- Curaleaf's self-serving portrayal of our business is an attempt to acquire Aurora's world-class EU-GMP manufacturing facilities and global medical cannabis footprint at the lowest price possible
- Aurora's international strategy is working; net revenue is up 17%YoY
- Contrary to Curaleaf's inaccurate statements, Aurora's high-margin German business is growing and continues to be a key driver of Aurora's international growth strategy
- Shareholders are advised to TAKE NO ACTION pending formal recommendation from the board and special committee. Offer remains open for at least 105 days from the launch of the hostile bid
- Questions about the offer or would like to stay informed? Contact Kingsdale Advisors toll-free at 1-800-749-9052 within North America, call or text 416-623-4172 or email [email protected]
[PRESS RELEASE] – EDMONTON, Alberta, Aug. 24, 2026 – Aurora Cannabis Inc., the leading Canadian-based global medical cannabis company, cautioned shareholders that Curaleaf Holdings Inc.'s announcement of an unsolicited takeover bid (the “hostile bid") appears to contain inaccurate statements about Aurora's business and should be viewed skeptically.
Aurora's board of directors, together with a newly formed special committee of independent directors, is reviewing Curaleaf's proposal in consultation with financial and legal advisers to determine the course of action that best serves the interests of the company and its shareholders.
Shareholders are advised to TAKE NO ACTION with respect to the Curaleaf offer at this time.
"Curaleaf's timing and public comments appear to be a transparent attempt to pressure Aurora shareholders into making a short-term decision for the benefit of Curaleaf shareholders," Aurora Executive Chairman and CEO Miguel Martin said. "Curaleaf's interest underscores the value that Aurora has created. They are trying to acquire our world-class EU-GMP global infrastructure at the lowest possible price, depriving our shareholders of the long-term value our strategy is built to deliver.
"This opportunistic hostile bid comes as Aurora's multiyear transformation into a high-margin, global medical cannabis leader is yielding positive results. With three consecutive years of positive adjusted EBITDA1, accelerating international sales and our recent expansion into the critical U.K. market, Aurora is reaching a pivotal inflection point.
"The company's special committee of the board has not yet made a formal recommendation regarding the offer; Aurora will not let inaccurate statements about the company stand uncorrected while the review is underway. The special committee and board are focused on protecting shareholder investment and ensuring full value is realized."
Setting the record straight
Curaleaf has made several public claims regarding Aurora's operational and market performance that do not accurately or fully reflect the company's business model or actual financial results:
- Response and Engagement to the Offer: As Curaleaf acknowledged in its hostile bid circular, Aurora has had several discussions with Curaleaf since June 2026, most recently on Aug. 12. Discussions included Aurora's lead independent director and the executive chairman and CEO. Curaleaf's public statements appear to de-emphasize these repeated engagements.
- International Medical Market Performance:
- German Market Remains a Major Driver of International Growth:
- Germany is a key driver of Aurora's 17% year-over-year international net revenue growth in fiscal Q1 2027, compared to the prior year quarter, as the company continues to grow its medical cannabis business in that market.
- Curaleaf claims that regulatory changes to German medical reimbursement are contributing to a major challenge for Aurora. This is incorrect: The reimbursement market segment accounted for less than 10% of Aurora's total German volume prior to these changes.
- U.K. Market Position and Growth Opportunities:
- Aurora is gaining share in the U.K., where patients have consistently preferred its high-quality products.
- On Aug. 19, 2026, Aurora strengthened its position by acquiring Internode Pharma Limited and HAP Pharma Limited, expanding direct distribution in Europe's fastest-growing medical market.
- Aurora continues to be a market leader in Poland
- Aurora continues to hold the No. 1 market share position by revenue in Poland.
- Increases in annual import limits and a loyal patient base strengthen Aurora's growth outlook in this key, highly regulated market.
- German Market Remains a Major Driver of International Growth:
- Financial Strength Refutes Curaleaf's Claims:
- Aurora's recent financial performance demonstrates a stronger, more focused business than Curaleaf's characterization suggests.
- Aurora delivered record global medical cannabis revenue and adjusted EBITDA1 results in FY 2026.
- Momentum continues, with year-over-year growth in international net revenue and industry-leading adjusted gross margins before FV adjustments.1
- These strong results reflect Aurora's strategy of prioritizing global medical cannabis growth, including exiting the lower-margin Plant Propagation and Canadian Consumer businesses.
- Curaleaf's Cultivation Claims Ignore the Strength of Aurora's Facilities
- Curaleaf's comments on Aurora's cultivation methods and output per square foot are inaccurate and outdated, and do not reflect the strength of Aurora's cultivation facilities.
- Aurora has built specialized expertise in manufacturing facilities that cannot be easily replicated. Through years of operating large-scale EU-GMP-certified facilities, Aurora has developed the scientific, cultivation, regulatory and operational capabilities that support its global medical cannabis strategy.
- Aurora is proactively expanding capacity to support international growth and ensure consistent supply as regulatory standards tighten and patient demand grows.
- Over the past five years, Aurora has increased its EU-GMP production capacity by more than 40% and continues to invest further, including through capacity added in the Safari Flower Co. transaction.
Aurora Shareholders are advised to TAKE NO ACTION with respect to the Curaleaf offer at this time.
Aurora shareholders with questions about the offer or who would like to stay informed may contact Aurora's strategic adviser and information agent:
Kingsdale Advisors
- Toll-Free (within North America): 1-800-749-9052
- Call or Text: 416-623-4172
- Email: [email protected]
1 Note this press release includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. These measures are not standardized financial measures under the financial reporting framework used to prepare Aurora's financial statements and might not be comparable to similar financial measures disclosed by other issuers. These terms and the reconciliations to the most comparable GAAP measures are defined in the "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" section of the FY27 Q1 MD&A, filed August 5, 2026, which can be found on Sedar+, EDGAR and Aurora's website.
