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Curaleaf not amused that Aurora is playing hard to get

Published on August 11, 2026 by Pat Bulmer

Photo: Contributed

An American cannabis giant wants to take over a Canadian cannabis giant.

Curaleaf Holdings says it has been trying to be low-key about its desires to swallow up Aurora Cannabis, but now appears frustrated the nice-guy approach hasn’t been working.

So it’s going to ramp up the pressure.

“Curaleaf is making its intention public following repeated attempts to engage with Aurora’s leadership,” a Curaleaf news release said on Tuesday.

Curaleaf said its CEO and chairman Boris Jordan sent a letter on June 23 to Aurora’s top man, Miguel Martin, outlining Curaleaf’s purchase proposal and willingness to enter into talks.

“Following Aurora’s refusal to engage in good-faith discussions on those terms, Curaleaf sent a follow-up letter on July 7, 2026. To date, Aurora has been unwilling to engage in constructive discussions,” Curaleaf said.

Curaleaf takes its case to shareholders

“We approached Aurora privately and constructively on multiple occasions,” Jordan said. “We were very disappointed that the board refused to meaningfully engage. We will now take our proposal directly to Aurora shareholders.”

Boris Jordan

Aurora said later on Tuesday it did respond to Curaleaf’s offers.

“Contrary to the assertion that Aurora refused to engage, Aurora’s lead independent director did correspond with Curaleaf’s CEO, including as recently as July 24, 2026, noting that Aurora was focused on continuing to execute on its business plan over the short to medium term, and did not discourage an ongoing dialogue between the parties going forward,” a news release said.

“The board intends to form a special committee of independent directors to consider the proposal, with a view to determining the course of action that is in the best interests of the company and all stakeholders.

“No decision has been made with respect to the proposal, and there can be no assurance that the proposal will result in any transaction. Aurora continues to operate its business as usual.”

What a Curaleaf-Aurora merger would look like

Curaleaf said it is offering shareholders cash and cash equivalents of $4 per share, a 45% premium over their US$2.75 real value.

Curaleaf said it hasn’t yet launched a formal takeover offer.

“The combined company would bring together two leading multi-country operators, boast a footprint in 17 countries across Europe, North America, and other emerging international markets, and a highly attractive financial profile with more than US$1.5 billion of last twelve months’ (“LTM”) revenue and nearly US$350 million of LTM adjusted EBITDA,” Curaleaf said.

Curaleaf is headquartered in Stamford, Connecticut, and claims to be the world’s largest cannabis company by revenue.

It has a few Canadian links. It trades on the TSX and has a cultivation facility (Northern Green Canada) in Brampton, Ont. Recently, Quebec’s Cannara contracted with Curaleaf to grow pot while Cannara’s Valleyfield, Quebec, site awaits EU certification.

Aurora shifts its focus to medical cannabis

Aurora is an Edmonton-based giant that has been leaving recreational cannabis behind as it moves fully into medical cannabis in Canada and worldwide. Aurora has just about no presence in the United States.

In a just-released quarterly financial report, Aurora said revenues were down as a result of getting out of recreational cannabis.

“Total net revenue was $67.6 million, as compared to $74.1 million in the prior year period,” the company said.

Canadian medical cannabis net revenue was $20.7 million. International medical cannabis net revenue increased to $43.3 million from $37.1 million, mainly due to higher sales in Germany, the report said.

During the quarter, Aurora sold its majority share in Langley, BC’s Bevo Agtech, and bought Safari Flower Company, based in Ontario.

Other quarterly numbers included a reduction in net loss to $4 million from $10.2 million in the same quarter a year ago. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization — a much-watched category) was $3.4 million compared to $10.8 million.

“In the fiscal second quarter, we expect revenue and adjusted EBITDA to be sequentially higher than in the fiscal first quarter,” the report said.

Curaleaf’s latest report showed quarterly net revenue of $340 million, international revenue of $51 million and EBITDA of $70 million.

“Second quarter revenue of $340 million grew 10% compared to last year, bolstered by both our domestic and international segments that grew 7% and 26%, respectively,” said CEO Jordan.

Jordan continued campaigning for a merger on X with a series of posts, like: “The U.S. cannabis industry is at a serious value inflection point, with critical catalysts on the horizon. Our offer combines cash with a substantial stock component, so Aurora shareholders can take immediate value and still participate meaningfully in the upside of the world’s largest cannabis market.”

Following the Curaleaf announcement, the Canadian Investment Regulatory Organization ordered a halt in trading of Aurora shares.

Trading has since resumed.

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Updated: Aug. 12