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Why Organigram Topped Curaleaf’s Hostile Bid for Aurora

By Shadd Dales On Nov 4, 2026

In today’s Trade To Black podcast presented by Flowhub, Shadd Dales and Anthony Varrell react to Organigram’s bid for Aurora Cannabis, backed by British American Tobacco. Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, previews the midterm elections, and Pristine Capital’s Andrew O’Connell reviews this week’s price action.

Speaking before polls closed, Bronstein expected Massachusetts voters to defeat Question 8, but said the margin mattered, since a narrow result could encourage repeal efforts elsewhere. He predicted Democratic gains in the House and said the Senate had come into play. He cautioned that a Democratic Congress has struggled to agree on reform before. He sees cleaning up the new medical framework as an easier bipartisan step than a sweeping legalization bill, and he urged the industry to stop applauding every bill that comes along. In Pennsylvania, he said a Democratic state Senate would make adult-use legalization widely expected.

Organigram (NASDAQ: OGI) agreed to bid acquire Aurora (NASDAQ: ACB) for C$7.80 per share, valuing Aurora at about C$561 million. That’s a 93% premium to Aurora’s price before Curaleaf’s hostile bid and 21% above the implied value of Curaleaf’s offer, which Aurora’s board rejected. BAT is investing C$187.5 million through a private placement, and the companies expect more than C$50 million in synergies. Curaleaf also reported Q3 revenue up 10% year over year, and CBD American Shaman announced it is closing its U.S. stores ahead of the federal hemp THC ban.

O’Connell notes that MSOS peaked at $5.44 on September 23, the day the GAO report was released, before the stay triggered a wave of liquidations. Monday brought the highest call volume since April, with about 177,000 calls traded against fewer than 2,000 puts, and the ETF is now back above its level from when the stay was announced. Varrell cautions that heavy call concentration can pin prices near popular strikes at expiry. O’Connell sees Trulieve, up about 30% year to date, as the test case for rescheduling and says a Russell index decision on the company is expected by mid-November. With the stay lifting Thursday, attention turns to when Judge Derek Julius issues his recommendation.

Tune in for the full breakdown.

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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.