Aurora Cannabis is pushing back against claims made by Curaleaf Holdings in support of its hostile takeover bid, arguing that Curaleaf has understated the strength of Aurora’s international medical marijuana operations and financial performance.
In a statement issued August 24, Aurora said its board and a newly formed special committee of independent directors are continuing to review Curaleaf’s offer with financial and legal advisors. The company again urged shareholders to take no action while that review is underway.
Curaleaf formally launched its unsolicited bid last week, offering Aurora shareholders implied consideration of $4 per share, consisting of 0.3463 Curaleaf subordinate voting shares plus $0.75 in cash for each Aurora share.
Aurora Executive Chairman and CEO Miguel Martin accused Curaleaf of attempting to acquire the company’s international medical marijuana infrastructure at a price that does not reflect its long-term potential.
“Curaleaf’s interest underscores the value that Aurora has created,” Martin said. “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.”
Aurora specifically challenged Curaleaf’s characterization of its business in Germany, saying the country remains a significant contributor to international growth. The company reported that international net revenue increased 17% year-over-year during the first quarter of fiscal 2027.
Aurora also disputed concerns raised by Curaleaf regarding changes to German medical marijuana reimbursement rules. According to Aurora, the reimbursement segment represented less than 10% of its total German sales volume before the regulatory changes.
The company pointed to growth elsewhere in Europe as another reason it believes Curaleaf’s assessment does not fully reflect its position. Aurora said it remains the market leader by revenue in Poland and is expanding in the United Kingdom, where it acquired Internode Pharma Limited and HAP Pharma Limited on August 19 to strengthen its direct distribution capabilities.
Aurora also highlighted its recent financial results, including record global medical marijuana revenue and adjusted EBITDA in fiscal 2026. The company said its strategy has increasingly centered on higher-margin global medical marijuana operations following its exit from lower-margin businesses.
On cultivation, Aurora rejected Curaleaf’s claims regarding production methods and output, saying they rely on outdated information. Aurora said it has increased its European Union Good Manufacturing Practice-certified production capacity by more than 40% over the past five years, with additional capacity being added through recent acquisitions.
The takeover dispute follows months of discussions between the companies. Aurora said it engaged with Curaleaf on multiple occasions beginning in June, including as recently as August 12.
Aurora’s special committee has not yet issued a recommendation on whether shareholders should accept or reject the offer. The company said shareholders will be given a formal recommendation after the board completes its review.
Sponsors:
