Finance & Acquisitions

Curaleaf’s hostile bid asks Aurora Cannabis shareholders to accept an offer advertised at US$4 per share. But the mostly stock consideration has no downside floor, its upside is capped, and U.S. investors would exchange a Nasdaq-listed security for shares traded domestically over the counter. The offer circular also appears to contain outdated information about the conversion of Boris Jordan’s multiple-voting shares.

Curaleaf’s proposed hostile takeover places Aurora Cannabis on the receiving end of a playbook it once used successfully. But earlier cannabis takeover battles produced very different endings, and Aurora’s cash-rich balance sheet gives its board room to resist, negotiate, or demand more.

Cannabis operators aren’t alone in worrying about consolidation. Consumers interviewed across nine established adult-use markets praised legalization for improving safety, access, and social acceptance, but many also saw regulatory costs and corporate concentration pushing small businesses aside. Participants also questioned whether cannabis tax revenue has delivered promised community benefits and worry large corporations eventually could shape policy in their favor.

Vireo Growth’s proposed acquisition of Planet 13 would add 36 dispensaries, a high-profile Las Vegas superstore, and greater density in Florida. But the all-stock deal comes as Planet 13 reports declining revenue, widening losses, and a narrower operating footprint. The assets offer clear strategic value, yet Vireo’s projected scale, including roughly 265 dispensaries across fifteen states, depends on multiple transactions closing and integrating successfully.

Cannabis banks continue monitoring deposits, sales, licenses, ownership, and compliance after an account opens. Medical marijuana’s move to Schedule III may add new documentation and reporting questions, especially for businesses serving both medical and adult-use markets. Here, two bankers advise how to strengthen your banking relationship and avoid common pitfalls during the rescheduling transition.

Cannabis investors and lenders have not disappeared, but their expectations have changed. Operators seeking capital now must demonstrate clean financials, positive cash flow, disciplined management, and a business model that works under current market and regulatory conditions — not one dependent on eventual federal reform.

An industry-wide end to 280E would do more than lower tax bills. A Schedule III shift could reshape cash flow, capital planning, debt management, and operational investment for cannabis businesses. Finance leaders who model scenarios now and decide how they would deploy released cash may be better positioned to strengthen their companies before competition and capital demands intensify.

Trulieve will begin trading on the NYSE after executing a strategic corporate restructuring to maintain a 100-percent medical consolidated footprint.

High revenue might catch a buyer’s eye, but it takes more than just strong numbers to close a deal. As federal reclassification reshapes the cannabis industry, acquirers are looking beyond EBITDA to determine a business's true worth. Here are the hidden operational drivers that maximize a dispensary’s valuation and help build a highly scalable, premium acquisition target.

Expanding your cannabis operation is an exciting milestone, but it’s also the exact moment your bank starts paying closer attention. Every new license, state, or investor changes your company's risk profile in the eyes of financial institutions. If left unmanaged, this newfound complexity can unexpectedly put your banking relationships in jeopardy. Two bankers reveal the hidden risks of rapid expansion, why your bank suddenly has so many questions, and how to successfully scale your business without losing access to crucial financial services.