Curaleaf Holdings, Inc. issued a press release on October 27, 2026, responding to a ruling by the Alberta Securities Commission (ASC) regarding the at-the-market (ATM) program of Aurora Cannabis Inc. The filing details Curaleaf's continued disagreement with Aurora's board and the regulatory body's decision.
In the statement, Curaleaf Chairman and CEO Boris Jordan argued that the ASC's ruling does not alter the fundamental issues surrounding Aurora's share issuance. He noted that questions regarding why Aurora issued shares below the original offer price and why a bid representing an 86% premium is being dismissed remain unanswered.
The company highlighted several key facts regarding Aurora's ATM activity. Curaleaf stated that Aurora used the ATM program heavily in the days leading up to Curaleaf's bid, including after the bid was announced. However, Aurora confirmed it stopped using the program on August 18, 2026, shortly after Curaleaf challenged the activity. Curaleaf claims this action has prevented further ATM dilution for shareholders.
Curaleaf characterized its enhanced offer as a significant premium rather than a discount. The implied price of approximately US$5.00 per share represents a premium to Aurora's unaffected volume weighted average share price of approximately US$2.75. Curaleaf noted that Aurora was issuing shares at prices as low as US$2.56 per share, a 49% discount to Curaleaf's offer, just months prior.
The company emphasized that excluding Curaleaf from the diligence process undermines the credibility of Aurora's review of strategic alternatives. Curaleaf stated that a combination of the two companies would create a global cannabis leader with operations across 17 countries, more than US$1.5 billion of last-twelve-month revenue, nearly US$350 million of LTM Adjusted EBITDA, and at least US$40 million in expected annual cost synergies.
