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Can Organigram Hold Off Curaleaf Plus Who Won Earnings Season?

By Shadd Dales On Nov 6, 2026

In today’s Trade To Black podcast presented by Flowhub, Shadd Dales and Anthony Varrell welcome Organigram Global (NASDAQ: OGI) CEO James Yamanaka to discuss his company’s agreement to acquire Aurora Cannabis (NASDAQ: ACB) in spite of Curaleaf’s hostile bid. NewLake Capital Partners CEO Anthony Coniglio reviews the REIT’s Q3 results, and FundCanna CEO Adam Stettner breaks down a busy week of earnings.

Backed by British American Tobacco, Organigram is offering C$7.80 per Aurora share, about C$561 million, a 93% premium to Aurora’s price before Curaleaf’s hostile bid and 21% above the implied value of that offer. Aurora holders can take cash, Organigram shares or a mix, and BAT is investing C$187.5 million and has committed to vote in favor. Yamanaka says the deal isn’t immediately accretive per share. But it would combine more than C$600 million in trailing revenue, shift the company to about 60% medical sales and deliver more than C$50 million in synergies. He adds that Aurora’s existing registrations in Poland, Australia and New Zealand would speed Organigram’s entry into those markets. The deal still needs shareholder, court and regulatory approvals, and Curaleaf says its offer remains outstanding. Yamanaka’s path to close rests on what he calls a superior offer, with a higher premium and more cash.

NewLake (OTCQX: NLCP) collected 99.7% of contractual rent year to date, repaid its last $7.6 million of debt and ended the quarter with $17.9 million in cash. Revenue was $12.0 million, down 4.5%, reflecting three properties returned in 2025. Coniglio says interest in those buildings has picked up since rescheduling and this week’s elections. NewLake also recently extended its credit facility and lowered its borrowing costs. On new markets, he urges patience, saying the opportunities opening up this week will take years to develop, not weeks.

Stettner runs through the week’s results. Green Thumb (OTCQX: GTBIF) reported $324.4 million in revenue, up 11.3%, with same-store sales growing for the first time since Q3 2024. Trulieve (NYSE: TRLV) posted a 39% adjusted EBITDA margin and received final DEA registrations. Aurora reported record international medical revenue, up 44%. His takeaway is that operators are executing well, with growth coming from new markets rather than pricing.

On the midterms, Stettner doesn’t expect a Democratic Congress to drive federal reform, pointing to the party’s record from 2021 to 2023. Instead, he sees the real momentum at the state level in Pennsylvania, Texas and Wisconsin. He expects a Schedule III recommendation in the coming weeks.

Tune in for the full conversation.

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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.