- Curaleaf's attempt to fabricate issues ignores the reality of its own balance sheet: more than $1 billion of debt1, including $500 million carrying an 11.5% interest rate, exposing shareholders to significant financial and dilution risks.
- Curaleaf's criticism ignores four key facts: Aurora's ATM was publicly disclosed months before the hostile bid, was designed to support accretive acquisitions in Canada and the U.K., has been inactive for several weeks and, prior to February 2026, had not been utilized by Aurora for three years.
- Curaleaf's latest allegations are a transparent attempt to divert attention from the unresolved regulatory deficiencies in their inadequate hostile bid. On Sept. 2, Aurora raised its own complaint with the Alberta Securities Commission about the deficiencies in Curaleaf's hostile bid. Curaleaf has ignored these material concerns.
- Aurora's Special Committee and Board have unanimously recommended that shareholders reject Curaleaf's hostile bid by taking no action and not tendering their shares.
[PRESS RELEASE] – EDMONTON, Alberta, Sept. 14, 2026 – Aurora Cannabis Inc., the Canadian-based leading global medical cannabis company, responded to the application by Curaleaf Holdings Inc. to halt Aurora's at-the-market (ATM) program.
Aurora believes Curaleaf's filing is simply the latest attempt to distract shareholders from the fundamental issue before them: Curaleaf's hostile bid significantly undervalues Aurora and seeks to acquire Aurora's cash, unique EU-GMP assets, global growth platform and future upside at a discount.
Aurora's ATM program was publicly announced in February 2026, over six months before Curaleaf launched its hostile bid, as part of the company's long-term international growth strategy. The program was established to provide Aurora with flexibility to pursue strategic and accretive opportunities that support long-term shareholder value, including increased cultivation capacity and M&A.
"Curaleaf is attempting to spin a story that simply does not align with the facts," Aurora Executive Chairman and CEO Miguel Martin said. "Our ATM program was established long before Curaleaf launched its inadequate hostile bid and was never designed as a response to it. It is a long-standing capital allocation tool that supports Aurora's growth strategy. Our most recent acquisitions in the U.K. that unlock our access to this critical market is a direct example of responsible use of funds generated from the ATM.
"Curaleaf is trying to suggest that the existence of the ATM program somehow says something about the value of Aurora's business. It does not. The question for shareholders is whether Curaleaf's hostile offer fairly compensates them for the company they own today and the future value they are being asked to give up. We do not believe it does.
"The board's responsibility is to maximize value for Aurora shareholders, not to make Aurora easier or cheaper for Curaleaf to acquire.”
The ATM program will continue to be used only when the board determines it is in the best interests of the company to do so, having regard to all relevant factors.
Aurora shareholders are reminded that the company is debt-free and maintains a strong cash position, providing the flexibility to continue investing in growth, innovation and strategic opportunities. Aurora believes shareholders should carefully consider whether exchanging ownership in a debt-free company with a proven international growth strategy for shares in a company carrying more than $1 billion of debt, concentrated voting control and additional governance and regulatory risks is in their best interests.
On Sept. 2, Aurora's board of directors filed a directors' circular, which unanimously recommended that shareholders reject Curaleaf's hostile bid by taking no action and not tendering their shares. The board unanimously recommends that any Aurora shareholders who have tendered their shares to the hostile bid withdraw those shares.
Curaleaf's latest application does not change the board's view that its hostile bid is inadequate and fails to reflect the value of Aurora's business or the opportunities ahead.
Shareholder Assistance
Shareholders with questions about the hostile bid or who would like to receive ongoing updates may contact Kingsdale Advisors, Aurora's strategic adviser and information agent.
- Toll-Free (within North America): 1-800-749-9052
- Call or Text: 416-623-4172
- Email: [email protected]
1 "Debt" refers to indebtedness, including $500,000 senior secured notes at 11.5% interest, financial obligations and lease liabilities as of June 30, 2026, as filed in Curaleaf Holdings Inc financial statements on August 5, 2026, which can be found on Sedar+, EDGAR and Curaleaf's website.
