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Curaleaf publicly challenges Aurora Cannabis's board for rejecting its enhanced US$5.00/share hostile bid, arguing the rejection is not in shareholders' best interests. The press release rebuts Aurora's stated reasons point-by-point, highlighting that Curaleaf is the only binding bidder yet is denied diligence access while other parties are granted it. The filing escalates the public-relations battle in the ongoing hostile takeover attempt, with the offer expiring December 4, 2026.

SNDL reported preliminary Q3 2026 free cash flow of approximately C$20 million (record high), announced a potential C$50 million substantial issuer bid at a 17.4% premium, and increased its indirect stake in Parallel from ~67% to ~92%. A proposed share consolidation failed to pass (54.1% support, below the required two-thirds). The company also resolved an Ontario regulatory matter with a C$200K fine and plans to exit the unprofitable domestic dried flower category.

SNDL reported preliminary Q3 2026 free cash flow of ~C$20M (highest ever), announced a potential C$50M substantial issuer bid at a 17.4% premium, and increased its indirect stake in Parallel from ~67% to ~92%. Shareholders rejected a share consolidation (54.1% in favor, below the 2/3 threshold), and the company agreed in principle to resolve Ontario regulatory matters with a C$200K fine.

Cronos Group completed its acquisition of CanAdelaar B.V., the largest cannabis company in the Netherlands' adult-use pilot program (Wietexperiment), for a base purchase price of €57.5 million plus cash earnouts of 0.5x Normalized EBITDA in 2026 and 2027. The deal closed via an addendum that waived remaining conditions, including an outstanding Bibob regulatory review, and included a €12.5 million deduction for a proposed environmental penalty and additional indemnities from seller Ring International Holding AG. This establishes Cronos as the market leader in Europe's largest adult-use cannabis market, though the acquisition carries regulatory and environmental contingencies.

Cronos Group completed its acquisition of CanAdelaar, the largest cannabis company in the Netherlands' adult-use pilot program (Wietexperiment), for a base purchase price of €57.5 million plus cash earnouts of 0.5x Normalized EBITDA in 2026 and 2027. The deal establishes Cronos as the market leader in Europe's largest adult-use cannabis market and provides a platform for its borderless product strategy. The base purchase price represents approximately 1.4x CanAdelaar's annualized net revenue and 2.9x its annualized Adjusted EBITDA based on 1H 2026 results.

Tilray Brands reported Q1 FY2027 revenue of $257.1M, up 23% YoY and a record. GAAP net loss was $40.0M ($-0.32 EPS), driven by non-cash charges and elevated operating expenses. The company reaffirmed its FY2027 adjusted EBITDA guidance of $68M-$75M, and negative free cash flow of -$27.4M overshadow the topline growth.

Curaleaf filed a Notice of Variation to its tender offer for Aurora Cannabis, increasing the implied consideration to US$5.00 per Aurora share (0.4013 Curaleaf shares + US$1.00 cash) and raising the maximum consideration (Cap Price) to US$6.00 per share. The enhanced offer represents an 86% premium to Aurora's unaffected share price and a 217% premium on an ex-cash basis. Curaleaf also addressed technical comments from Aurora voluntarily to remove distractions and continues to urge Aurora to engage.

Curaleaf filed a Notice of Variation, Change and Extension to its unsolicited offer for Aurora Cannabis, increasing the total implied consideration by 25% to US$5.00 per Aurora share (US$1.00 cash + 0.4013 Curaleaf shares), extending the expiry to December 4, 2026, and providing pro forma financials. The enhanced offer represents an 86% premium to Aurora's unaffected 30-day VWAP, but Aurora's board continues to recommend rejection and has refused due diligence access.

IM Cannabis Corp. closed the sale of IMC Holdings and its European-focused operations to Slil.com Holding Ltd., a company controlled by CEO Oren Shuster, for a C$3,000,000 advance payment and assumption of up to C$9,400,000 in retained liabilities. The transaction is expected to improve shareholders' equity by approximately C$3 million and streamline the company's focus on Israeli medical cannabis operations. This follows a recent registered direct offering of 655,000 common shares at US$2.00 per share for gross proceeds of approximately US$1.3 million, closed on September 24, 2026.

IM Cannabis Corp. closed a registered direct offering of 655,000 common shares at $2.00/share, raising $1.31 million in gross proceeds. The offering included a related-party transaction where a director-affiliated entity subscribed for 164,585 shares, and the company relied on financial hardship exemptions from minority shareholder protections. Proceeds will be used for working capital and general corporate purposes, including potential evaluation of additional business opportunities.

IM Cannabis Corp. (IMCC) has entered into securities purchase agreements to sell 655,000 common shares at $2.00 per share in a registered direct offering, raising approximately $1.31 million in gross proceeds. The offering is being conducted under an existing shelf registration statement, with proceeds earmarked for working capital and general corporate purposes. This dilutive capital raise comes against the backdrop of a prior annual report that flagged a going-concern uncertainty, a $5.4 billion impairment charge, and declining revenue, reinforcing the company's precarious financial position.

IM Cannabis Corp. (IMCC) announced a non-binding LOI to acquire 51% of Space Defense Innovations LLC (SDI), a Polish UAS distributor of BlueBird Aero Systems' tactical drones, pivoting from its core medical cannabis business into defense technology. The deal would be paid with IMCC shares/pre-funded warrants, a seller loan with warrant coverage, and a EUR 2.3 million convertible line of credit, with no disclosed total consideration value. The LOI is non-binding and subject to due diligence, definitive agreements, and approvals within 60 days. This follows a prior going-concern warning and a $5.4 billion impairment in the 2025 annual report, making this a speculative pivot with high execution risk.

CEO Michael DeGiglio purchased $101K of VFF stock in an open-market buy, joined by Director Christopher Woodward with a $31K purchase, both on September 22, 2026.

Curaleaf published a brochure directly appealing to Aurora shareholders to tender their shares to its hostile takeover bid, reiterating a 45% premium and criticizing Aurora's management. The filing is a continuation of Curaleaf's campaign to bypass Aurora's board and take the offer directly to shareholders, with a tender deadline of December 1, 2026.

Organigram is accelerating the integration of Sanity Group, replacing the performance-based earnout with a fixed earnout valued at 85% of the maximum (C$20M cash + ~C$76M in shares, payable by May 2027). Sanity contributed ~CAD$40M to consolidated net revenue in the most recent quarter (>35% of total) and was accretive to Adjusted EBITDA. The move signals management confidence in Sanity's trajectory but introduces significant share dilution at a fixed price range (C$3.00–C$4.00 floor/cap), creating a known overhang for common shareholders.

Aurora Cannabis acquired 100% of Internode Pharma Limited and HAP Pharma Limited for GBP 2.1 million in cash, gaining a licensed UK import/distribution facility and virtual pharmacy. The deal gives Aurora direct control of the UK medical cannabis supply chain and is expected to be accretive to adjusted EBITDA in future quarters, though the upfront cash consideration is small relative to the company's $227M market cap.

Aurora Cannabis acquired Internode Pharma Limited and HAP Pharma Limited for GBP 2.1 million in cash, gaining direct ownership of a licensed import/distribution facility and a virtual pharmacy in Birmingham, UK. This accretive acquisition gives Aurora end-to-end supply chain control in the UK medical cannabis market, one of Europe's largest, and is expected to boost adjusted EBITDA in future quarters through operational efficiencies and reduced third-party reliance. The deal is small in absolute size but strategically significant for Aurora's international growth thesis.

IM Cannabis Corp. (IMCC) has entered into a definitive agreement to sell its subsidiary IMC Holdings (which holds European-focused assets including Adjupharm GmbH) to Slil.com Holding Ltd., a company controlled by IMCC's CEO Oren Shuster, for consideration consisting of a C$3,000,000 advance payment already received and Slil's assumption of up to C$9,400,000 in retained liabilities. The transaction, a related-party deal relying on financial hardship exemptions from minority approval, is expected to improve shareholders' equity by approximately C$3 million and reduce debt, but it also strips the company of its German operations, leaving it as a smaller, Israel-only medical cannabis operator with a going-concern risk highlighted in the prior annual report.

Village Farms Q2 2026 revenue beat consensus on 7% YoY growth to $64M and EPS matched estimates at $0.06 GAAP diluted, with cannabis segment gross margin expanding 900bps to 51% driven by record international export sales of $20.9M (+74% YoY). Net income was $7.1M vs $26.5M in Q2 2025 which included a $16.3M discontinued ops gain, but adjusted EBITDA from continuing ops rose to $15.4M and operating cash flow was positive $8.9M.

Village Farms reported Q2 2026 results with consolidated net sales of $63.977M, up 7% YoY, and GAAP diluted EPS from continuing operations of $0.06 (vs $0.10 in Q2 2025). Cannabis segment revenue rose 5% to $53.5M with gross margin expanding 900 bps to 51%, driven by record international export sales of $20.9M (+74% YoY). Net income attributable to shareholders was $7.145M vs $26.497M in Q2 2025 which included $16.294M from discontinued operations.

Canopy Growth reported Q1 FY2027 net revenue of $81.2M (+13% YoY), driven by broad-based growth across all segments (Canada medical +22%, Canada adult-use +10%, international +10%, Storz & Bickel +6%). Adjusted gross margin improved to 31% from 25% a year ago, and the adjusted EBITDA loss narrowed by 59% to $3.2M. The company is progressing toward its FY2027 positive adjusted EBITDA target, though free cash outflow widened to $25.7M on working capital timing.

Trulieve reported Q2 2026 revenue of $271M (down 10% YoY from $302M), with a GAAP net loss of $406M largely driven by a $403M non-cash loss on the deconsolidation of its Harvest mixed-use operations. On an adjusted basis, the company generated $20M adjusted net income and $98M adjusted EBITDA (36% margin). Management guided Q3 revenue to be comparable to Q2's medical-only revenue of $222M and lowered 2026 cash flow from operations guidance to at least $225M from $250M, while raising capex guidance to up to $95M from $85M. The NYSE listing and federal rescheduling to Schedule III are positive structural catalysts, but the reported revenue decline and lowered operating cash flow guidance are material negatives.

Cronos Group reported Q2 2026 results with record net revenue of $53.0M (+58% YoY) and record gross profit of $28.5M (+96% YoY), swinging to net income of $35.7M from a -$38.5M loss. However, revenue missed consensus estimates of $61.2M by 13.4%, and a new Israeli anti-dumping investigation on medical cannabis imports from Canada introduces regulatory overhang on the key Israel segment.

Aurora Cannabis reported Q1 FY2027 net revenue of C$67.6M, down 8.8% YoY, driven by a C$7.0M decline in Canadian medical cannabis revenue due to a 30% federal reimbursement cut and the wind-down of the consumer cannabis business. Net loss from continuing operations improved to C$4.0M from C$10.2M, but adjusted EBITDA fell 68% to C$3.4M and operating cash flow turned negative at (C$4.4M). The company disclosed a material weakness in internal controls over financial reporting and continued ATM dilution (1.58M shares sold at C$4.29). A subsequent approval to wind up the segregated cell program will unlock ~C$46.4M of restricted cash, improving liquidity.

Aurora Cannabis reported fiscal Q1 2027 results with total net revenue of $67.6M, down 9% YoY, driven by a 25% decline in Canadian medical cannabis due to a ~30% federal reimbursement cut. International medical cannabis revenue grew 17% to $43.3M, but adjusted EBITDA plunged 68% to $3.4M and free cash flow turned negative (-$5.8M). The company reiterated sequential improvement guidance for Q2, but the headline numbers reflect margin compression and a deteriorating cash flow profile.

Greater Cannabis Company, Inc. (GCAN) filed an 8-K announcing a complete corporate transformation: a name change to Trafalgar International, Inc., a 1-for-5 reverse stock split, and the appointment of three new directors and officers from the Trafalgar group in Mexico, following a change of control by Trafalgar Asset Management, LLC. The existing CEO remains. No financial data or compensatory arrangements were disclosed. The reverse split and name change are pending FINRA processing.

SNDL reported Q2 2026 results with net revenue of $235.8M, down 3.7% YoY, and an operating loss of $(7.8)M versus a $5.0M profit in Q2 2025. Gross profit fell 16.6% to $56.3M, driven by market softness in both Liquor and Cannabis segments and Jeeter production ramp-up costs. The company completed the Parallel restructuring, expects to gain control of its U.S. medical cannabis operations, and maintained a debt-free balance sheet with $183.2M cash. However, the deteriorating operating performance and negative free cash flow outweigh the strategic milestone, making this a bearish report for near-term fundamentals.

Organigram provided a business update highlighting Sanity Group's initial performance in line with expectations (~10% German market share) and Canadian market share trends. Overall Canadian recreational share was 11.1% at June end, down 0.4pp YoY but up 100bps sequentially from May, with sequential improvements in vape and pre-roll categories. No financial figures were disclosed; Q3 Fiscal 2026 consolidated results (first including Sanity) are expected around August 11, 2026.

Curaleaf announced that its Spanish subsidiary received formal AEMPS approval for two standardized cannabis preparations (THC-dominant and CBD-dominant) under Spain's new Royal Decree 903/2025 regulatory framework, making it the first company to register such products in Spain. The preparations are expected to be supplied to hospital pharmacies for magistral formulas, opening a new national market of nearly 50 million people.

IM Cannabis Corp. (IMCC) closed a $225k convertible note financing with a 10% OID, netting $202.5k in cash. The note carries an 8% interest rate (14% upon default) and is convertible at the lower of $0.152 or 90% of the 20-day VWAP (floor $0.0303). The company also issued warrants for 1,483,386 common shares at C$0.22. This highly dilutive financing underscores the company's distressed condition, following a going-concern warning in its recent 20-F.

IM Cannabis Corp. (IMCC) announced a non-binding LOI to sell its European operations (including German subsidiary Adjupharm GmbH) to Slil.com Holding Ltd., a company controlled by CEO Oren Shuster, in exchange for Slil assuming ~C$10.5M of debt (C$7.5M retained + C$3M short-term). The company will retain its Israeli operations and pursue new investment opportunities. The transaction is a related-party deal and relies on financial hardship exemptions from minority shareholder approval. The deal remains subject to definitive agreement, special committee approval, and regulatory clearances.

Canopy Growth reported Q4 FY2026 (Mar 31, 2026) consolidated net revenue of $71.2M, up 10% YoY, with cannabis net revenue growing 20% to $54.5M driven by 27% growth in Canada medical and 68% in international markets. However, GAAP net loss from continuing operations was $154.7M (loss per share of $0.40), reflecting $61.4M in asset impairment/restructuring charges and $10.7M of inventory charges, while the operating loss widened from $18.3M to $95.8M. The company completed the MTL Cannabis acquisition and ended FY2026 with a net cash position of $131.3M, but continues to burn cash (Adjusted EBITDA loss of $6.3M in Q4, free cash outflow of $19.3M).

Three institutional buyers accumulated $28.7M in SNDL during Q3 2025, led by Morgan Stanley more than doubling its position to $33.1M (a +228% increase) and UBS doubling its stake. The sole seller, Invesco, trimmed 50.5% of shares but saw dollar value increase due to price appreciation.

Aurora Cannabis reported fiscal Q4 2026 results with total net revenue of $84.8M (+10% YoY) driven by 14% medical cannabis growth, but adjusted EBITDA fell 34% YoY to $9.2M and adjusted net income dropped 63% to $5.6M. The company guided for lower FY2027 adjusted EBITDA due to Canadian government reimbursement pricing cuts, creating a mixed picture of record annual revenues but deteriorating quarterly profitability and a cautious forward outlook.