Aurora Cannabis filed an application Wednesday evening asking the Alberta Securities Commission to order Curaleaf to fix what it calls deficiencies in its hostile bid circular.

Cultivated News on the latest in this ding dong battle that’s going to be feeding the pockets of some lawyers for a while yet.

First here’s the official PR from Aurora

Aurora Cannabis Files Application with Alberta Securities Commission to Protect Company Shareholders Having Identified Several Deficiencies in Curaleaf’s Hostile Bid Disclosure

Sep 23, 2026, 18:28 ET

NASDAQ| TSX: ACB

• Aurora has filed an application with the Alberta Securities Commission for an order requiring Curaleaf to comply with securities laws.
• Aurora intends to demonstrate that Curaleaf’s Circular has not satisfied several regulatory requirements, impacting Aurora Shareholders, including providing pro-forma financials and keeping the hostile bid open for the minimum period.
• Curaleaf has refused to address deficiencies identified by Aurora in its hostile bid Circular that are believed to limit Aurora shareholders’ access to disclosures required by securities laws before responding to its hostile bid.
• Aurora is committed to protecting shareholders’ ability to make a fully informed decision regarding Curaleaf’s hostile bid.
• Aurora’s Special Committee and Board have unanimously recommended that shareholders REJECT Curaleaf’s hostile bid by TAKING NO ACTION and NOT TENDERING their shares.

EDMONTON, AB, Sept. 23, 2026 /CNW/ — Aurora Cannabis Inc. (“Aurora” or the “Company”) (NASDAQ: ACB) (TSX: ACB), the Canadian-based leading global medical cannabis company, today filed an application with the Alberta Securities Commission (“ASC’) for an order requiring Curaleaf Holdings, Inc. (“Curaleaf”) (TSX: CURA) (OTCQX: CURLF) to address several deficiencies Aurora has identified in its hostile bid Circular and to require Curaleaf to comply with securities law requirements.

“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. Aurora is taking the necessary steps to protect its shareholders’ rights, which this hostile bid is clearly ignoring,” said Miguel Martin, Executive Chairman and Chief Executive Officer of Aurora.

“Aurora’s review of Curaleaf’s hostile bid circular uncovered several significant deficiencies, which were highlighted in the Directors’ Circular issued on September 2. Aurora also wrote directly to Curaleaf to ask that it remedy these failings. Curaleaf has refused to do so. As a result, Aurora has applied to the Alberta Securities Commission for an order requiring compliance with applicable securities laws. These are not technicalities. They are shareholder protection requirements, and they matter,” concluded Mr. Martin.

The deficiencies Aurora has identified in Curaleaf’s Circular are concerning as they may deprive shareholders of information and time needed to fully evaluate Curaleaf’s hostile bid.

Aurora’s application seeks to have the Alberta Securities Commission review and address the following:

• 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 allows Aurora shareholders the full amount of time required by law to consider the hostile bid; and
• Failure to publish notice of its hostile bid in a French language publication, denying French-speaking Aurora shareholders from obtaining important information about the commencement of the hostile bid.

These requirements are designed to ensure that Aurora shareholders have the time and information they need to make a fair, informed decision about this hostile bid. Aurora intends to demonstrate that these deficiencies deny Aurora shareholders from fundamental protections afforded under securities law.

In addition, Curaleaf’s failure to comply with the required 105-day deposit period means that the hostile bid does not qualify as a “permitted bid” under Aurora’s Shareholder Rights Plan, contrary to Curaleaf’s disclosure in its hostile bid Circular. The Rights Plan will be triggered if Curaleaf proceeds to acquire more than 20% of Aurora’s shares.

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

Shareholder Information

On September 2, Aurora’s Board of Directors filed a directors’ circular which UNANIMOUSLY recommended that shareholders REJECT Curaleaf’s hostile bid by TAKING NO ACTION and NOT TENDERING their shares. The Board UNANIMOUSLY recommends that any Aurora shareholders who have tendered their shares to the hostile bid WITHDRAW those shares.

This application does not change the Board’s view that Curaleaf’s hostile bid is inadequate and fails to reflect the value of Aurora’s business or the opportunities ahead.

Shareholder Assistance

Shareholders with questions about the hostile bid or who would like to receive ongoing updates may contact Kingsdale Advisors, Aurora’s strategic advisor and information agent.

• Toll-Free (within North America): 1-800-749-9052
• Call or Text: 416-623-4172
• Email: contactus@kingsdaleadvisors.com
• Visit protectaurora.com

Cultivated Write

Aurora wants three things corrected. The company says Curaleaf left out pro forma financials for the combined company, failed to publish a legally required French-language notice of the bid in Québec, and set the bid to close before the full 105-day minimum deposit period.

Aurora also argues the deposit period problem means the offer isn’t a “permitted bid” under its shareholder rights plan, so the poison pill would trigger if Curaleaf acquires more than 20% of its shares.

Curaleaf hit back Thursday morning, saying it will move the expiration by seven hours, that pro forma financials aren’t required but it could provide them if Aurora opens its books for due diligence, and already ran the notice in both English and French.

“Détendez-vous!” the company said on X.

What they’re saying: “$ACB shareholders should be outraged. Rather than address $CURA’s premium offer, $ACB management is begging for relief from regulators because the bid expires after 105 days at 5:00 p.m. instead of 11:59 p.m.,” Curaleaf Chairman and CEO Boris Jordan said in a post on X.

“These are not technicalities. They are shareholder protection requirements, and they matter,” Aurora Executive Chairman and CEO Miguel Martin said in an earlier statement.

Why it matters: Aurora has taken a more offensive posture on Curaleaf after its board advised shareholders to reject the bid.

Aurora is asking the ASC to make sure shareholders get the full 105-day deposit period only after the other deficiencies are fixed, which would effectively restart the timeline on Curaleaf’s bid.