- Aurora has filed an application with the Alberta Securities Commission for an order requiring Curaleaf to comply with securities laws.
- Aurora intends to demonstrate that Curaleaf's circular has not satisfied several regulatory requirements, impacting Aurora Shareholders, including providing pro-forma financials and keeping the hostile bid open for the minimum period.
- Curaleaf has refused to address deficiencies identified by Aurora in its hostile bid circular that are believed to limit Aurora shareholders' access to disclosures required by securities laws before responding to its hostile bid.
- Aurora is committed to protecting shareholders' ability to make a fully informed decision regarding Curaleaf's hostile bid.
- 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. 23, 2026 – Aurora Cannabis Inc., the Canadian-based leading global medical cannabis company, filed an application with the Alberta Securities Commission (ASC) for an order requiring Curaleaf Holdings Inc. to address several deficiencies Aurora has identified in its hostile bid circular and to require Curaleaf to comply with securities law requirements.
"We believe Curaleaf has failed to comply with applicable securities law requirements in connection with its hostile bid, and Aurora intends to vigorously defend its interests and those of its shareholders. Aurora is taking the necessary steps to protect its shareholders' rights, which this hostile bid is clearly ignoring," Aurora Executive Chairman and CEO Miguel Martin said.
"Aurora's review of Curaleaf's hostile bid circular uncovered several significant deficiencies, which were highlighted in the directors' circular issued on Sept. 2,” he said. “Aurora also wrote directly to Curaleaf to ask that it remedy these failings. Curaleaf has refused to do so. As a result, Aurora has applied to the Alberta Securities Commission for an order requiring compliance with applicable securities laws. These are not technicalities. They are shareholder protection requirements, and they matter.”
The deficiencies Aurora has identified in Curaleaf's circular are concerning, as they may deprive shareholders of information and time needed to fully evaluate Curaleaf's hostile bid.
Aurora's application seeks to have the Alberta Securities Commission review and address the following:
- Failure to provide pro forma financial statements that would allow Aurora shareholders to understand the financial condition of the combined company if the hostile bid were successful;
- Failure to hold the hostile bid open for the minimum deposit period required by securities laws, which allows Aurora shareholders the full amount of time required by law to consider the hostile bid; and
- Failure to publish notice of its hostile bid in a French-language publication, denying French-speaking Aurora shareholders from obtaining important information about the commencement of the hostile bid.
These requirements are designed to ensure that Aurora shareholders have the time and information they need to make a fair, informed decision about this hostile bid. Aurora intends to demonstrate that these deficiencies deny Aurora shareholders fundamental protections afforded under securities law.
In addition, Curaleaf's failure to comply with the required 105-day deposit period means that the hostile bid does not qualify as a "permitted bid" under Aurora's shareholder rights plan, contrary to Curaleaf's disclosure in its hostile bid circular. The rights plan will be triggered if Curaleaf proceeds to acquire more than 20% of Aurora's shares.
Aurora will ask the ASC to order Curaleaf to correct what it has identified as material deficiencies in its circular, including by delivering the required pro forma financial statements and publishing the required French-language notice in Québec, and ensuring that shareholders receive the full mandatory 105-day deposit period only after those deficiencies have been corrected.
Shareholder Information
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.
This application does not change the board's view that Curaleaf's 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]
- Visit protectaurora.com
