Aurora to be acquired by Organigram, establishing a global cannabis leader
On November 3, 2026, Organigram Global Inc. (“Organigram”) and Aurora Cannabis Inc. (“Aurora”) announced that they entered into an arrangement agreement pursuant to which Organigram will acquire all of the issued and outstanding common shares of Aurora at a price of C$7.80 per share, which values Aurora at approximately C$561 million on a fully diluted equity value basis.
The consideration represents a 93% premium to Aurora's unaffected share price on August 10, 2026, prior to the announcement by Curaleaf Holdings, Inc. of its intention to launch a hostile takeover bid for Aurora, and a 21% premium to the current value of Curaleaf's hostile bid, which the Aurora board of directors (the “Aurora board”) unanimously rejected. The transaction emerged from a strategic review process conducted under the oversight of the special committee, which is made up of independent directors, and included an extensive market check. The Aurora board approved the transaction unanimously following the unanimous recommendation of the special committee, which received a fairness opinion from Fort Capital and Origin Merchant Partners.
Under the terms of the arrangement agreement, Aurora shareholders will have the option to elect to receive, for each Aurora share held: C$7.80 in cash; 5.8626 common shares of Organigram; or C$3.75 in cash plus 3.0431 common shares of Organigram. Aurora shareholders electing to receive the cash consideration or the share consideration will be subject to proration as set out in the arrangement agreement so that the aggregate consideration will include no more than 205,826,172 shares of Organigram and no more than C$253,638,772 in cash.
The transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and is subject to approval by (i) at least two-thirds of the votes cast by Aurora shareholders and (ii) a simple majority of the votes cast by Aurora shareholders, excluding votes from certain shareholders, as required under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), at a special meeting of Aurora shareholders expected to be held in December 2026.
The issuance of Organigram shares under the transaction and under a concurrent private placement to BT DE Investments Inc., a wholly-owned indirect subsidiary of British American Tobacco (“BAT”), is subject to approval by a simple majority of the votes cast by Organigram shareholders at a special meeting also expected to be held in December 2026, excluding votes held by BAT, as required under MI 61-101 and the rules of the Toronto Stock Exchange (“TSX”).
In addition to the shareholder approvals, the transaction will be subject to regulatory approvals, as well as the approval of the Supreme Court of British Columbia. Subject to the satisfaction of such conditions, the transaction is expected to be completed in January 2027.
Further information can be found on Business Wire’s website.
Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. It serves medical markets across Canada, Europe, Australia and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf® and Whistler Medical Marijuana Corporation®.
Organigram is listed on the NASDAQ Global Select Market and TSX, operating through its wholly owned subsidiary Organigram Inc. as a licensed cannabis cultivator and processor. Organigram is focused on producing high-quality cannabis for adult consumers, as well as extending its global footprint. It has also developed and acquired a portfolio of cannabis brands, including Edison, Big Bag O' Buds, SHRED, Monjour, Tremblant, Collective Project, Trailblazer, BOXHOT and DEBUNK. Through its acquisition of Sanity Group GmbH ("Sanity Group"), Organigram participates in the German medical cannabis market and other emerging markets within Europe.