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Organigram and Aurora
Technician tending young plants in an EU-GMP certified cultivation facility

Organigram Global Inc. · TSX: OGI · Nasdaq: OGI

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

Aurora and Organigram’s boards unanimously support the transaction.

Organigram and Aurora

The offer to Aurora shareholders

  • C$7.80

    per Aurora share

  • 93%

    premium to Aurora's unaffected price of C$4.03

  • C$3.75

    in cash per share plus 3.0431 Organigram shares

  • 42%

    pro forma voting ownership in combined entity on fully diluted basis

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

The Transaction

The terms, in plain language

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)

The Transaction

What this means for you

For Organigram shareholders

Participation in a stronger platform, poised to deliver growing and sustainable value as a global company. Multiple drivers to accelerate growth, unlock efficiencies, meet global medical demand, and drive long-term shareholder value.

For Aurora shareholders

The premium offer delivers Aurora shareholders certain value in cash now and meaningful upside in the combined company.

Aurora's ownership stake, side by side

Aurora shareholders would hold a meaningful voting stake in the combined Organigram, compared with Curaleaf, where one individual controls approximately two-thirds of the voting power.

Aurora pro-forma voting ownership with OrganigramOrganigram and Aurora
  • Aurora shareholders

    42%

  • BAT

    30%

  • Organigram

    28%

On a fully diluted basis. Voting stakes are approximate.

Hostile Curaleaf Offer
  • Aurora shareholders

    3.2%

  • Boris Jordan

    66%

  • Other

    30.8%

On a fully diluted basis. Voting stakes are approximate.

The Combined Company

A Canadian-led global company

  • LTM net revenue1
    C$623mm
    LTM gross profit1
    C$254mm
    LTM adj. EBITDA1
    C$80mm
  • Canadian cannabis champion

    Established in both adult-use and medical markets

  • International leader in 5 countries

    Poland, Australia, Canada, Germany and New Zealand

  • 4 EU-GMP certified production sites

    1 more expected (Moncton) and 1 EU-GMP distribution site

  • C$50M+

    In run rate synergies2

  • 5 provinces, 3 countries

    International production, cultivation, packaging & distribution facilities

  • Certified supply capacity

    75+ metric tons EU-GMP production & processing capacity, and 170 metric tons of total flower capacity

  • 60% / 40%

    LTM revenue from medical / recreational sales

1 – . 2 – . Please review the investor presentation for more details.

Headquartered in Canada — a stable regulatory environment — and listed on the TSX and Nasdaq, with enough EU-GMP capacity to meet global demand.

Pro forma asset profile

Facilities and offices

Southern OntarioBritish ColumbiaManitobaQuebecNew BrunswickUnited KingdomGermanyPolandAustralia

Locations are approximate.

Southern Ontario

  • Toronto, ON

    Organigram headquarters

  • London, ON

    Warehousing & distribution

  • Aylmer, ON

    Extraction & manufacturing

  • Bradford, ON

    Cultivation, EU-GMP, TGA-GMP

  • Markham, ON

    Cultivation, EU-GMP, TGA-GMP

  • Stevensville, ON

    Cultivation & manufacturing, EU-GMP

  • Brampton, ON

    Distribution centre, EU-GMP

  • Townsend, ON

    Nursery

Pro forma commercial profile

Leader in five markets, expanding into more

Leadership positions

  • Germany

    83.5Mest. pop.

    Medical

  • Canada

    41.4Mest. pop.

    Adult-use & medical

  • Poland

    37.2Mest. pop.

    Medical

  • Australia

    27.8Mest. pop.

    Medical

  • New Zealand

    5.4Mest. pop.

    Medical

Expanding commercial operations & emerging opportunities

  • United Kingdom

    69.5Mest. pop.

    Medical

  • France

    69.1Mest. pop.

    Medical pilot

  • Ukraine

    28.7Mest. pop.

    Medical

  • Czechia

    10.9Mest. pop.

    Medical

  • Sweden

    10.6Mest. pop.

    Medical

  • Switzerland

    9.2Mest. pop.

    Medical & adult-use pilots

  • Malta

    588Kest. pop.

    Medical

  • Barbados

    283Kest. pop.

    Medical

  • Cayman Islands

    91Kest. pop.

    Medical

Value for Aurora Shareholders

Organigram Offer

This Transaction has unanimous support of both Organigram and Aurora Boards of Directors. Organigram and Aurora’s directors and senior officers and BT DE Investments Inc. British American Tobacco (“BAT”) have each entered into voting support agreements

Organigram arrangement versus Curaleaf take-over bid
Organigram x Aurora arrangement agreement
Implied valueC$7.80, fixed in Canadian dollars
Cash componentC$3.75
Premium to unaffected price93%
Aurora Board recommendationFOR
Organigram Board recommendationFOR
Due diligence completedYes
Financing conditionNone
Listing of shares receivedTSX and Nasdaq
Exposure to US federal cannabis lawNone
Expected closeJanuary 2027

Get all the facts

Take the next step

Aurora shareholders

Shareholder meeting date to be provided upon filing of the joint management information circular

  1. 1

    Review

    Make sure you have all the information by reading the press release and investor presentation.

  2. 2

    Withdraw your tendered shares

    If you’ve tendered your Aurora shares to Curaleaf, you can find out how to withdraw your tendered shares by calling the Aurora shareholders contact.

  3. 3

    Sign up for updates

    We will notify you when the joint management information circular is filed, and provide you with voting instructions and deadlines.

Organigram shareholders

Shareholder meeting date to be provided upon filing of the joint management information circular

  1. 1

    Review

    Make sure you have all the information by reading the press release and investor presentation.

  2. 2

    Sign up for updates

    We will notify you when the joint management information circular is filed, and provide you with voting instructions and deadlines.

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Documents and FAQ

Everything you need to decide

Contact

Who to contact

Organigram Shareholder Questions

  • North American Toll-Free Number: 1-833-830-9806
  • Outside North America, Banks, Brokers and Collect Calls: 1-289-695-3075
  • Email: assistance@investor.sodali.com
  • North American Toll-Free Facsimile: 1-877-218-5372

Aurora Shareholder Questions

North American media

media@organigram.ca

Organigram investor relations

investors@organigram.ca