In response, CanniMed CEO Brent Zettl said there is "serious concern" that Aurora's share price will drop, but its combination with Newstrike is "extremely well positioned to deliver significant shareholder value going forward".
Aurora says its offer will remain on the table until March 9, 2018. Aurora Cannabis Inc is based in Vancouver, Canada.
Aurora first disclosed its all-stock proposal to buy CanniMed on November 14, and gave its target until 5 p.m. ET on November 17 to respond.
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On Nov. 14, CanniMed acknowledged Aurora's announcement but said it did not receive a formal offer.
CanniMed did not immediately respond to BNN's request for comment. CanniMed also added it was in advanced discussions to acquire Newstrike, which has a partnership with iconic Canadian rock band The Tragically Hip.
"The initial decision of CanniMed not to explore our proposal was unfortunate", said Ronan Levy, Aurora's vice-president of business and corporate affairs, in a press release Friday. The stock traded as high as C$6.96 and last traded at C$0.00, with a volume of 0 shares traded.
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Meanwhile, CanniMed shares were down less than one per cent to $20.80 and Newstrike's stock slipped almost four per cent to $0.51 on Friday late-morning trading.
Aurora Cannabis Inc, together with its subsidiaries, produces and distributes medical marijuana products in Canada.
After Aurora's latest $100 million financing announced earlier this month, there will be more acquisitions to come, said Beacon Securities analyst Vahan Ajamian. "They see great value in assets in Canada and internationally, and they're going to keep expanding to build an worldwide behemoth".
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