On September 23, 2026, Aurora Cannabis Inc. announced that it had applied to the Alberta Securities Commission ("ASC") for an order requiring Curaleaf Holdings Inc. to address what Aurora characterizes as "several significant deficiencies" in Curaleaf's hostile takeover bid circular.

Aurora's application to the ASC is based on three principal allegations: (i) Curaleaf failed to provide pro forma financial statements showing the financial position of the combined company, (ii) the bid did not comply with the statutory 105-day minimum deposit period (which also triggers Aurora's shareholder rights plan as the bid does not qualify as a “permitted bid”), and (iii) Curaleaf failed to publish the required French-language notice in Québec. Aurora argues that these omissions deprive shareholders of information and protections intended to support an informed assessment of the offer.

Aurora is seeking an order requiring Curaleaf to remedy these deficiencies and declaring that the 105-day deposit period does not begin to run until such deficiencies have been corrected.

The application serves as a reminder that strict compliance with takeover bid requirements remains critical. In a contested bid, alleged disclosure or procedural deficiencies may provide target boards with a basis to seek regulatory intervention, potentially resulting in corrective disclosure, transaction delays or increased execution risk for the bidder, even where the commercial terms of the bid may not be in dispute. If you wish to discuss the takeover bid requirements, please reach out to any member of our Business Law group.