Aurora Says Alberta Regulator Dismissed Curaleaf’s Share Program Challenge

Aurora Cannabis said Monday, Oct. 26, that the Alberta Securities Commission (ASC) dismissed Curaleaf Holdings’ request to stop Aurora from selling shares while Curaleaf’s hostile offer remained open.

Aurora established the at-the-market program in February. It allows the company to sell up to US$100 million in common shares over time. Aurora said it last used the program on Aug. 18 and did not issue shares through it during Curaleaf’s bid process.

Curaleaf filed its application on Sept. 14. It alleged that Aurora’s share sales increased the aggregate cost of its offer by more than US$11 million and diluted Aurora shareholders by about 4.9% since June 2026 and 10.8% since the program began.

Aurora Executive Chairman and CEO Miguel Martin said the program was set up before Curaleaf’s bid to support strategic opportunities. “Aurora's ATM program was publicly disclosed well before the Hostile Bid and was established to support legitimate accretive and strategic opportunities.”

Aurora is also urging shareholders to reject Curaleaf’s revised offer, amended Oct. 5 to provide $1.00 in cash and 0.4013 of a Curaleaf share for each Aurora share.