Leaders from Organigram Global Inc. and Aurora Cannabis Inc. made their first public appearance at the Talman House investor event in London after announcing an agreement in which Organigram would acquire all issued and outstanding common shares of Aurora, if the pending deal becomes final.
The pending deal involves Organigram acquiring the shares for C$7.80 per share, valuing Aurora at approximately C$561 million on a fully diluted basis. The pending transaction represents a 93% premium to Aurora’s unaffected share price on Aug. 10, 2026, and a 21% premium to the competing offer from Curaleaf, which Aurora’s board rejected.
“This Transaction is a defining step in Organigram’s strategy to build a disciplined, global cannabis leader,” said James Yamanaka, CEO of Organigram. “By bringing together Aurora’s established global medical cannabis platform with our Canadian operations and growing international footprint, we are creating a larger, stronger, and more diversified company. We are excited to build on our complementary operations, expertise, capital resources, and cultures to accelerate growth, meet the growing global demand, and drive long-term profitable growth.”
The pending deal would position the combined entity to become a leading cannabis operator across Canada, Europe, and Australia, while expanding its presence in other top international markets. Combined, it would own and operate five EU-GMP-certified production and distribution facilities, strengthening its international manufacturing and supply capabilities.
“Combining with Organigram will accelerate Aurora’s international growth strategy by strengthening commercial execution, expanding our product and R&D capabilities, and extending our global operating network,” said Miguel Martin, Executive Chairman and CEO of Aurora. “For Aurora’s shareholders, the Transaction is the result of a robust strategic review process and delivers compelling value today, meaningful choice in how they receive it and the opportunity to participate in the future of a leading cannabis company.”
Jamie Pearson, CEO of New Holland Group, who emceed the Talman event, predicted this moment. Her recent Cannabis Now article noted that Aurora, Organigram, Curaleaf and Canopy would all send executives to Talman London during the industry’s busiest season for deals. Days later, the deal was announced.
Torsten Greif, a Curaleaf board member and representative of the active bid for Aurora, joined the German policy panel. Curaleaf launched a hostile bid for Aurora in August at US$4 per share, then raised it to an implied US$5 in October. Curaleaf has promised an even larger bid in the near future but only if Aurora gives Curaleaf access to its books for due diligence.
Under the terms of the pending deal, Organigram would contribute its established Canadian adult-use cannabis brands, along with the European footprint gained through its recent integration of Sanity Group. Aurora would add its EU-GMP-certified manufacturing capabilities and established pharmacy and patient access networks across Canada, Europe, Australia, and New Zealand.
The companies have identified more than C$50 million in potential synergies from the combination. Combined, the business generated C$623 million in last-twelve-month revenue and C$80 million in adjusted EBITDA.
Under the proposed ownership structure, Aurora shareholders would hold approximately 35% of the combined company’s economic interest and 42% of its voting rights. British American Tobacco has committed to providing C$187.5 million in financing to support the transaction.
Shareholder meetings to approve the potential deal are expected to take place in December 2026, although there are a lot of moving parts and much can happen between now and then. In the meantime, the Aurora shareholders will likely be choosing between Canadian and European exposure with BAT as an anchor holder, whereas the Curaleaf option will expose them to American cannabis with an adult-use element.
Talman House is open to members only. To join or attend future events, contact Jakob Jez, COO of The Talman Group.
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