Curaleaf Holdings plans to launch a $272 million unsolicited takeover bid to acquire rival Canadian cannabis company Aurora Cannabis after its board repeatedly refused to negotiate an acquisition deal. Curaleaf is offering $4 a share for Aurora, representing a premium of more than 45% based on Aurora’s 30-day volume weighted average price.

“We will now take our proposal directly to Aurora shareholders because the premium is significant, the strategic rationale is compelling, and further delay is unjustified,” Curaleaf Chief Executive Boris Jordan said Tuesday, adding that he was disappointed in Aurora’s board’s refusal to meet. The announcement sent Aurora’s stock soaring 22% to 4.85 Canadian dollars ($3.48).

The hostile approach underscores Curaleaf’s aggressive expansion strategy as it seeks to consolidate in the fragmented North American cannabis market. Aurora has yet to respond publicly to the bid, but its board's earlier reluctance suggests potential resistance to the $272 million deal.