Aurora Cannabis is pushing back against Curaleaf Holdings’ effort to halt its at-the-market stock program, arguing the challenge is an attempt to distract shareholders from what Aurora says is an inadequate hostile takeover bid.
Aurora responded Monday after Curaleaf filed an application seeking to stop the company’s at-the-market, or ATM, program. Aurora said the financing program was established months before Curaleaf launched its takeover bid and was designed to support acquisitions and other growth opportunities.
“The Board’s responsibility is to maximize value for Aurora shareholders, not to make Aurora easier or cheaper for Curaleaf to acquire,” Aurora Executive Chairman and CEO Miguel Martin said.
Aurora said its ATM program was announced in February 2026, more than six months before Curaleaf launched its bid. The company said the program has been inactive for several weeks and, before February, had not been used for three years.
The dispute is the latest escalation in Curaleaf’s effort to acquire Aurora.
Aurora’s board has unanimously recommended that shareholders reject Curaleaf’s offer by taking no action and not tendering their shares. Aurora said shareholders who have already tendered shares should withdraw them.
Aurora has also raised concerns about Curaleaf’s financial position, pointing to more than $1 billion in debt and approximately $500 million in senior secured notes carrying an 11.5% interest rate. Aurora contrasted that with its own balance sheet, saying the company is debt-free and maintains a strong cash position.
Aurora also said it filed a complaint with the Alberta Securities Commission on September 2 regarding what it described as regulatory deficiencies in Curaleaf’s takeover bid. The company said Curaleaf has not addressed those concerns.
Aurora said it believes Curaleaf’s offer fails to adequately value its international medical marijuana operations, European manufacturing assets, cash position and future growth potential.
The company operates medical marijuana businesses across Canada, Europe, Australia and New Zealand and trades on the Nasdaq and Toronto Stock Exchange under the ticker ACB.
