r/TLRY

As of about 5:30 PM ET: TLRY’s after-hours range is $4.48–$4.86.

$4.83 regular-session close.

Wed, August 19, 2026 at 5:05 a.m. MDT 6 min read

ACB +1.94%

Curaleaf's decision to launch a hostile takeover bid is designed to pressure Aurora's shareholders into a short-term decision for the benefit of Curaleaf shareholders.

Curaleaf's actions and comments reflect its objective: to acquire, at the lowest price possible, Aurora's market-leading EU-GMP facilities and global medical cannabis platform.

Curaleaf's description of Aurora's business performance does not reflect our recently reported quarterly results and stated European medical cannabis strategy.

Comments by Curaleaf's CEO failed to present the facts; Aurora has engaged with Curaleaf since June 2026, including as recently as August 12, 2026.

Questions about the Offer or would like to stay informed? Please contact Kingsdale Advisors toll-free at 1-800-749-9052 within North America, call or text 416-623-4172 or at contactus@kingsdaleadvisors.com.

EDMONTON, AB, Aug. 19, 2026 /CNW/ - Aurora Cannabis Inc. ("Aurora" or the "Company") (TSX: ACB) (NASDAQ: ACB), the Canadian-based leading global medical cannabis company, confirmed that Curaleaf Holdings, Inc. ("Curaleaf") (TSX: CURA) (OTCQX: CURLF), has commenced an unsolicited take-over bid for all of the issued and outstanding common shares of the Company (the "Aurora Shares") at a stated implied consideration of US$4.00 per Aurora Share, consisting of 0.3463 subordinate voting shares of Curaleaf plus US$0.75 in cash per Aurora Share (the "Offer"). We note that the Offer includes a cap on the value of the consideration of US$5.00 per Aurora Share, which is a lower price than Aurora Shares have traded as recently as December 18, 2025.

Miguel Martin, Executive Chairman and CEO of Aurora stated, "The strong shareholder support demonstrated at our 2026 AGM reinforces our commitment to the long-term strategy we are executing. We believe Curaleaf made a strategic decision to make its offer public to pressure our shareholders into making a short-term decision for the benefit of Curaleaf shareholders. We will not do that. We are building this Company for the long term and will always do what is right for Aurora shareholders."

"Contrary to assertions by Curaleaf, our door is always open to those that see value in our Company. Aurora has been in dialogue with Curaleaf going back to June 22, 2026 and as recently as August 12, 2026. Their objective is to acquire Aurora's highly strategic EU-GMP facilities and leading medical cannabis platforms at the lowest price possible, thereby depriving Aurora shareholders of any current and future value they generate," concluded Mr. Martin.

The Offer follows an announcement by Curaleaf on August 11, 2026 of its intention to make an offer for Aurora. At that time, Aurora confirmed that it received letters from Curaleaf dated June 23, 2026, and July 7, 2026, outlining proposals to acquire the Aurora Shares. The June 23, 2026, letter contained no proposed financial terms and the July 7, 2026, letter included no detail regarding the mix of cash and share consideration being proposed by Curaleaf.

The Company expects to provide a more comprehensive response to Aurora shareholders in a timely manner.

Take No Action on Offer

Aurora shareholders are advised to take NO action on the Offer until the Board of Directors of Aurora (the "Board") has made a formal recommendation to shareholders. The Offer will remain open for a minimum of 105 days, allowing Aurora shareholders until at least December 1, 2026 to consider their options.

The Board has formed a special committee of independent directors (the "Special Committee"). The Special Committee will consider the Offer with its advisors before making a recommendation to the Board. Aurora shareholders will be notified of the Board's formal recommendation through a news release and Directors' Circular within 15 days, in accordance with applicable securities laws.

Advisors

Aurora has retained the following leading industry advisors:

Legal counsel to Aurora's Special Committee is Torys LLP.

Legal counsel to the Company are Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

Fort Capital Partners is the Company's financial advisor and ICR is the Company's communications counsel.

Kingsdale Advisors is the Company's strategic advisor and information agent.

Shareholder Assistance

Aurora shareholders with questions about the Offer or who would like to stay informed may contact Kingsdale Advisors, the Company's strategic advisor and information agent:

Toll-Free (within North America): 1-800-749-9052 Call or Text: 416-623-4172 Email: contactus@kingsdaleadvisors.com

Shareholders should take NO action at this time. Shareholders should wait until the Board has provided its formal recommendation regarding the Offer.

About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, and Whistler Medical Marijuana Corporation®. With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™.

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🍄🧺 $PSIL 🟢 .15%

⚕️ $CWBHF 🟢 9.27%

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Every quarter, someone asks why a cannabis company owns twenty-one beer brands.

Tilray’s latest numbers just made the question impossible to ignore: beverage revenue nearly matching cannabis, with weed now down to just 25% of the business. The easy answer is diversification. The real one is far more interesting—and it has nothing to do with hops.

Aug 19, 2026 Anthony Varrell, TDR

Every quarter, someone asks why a cannabis company owns twenty-one beer brands.

Tilray's fiscal 2026 numbers made the question louder: beverage revenue of $254.0 million against cannabis revenue of $268.3 million, with cannabis down to 29% of the company — and just 25% in Q4.

The conventional read is diversification. Cannabis got hard, beer was for sale, Irwin Simon likes deals. That's not wrong, but it misses what's actually being assembled. Look at the asset list and one thing keeps appearing that has nothing to do with beer.

What Tilray actually owns

The portfolio is now genuinely large. SweetWater, Montauk, Shock Top, Breckenridge Brewery, Breckenridge Distillery, Blue Point, 10 Barrel, Redhook, Widmer Brothers, Alpine, Green Flash, Terrapin, Atwater, Hop Valley, Revolver, Square Mile Cider, Hi*Ball Energy, Casa Breck, Liquid Love, Mock One, Mountain Shot.

The build ran in three waves. SweetWater in 2020, then Montauk, Alpine and Green Flash. Then the eight-brand Anheuser-Busch package in 2023 — Shock Top, Breckenridge, Blue Point, 10 Barrel, Redhook, Widmer, Square Mile, Hi*Ball — which vaulted Tilray from ninth to fifth largest craft brewer in America. Then the 2024 Molson Coors transaction, which brought more brands plus, notably, Mollo and XMG, Canadian THC beverage brands.

And in March 2026, BrewDog — £33 million for worldwide IP, UK brewing operations and eleven brewpubs, followed weeks later by the US assets: the Columbus, Ohio brewery, pubs in Columbus, New Albany, Cleveland and Las Vegas, plus a hotel.

Simon's framing on BrewDog is the tell. He described acquiring world-class brewing infrastructure and strategic real estate at a fraction of the capital and time to build it, noting the Ellon brewing operation alone represents over £100 million of invested capital — and adding that Tilray is not entering Europe from scratch, not leasing capacity, not testing distribution relationships market by market.

Read that sentence again and substitute "THC beverages" for "beer." It works perfectly.

The thing beer buys that cannabis can't

Here's the strategic core. In the United States, alcohol moves through a three-tier system: producers sell to licensed distributors, distributors sell to licensed retailers. Those distributor relationships are the single hardest asset to acquire in beverages. They take decades to build, they're governed by state franchise laws that make them nearly impossible to terminate, and they determine which products get cold-box placement in every grocery, convenience store, bar and stadium in America.

Cannabis companies have no access to that system. State-licensed cannabis moves through state-licensed dispensaries, period. A Curaleaf or a Green Thumb can build the best THC beverage in the country and it will never touch a Kroger shelf.

Tilray, by owning five of the largest craft beer brands in America, sits inside that system. It has TTB permits, it has distributor agreements in all fifty states, it has retail relationships, it has brewery infrastructure that can produce non-alcoholic and functional beverages, and it has brewpubs and taprooms — controlled on-premise venues.

That is not a beer strategy that happens to look useful for cannabis. That's an option on federal beverage policy, purchased with beer cash flow.

Where Van Duyne changes everything

Which brings us to the Beverage Regulatory Parity Act, introduced August 10 by Reps. Beth Van Duyne (R-TX) and Greg Landsman (D-OH).

The bill would exempt hemp beverages from the November recriminalization and instead regulate them through the TTB, HHS and USDA, permitting adults 21 and over to buy drinks containing up to 5 milligrams of total intoxicating THC per serving — defined as a 12-ounce single-serve container or a 750ml multi-serve bottle. It imposes a federal excise tax of 8 cents per milligram of intoxicating THC, mandates testing, packaging, labeling and advertising requirements, bans synthetic cannabinoids, and lets states impose stricter rules or prohibit outright.

And critically: it establishes a three-tier distribution system modeled directly on alcohol.

If that passes, the competitive landscape reorganizes overnight. THC beverages stop being a dispensary product and become an adult beverage category — permitted by TTB, distributed by the same wholesalers who move Bud Light, sold anywhere beer is sold.

Now ask who is positioned for that.

Tilray would need essentially nothing new. It already holds TTB permits. It already has the wholesaler agreements. It already owns brewing and canning capacity across Georgia, Colorado, New York, Oregon, Ohio and Scotland. It already operates brewpubs that could pour THC beverages on-premise. And through Mollo and XMG, it already has THC beverage brands with Canadian formulation and production experience.

The MSOs would need to build all of it, and mostly couldn't — a plant-touching operator can't hold a TTB permit while trafficking a Schedule I or III substance federally.

The honest caveats Three.

The bill is one of several competing proposals, none of which has yet gained traction with congressional leadership. The Senate's continuing resolution moved the ban to December 11; the House hasn't acted.

Tilray's beverage business is not itself a profit machine. Fiscal 2026 produced a $105.2 million net loss and negative $69.1 million in operating cash flow. The optionality is real; the current returns are thin.

And the 5mg cap plus 8 cents per milligram creates a low-dose, taxed category — closer to seltzer economics than dispensary economics.

The read

Tilray spent six years and hundreds of millions buying its way into the American three-tier system under the cover of a craft beer roll-up. If Van Duyne-Landsman becomes law, that looks less like diversification and more like the best-timed regulatory arbitrage in the industry.

If it doesn't, Tilray owns a mid-sized craft brewer in a declining category. The beer was never the point. The shelf was.

TDR Newsletter

“Medical cannabis is becoming an increasingly important part of modern medicine, and Germany is helping define what a responsible, physician-led market can look like.

Today's progress in Germany's medical cannabis framework is encouraging. Greater clarity for physicians is good for patients, good for the healthcare system and important for the continued development of medical cannabis as a legitimate therapeutic option.
This is meaningful progress and an important foundation for what comes next.

There is more work to be done to create the clarity, confidence and consistency that physicians and patients need for the long term.

But the direction is positive, and the opportunity ahead is significant.
At Tilray Brands, Inc., we have spent years investing ahead of that opportunity — building the science, infrastructure, cultivation, manufacturing, distribution and patient access capabilities needed to support the continued evolution of medical cannabis across Europe.

Today, we hold a leading position in Germany's medical cannabis oil market with 45% market share, operate cultivation and manufacturing capabilities in Germany and Portugal, and through CC Pharma GmbH reach approximately 16,000 pharmacies across Germany.
And we believe we are still at the beginning.

Germany has the opportunity to continue setting the standard for responsible, physician-led medical cannabis in Europe. We look forward to continuing to work alongside policymakers, physicians, regulators and healthcare partners to advance a framework that supports patients, empowers physicians and allows this market to reach its full potential.
Medical cannabis is part of the future of medicine. The progress we are seeing today gives us even greater confidence in what lies ahead.”

https://preview.redd.it/pfi9cbi1e8kh1.png?width=1531&format=png&auto=webp&s=aae3b59a0e120814cee00f1971099263d507d0a9

Perhaps a bid will be made on TLRY given what’s happening with ACB. Other than the proxy vote where we can finally vote Simon out as Chairman (coming up very shortly please stay vigilant and vote) perhaps a hostile takeover would be fantastic. We could get rid of this management and bring in humans who care about shareholder value and accept modest pay. Let’s hope it comes sooner as market cap continues declining. It’s time to get rid of Irwin and Carl.

$TilrayArmy💰🍀-

For every short seller selling $TLRY💰🍀:

You can keep investing in the stock, but you can’t ignore the underlying reality.

Tilray just posted record fiscal 2026 revenue of $915.5 million, record adjusted EBITDA of $61.1 million, and reduced net debt to virtually ZERO — just $0.7 million. Q4 revenue rose 25% to $281.7 million, while Q4 adjusted EBITDA hit a record $31.9 million. Management is targeting another FY2027 EBITDA growth of $68-75 million. (Yahoo Finance⁠)

And while you’re trying to crush the stock price, the cannabis regulatory landscape is moving in the opposite direction. The Trump administration has pushed through federal cannabis reform/rescheduling, creating a potentially massive structural catalyst for the entire sector.

So let’s be honest about what’s happening:

You’re not destroying Tilray’s business. You’re destroying its stock price. There’s a huge difference. The company is growing its revenue. EBITDA is growing. The balance sheet has improved dramatically. Cannabis reform is approaching a potential turning point. And yet, the stock continues to trade as if Tilray is on the verge of collapse.

At some point, fundamentals catch up with positioning.

Short sellers can create fear.

They can create volatility.

They can manipulate sentiment.

But they can’t permanently prevent the recognition of improving fundamentals. Keep shorting if you want. Just remember: every short position must be closed eventually.

And when the market finally decides that $TLRY💰🍀 is worth valuing based on its actual business, balance sheet, and emerging cannabis-related opportunity, rather than on perpetual fear - the exit door may suddenly become very, very small.

OVI @OVI_USA posted on X

Canopy Growth (CGC) — July 26, 2016 — TSX — Opening Bell

Aurora Cannabis (ACB) — July 24, 2017 — TSX — Opening Bell

Canadian cannabis industry group — October 17, 2018 — TSX — Opening Bell (legalization day)

Scythian Biosciences — February 22, 2018 — Nasdaq — Closing Bell

Tilray (TLRY) — July 19, 2018 — Nasdaq — Closing Bell

FSD Pharma (HUGE) — March 6, 2020 — CSE — Opening Bell

Flora Growth (FLGC) — May 20, 2021 — Nasdaq — Closing Bell

Incannex Healthcare (IXHL) — February 25, 2022 — Nasdaq — Closing Bell

Leafly (LFLY) — April 20, 2022 — Nasdaq — Opening Bell

Canopy Growth (CGC) — December 12, 2022 — Nasdaq — Opening Bell

Tilray Brands (TLRY) — April 20, 2023 — Nasdaq — Closing Bell

Verano Holdings (VRNO) — October 18, 2023 — Cboe Canada — Opening Bell

Aurora Cannabis (ACB) — February 18, 2026 — Nasdaq — Closing Bell

AdvisorShares Pure US Cannabis ETF (MSOS) — August 10, 2026 — NYSE — Opening Bell

Trulieve (TCNNF) — August 18, 2026 — NYSE — Closing Bell

Did I miss any?

Upcoming cannabis catalysts relating to Tilray.

1. DEA rescheduling — post-hearing process underway; next major step is the ALJ recommendation.

2. Curaleaf–Aurora — takeover bid could spark broader cannabis M&A.

3. Hemp/THC legislation — could significantly affect hemp-derived THC products and beverages.

4. European medical cannabis — continued growth/regulatory developments, especially Germany.

5. More M&A — Aurora/Curaleaf could encourage consolidation across the sector.

6. Q1 ending August 31st and next earnings call ~ October 8, 2026.

7. Midterm elections November 3, 2026.

8. Unanticipated surprises, rumours, and disappointments.

For Tilray: DEA + M&A + hemp legislation are probably the three biggest catalysts.

08/17/2026 - 05:00 AM Launch connects Tilray Medical’s European cultivation and pharmaceutical manufacturing capabilities with Lyphe Clinic and Lyphe Dispensary to expand direct patient access across the UK and advance Tilray’s integrated medical cannabis platform

LONDON, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Tilray Medical, a global leader in medical cannabis research, cultivation, production and distribution and a division of Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), today announced the UK launch of Tilray Medical-branded cannabis flower products through Lyphe Clinic and Lyphe Dispensary, creating a direct-to-patient channel that broadens access for patients across the country and supports the continued commercial growth of Tilray Medical-branded cannabis medicines in the UK.

The launch marks an important milestone in Tilray’s integration of Lyphe Group and demonstrates the Company’s differentiated medical cannabis platform in the UK, bringing together European cultivation, pharmaceutical manufacturing, clinical care, prescribing, dispensing and patient support within a connected healthcare model.

Rajnish Ohri, President, International, Tilray Brands, stated: “This launch is a defining step in Tilray Medical’s UK strategy and a powerful example of how we are building a more connected, patient-centered medical cannabis platform. By bringing Tilray Medical-branded cannabis medicines to patients through Lyphe Clinic and Lyphe Dispensary, we are combining high-quality European cultivation and pharmaceutical manufacturing with trusted clinical, prescribing, dispensing and patient care services. This integrated model strengthens responsible access for patients, supports healthcare practitioners and reinforces Tilray Medical’s commercial leadership in regulated medical cannabis markets.”

Tilray Brands acquired Lyphe Group in April 2026, establishing a differentiated UK medical cannabis platform spanning clinical care, prescribing, dispensing and pharmaceutical distribution. The addition of Tilray Medical products to Lyphe Clinic and Lyphe Dispensary strengthens this model by connecting Tilray Medical’s global production network with Lyphe’s established patient and pharmacy infrastructure.

The rollout reflects Tilray Medical’s commitment to responsible access across regulated international medical cannabis markets and leverages the scale, quality standards and supply-chain capabilities of its global operations. The range available through Lyphe Clinic and Lyphe Dispensary is expected to expand over the coming months, with Tilray Medical products cultivated and produced through the Company’s international production network, including its EU-GMP-certified facility in Portugal.

About Tilray Medical Tilray Medical is dedicated to transforming lives and fostering dignity for patients in need through safe and reliable access to a global portfolio of medical cannabis brands, including Tilray Medical, Good Supply, Redecan, ARX and Broken Coast. Tilray grew from one of the first companies to become an approved licensed producer of medical cannabis in Canada to building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany. Today, Tilray Medical is one of the largest suppliers of medical cannabis to patients, physicians, hospitals, pharmacies, researchers and governments in 20 countries across five continents.

https://ir.tilray.com/news-releases/news-release-details/tilray-medical-accelerates-commercial-expansion-tilray-medical