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Breaking Cannabis M&A: Curaleaf’s Bid For Aurora Cannabis Goes Public

By Shadd Dales On Aug 12, 2026

In today’s Trade To Black podcast presented by Flowhub, host Shadd Dales convenes a special one o’clock broadcast for breaking cannabis M&A news, welcoming Curaleaf Chairman and CEO Boris Jordan back for a second straight week — this time to unpack Curaleaf’s just-announced intention to acquire Aurora Cannabis. It’s the deal that fires the M&A starting gun, and we get Jordan’s case for why it makes sense for both sets of shareholders and what it signals for the industry.

Curaleaf (TSX: CURA) (OTCQX: CURLF) has taken its bid for Aurora (NASDAQ: ACB) public: US$4.00 per share in stock and cash — 0.3463 Curaleaf shares plus US$0.75 cash — a 45% premium to Aurora’s 30-day VWAP, or 110% stripping out Aurora’s balance sheet cash, with consideration capped at US$5.00. Jordan is candid that this went public only after repeated private outreach to Aurora Chairman and CEO Miguel Martin drew no engagement, and he’s given the board until early next week before taking a formal bid straight to shareholders — whom he believes would welcome Curaleaf stock ahead of expected U.S. reform.

Jordan then lays out the real reason the deal exists. Curaleaf brings the largest international distribution platform but has been short on premium, EU-GMP supply — exactly what Aurora offers, with 50-plus tons of annual EU-GMP cultivation capacity and the recently acquired Safari Flower Company, ready to plug into Curaleaf’s network across Germany, the U.K., and Poland. Combined, he frames a 17-country footprint with roughly US$1.5 billion in LTM revenue, US$350 million in LTM adjusted EBITDA, and US$40 million in projected annual cost synergies — running Aurora’s business on Curaleaf’s leaner SG&A to create the clear number-one player in nearly every market it touches.

Jordan insists this won’t be his first or last deal, describing an industry finally poised to consolidate — and, true to form, reminds us he builds to win, not to sell.

Catch the full conversation on today’s episode.

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Shadd Dales

Shadd Dales is the Founder and President of The Dales Report and has an extensive background in the business media industry.

His work translates into over 15 years in mainstream media that included roles with BNN Bloomberg, CTV Properties and the iHeart Radio Network.

Shadd is considered one of the leading on air talents in both the cannabis and psychedelic space and has interviewed some of the most notable CEO names in the industry.

Shadd’s vision is to establish a content platform that is equivalent to a mainstream broadcast produced in a format that is relevant for today’s investor.