Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.

Here’s what we’re rolling up this week:

…and more. Let’s get to it.

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Bid wars. Curaleaf has escalated its pursuit of Canadian licensed producer Aurora Cannabis, formally launching a roughly $272 million hostile takeover bid after Aurora’s leadership declined to negotiate.

The offer, which runs through December 1, values Aurora at $4 per share through a combination of Curaleaf subordinate voting shares and $0.75 cents in cash. This represents a 45% premium to Aurora’s unaffected share price, according to Curaleaf.

Curaleaf is pitching the transaction as a way to create a more diversified global cannabis platform, projecting more than $1.5 billion in trailing 12-month revenue, nearly $350 million in adjusted EBITDA, and at least $40 million in annual cost synergies.

The deal would also significantly expand Curaleaf’s international cultivation and manufacturing footprint, particularly in Europe, where both companies have established operations and Aurora brings substantial EU-GMP capacity.

Aurora, however, is urging shareholders to take no action for now, arguing that Curaleaf is attempting to acquire its international assets and medical cannabis platform at an undervalued price. Aurora has formed a special committee of independent directors to evaluate the offer, setting the stage for a potentially prolonged battle over the future of one of the cannabis industry’s major international operators.

End result. A number of plant-touching and ancillary cannabis companies reported financial results for the second quarter of 2026, with varied outcomes. Click on any business below for further detailed information.

The Q2 results paint a picture of a maturing, increasingly profitable U.S. cannabis industry, but with very different scales, growth profiles, and margin structures across the major operators.

Insurance policy. NFP, an Aon company, is expanding its cannabis insurance capabilities through the acquisition of the retail cannabis business of Frontier Risk Group.

The deal brings Frontier Risk’s cannabis-focused insurance expertise, risk management services, and industry knowledge into NFP’s Healthcare and Life Sciences practice, strengthening the broker’s ability to serve businesses operating in one of the insurance industry’s most highly regulated and rapidly evolving sectors.

Eric Schneider, senior vice president at Frontier Risk, will join NFP in the same role and report to Scott Foster, who leads NFP’s Healthcare and Life Sciences practice. NFP said the acquisition will combine Frontier Risk’s specialized cannabis expertise with its broader risk management resources and national platform, while Frontier Risk Group will shift its focus to Strata Specialty, its managing general agent business serving critical infrastructure and other emerging specialty markets.

Georgia: Cannabis regulators are planning to approve mail delivery of medical cannabis, allowing registered patients to receive products from dispensaries at home.

Michigan: A lawmaker is seeking to repeal the state’s cannabis tax, arguing it is hurting cannabis businesses and consumers.

Missouri: The third and final cannabis microbusiness lottery will award at least 63 licenses under tougher eligibility rules.

New York: Licensed cannabis businesses can now sell at approved farmers markets, pop-ups, and community events, giving small local operators more opportunities to reach customers.

Rhode Island: A federal judge lifted the order blocking cannabis retail licenses, allowing regulators to restart the licensing process.

Tennessee: Tighter THC restrictions have left the state with $54 million less in expected hemp tax revenue, collecting only 3% of what the state projected.

Virginia: New hemp rules took effect after a federal judge declined to block them, restricting intoxicating hemp products such as delta-8 THC to licensed cannabis retailers while a lawsuit challenging the law continues.

ACT LAB grows through acquisition

The national laboratory network expanded its national reach by acquiring Sriven Labs, adding a cannabis testing laboratory in New Jersey.

Verdant nabs Native Roots dispensaries

The cannabis investment firm completed its acquisition of 15 retail locations in Colorado.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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