Good morning.
Curaleaf’s hostile bid for Aurora might have set a record for press releases generated on both sides. We’re doing our best to keep you updated. And if anyone from Curaleaf or Aurora is reading this — you are welcome on our show at any time!
Let’s get to it.
-JB, JR
Today’s newsletter is 637 words or about a 5-minute read.
📅 CULTIVATED CALENDAR
September 24 » Webinar → Metrc is here. Now what? Making track-and-trace work for your New York cannabis business
October 22 » The Highrise → Check out the second in our NYC series and apply to attend. Event details coming!
Stay tuned for more Fall 2026 events coming this week!
What’s the big deal?
HOSTILE
Aurora talks up their book as Curaleaf's hostile bid drags on
What happened: Canadian medical cannabis company Aurora reaffirmed sequential growth in net revenue and adjusted EBITDA for fiscal Q2 in an unscheduled business update Wednesday.
The company said its newly EU-GMP-certified Safari Flower facility should start contributing this quarter, and pointed to $149 million in cash and no debt.
The release doesn't mention Curaleaf, but it's clearly a pitch to shareholders as Aurora fends off the ongoing offer.
What they're saying: "We remain focused and confident in executing our global growth strategy," said Aurora Executive Chairman and CEO Miguel Martin.
But former Aurora Chief Corporate Officer Cam Battley isn't convinced that the company is doing enough. "Aurora doesn't seem to be on a war footing,” Battley said on X.
"They have the internal troops, $100M war chest, hired 'mercenaries' (proxy firm, law firms, IR firm, PR firm) & a potentially highly persuasive narrative. Yet they seem barely to be communicating with shareholders."
Why it matters: Aurora has the balance sheet and the story to fight Curaleaf, but a two-page release with no hard numbers is a thin defense against a hostile bidder that's been loud and specific.
Cam's worth a follow as this drags on, both for his insight into Aurora and because he's seen this hostile bid movie before.
What's next: Curaleaf CEO Boris Jordan will host a live Q&A for Aurora shareholders Thursday at 10:30 a.m. ET. The offer runs through Dec. 1.
Quick hits
Only 5% of cannabis operators say credit is readily available, survey finds
Shield Compliance's 2026 banking survey found just 5% of operators can readily get commercial credit and 38% can't get it at all, even as satisfaction with their banks climbed to 91.5% from 84% last year. Nearly three-quarters expect rescheduling to affect their financial operations, and 74% want an operating line of credit. Shield Compliance is a Cultivated partner.
Nebraska cannabis commission meets after Supreme Court tosses challenge
Nebraska's Medical Cannabis Commission held its first monthly meeting Monday since the state Supreme Court ruled Friday that former Sen. John Kuehn lacked standing to challenge the voter-approved program. Advocates pressed for faster implementation, while Commissioner Jim Elworth said the initiatives came without funding and pointed to Oklahoma as a cautionary tale.
Only 37% of Americans think cannabis is dangerous, Rasmussen finds
A new Rasmussen Reports poll found 55% of adults say cannabis use is not dangerous, up from 51% a year ago, while the share calling it dangerous fell five points to 37%. Just 13% consider it "very dangerous."
Missouri hemp THC ban hits Nov. 12, drinks get until Dec. 11
Missouri's ban on intoxicating hemp products takes effect Nov. 12, pushing anything over 0.4 mg THC per container into licensed dispensaries, while beverages get a one-month reprieve to Dec. 11 after Trump signed a federal delay. Low-dose full-spectrum makers like Healer say they'll exit the state rather than reformulate for the regulated cannabis market.
People moves
Ashley Dun joined Green Thumb Industries as vice president of communications. $GTBIF ( ▼ 0.14% )
What we’re reading
Cannabis in Hard Times: Adaptation as Survival | Dexter Capital