaleaf Takeover Proposal
Aurora said the proposed transaction does not adequately reflect the value of its business, future growth opportunities and financial position. According to the company, Aurora was debt-free with approximately $149 million in cash as of June 30, 2026, while Curaleaf had more than $1 billion in debt based on its reported financial position. Aurora’s Board argued that the proposed transaction could transfer exposure to Curaleaf’s financial and regulatory risks to existing Aurora shareholders. The company also raised concerns about potential changes in shareholder rights and voting influence under the proposed combined structure. Aurora stated that its shareholders would hold approximately 7.7% of the combined company but only about 3.2% of the voting power, based on the proposed exchange arrangement. Aurora’s Board further characterized the offer as an opportunity for Curaleaf to acquire the company’s assets at a discount. The company highlighted its established international medical cannabis operations, regulatory expertise and manufacturing infrastructure as strategic assets that have taken years to develop. Aurora specifically pointed to its EU-GMP manufacturing network, which supports its international medical cannabis strategy and provides capabilities relevant to markets where pharmaceutical-grade manufacturing standards apply.
EU-GMP Platform Remains Central to Aurora Strategy
Beyond the takeover dispute, Aurora emphasized its transformation into a global, high-margin medical cannabis company. The company said it has exited lower-margin activities while expanding its EU-GMP cultivation and manufacturing capabilities and building an international medical cannabis platform. Aurora currently serves medical markets across Canada, Europe, Australia and New Zealand, with GMP-certified manufacturing facilities in Canada and Germany. The company believes its international infrastructure and regulatory capabilities position it to benefit from growing global demand for regulated medical cannabis products. The company also highlighted recent international growth and acquisitions as part of its standalone strategy. Aurora’s management said it intends to continue pursuing opportunities designed to strengthen its global medical cannabis operations and generate long-term shareholder value. The Board therefore believes that remaining independent provides shareholders with greater potential upside than accepting the current Curaleaf proposal.
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Hostile Bid Raises Regulatory and Governance Concerns
Aurora also warned shareholders about regulatory, tax, governance, liquidity and market risks associated with becoming shareholders in the combined business. The company stated that Curaleaf’s ownership structure could result in reduced voting influence for Aurora investors and increased exposure to Curaleaf’s financial obligations and share-price volatility. Aurora’s Board concluded that the proposed transaction was not in the best interests of the company or its shareholders and unanimously recommended rejection. From a healthcare and regulated-product perspective, the dispute highlights the increasing importance of GMP manufacturing, international regulatory expertise and compliant supply infrastructure within the medical cannabis industry. Aurora’s emphasis on its EU-GMP capabilities demonstrates how regulated manufacturing assets can become strategically important during industry consolidation. However, the statements regarding future value creation and the potential benefits of Aurora’s standalone strategy remain forward-looking statements and are subject to business, market and regulatory uncertainties.
Source: Aurora Cannabis, Curaleaf press release
