Curaleaf Holdings released a fact sheet on Sept. 8, 2026, challenging what it called inaccurate and misleading statements by Aurora Cannabis about Curaleaf’s proposal to acquire the company. Curaleaf said its offer represents a 45% premium, or 110% excluding Aurora’s cash, and argued that Aurora’s standalone strategy has produced nearly C$5 billion in impairments, about C$130 million in business transformation costs and more than C$480 million in negative operating cash flow since FY21A. Curaleaf said it generated $447 million of positive operating cash flow since F21. The company also cited Aurora’s guidance that fiscal 2027 revenue should fall to fiscal 2025 levels and adjusted EBITDA should decline from the prior year. Curaleaf defended the proposed US$4.00 consideration, including about 19% in cash, and said the US$5.00 cap represents a premium in the 92nd percentile of Canadian mergers and acquisitions over the past decade. It said Aurora could shorten the 105-day bid period to 35 days and negotiate the cap structure. Curaleaf also argued that its larger scale, cash generation, U.S. exposure and potential benefits from federal cannabis reform outweigh concerns about leverage, governance, tax treatment and its TSX and OTCQX listings. The company said Aurora never signed a confidentiality agreement, discussed price or made a counteroffer before rejecting the proposal. Curaleaf cautioned that statements about the offer’s benefits, synergies, efficiencies and future diversification are forward-looking and subject to risks, assumptions and changes in either company’s business, prospects or capitalization.