Aurora said its Board, along with a newly formed Special Committee of independent directors, is reviewing Curaleaf's proposal as it determines the future course of action.

  • Aurora noted that Curaleaf's comments on its cultivation methods and output per square foot are “inaccurate and outdated, and do not reflect the strength of Aurora's cultivation facilities.”
  • Aurora also highlighted that its recent financial performance shows a stronger, more focused business than Curaleaf's characterization suggests.
  • Aurora CEO Miguel Martin stated that 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.

Shares of Aurora Cannabis Inc. (ACB) drew investor attention on Monday morning after the company warned its shareholders that Curaleaf Holdings, Inc.'s (CURLF) announcement of an unsolicited take-over bid appears to contain inaccurate statements about Aurora's business and should be viewed skeptically.

Aurora stated that its Board, along with a newly formed Special Committee of independent directors, is reviewing Curaleaf's proposal as they determine the future course of action. Aurora also advised its shareholders to take no action regarding the Curaleaf offer at this time.

Aurora Refutes Curaleaf’s Claims

Aurora noted that Curaleaf's comments on its cultivation methods and output per square foot are “inaccurate and outdated, and do not reflect the strength of Aurora's cultivation facilities.”

The firm asserted that it has had several discussions with Curaleaf since June 2026, and most recently on August 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,” it stated.

Aurora also highlighted that its recent financial performance shows a stronger, more focused business than Curaleaf's characterization suggests, noting that it delivered record global medical cannabis revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) results in FY2026.

CEO Martin Miguel Highlights Multi-Year Transformation 

Aurora CEO Miguel Martin stated that 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. “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.”

Martin also highlighted that Aurora's multi-year transformation into a high-margin, global medical cannabis leader is yielding positive results. “With three consecutive years of positive adjusted EBITDA, accelerating international sales and our recent expansion into the critical U.K. market, Aurora is reaching a pivotal inflection point,” he said.

Curaleaf’s Offer

On August 18, Curaleaf announced that it had formally commenced its previously announced proposal to purchase all issued and outstanding common shares of Aurora.

The firm said Aurora shareholders would receive total implied consideration of $4.00 per Aurora common share, comprised of 0.3463 of a Curaleaf subordinate voting share and $0.75 in cash. 

Curaleaf CEO Boris Jordan stated that the firm believes its offer provides immediate value and a unique opportunity to participate in the upside of a larger, more diversified global cannabis platform with meaningful exposure to the growth of the U.S. market. 

“By combining Aurora with Curaleaf, we can create the preeminent, scaled industry leader with significant opportunities for long-term growth and value creation. We believe this is a compelling opportunity for both companies and, most importantly, for shareholders.”

ACB shares lost nearly 9% year-to-date while CURLF shares have gained nearly 27% during the period.

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