Organigram Global has agreed to acquire Aurora Cannabis for C$7.80 a share, valuing its Canadian rival at about C$561m on a fully diluted basis, the two companies said on 3 November 2026.
Why Organigram Global Inc. is buying Aurora Cannabis Inc.
The companies said the combination creates a global cannabis group with leading positions in Canada, Europe and Australia, pairing Organigram's Canadian recreational brands and European medical operations with Aurora's global medical cannabis business and EU-GMP certified manufacturing. They identified more than C$50m of synergies from cross-selling, procurement, distribution, public company costs and routing international demand to the lowest-cost production site.
“This Transaction is a defining step in Organigram's strategy to build a disciplined, global cannabis leader,”
Deal terms and financing
Aurora shareholders may choose C$7.80 in cash, 5.8626 Organigram shares, or C$3.75 in cash plus 3.0431 Organigram shares for each Aurora share, subject to proration capping the total at 205,826,172 Organigram shares and C$253,638,772 in cash. The cash is funded from cash on hand, a concurrent £100m private placement in Organigram by BAT at C$1.33 a share, and up to C$210m of ATB Financial credit facilities. Aurora shareholders are expected to own about 35% of the combined company on an economic basis.
Regulatory approvals and timing
The plan of arrangement needs two-thirds approval from Aurora shareholders and a majority of minority votes under MI 61-101, approval by Organigram shareholders excluding BAT, regulatory approvals and the approval of the Supreme Court of British Columbia. Shareholder meetings are expected in December 2026 and completion in January 2027.
Market context
Curaleaf launched a hostile bid for Aurora in August and raised it on 6 October; Aurora's board rejected both versions. Curaleaf said on 3 November that its offer remains outstanding, that it believes the offer represents better value and that it will study the Organigram transaction.
