Organigram to Acquire Aurora Cannabis for $401.21 Million

Organigram Global Inc. (OGI) entered into a merger agreement on November 3, 2026, to acquire Aurora Cannabis Inc. (ACB) in a deal valued at C$561 million ($401.21 million).

Deal Structure:

Aurora shareholders will have the option to elect to receive:

• C$7.80 (~$5.58) per share in cash;
• 5.8626 Organigram shares per share;
• or a combined consideration of C$3.75 in cash plus 3.0431 Organigram shares per share.

Aurora shareholders electing to receive the Cash Consideration or the Share Consideration will be subject to proration so that the aggregate consideration will include no more than 205.82 million Organigram shares and no more than C$253.64 million in cash.

The cash consideration of $5.58 represents a premium of 32.23% over the stock’s last close.

Company Profile:

Aurora Cannabis is a Canadian cannabis company engaged in the cultivation, production, processing, and distribution of medical and recreational cannabis products. Headquartered in Edmonton, Alberta, the company operates across Canada and international markets, including Europe, Australia and New Zealand, with a primary focus on medical cannabis.

Organigram Global is a Canadian cannabis company engaged in the cultivation, processing, and sale of medical and recreational cannabis products. Headquartered in Moncton, New Brunswick, the company operates production and processing facilities across Canada and has expanded into European medical cannabis markets through its acquisition of Sanity Group.

Deal Details and Timeline:

In August, Curaleaf (CURLF) announced its intention to make an offer to purchase Aurora Cannabis for consideration consisting of subordinate voting shares of Curaleaf and cash. The stock was trading at $2.89 when Curaleaf said that its offer would provide Aurora shareholders with total implied consideration of $4 per share, comprised of 0.3463 Curaleaf shares, plus $0.75 cash, for each Aurora share.

Curaleaf launched a tender offer to acquire Aurora shares directly from shareholders, but Aurora kept rejecting the acquisition attempts.

The cash component of the consideration is fully financed through a combination of cash on hand, a concurrent investment by British American Tobacco (BTI), and an increase to Organigram’s existing credit facility.

Aurora shareholders are expected to own approximately 35% of the combined company and hold 42% of the voting rights.

BAT, which holds voting rights representing 30% of the votes attached to Organigram, has entered into a voting agreement, committing to vote in favour of the deal and against any competing acquisition proposals.

The merger is expected to be completed in January 2027.

Aurora was advised by Fort Capital Partners and Origin Merchant Partners on financial matters, and by Torys, Stikeman Elliott, and Paul, Weiss, Rifkind, Wharton & Garrison on legal matters. Organigram received financial advice from BMO Capital Markets and legal advice from Goodmans.

Deal Metrics:

For further insights into this merger and acquisition, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Aurora Cannabis Inc. (ACB) by Organigram Global Inc. (OGI)

The Deal Metrics page offers comprehensive details on each merger or acquisition, including:

– A spread history chart tracking the merger from announcement to completion or failure.
– Key events as the merger progresses, including HSR period expiration, regulatory approvals, and shareholder votes.
– Relevant news and SEC filings.
– A timeline of deal updates.
– And much more.

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Editor’s Note: Baranjot Kaur contributed to this article