Curaleaf Holdings, Inc. has published a formal brochure encouraging shareholders of Aurora Cannabis Inc. to tender their shares to Curaleaf’s acquisition offer. The filing, dated September 16, 2026, details a proposal to combine the two cannabis companies.
Curaleaf is offering to acquire all of the issued and outstanding common shares of Aurora. The offer is structured as 0.3463 Curaleaf shares and US$0.75 in cash for each Aurora share, which Curaleaf states implies an offer price of US$4.00 per Aurora share. This represents a premium of 45% over the 30-day volume weighted average price of Aurora shares on August 10, 2026.
Curaleaf asserts that a combination of the two businesses would create the largest global cannabis platform. The company cites combined figures of over US$1.5 billion in last-twelve-month revenue, nearly US$350 million in adjusted EBITDA, and at least US$40 million in expected annual cost synergies. The combined entity would operate across 17 countries with a footprint of 23 cultivation facilities, 21 manufacturing facilities, and 174 dispensaries.
The brochure contrasts Curaleaf’s performance with that of Aurora. It notes that under the leadership of CEO Miguel Martin, Aurora’s share price has declined 97%. The document highlights that Aurora’s net revenue and adjusted EBITDA have declined 14% and 78%, respectively, over the last four quarters, and that the company’s management has guided revenue and adjusted EBITDA lower for the coming year. Curaleaf also points out that operating cash flow has been negative for two of the last four quarters at Aurora.
Curaleaf states that it is prepared to engage constructively but claims that Aurora has refused such engagement. The offer is scheduled to close before December 1, 2026, and Curaleaf has filed a Registration Statement on Form F-80 with the SEC to facilitate the transaction.
