Edmonton – September 17, 2026 -- Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has dismissed Curaleaf Holdings' regulatory application to halt its at-the-market (ATM) share program, calling the move a distraction from an undervalued hostile takeover bid.
Aurora says its ATM program predates Curaleaf's bid by more than six months
The company confirmed its ATM program was publicly disclosed in February 2026, months before Curaleaf launched its hostile offer, and was designed to fund accretive acquisitions in Canada and the UK. Aurora said the program has been inactive for several weeks and had not been used for three years prior to February 2026.
Aurora highlights Curaleaf's $1 billion debt load, including $500 million at 11.5% interest
Aurora contrasted its debt-free balance sheet with Curaleaf's financial structure, noting the U.S.-based cannabis company carries more than $1 billion in debt, including a $500 million tranche at an 11.5% interest rate. Aurora argued this exposes shareholders who tender their shares to significant financial and dilution risks, alongside concentrated voting control at Curaleaf.
Aurora filed its own regulatory complaint with the Alberta Securities Commission on September 2
Aurora said Curaleaf has ignored deficiencies raised in that filing regarding the hostile bid's regulatory compliance. The company characterized Curaleaf's ATM-related application as an attempt to shift shareholder attention away from these unresolved issues.
Aurora's Board unanimously recommends shareholders reject the hostile bid and withdraw tendered shares
Following a directors' circular filed September 2, Aurora's Special Committee and Board unanimously recommended shareholders take no action and not tender shares to Curaleaf's offer. The Board also urged any shareholders who have already tendered to withdraw their shares immediately.
Executive Chairman and CEO Miguel Martin said the ATM program "is a long-standing capital allocation tool that supports Aurora's growth strategy," pointing to recent UK acquisitions as evidence of its intended use. Martin added that the Board's mandate is to maximize shareholder value, "not to make Aurora easier or cheaper for Curaleaf to acquire."
Aurora shareholders with questions about the hostile bid can contact Kingsdale Advisors, the company's strategic advisor and information agent, via a toll-free North American line or email.