Organigram and Aurora: Establishing a global leader in nationally legal cannabis markets.

For more information and legal disclosures review the transaction press release and investor presentation.

Transaction

Organigram to acquire all of the issued and outstanding common shares of Aurora. The offer is unanimously supported by both Boards of Directors with fairness opinions received

Aurora pro forma ownership

Aurora shareholders will own ~35% pro forma economic ownership and ~42% voting ownership on a fully diluted basis

BAT pro forma ownership

BAT will have ~42% pro forma economic ownership on an as-converted, fully diluted basis

Premium

93% premium to Aurora's Unaffected Share Price on August 10, 2026 (last trading day prior to receiving an unsolicited bid from Curaleaf). 21% over the current value of the unsolicited Curaleaf bid

Closing timeline

Expected to close January 2027, subject to regulatory and shareholder approvals, and customary closing conditions. Shareholder vote expected in December 2026.

Transaction value

C$561 million on a fully diluted equity basis

Consideration mix

Aurora shareholders may elect to receive

i. C$7.80 in cash;

ii. 5.8626 Organigram common shares; or

iii. a combination of C$3.75 in cash plus 3.0431 Organigram common shares,

subject to proration

Proration

Aurora shareholders will be subject to proration so that the aggregate consideration will include no more than 205,826,172 Organigram Shares and no more than C$253,638,772 in cash. Based on the 20-day volume-weighted average trading price of Organigram Shares on the TSX of approximately C$1.33 on November 2, 2026

Funding

Cash consideration to be funded through available cash on hand, C$102 million of bank financing and a C$188 million concurrent equity investment from BT DE Investments Inc., a wholly owned indirect subsidiary of British American Tobacco p.l.c. (BAT)