BAT Could Decide Who Wins the Fight for Aurora Cannabis Jeremy Berke Tue, October 13, 2026 at 4:21 PM EDT 2 min read NVDA +0.97% ACB -1.38% CURA.TO -5.79% OGI -1.68% OGI -1.68% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Aurora Cannabis may have a second suitor, and its fate could rest with BAT, the tobacco giant behind Camel and Newport.
BAT-backed Organigram, a Canadian cannabis producer, has explored talks for a potential deal with Aurora, Moby reported Friday. The deal, whether a merger or some other tie-up, would set up a fight with Curaleaf, which upsized its hostile bid for Aurora last week from $4 to $5 per share. Most of that bid is Curaleaf stock.
The prize is Europe. Aurora operates EU-GMP certified facilities, the pharmaceutical-grade standard required to export medical cannabis into Germany and most of the EU. Few Canadian producers hold the certification, and it takes years to earn. Germany's medical market has boomed since the country loosened its rules in 2024.
That fits Organigram's international export ambitions. It recently bought Sanity Group, a German cannabis distributor, and is now eyeing Aurora's EU-GMP facility, like Curaleaf.
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But Organigram can't do this alone. Analyst Pablo Zuanic, who's been covering cannabis stocks a long time, did the math: He models an Organigram bid of C$8.55, or $6 per share, which matches the cap Curaleaf set on its own offer.
Organigram has more sales than Aurora, but it's worth less than half as much by market cap: $193 million to $416 million. Organigram would likely have to issue so many new shares that Aurora holders would end up owning 51% of the combined company.
That makes it BAT's call. The tobacco giant already owns nearly 30% of Organigram, and Zuanic reasons a C$60 million cash injection would put a real bid on the table.
Curaleaf isn't tapped out either. Zuanic thinks it could raise the cash portion of its offer from $1 to $2.50 a share before debt becomes a problem. Of course, nothing may yet materialize from these discussions. But the real question is: does BAT want Aurora?
