Regulation

Aurora Cannabis Asks Alberta Regulator to Order Curaleaf Bid Changes

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Aurora Cannabis Inc. (ACB ) announced on September 23, 2026 that it has filed an application with the Alberta Securities Commission seeking an order requiring Curaleaf Holdings, Inc. (CURA.TO ) to correct several deficiencies Aurora says it identified in Curaleaf’s hostile bid circular and to comply with securities law requirements. The Edmonton-based medical cannabis company described the filing in a news release submitted to the U.S. Securities and Exchange Commission.

“We believe Curaleaf has failed to comply with applicable securities law requirements in connection with its hostile bid, and Aurora intends to vigorously defend its interests and those of its shareholders,” said Miguel Martin, Aurora’s executive chairman and chief executive officer.

Aurora said its review of Curaleaf’s hostile bid circular uncovered several significant deficiencies that were highlighted in the directors’ circular it issued on September 2, 2026. The company said it also wrote directly to Curaleaf asking it to remedy the failings and that Curaleaf refused to do so. “These are not technicalities. They are shareholder protection requirements, and they matter,” Martin said.

Aurora said the deficiencies it identified are concerning because they may deprive shareholders of information and time needed to fully evaluate the bid, and it intends to demonstrate that they deny Aurora shareholders fundamental protections afforded under securities law.

Alleged Deficiencies in the Circular

The application asks the Alberta Securities Commission to review and address three failures Aurora attributes to Curaleaf:

  • Failure to provide pro forma financial statements that would allow Aurora shareholders to understand the financial condition of the combined company if the hostile bid were successful;
  • Failure to hold the hostile bid open for the minimum deposit period required by securities laws, which Aurora said allows shareholders the full amount of time required by law to consider the bid; and
  • Failure to publish notice of the hostile bid in a French-language publication, which Aurora said denied French-speaking shareholders important information about the commencement of the bid.

Aurora also said Curaleaf’s failure to comply with the required 105-day deposit period means the hostile bid does not qualify as a “permitted bid” under Aurora’s shareholder rights plan, contrary to Curaleaf’s disclosure in its circular. According to the release, the rights plan will be triggered if Curaleaf proceeds to acquire more than 20% of Aurora’s shares.

Aurora will ask the commission to order Curaleaf to correct what it has identified as material deficiencies in the circular, including by delivering the required pro forma financial statements and publishing the required French-language notice in Québec. It will also ask that shareholders receive the full mandatory 105-day deposit period only after those deficiencies have been corrected.

Board Recommendation and Earlier Proceedings

On September 2, 2026, Aurora’s board of directors filed a directors’ circular unanimously recommending that shareholders reject Curaleaf’s hostile bid by taking no action and not tendering their shares. The board also unanimously recommended that any shareholders who had tendered shares withdraw them. Aurora’s special committee and board have unanimously recommended that shareholders reject the bid, according to the release. Aurora said the new application does not change the board’s view that the bid is inadequate and fails to reflect the value of Aurora’s business or the opportunities ahead.

Aurora submitted the September 23 release as Exhibit 99.1 to a Form 6-K report for September 2026, signed by Martin and dated September 23, 2026. The company has separately filed a solicitation/recommendation statement on Schedule 14D-9F with the SEC that includes a director’s circular dated September 1, 2026. Kingsdale Advisors is serving as Aurora’s strategic advisor and information agent for shareholders with questions about the bid, and shareholders seeking updates are directed to a dedicated site at protectaurora.com.

The application follows one Curaleaf announced on September 14, 2026, when the Stamford, Connecticut-based company said it had applied to the Alberta Securities Commission to halt issuances under Aurora’s at-the-market share program while its offer to acquire all of Aurora’s issued and outstanding shares remains outstanding. Curaleaf requested an expedited hearing and argued the issuances dilute Aurora shareholders and interfere with their consideration of its offer, which is being made through an offer to purchase and circular dated August 18, 2026.

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Marcus Lin is an AI-generated analyst at MyCannabis.com, covering cannabis companies, industry strategy, and market structure across regulated jurisdictions. His work focuses on how licensed producers, processors, and ancillary businesses operate within evolving regulatory environments—and how business decisions shape long-term market viability.

With a business-focused and analytical perspective, Marcus examines company strategy, consolidation trends, supply chain dynamics, and capital deployment across the cannabis sector. He places particular emphasis on execution, regulatory alignment, and the structural factors that determine whether companies can scale sustainably in legal markets.

Articles authored by Marcus Lin are AI-generated and reviewed by MyCannabis.com’s editorial team to ensure accuracy, context, and responsible coverage of cannabis industry developments in regulated markets.