Key Takeaways; Cannabis Sector

• High Tide Entered German Medical Cannabis Market with €27.2M Acquisition of Remexian Pharma
• Aurora Expanded Global Footprint with Launch of Whistler Cannabis Co. in Australia
• Avicanna Secured New Patent as the Company Reported Mixed Financial Results
• Organigram Posted Record Revenue in Q3 2025 Despite Net Loss
• Village Farms Reported Record Profitability in Q2 2025, Fueled by Soaring Cannabis Exports

Key Takeaways; Psychedelic Sector

• Cybin Expanded Global Mental Health Trials Amid Wider Quarterly Loss
• Atai Life Sciences Narrows Loss as Psychedelic Pipeline Advances and Beckley Merger Looms

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: High Tide

Canadian cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) finalized its long-awaited entry into Germany’s booming medical cannabis market through the acquisition of a majority stake in Remexian Pharma GmbH, a leading importer and wholesaler based near Berlin.

The €27.2 million deal granted High Tide a 51% stake in Remexian, with an option to acquire the remaining shares in the future. The purchase will be funded through a mix of High Tide shares (42%), cash (29%), and seller loans (29%) maturing in 2029.

“Remexian is an ideal match for us—not only in its commitment to discount pricing, but also in its operational approach, which mirrors our lowest price guarantee in Canada,” said Raj Grover, Founder and CEO of High Tide. “Together, our complementary strengths and deep procurement expertise will create a stronger foundation for growth. This acquisition alone is expected to add roughly C$100 million in annual revenue, significantly strengthening our financial position and setting us up for expansion across Europe.”

Founded in 2018, Remexian has quickly become one of Germany’s top cannabis distributors, importing from 19 countries, including Canada, which supplies around a third of its total imports. In Q2 2025, Remexian sold 7 tons of cannabis flower; representing 16% of Germany’s total imports for the quarter and generated annualized revenue of €70 million with Adjusted EBITDA of €15 million.

Markus Wenner, Co-Founder of Remexian, expressed enthusiasm about the partnership: “We are truly energized by the strong synergy we’ve found with High Tide, whose impressive scale amplifies our impact in Germany. By combining one of Germany’s largest cannabis distribution networks with High Tide’s unmatched access to Canadian supply, we are setting the stage for unprecedented growth.”

The timing of the deal reflects Germany’s rapidly growing medical cannabis sector. Since the passage of the Consumer Cannabis Act in April 2024, the number of patients has surged from about 250,000 to nearly 900,000. Additionally, imports reached a record 43.3 tons in Q2 2025, which was a 15% increase from the previous quarter, bringing the annual rolling total to 134 tons and pushing industry revenues close to €1 billion.

Canadian exporters have been major beneficiaries of this demand, with Canada accounting for nearly half of Germany’s medical cannabis imports in the first half of 2025. High Tide, which has generated more than $1.9 billion in Canadian cannabis sales since legalization, sees the acquisition as a chance to further boost Canada’s share of the market.

#2: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canada’s largest exporter of medical cannabis, announced the launch of its premium Whistler Cannabis Co. brand in Australia, marking another milestone in the company’s international growth strategy.

Founded in 2013 and acquired by Aurora in 2019, Whistler Cannabis is known for its small-batch, craft cannabis grown at Aurora’s Alpine facility in Pemberton Valley, British Columbia. According to the company, the first products to debut in Australia will be Ginger Breath (32% THC, Indica) and Critical Diesel (28% THC, Sativa).

“Whistler is a tried-and-true brand in the Canadian market,” said André Jerome, Aurora’s Executive Vice President of Global Business Development. “We’re excited to now extend its legacy, and our Canadian cultivation expertise, to Australian patients. This milestone underscores our commitment to global growth and our patient-first approach”

Aurora first entered the Australian market in 2017 through a partnership with MedReleaf Australia, later solidifying its position with a five-year exclusive supply agreement in 2021. Today, Australia represents Aurora’s second-largest medical cannabis market after Canada, where it holds the second-highest market share nationally.

The company’s most recent quarterly results highlighted the strength of its international operations: medical cannabis net revenue reached $64.8 million, a 37% year-over-year increase, with growth driven by higher sales to Australia, Germany, Poland, and the UK. Medical cannabis now accounts for 66% of Aurora’s consolidated net revenue and 91% of adjusted gross profit before fair value adjustments.

Aurora’s global portfolio includes MedReleaf, CanniMed, Aurora, Whistler, and international brands Pedanios, IndiMed, and CraftPlant. With multiple GMP-certified facilities worldwide, the company says its strict quality standards and science-driven approach have been key to building patient trust.

“Our strategy is simple,” Jerome added. “We want to give patients access to the highest-quality cannabis at the right price, wherever they are. Launching Whistler in Australia is another step in making that vision a reality.”

#3: Avicanna

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF), a Canadian-based biopharmaceutical company specializing in plant-derived cannabinoid-based products, is marking a pivotal year with both scientific and financial milestones.

On August 11, 2025, Avicanna announced that the United States Patent and Trademark Office issued Patent No. US 12,343,315 B2 to the company, covering its topical cannabinoid compositions designed for clear skin. The patented gel formulation combines cannabinoids with antioxidants, antimicrobial, and anti-inflammatory agents and is intended for the prevention and treatment of skin conditions such as acne, rosacea, wrinkles, and erythema.

“We are delighted with the issuance of another USPTO patent as we continue to expand our intellectual property portfolio,” said Avicanna CEO, Aras Azadian. “We are excited about the potential of this patent that covers our compositions that are in our commercial platforms and pharmaceutical pipeline.”

Just days later, on August 14, 2025, Avicanna reported its financial results for the second quarter of 2025, generating $6.2 million in revenue, with gross profit of $3.1 million but a net loss of $850,991. This marked a reversal from the company’s Q1 results, when it achieved its first profitable quarter, reporting $6.3 million in revenue, $3.6 million in gross profit, and net income of $74,154. Despite the second quarterly loss, the company improved significantly from Q2 2024, reducing its net losses by more than 70%.

While Q2 2025 reflected a step back from Q1 profitability, Avicanna said it will continue to strengthen its international footprint and intellectual property portfolio. And with its growing pipeline, global expansion of APIs and finished products, and sustained focus on clinical development, the company is positioning itself as a leading force in cannabinoid-based medicine.

#4: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) reported record third-quarter revenues for fiscal 2025, fueled by acquisitions, value-focused products, and surging international sales. However, the Canadian cannabis producer also posted a net loss, citing fair value changes tied to financial instruments.

The New Brunswick-based company recorded gross revenue of $110.2 million and net revenue of $70.8 million for the quarter ended June 30, 2025, representing a 72% jump year-over-year. Recreational cannabis dominated the portfolio, contributing $59.9 million (85%), while international sales reached $7.4 million (10%), more than doubling from last year.

Despite the top-line strength, Organigram swung to a net loss of $6.3 million, compared with net income of $2.8 million in Q3 2024. The company attributed this decline to “fair value loss on derivative liabilities, contingent considerations, and preferred shares,” reversing gains recorded in the prior year.

Adjusted EBITDA rose 64% to $5.7 million, while free cash flow turned positive at $5 million, compared to a negative $4.8 million a year ago.

“In Q3, we delivered our second consecutive quarter of record revenue driven by the acquisition of Motif, Collective Project, and a further optimization of our product and brand portfolio,” said outgoing Organigram CEO, Beena Goldenberg. “With our strong Canadian market leadership now in place, we are committed to bringing our Canadian successes to international markets. We have grown our export business, expanded into the U.S., and are set to launch new brands internationally, all building towards our ambition of becoming a truly global cannabis player.”

While revenue momentum is strong, investors remain cautious. Organigram’s stock has lagged the broader market in 2025, and analysts note persistent earnings volatility. Additionally, analyst currently ranks the stock a “Hold,” reflecting mixed expectations for upcoming quarters.

#5: Village Farms

Village Farms International Inc. (NASDAQ: VFF) posted record profitability in the second quarter of 2025, driven by surging international cannabis exports and stronger margins in its Canadian operations, even as retail sales in Canada and the U.S. remained under pressure.

For the quarter ended June 30, 2025, the company reported total revenue of US$60 million, up 12% year-over-year, with net income from continuing operations of US$9.9 million or US$0.09 per share. Adjusted EBITDA reached US$17.1 million, representing 28.6% of sales.

The company’s CEO, Michael DeGiglio, highlighted the milestone, stating: “Our second quarter results demonstrate the improving earnings potential of Village Farms and our continued success in scaling a profitable global cannabis enterprise. Q2 performance reflected record levels of profitability since we expanded into cannabis in 2017, eclipsing several records set during our nearly 20-year history as a publicly traded company.”

The standout driver was international sales, which climbed nearly 700% year-over-year to US$12 million, primarily from exports to Germany and the UK. COO Ann Gillin explained the surge: “Growth was driven by strong demand in Germany and the UK, along with onboarding new customers. We align our growth with the hottest international markets and work closely with trusted distributor partners”.

Canadian cannabis operations, which include Pure Sunfarms and Rose LifeScience, brought in US$44.5 million in sales, a 9% year-over-year increase. However, branded cannabis sales fell to US$25 million, down from US$30.5 million in Q2 2024, reflecting a shift away from value-based products.

Despite the dip in branded sales, margins improved significantly. Canadian cannabis gross profit rose 63% year-over-year to US$17.5 million, with a 39% gross margin — the highest in three years. The margin lift was largely due to higher volumes of bulk flower exports and reduced reliance on low-margin value products.

In the U.S., cannabis revenue slipped to US$3.8 million from US$4.3 million a year ago, hurt by new CBD restrictions in eight states and unregulated competition from hemp-derived products. U.S. operations reported a small operating loss of US$226,000.

Moreover, Village Farms’ legacy produce operations added to the bottom line, generating US$4.3 million in net income. The company also strengthened its balance sheet by privatizing one-third of its produce assets by US$40 million, boosting its cash position to US$65 million against total debt of US$39 million.

Management acknowledged challenges in the Canadian retail market, where branded sales were down 20% year-over-year. Gillin noted that while wholesale pricing has stabilized, retail prices remain soft due to ample supply. Still, she emphasized that profitability is improving across the sector as producers shift toward stronger product portfolios.

Looking ahead, DeGiglio hinted at potential M&A but stressed discipline: “While M&A is not off the table, it would need to be accretive or strategic. We are the partner of choice for many European companies, and M&A could play a role in the U.S. market when it opens up”.

Top Psychedelic Companies for Week

#1: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN) reported a larger quarterly loss as it pushed forward with late-stage studies on its experimental psychedelic-based therapies for mental health disorders.

For the first quarter ended June 30, the company posted a net loss of $24.6 million, or $1.10 per share, compared to a loss of $10.8 million, or 54 cents per share, in the same period last year. Cash on hand stood at $118.7 million, while operating cash outflows increased to $29.5 million, up from $19.9 million a year ago.

Despite the widened loss, Cybin emphasized momentum in its clinical pipeline. CEO Doug Drysdale highlighted recent regulatory approvals in Europe and the UK that allow the company to move forward with EMBRACE, a Phase 3 trial of CYB003 for major depressive disorder (MDD).

“With our recently announced funding agreement in place, we are well positioned to continue advancing our lead clinical programs, CYB003 and CYB004, through multiple inflection points,” said Drysdale. “Gaining European CTA approval and MHRA approval to commence EMBRACE in the UK has enabled us to expand our multinational Phase 3 PARADIGM program evaluating CYB003 for the potential adjunctive treatment of major depressive disorder.”

The EMBRACE study will enroll 330 participants across the U.S., UK, Europe, and Australia, while another pivotal study, APPROACH, is already dosing patients. Together, these Phase 3 trials will involve about 550 participants and test CYB003 in patients with moderate to severe depression not adequately treated by existing antidepressants.

Meanwhile, Cybin expects to complete patient enrollment this month in its Phase 2 study of CYB004 for generalized anxiety disorder.

Drysdale concluded: “Cybin is in a strong position to advance our programs and continue our work to deliver innovative therapies to address some of the most challenging mental health disorders we face today.”

The company also recently secured a $50 million financing agreement through convertible debentures, which it said will help fund its clinical programs.

#2: Atai

Atai Life Sciences N.V. (NASDAQ: ATAI) reported a second-quarter net loss of $27.7 million, or 14 cents per share, slightly wider than analyst expectations of a 12-cent loss. Revenue came in at $719,000, up from $273,000 a year earlier.

As of June 30, the company held $95.9 million in cash, cash equivalents, and short-term securities, up from $72.3 million at year-end 2024. With an additional $50 million in committed funding announced in July, atai expects its cash, public equity holdings, and digital assets to support operations into the second half of 2027.

CEO Srinivas Rao called the first half of 2025 “transformational” for the company. He pointed to the planned merger with Beckley Psytech as a defining step: “The planned strategic combination with Beckley Psytech is expected to solidify our position as the global leader in the psychedelic mental health space. By adding a late-stage, clinically validated asset like BPL-003 to our pipeline, we are accelerating our ability to bring novel, effective treatments to patients in need”.

BPL-003, which is an intranasal formulation of mebufotenin (5-MeO-DMT) for treatment-resistant depression (TRD), recently delivered strong Phase 2b results. The therapy met its primary and all key secondary endpoints, showing “rapid, robust and durable antidepressant effects for up to eight weeks with a single dose,” according to atai. A Phase 3 trial is expected following FDA consultation later this year.

Beyond BPL-003, atai is progressing two other Phase 2 programs: VLS-01, a buccal film DMT for TRD, and EMP-01, an oral R-MDMA for social anxiety disorder. Both are expected to deliver topline data in 2026.

With multiple milestones ahead and a merger designed to consolidate leadership in psychedelic-based therapies, Atai said it is well-positioned to deliver long-term value for both patients and investors.