Curaleaf details $4 bid and 45% premium for Aurora
Curaleaf released a fact sheet defending the economics of its Aurora takeover proposal, emphasizing premium pricing, cash-flow strength and expected regulatory upside.
Rhea-AI Filing Summary
Curaleaf Holdings, Inc. (CURLF) reported that on September 8, 2026 it released a detailed fact sheet supporting its proposal to acquire Aurora Cannabis Inc. and responding to what it describes as misleading statements from Aurora about the offer.
Curaleaf states that its proposal represents a US$4.00 per-share offer with a 45% premium to Aurora’s prior trading price and, excluding Aurora’s cash, a 110% premium. Curaleaf indicates that about 19% of the offer value is in cash and the rest in Curaleaf shares, with an additional US$5.00 cap structure that it says equates to a premium within the 92nd percentile of Canadian M&A premiums over the past decade. Curaleaf contrasts its own cumulative $447 million of positive operating cash flow since fiscal 2021 with what it describes as more than C$480 million of negative operating cash flow at Aurora since FY21A and over C$5 billion of impairments, all based on Aurora’s public disclosures.
Curaleaf further highlights its scale and ownership structure, saying its market capitalization was more than 13 times Aurora’s before the offer, that insiders hold roughly 20% of Curaleaf (about US$500 million invested) versus roughly 1% insider ownership at Aurora, and that approximately 60% of Curaleaf’s business is U.S. medical cannabis. The communication emphasizes expected benefits from possible U.S. federal cannabis reform and reiterates that many of the statements are forward-looking and subject to risks described in Curaleaf’s Canadian securities filings.
Positive
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Filing Explained
The fact sheet adds that Aurora continues—and Curaleaf says has accelerated—sales of new shares through its at-the-market program, which increases the share count and can reduce existing holders’ percentage ownership; no issuance amount is disclosed.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Offer price per Aurora share: US$4.00 per share
Headline premium: 45%
Premium excluding Aurora cash: 110%
+5 more
8 metrics
Offer price per Aurora share
US$4.00 per share
Curaleaf’s stated consideration in its proposal to acquire Aurora
Headline premium
45%
Premium Curaleaf cites versus Aurora’s prior share price
Premium excluding Aurora cash
110%
Premium Curaleaf cites when excluding cash on Aurora’s balance sheet
Cash portion of consideration
19% of US$4.00 offer value
Approximate cash mix Curaleaf reports for its offer
Offer cap price
US$5.00 per share
Cap level Curaleaf says equates to a 92nd percentile Canadian M&A premium
Curaleaf operating cash flow since FY21
$447 million
Cumulative positive operating cash flow Curaleaf reports since fiscal 2021
Aurora operating cash flow since FY21A
More than C$480 million (negative)
Cumulative negative operating cash flow Curaleaf attributes to Aurora from public filings
Aurora equity raised since September 2020
More than US$400 million
Equity financing Curaleaf says Aurora has completed via share issuances
Key Terms
At-the-Market (ATM) program, adjusted EBITDA, multi-class voting structures, forward-looking statements, +2 more
6 terms
At-the-Market (ATM) program financial
"Aurora continues to issue shares through its At-the-Market (ATM) program"
An at-the-market (ATM) program is a way for a company to sell newly issued shares directly into the open market at the current trading price over time, rather than all at once. For investors it matters because it provides a flexible, ongoing source of capital but can dilute existing ownership and put steady selling pressure on a stock’s price—similar to a store quietly adding more items for sale at the posted price.
adjusted EBITDA financial
"adjusted EBITDA is expected to be lower than the prior year"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
multi-class voting structures financial
"Multi-class voting structures are not a rarity"
forward-looking statements regulatory
"This press release contains certain "forward-looking statements""
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
rescheduling process regulatory
"once the rescheduling process is completed"
change in control financial
"payable in the event of a change in control"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
FAQ
What did Curaleaf (CURLF) announce on September 8, 2026?
Curaleaf announced that it issued a detailed fact sheet addressing what it believes are misleading statements from Aurora Cannabis about Curaleaf’s proposal to acquire Aurora, outlining its view of the offer premium, comparative performance, balance sheet profile and potential regulatory upside.
What are the key financial terms of Curaleaf’s offer for Aurora?
Curaleaf states its offer is valued at US$4.00 per Aurora share, representing a 45% premium to Aurora’s prior trading price and, excluding Aurora’s cash, a 110% premium. It also references a US$5.00 cap that it says implies a premium within the 92nd percentile of Canadian M&A premiums.
How is Curaleaf’s offer for Aurora structured between cash and stock?
Curaleaf indicates that approximately 19% of the US$4.00 offer price is cash consideration, with the remainder in Curaleaf shares. The company characterizes this cash mix as in line with precedent Canadian cannabis M&A transactions and says it allows immediate value plus ongoing participation in the combined company.
How does Curaleaf compare its cash flow to Aurora’s in this communication?
Curaleaf reports generating $447 million of positive operating cash flow since fiscal 2021. Based on Aurora’s public disclosures, Curaleaf states that Aurora has had more than C$480 million of negative operating cash flow since FY21A, along with substantial impairments and transformation costs.
What governance and ownership points does Curaleaf highlight about the proposed deal?
Curaleaf states its market cap was over 13x Aurora’s before the offer and that insiders own about 20% of Curaleaf, or nearly US$500 million, versus roughly 1% insider ownership at Aurora. It argues this aligns Curaleaf management incentives with shareholders despite its multi-class voting structure.
How does Curaleaf describe the impact of potential U.S. cannabis reform?
Curaleaf states that federal reform benefits go beyond an initial event, pointing to potential materially lower cash taxes, improved free cash flow, broader institutional ownership, lower financing costs, greater M&A flexibility, access to credit cards and an expected uplisting to a major U.S. exchange after rescheduling.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 8, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
( 917 ) 717 - 5875 | ||||||||
(Registrant's telephone number, including area code) | ||||||||
(Former name or former address, if changed since last report) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On September 8, 2026, Curaleaf Holdings, Inc. issued a fact sheet to address what it believes are misleading statements from Aurora Cannabis, a copy of which is attached as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | |||||||
99.1 | Press release dated September 8, 2026 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CURALEAF HOLDINGS, INC. | |||||||||||
(Registrant) | |||||||||||
Date: | September 8, 2026 | By: | /s/ Peter Clateman | ||||||||
Name: | Peter Clateman | ||||||||||
Title: | Chief Legal Officer | ||||||||||
Curaleaf Holdings, Inc. Investor Relations Curaleaf Issues Fact Sheet to Address What It Believes Are Misleading Statements From Aurora STAMFORD, Conn., Sept. 8, 2026 /PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer and medical cannabis products, today released a fact sheet addressing a number of inaccurate and misleading statements made by Aurora Cannabis Inc. ("Aurora") in connection with Curaleaf's proposal to acquire Aurora. Curaleaf believes shareholders deserve the facts. While Aurora has focused on criticizing Curaleaf's proposal, shareholders should focus on the fundamental question: which company has a clearer vision for the future and a stronger record of creating shareholder value? The fact sheet below helps shareholders evaluate the choice between Curaleaf's premium offer and Aurora's standalone plan. Read the fact sheet and learn more at grow.curaleaf.com. MYTH: "Curaleaf's offer is too low and significantly undervalues Aurora." FACT: One of the highest premiums in Canadian M&A. A 45% premium is among the higher Canadian M&A premiums of the past decade. Excluding cash on Aurora's balance sheet, Curaleaf's offer represents a 110% premium*. If Aurora's assets are worth more, why has management been unable to unlock that value after years? More importantly, management's actions don't match its words. Aurora continues to issue shares through its At-the-Market (ATM) program at prices materially below the value implied by Curaleaf's offer. Since Curaleaf's bid, Aurora has accelerated these dilutive issuances while telling shareholders not to tender to a substantially higher value. If management truly believes Aurora is worth so much more, why is it selling stock at lower prices? MYTH: "Aurora's standalone plan will create more value than Curaleaf's offer." FACT: Results > promises. Aurora is asking shareholders to continue supporting a "turnaround" strategy that has had nearly six years to prove itself. During this time, management has recorded ~C$5 billion of impairments and ~C$130 million of business transformation costs. Aurora has overseen negative operating cash flow of more than C$480 million since FY21A, while having one of the highest executive compensation plans among industry peers. ACB's 97% share decline under CEO Miguel Martin speaks for itself. By comparison, Curaleaf generated $447 million of positive operating cash flow since F21. MYTH: "Aurora just delivered a record year and its strategy is gaining momentum." FACT: Deteriorating fundamentals, declining outlook. Shareholders should focus on where the business is headed, not where it has been. Management's own guidance says fiscal 2027 revenue is expected to decline to fiscal 2025 levels and adjusted EBITDA is expected to be lower than the prior year. MYTH: "Curaleaf's shares are overvalued and Aurora shareholders are being offered inflated stock." FACT: Even Aurora's own advisor disagrees. Aurora argues Curaleaf's shares are overvalued, yet its own financial advisor states that "the trading price of those [Curaleaf] shares can be reasonably regarded as a proxy for their underlying value." Curaleaf consistently commands a premium because it is the largest publicly traded cannabis company in the world and a leader in profitability and cash flow generation. Aurora can't have it both ways: if Curaleaf's valuation is too high, why is it not high enough for Aurora? MYTH: "Curaleaf's leverage presents a risk to future equity holders." FACT: Debt can be repaid; dilution is forever. Curaleaf is the largest cannabis operator by revenue and market cap, among the most profitable by adjusted EBITDA, and is a cash flow leader. Curaleaf's balance sheet compares favorably to peers, and the company's profitability and cash flows support its debt load. In contrast, Aurora promotes a "debt-free" balance sheet but ignores how that balance sheet was and is being financed. Aurora has raised more than US$400 million since September 2020 through equity issuances at the expense of shareholders and continues to rely on dilutive ATM programs that permanently reduce existing shareholders' ownership. MYTH: "ACB had substantive discussions with Curaleaf before rejecting our offer." FACT: They never even discussed price. Aurora never entered into a confidentiality agreement with Curaleaf and never once discussed price. Rather than testing whether additional value could be secured for shareholders, Aurora simply rejected the
proposal without even discussing a counteroffer. MYTH: "The US$5.00 cap imposes a cap on any upside." FACT: If the cap is the issue, the Board can fix it. Aurora's criticism of the cap structure is a distraction from the significant premium represented by the US$5.00 cap. The US$5.00 cap price represents an implied premium within the 92nd percentile of Canadian M&A premiums over the last 10 years. The proposed structure encourages ACB shareholders to complete a transaction as soon as possible to lock in the exchange ratio and participate in potential upside and is the same structure that Aurora used in prior M&A transactions. If Aurora's Board was truly concerned about the cap, they can choose to shorten the 105-day bid period to 35 days and engage constructively with Curaleaf on the particulars of a deal. MYTH: "Aurora shareholders would trade independent ownership for a minority stake in a company controlled by one individual through multi-voting shares." FACT: This is about scale, not governance. Aurora shareholders would retain a minority stake in the combined company because Curaleaf is substantially larger than Aurora (>13x market cap prior to the offer). CURA insiders have nearly US$500 million of their own money invested alongside shareholders, significantly more than Aurora's insider ownership (~20% versus ~1%), and ensuring Curaleaf's management incentives are strongly aligned with shareholders. On the other hand, Aurora insiders have ~10% of the transaction value payable in the event of a change in control. Additionally, since Boris Jordan became CEO, Curaleaf has outperformed Aurora by approximately 57%. Multi-class voting structures are not a rarity. They are used by many of the largest founder-owned sector leaders, including Alphabet, Meta, Shopify, Palantir, DoorDash, and, among leading cannabis companies, Green Thumb, and Trulieve among others. MYTH: "Why should Aurora shareholders accept mostly Curaleaf stock?" FACT: Get paid today, participate in upside tomorrow. Cash consideration represents ~19% of the US$4.00 offer price, in line with precedent Canadian cannabis M&A transactions. Shareholders will receive immediate value while retaining ownership in the largest cannabis company in the sector with broader market exposure, stronger cash generation, and multiple future growth catalysts. MYTH: "Regulatory reform is already priced into Curaleaf's stock. There isn't much upside left." FACT: The biggest benefits are still ahead. Federal reform is not a one-time event. The value creation comes from what follows: immediately, materially lower cash taxes and improved free cash flow, and potentially broader institutional ownership, lower financing costs, greater M&A flexibility, access to credit cards, and uplisting to a major U.S. exchange. Those benefits compound over time and have only begun. MYTH: "Most of Curaleaf's business is Adult Use sales in the United States. That business is still federally illegal." FACT: Exposure to the world's largest cannabis market is an advantage, not a risk. Our U.S. medical business represents approximately 60%. What's more, U.S. cannabis regulation has been moving steadily in one direction: toward greater normalization, broader acceptance and reduced regulatory barriers. CURA's exposure to the world's largest cannabis market is a benefit and a competitive advantage. MYTH: "The transaction is not tax efficient for U.S. shareholders" FACT: Stay invested in the upside. A significant portion of the consideration consists of CURA shares, allowing shareholders to continue their investment in the combined company rather than fully liquidating their position. If tax structuring is a priority for Aurora, they should engage with Curaleaf to negotiate it. MYTH: "Why would Nasdaq-listed shareholders accept OTC paper?" FACT: It's about the business, not the exchange. Curaleaf trades on the TSX which is among the largest exchanges globally and is the leading exchange for cannabis issuers. On a 2026 YTD basis, CURA has traded meaningfully more value on the TSX relative to ACB on NASDAQ. Additionally, a Nasdaq listing has not prevented value destruction for ACB shareholders. Lastly, CURA is expected to also trade on a major U.S. exchange once the rescheduling process is completed. Cautionary Statement Regarding Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of such statements under applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward looking statements in this news release include statements regarding the terms of the Offer, the expected benefits of the Offer to the combined company and the financial and strategic benefits of the Offer noted above, synergies and efficiencies that may be achieved upon a combination of the businesses of Aurora and Curaleaf; and expectations with respect to business and geographical diversification of the combined entity. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release, including assumptions based upon Aurora's publicly disclosed information, and that there will be no change in the business, prospects or capitalization of Aurora or Curaleaf. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's Annual Information Form and continuous disclosure filings, which are available at www.sedarplus.ca. Cautionary Statement Respecting Aurora Information The information concerning Aurora contained in this press release has been taken from, or is based upon, publicly available information filed by Aurora with securities regulatory authorities in Canada prior to the date of this press release and other public sources. Aurora has not reviewed this press release and has not confirmed the accuracy and completeness of the Aurora information contained herein. Neither Curaleaf, nor any of its officers or directors, assumes any responsibility for the accuracy or completeness of such Aurora information. Curaleaf has no means of verifying the accuracy or completeness of any of the Aurora information contained in this press release. Notice to U.S. Holders The Offer is being made for the securities of a company formed outside of the United States. The Offer is subject to disclosure requirements of Canada that are different from those of the United States. Financial statements included in the documents, if any, will be prepared in accordance with Canadian accounting standards and may not be comparable to the financial statements of United States companies. It may be difficult for a securityholder in the United States to enforce his/her/its rights and any claim a securityholder may have arising under the U.S. federal securities laws, since the issuer is located in Canada, and some or all of its officers or directors may be residents of Canada or another country outside of the United States. A securityholder may not be able to sue a Canadian company or its officers or directors in a court in Canada or elsewhere outside of the United States for violations of U.S. securities laws. It may be difficult to compel a Canadian company and its affiliates to subject themselves to a U.S. court's judgment. Securityholders should be aware that the issuer may purchase securities otherwise than under the Offer, such as in open market or privately negotiated purchases. About Curaleaf Holdings Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, Find, Dark Heart, and Anthem provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com. Contacts Media Contact Kekst CNC Kekst-Curaleaf@kekstcnc.com Investor Contact Curaleaf Holdings, Inc. IR@curaleaf.com Shareholder Contact Carson Proxy Advisors North American Toll Free Phone: 1-800-530-5189 Local (Collect outside North America): 416-751-2066 Email: info@carsonproxy.com
SOURCE Curaleaf Holdings, Inc. Additional assets available online: Documents (1) https://ir.curaleaf.com/2026-09-08-Curaleaf-Issues-Fact-Sheet-to-Address-What-It-Believes-Are-Misleading-Statements-From- Aurora