Curaleaf pushes back on Aurora Cannabis amid hostile bid dispute

Curaleaf Holdings, Inc. (TSX: CURA, OTCQX: CURLF) issued a statement disputing Aurora Cannabis Inc.'s (TSX: ACB, NASDAQ: ACB) characterization of deal discussions between the two companies, reiterating its offer to acquire Aurora and accusing Aurora's management of misrepresenting the state of negotiations.

According to the statement, Curaleaf says the two companies have not held a single substantive conversation about a deal, and that Aurora has declined to sign a non-disclosure agreement or allow a site visit. Curaleaf said it has published correspondence between the companies on its website.

Curaleaf cited several financial metrics to challenge Aurora's public defense of its standalone performance. Aurora's shares declined approximately 35% over the past year through Aug. 10, 2026, while Curaleaf's shares rose approximately 56% over the same period, according to the statement. Curaleaf also noted that Aurora's June quarter adjusted EBITDA was 63% lower than the March quarter, and that excluding approximately C$5.1 million in business transformation cost add-backs, adjusted EBITDA would have been negative. Cash flow from operations was negative C$4.4 million in the same period.

Curaleaf stated that Aurora's fiscal 2027 guidance points to revenue approaching fiscal 2025 levels, adjusted gross margins declining from approximately 64% to the mid-to-high 50% range, and lower adjusted EBITDA.

On cultivation metrics, Curaleaf said its bid is based on Aurora's own audited fiscal 2026 financial statements, which disclose yields of 114 grams per plant, and that Curaleaf's yields are more than double that figure.

Curaleaf also noted that Aurora's share price rose following the announcement of its offer and has traded near the implied value of the proposal. Curaleaf said it remains willing to meet at any time to discuss a transaction. The offer documents are available on SEDAR+ and EDGAR.

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