Aurora Cannabis Inc (ACB) News & EventsACBNews & EventsAurora Cannabis Inc

Curaleaf Responds to Aurora's Hollow Protests

Curaleaf Holdings (CURLF) responded to Aurora Cannabis' (ACB) latest public statements regarding Curaleaf's offer for Aurora, stating in part: "Aurora's hollow protests and completely misleading statistics change nothing about reality: if its multi-year turnaround strategy were delivering the value management claims, the company's valuation would reflect it. Aurora has repeatedly failed to demonstrate both a credible plan and the ability to execute, resulting in significant lost shareholder value... Aurora's attempt to mischaracterize 'engagement' is disappointing and insulting to shareholders. We have not had a single conversation on the substance of a deal... Aurora's share price increased materially following the announcement of Curaleaf's offer and has traded near the implied value of Curaleaf's proposal. This demonstrates that investors recognize the value and strategic logic of the transaction. Curaleaf has put forward a substantial premium and a credible strategic rationale. The market appears to understand the value proposition, even if Aurora's management continues to dismiss it. Curaleaf remains ready to engage constructively at any time."

Aurora Cannabis Warns Shareholders Curaleaf's Takeover Bid Contains Inaccuracies

Aurora Cannabis (ACB) cautioned shareholders that Curaleaf Holdings (CURLF) announcement of an unsolicited take-over bid appears to contain inaccurate statements about Aurora's business and should be viewed skeptically. Aurora's Board of Directors, together with a newly formed Special Committee of independent directors, is reviewing Curaleaf's proposal in consultation with financial and legal advisors to determine the course of action that best serves the interests of the company and its shareholders."Curaleaf's timing and public comments appear to be a transparent attempt to pressure Aurora shareholders into making a short-term decision for the benefit of Curaleaf shareholders," said Miguel Martin, Executive Chairman and CEO of Aurora. "Curaleaf's interest underscores the value that Aurora has created. They are trying to acquire our world-class EU-GMP global infrastructure at the lowest possible price, depriving our shareholders of the long-term value our strategy is built to deliver." "This opportunistic Hostile Bid comes as Aurora's multi-year transformation into a high-margin, global medical cannabis leader is yielding positive results. With three consecutive years of positive adjusted EBITDA, accelerating international sales and our recent expansion into the critical UK market, Aurora is reaching a pivotal inflection point," Martin added. "The Company's Special Committee of the Board has not yet made a formal recommendation regarding the Offer; Aurora will not let inaccurate statements about the Company stand uncorrected while the review is underway. The Special Committee and Board are focused on protecting shareholder investment and ensuring full value is realized" Mr. Martin concluded.

Aurora Cannabis Acquires Internode Pharma and HAP Pharma

Aurora Cannabis has acquired Internode Pharma, a licensed importer and wholesaler, and HAP Pharma, a licensed pharmacy. The Companies operate a licensed import and distribution facility and a virtual pharmacy in Birmingham, United Kingdom, providing Aurora with direct ownership and control of the supply chain from cultivation through to delivery to patients. Aurora intends to leverage its commercial, regulatory and operational expertise to streamline distribution and drive market share gains in the rapidly growing UK medical cannabis market. This transaction is expected to be accretive to adjusted EBITDA contributions in future quarters due to operational efficiencies and reduced reliance on third parties to distribute Aurora's products to patients. Aurora intends to evaluate further investment opportunities to expand distribution capacity in the UK to support increasing patient demand. Aurora, through a wholly-owned subsidiary, indirectly purchased 100% of the shares of Internode Pharma Limited and HAP Pharma Limited. As consideration on closing, Aurora paid the selling shareholders GBP 2.1M in cash, contingent on the satisfaction of certain conditions post-closing.