Aurora Cannabis Files Application With Alberta Securities Commission Over Curaleaf Bid

Aurora Cannabis Inc. has filed an application with the Alberta Securities Commission (ASC) seeking an order to compel Curaleaf Holdings, Inc. to address multiple deficiencies Aurora has identified in its hostile bid circular. The Canadian medical cannabis company stated that Curaleaf's disclosures fail to meet several securities law requirements, including providing pro forma financials and observing the minimum bid period.

Aurora alleges that Curaleaf has refused to remedy these deficiencies, which Aurora believes limit its shareholders' access to required information before responding to the hostile takeover bid. "We believe Curaleaf has failed to comply with applicable securities law requirements in connection with its hostile bid," said Miguel Martin, Aurora's Executive Chairman and CEO. "Aurora is committed to protecting shareholders' ability to make a fully informed decision."

The application asks the ASC to review and order Curaleaf to correct material deficiencies. These include the failure to provide pro forma financial statements, failure to keep the bid open for the legally required minimum period, and failure to publish notice in a French language publication. Aurora argues these omissions deny shareholders fundamental protections under securities law.

Furthermore, Aurora stated that Curaleaf's failure to comply with the required 105-day deposit period means the bid does not qualify as a "permitted bid" under Aurora's Shareholder Rights Plan. This plan could be triggered if Curaleaf acquires more than 20% of Aurora's shares. Aurora's Board of Directors has unanimously recommended that shareholders reject the bid by taking no action.