20:52:33 EDT Tue 15 Sep 2026
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or Name
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Curaleaf Holdings Inc (2)
Symbol CURA
Shares Issued 233,506,486
Close 2026-09-15 C$ 14.06
Market Cap C$ 3,283,101,193
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Curaleaf CEO sends letter to Aurora shareholders

2026-09-15 18:06 ET - Shareholders Letter

Mr. Boris Jordan reports

CURALEAF SENDS LETTER TO AURORA SHAREHOLDERS

Curaleaf Holdings Inc. has urged shareholders of Aurora Cannabis Inc. to accept its offer, realize a 45-per-cent premium and participate in the future upside of the world's leading cannabis company. In a letter released today, chairman and chief executive officer Boris Jordan encouraged Aurora shareholders to review the facts and carefully consider the alternatives available to them.

"Aurora shareholders have an important choice to make. They can accept a 45-per-cent premium and become owners of the world's largest and most diversified cannabis company or remain invested in a shrinking business that is burning cash and getting less profitable by the day. We encourage shareholders to consider the facts, review the offer materials and decide for themselves which path offers the greatest value," said Boris Jordan, chairman and chief executive officer of Curaleaf.

Curaleaf also announced that Mr. Jordan will host a live shareholder call and Q&A for Aurora shareholders. The event will be webcast live on Thursday, Sept. 17, at 10:30 a.m. ET. Aurora shareholders can register for the webcast.

The letter to Aurora shareholders is available below and can also be found, along with additional information regarding Curaleaf's offer, on-line:

Dear Aurora shareholders,

You have an important choice to make about the future of your investment.

Accept a 45-per-cent premium (1) and become an owner of the world's leading cannabis company with strong growth prospects, or remain invested in a stand-alone business stuck in a multiyear turnaround plan whose own management has guided revenue and adjusted earnings before interest, taxes, depreciation and amortization (2) lower next year.

Our offer to buy Aurora and combine the two businesses delivers immediate value while allowing shareholders to participate in the future upside of the largest, most diversified global cannabis platform.

Together, Curaleaf and Aurora would create the global cannabis leader with operations across 17 countries, more than $1.5-billion (U.S.) of last 12-month revenue (3), nearly $350-million (U.S.) of adjusted EBITDA (4) and at least $40-million (U.S.) of expected annual cost synergies. Aurora shareholders would retain exposure to the future of Aurora's international business while also gaining exposure to Curaleaf's leading U.S. platform and the potential benefits of continued regulatory reform.

We remain prepared to engage constructively. But Aurora has refused, and so, we are putting the decision where it belongs: in your hands.

We encourage you to consider the facts, review the offer materials and tender your Aurora shares.

Sincerely,

Boris Jordan,

Chairman and chief executive officer,

Curaleaf Holdings

(1) Over the 30-day volume-weighted average price of the common shares on Aug. 10, 2026.

(2) Adjusted EBITDA is a non-generally accepted accounting principle measure. See Disclosure of financial measures in Curaleaf's offer to purchase and circular, Aug. 18, 2026.

(3) 12-month revenue for the period ended June 30, 2026.

(4) 12-month adjusted EBITDA for the period ended June 30, 2026.

Why consider Curaleaf's offer

Aurora has focused on defending its stand-alone plan. Curaleaf believes shareholders should instead focus on the facts, the value of the offer and which company has the stronger record of creating shareholder value. For example:

  • 45-per-cent premium: Aurora shares traded at $2.76 (U.S.) before Curaleaf's offer. The company is offering 0.3463 Curaleaf share and 75-U.S.-cent cash per Aurora share, which implies an offer price of $4 (U.S.) as of the unaffected date of Aug. 10, 2026.
  • Cash, continued ownership and upside: For every 100 Aurora shares, you will receive $75 (U.S.) in cash plus approximately 35 Curaleaf shares (worth approximately $400 (U.S.) total).
  • A stronger combined platform: Become an owner of the largest global cannabis company with broader growth opportunities.
  • Aurora's balance sheet is financed by shareholders: Despite having cash on its balance sheet, Aurora has raised more than $400-million (U.S.) through dilutive equity issuances. Curaleaf believes shareholders should consider the impact of continued dilution, particularly when shares have been sold at prices significantly below Curaleaf's offer value, including as low as $2.60 (U.S.) per share in July of this year -- a 35-per-cent discount to the offer.
  • Look at the record and then decide: Over the first six months of 2026, Curaleaf shares increased approximately 50 per cent while Aurora shares declined approximately 34 per cent. Over the four quarters ended June 30, 2026, Aurora's net revenue and adjusted EBITDA declined 14 per cent and 78 per cent, respectively, while operating cash flow went negative.

How to accept Curaleaf's offer

Curaleaf urges Aurora shareholders not to let this opportunity pass them by. By accepting the offer, shareholders can realize immediate value while continuing to participate in the future of the combined company. To tender your shares, follow the steps below.

  1. Contact your broker: Call your broker or log in to your brokerage account.
  2. Tell your broker you want to accept Curaleaf's offer: Ask your broker to tender your Aurora shares to Curaleaf's offer.
  3. Act before the deadline: Your shares must be tendered before Dec. 1, 2026.

Need help? Carson Proxy Advisors is available to assist Aurora shareholders with the tender process.

North America (toll-free):  1-800-530-5189

Outside of North America (collect):  416-751-2066

E-mail:  info@carsonproxy.com

Aurora shareholders and other interested parties can find additional information regarding Curaleaf's offer, including offer materials and instructions on how to tender their shares, on-line.

About Curaleaf Holdings Inc.

Curaleaf is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the company and its brands, including Curaleaf, Select, Grassroots, Find, Dark Heart and Anthem, provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is powered by a strong presence in all stages of the supply chain. Its unique distribution network throughout Europe, Canada and Australasia brings together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF.

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