Two of Canada's largest cannabis companies are set to become one. Organigram Global Inc. and Aurora Cannabis Inc. announced on November 3, 2026, that they have signed a definitive arrangement agreement under which Organigram will acquire all of Aurora's outstanding shares — a friendly deal that ends Curaleaf's months-long hostile run at Aurora.
The deal
Organigram (NASDAQ: OGI; TSX: OGI) will acquire every issued and outstanding Aurora (NASDAQ: ACB; TSX: ACB) common share at C$7.80 per share, valuing Aurora at approximately C$561 million on a fully diluted equity basis. Aurora shareholders can elect to receive C$7.80 in cash, 5.8626 Organigram shares, or a combined C$3.75 in cash plus 3.0431 Organigram shares for each Aurora share, subject to proration: the total package is capped at 205,826,172 Organigram shares and C$253,638,772 in cash. The price is based on Organigram's 20-day volume-weighted average price of about C$1.33 on the TSX as of November 2, 2026.
If the deal closes, Aurora shareholders are expected to hold about 35% of the combined company's economic ownership and 42% of its voting power. The companies say they have identified more than C$50 million in synergies, from cross-selling, procurement scale, consolidated distribution and public-company costs. The cash portion is financed through cash on hand, a concurrent £100 million (about C$187.5 million) private placement by British American Tobacco's BT DE Investments — Organigram's cornerstone shareholder, which holds 30% of Organigram's votes and has signed an irrevocable agreement to vote for the deal — and committed ATB Financial credit facilities of up to C$210 million.
"This Transaction is a defining step in Organigram's strategy to build a disciplined, global cannabis leader," said Organigram CEO James Yamanaka.
The Curaleaf backdrop
The friendly deal is also a defensive one. The C$7.80 price is a 93% premium to Aurora's unaffected closing price on August 10, 2026 — the last full trading day before Curaleaf Holdings announced its intention to launch a hostile takeover bid — and a 21% premium to the value of Curaleaf's bid as most recently amended on October 6, 2026, which Aurora's board unanimously rejected. Aurora said the Organigram transaction came out of a strategic review overseen by a special committee of independent directors and an extensive market check, and that its board and special committee unanimously support it as superior to the hostile bid. Trading in Aurora shares was halted around the announcement; when trading resumed, the stock jumped roughly 20%.
What the combined company looks like
The combined company pairs Organigram's Canadian recreational brands, production network and R&D platform with Aurora's global medical cannabis business and EU-GMP certified manufacturing — five EU-GMP certified production and distribution facilities in total — with leadership positions in Canada, Europe and Australia. Aurora executive chairman and CEO Miguel Martin said combining with Organigram would accelerate Aurora's international growth strategy and strengthen its commercial execution and product capabilities.
What has to happen next
The deal is signed, not closed. It will be carried out as a court-approved plan of arrangement under British Columbia law and needs: at least two-thirds of votes cast at a special Aurora shareholder meeting, plus a majority-of-the-minority vote under MI 61-101; a simple majority of Organigram shareholders (excluding BAT's votes) for the share issuance; regulatory approvals; and approval of the Supreme Court of British Columbia. Both companies expect to hold their shareholder meetings in December 2026 and to complete the transaction in January 2027. Directors and senior officers of both companies have signed voting support agreements.
Sources
Organigram Global Inc. and Aurora Cannabis Inc. — "Organigram to Acquire Aurora and Establish a Global Cannabis Leader," Business Wire, November 3, 2026. https://www.businesswire.com/news/home/20261103746636/en/Organigram-to-Acquire-Aurora-and-Establish-a-Global-Cannabis-Leader
StratCann — "Organigram to Acquire Aurora Cannabis," November 3, 2026. https://stratcann.com/news/business/
Dow Jones Newswires via TradingView — "Organigram to Acquire Aurora Cannabis for C$561M, Blocking Curaleaf Hostile Bid," November 3, 2026.
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