Curaleaf looks to buy Aurora Cannabis, takes bid directly to shareholders

Curaleaf Holdings Inc. is set to announce a takeover bid for Aurora Cannabis Inc., the Edmonton-based cannabis company. In a press release on Tuesday, Curaleaf declared its intention to offer to purchase all of Aurora’s issued and outstanding common shares. This acquisition would result in a combined cannabis company with a presence in 17 countries spanning Europe, North America, and other international markets.

The Stamford, Connecticut-based company revealed its plans following multiple unsuccessful attempts to negotiate privately with Aurora’s leadership.

Curaleaf’s CEO, Boris Jordan, expressed disappointment that the Aurora board refused to engage in discussions after receiving a formal letter of intent on June 23 outlining the company’s proposal. Jordan emphasized that the board’s decision was unwarranted, stating that Curaleaf would now present its offer directly to Aurora shareholders due to the significant premium and compelling strategic rationale. The company remains prepared to move swiftly toward a definitive agreement.

Aurora Cannabis, however, issued a statement in response to the unsolicited takeover bid. The company’s lead independent director had communicated with Curaleaf’s CEO as recently as July 24, 2026, indicating that Aurora was focused on executing its business plan in the short to medium term. Aurora’s board plans to form a special committee to evaluate the proposal and determine its best interests.

The company reiterated that it will continue operating as usual while pursuing its announced strategic plans. It stressed that no decision has been made and there is no assurance that the proposal will result in a transaction.

Curaleaf’s offer would provide Aurora shareholders with $4.00 per share, plus $0.75 in cash for each share. The Edmonton-based company noted that shareholders are not required to take any action at this time and will not make further public comments unless legal or shareholder interests demand it. Critics, however, argue that the offer undervalues Aurora’s long-term potential.

A note from TD Cowen analysts Derek Lessard and Ryan Neal expressed that the proposed consideration falls short of capturing Aurora’s intrinsic value, highlighting the company’s market leadership in medical cannabis, high-quality product portfolio, strong balance sheet, and proven ability to navigate complex international regulatory requirements. Aurora’s combination of these factors is believed to create greater value over time.