Organigram is set to acquire Aurora for 360 million euros

Curaleaf’s bluff didn’t hold up. Organigram announced that it has reached an agreement to acquire Aurora in a deal valued at approximately 561 million Canadian dollars (360 million euros), which could create one of the largest international companies in the cannabis industry.

The proposed acquisition, announced on November 3, 2026, would combine Organigram’s position in the Canadian recreational cannabis market with Aurora’s international medical cannabis operations, particularly in Europe and Australia.

To challenge Curaleaf's tender offer

Under the terms of the agreement, Organigram will offer 7.80 Canadian dollars per Aurora share, representing a premium of 93% over Aurora’s unaffected share price as of August 10, 2026.

This offer is also 21% higher than the Implied value of Curaleaf's hostile tender offer as of November 2. Aurora’s board of directors had unanimously rejected this proposal, deeming it contrary to the interests of the shareholders.

Aurora shareholders will be able to choose between cash, Organigram shares, or a combination of the two, subject to allocation limits. Those who opt for shares could thus continue to benefit from the future performance of the merged company.

Upon completion of the transaction, Aurora's shareholders are expected to hold approximately 35% of the economic interest in the merged company and 42% of its voting rights.

The boards of directors of both companies unanimously approved the agreement, although approval from shareholders and regulatory authorities is still required.

A cannabis giant with ambitions in Europe and Australia

The merger would create a major international platform covering, among other places, Canada, Germany, Australia, and New Zealand.

Organigram brings its Canadian recreational cannabis brands, production infrastructure, and research capabilities to the table. Its recent acquisition of Sanity Group has also strengthened its position in the German medical cannabis market.

Aurora, for its part, provides pharmaceutical distribution channels, a expertise in medical cannabis and internationally certified manufacturing facilities.

Together, the two companies would operate five EU-GMP-certified production and distribution facilities, which could enhance their ability to supply medical cannabis markets subject to strict pharmaceutical standards.

This geographical complementarity could prove particularly important as European countries continue to develop their regulatory frameworks for medical cannabis.

The companies estimate that this merger could generate more than 50 million Canadian dollars in synergies, primarily through savings in procurement, distribution, and production optimization, as well as additional cross-selling opportunities.