The Alberta Securities Commission has dismissed an application by Curaleaf Holdings seeking to halt Aurora Cannabis’ at-the-market stock offering program, delivering a victory for Aurora as the two major marijuana companies remain locked in a hostile takeover dispute.
Aurora announced the decision Monday, saying the regulator rejected Curaleaf’s attempt to stop the program, which allows Aurora to raise capital by selling shares directly into the market. The company said the program complies with securities laws and emphasized that it has not issued shares through the program since August 18, before Curaleaf’s hostile takeover process began.
Aurora established the program in February 2026, more than six months before Curaleaf formally launched its acquisition bid. According to Aurora, the financing arrangement was designed to provide flexibility for strategic investments, including expanding marijuana cultivation capacity and pursuing mergers and acquisitions.
“Aurora’s ATM program was publicly disclosed well before the Hostile Bid and was established to support legitimate accretive and strategic opportunities,” said Miguel Martin, Aurora’s executive chairman and CEO. “We believe this unsuccessful application distracts from the fundamental shortcomings of Curaleaf’s revised Hostile Bid.”
The regulatory decision comes amid an escalating takeover battle between two of the marijuana industry’s largest publicly traded companies. Curaleaf initially launched its unsolicited acquisition offer in August before increasing its proposal in October to approximately $5 per Aurora share, consisting of $1 in cash and 0.4013 Curaleaf shares.
Curaleaf has characterized its revised proposal as offering substantial value to Aurora shareholders, while Aurora’s board maintains that the bid significantly undervalues the company’s assets, international operations and future growth potential.
On October 14, Aurora’s board unanimously recommended that shareholders reject the revised proposal and refrain from tendering their shares. The board also urged shareholders who previously tendered shares to withdraw them while the company evaluates other strategic alternatives.
Aurora has emphasized the value of its cash holdings, European Union Good Manufacturing Practice-certified facilities and established international medical marijuana operations, arguing that Curaleaf’s proposal fails to adequately account for those assets.
The company’s special committee continues to evaluate alternatives that could provide greater shareholder value, potentially including transactions with other companies or remaining independent.
Curaleaf’s revised takeover offer is currently scheduled to expire December 4. The Alberta Securities Commission’s dismissal removes one regulatory challenge facing Aurora, but the broader acquisition dispute remains unresolved.
