Curaleaf Raises Concerns on Aurora Cannabis's Recent Ruling by Alberta Securities Commission

Curaleaf Responds to Alberta Securities Commission Decision

Overview
Curaleaf Holdings, Inc., a well-known international provider of cannabis products for both medical and consumer markets, has officially issued a statement in response to the recent ruling by the Alberta Securities Commission (ASC) regarding Aurora Cannabis Inc.'s at-the-market (ATM) program. The ASC ruling has raised several questions, particularly concerning the actions of Aurora and its shareholders' interests.

Curaleaf's Position
Boris Jordan, Chairman and CEO of Curaleaf, expressed strong opinions about the ASC’s decision, emphasizing that it does not change the fundamental issues that Aurora’s shareholders face. He questioned why Aurora had issued shares under its ATM program at prices lower than the initial offer price, particularly following Curaleaf's intent to bid for the company. Curaleaf asserts that several essential questions remain unanswered, such as the rationale behind the dismissal of their enhanced offer and the exclusion of Curaleaf from important due diligence processes.

Key Facts for Shareholders
Curaleaf believes its application has shed light on the dilutive nature of Aurora's ATM activities. The company noted that Aurora actively used its ATM about the time of Curaleaf’s bid, but ceased using it shortly after Curaleaf challenged the actions. This cessation has reportedly prevented further dilution for Aurora's shareholders, highlighting the urgency and relevance of Curaleaf’s concerns.

Curaleaf has emphasized that its enhanced offer includes an 86% premium from Aurora's previous price levels, countering Aurora's portrayal of the offer as a discount. They argued that Aurora's prior sale of shares at significantly lower prices illustrates the value Curaleaf's offer brings to the table. Curaleaf's offer represents an approximate US$5.00 per share, presenting a substantial premium over Aurora's unaffiliated trading price.

The Future of Curaleaf and Aurora
In a potential merger, Curaleaf and Aurora could create a leading global entity within the cannabis industry. Curaleaf outlines that a combination would bring together operations across 17 nations, showcasing impressive revenue numbers and cost synergies beyond US$40 million annually. Importantly, Aurora shareholders would benefit from continued exposure to their existing business while gaining access to Curaleaf's robust U.S. platform and potential future benefits from evolving regulations in the sector.

Curaleaf remains committed to engaging constructively with Aurora in pursuing a transaction that conveys immediate value and long-term potential for shareholders and businesses alike. The company is prepared to step forward and participate in talks that could shape the future of their respective operations.

Conclusion
Curaleaf encourages Aurora shareholders to carefully consider the implications of the ASC ruling and the ongoing circumstances surrounding their operations. It strongly believes in the merits of its enhanced offer and invites Aurora to partake in a transparent and comprehensive evaluation of their proposals. For further information regarding Curaleaf’s offer and enhanced business propositions, stakeholders can visit Grow.Curaleaf.com.

Important Information
Curaleaf's announcement is not a direct solicitation or an offer to sell, rather a point of clarification as discussions unfold in the cannabis investment landscape. Overall, Curaleaf aims to foster a collaborative environment that prioritizes shareholder interests and the future of cannabis operations globally.