Key Takeaways; Cannabis Sector

• Organigram Extended its Innovation Investment in Phylos Bioscience
• The Cannabist Company Walked Away from Curaleaf Deal as a Higher-Priced Competing Offer Emerged
• Cannara Biotech Claimed Top Québec Market Share Following Strong Vape Launch

Key Takeaways; Psychedelic Sector

• AtaiBeckley Completed U.S. Redomiciliation, Building on a Transformational Year
• Cybin Announced $100 Million ATM Financing Ahead of Rebrand as Helus Pharma and a Move to Nasdaq
• Enveric Biosciences Strengthened IP Portfolio with New U.S. Patent
• GH Research will Give an Update on FDA IND Progress for its Lead Depression Therapy

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: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) expanded its strategic investment in cannabis genetics firm Phylos Bioscience Inc., reinforcing its push to lead seed-based cannabis cultivation through to the end of the decade.

The expanded agreement builds on Organigram’s initial 2023 investment in the Portland, Oregon–based company and is designed to deliver greater operational security, priority access to advanced genetics, and a robust seed pipeline through 2030. The partnership focuses on scaling seed-based production and commercializing next-generation cannabis traits, including THCV.

At the centre of the expansion is an amended loan and product agreement that grants Organigram priority access to Phylos’ autoflower genetics. The deal includes preferential economic terms and long-term international rights, positioning Organigram to differentiate its products across both recreational and medical cannabis markets.

Under the revised loan terms, Organigram added a new US$3 million advance, bringing its total loan principal with Phylos to US$10 million. The loan matures on May 25, 2028, and may be converted or otherwise resolved under the amended agreement.

The product agreement secured Organigram five-year exclusivity for selected autoflower cultivars across key international markets, including Canada, Australia, the UK, Germany, and Israel. The company also retains the option to add new territories as it expands globally. Annual portfolio reviews will ensure exclusivity is maintained only for commercially relevant genetics.

“Seed-based cultivation has become a key advantage of Organigram’s cultivation strategy, giving us unprecedented consistency, scalability, and economic benefit,” said Borna Zlamalik, Senior Vice President of Innovation and International R&D at Organigram. “Our follow-on investment in Phylos secures the portfolio breadth of next-generation cultivars required to meet the needs of our consumers and patients.”

Organigram began planting its first grow room using seed-based production in 2023, enabled by technology developed through its partnership with Phylos. Since then, seed-based cultivation has become a cornerstone of its operational model.

Ralph Risch, CEO of Phylos, also commented on the deal saying; “Organigram saw early that the next phase of cannabis production would be driven by scientifically bred genetics. Their investment allows Phylos to accelerate development of new traits and F1 hybrid seeds, while giving Organigram a meaningful economic advantage as the first to deploy those innovations at commercial scale.”

#2: The Cannabist Company

The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) scrapped its recently announced agreement to sell its Virginia cannabis assets to Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), opting instead for a significantly richer offer from an affiliate of Millstreet Credit Fund LP, which is a Boston-based hedge fund. The move highlighted the rising strategic value of Virginia’s tightly controlled cannabis market as adult-use sales draw closer.

Earlier this month, Cannabist agreed to sell its vertically integrated Virginia operations to Curaleaf for $110 million. That transaction, which was unveiled on December 1, was designed to give Curaleaf a foothold in Virginia ahead of the state’s long-anticipated launch of recreational cannabis sales. Less than three weeks later, the deal unraveled after a competing proposal valued at $160 million, including assumed lease liabilities, emerged during a go-shop period.

On December 19, Cannabist announced it had entered into a definitive agreement to sell its Virginia subsidiary to a Millstreet-affiliated entity for $130 million in cash consideration, subject to customary adjustments. The transaction also includes the assumption of a $30 million lease liability, lifting the total value well above Curaleaf’s offer.

The Virginia assets include five operating medical marijuana dispensaries in the Richmond area, a sixth store under development, and roughly 82,000 square feet of cultivation and production capacity. These assets represent one of only five vertically integrated medical cannabis permits allowed under Virginia law, making them particularly scarce and valuable.

As a result of accepting the superior bid, Cannabist formally terminated its agreement with Curaleaf and will pay the New York-based multi-state operator a $3.3 million break-up fee. Curaleaf confirmed the termination in its own statement, noting that a higher-priced competing offer had materialized.

The proceeds from the Millstreet transaction are expected to play a critical role in Cannabist’s balance sheet. The company said it plans to use a portion of the funds to address debt obligations maturing in 2028, a key consideration as cannabis operators continue to navigate a challenging capital environment.

The timing of the bidding war has drawn added attention due to broader regulatory shifts. The collapse of the Curaleaf deal occurred just a few days after President Donald Trump issued an executive order reclassifying cannabis under federal law, a move that has fueled optimism around improved profitability and higher asset valuations across the industry.

#3: Cannara Biotech

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) announced that it had emerged as the leading cannabis company in Québec, achieving the province’s top market share position in December 2025 following a successful launch in the newly opened vape cartridge category.

Citing retail sales data from Weedcrawler, Cannara reported a 14.7% share of total cannabis retail sales in Québec for December, marking a 100-basis-point month-over-month increase. The company also announced that it had captured an estimated 29.7% share of the provincial vape category by retail sales value during November and December 2025, despite having only five of the 25 approved vape SKUs available at launch.

“The vape cartridge category launch in our home province of Québec has been a valuable opportunity to further expand our position as Canada’s #1 premium vape producer,” said President and CEO of Cannara, Zohar Krivorot. “I am encouraged by the strong initial consumer demand for our premium vapes,” he added.

Cannara credited its vertically integrated operating platform for enabling a rapid and high-quality entry into the category, including the introduction of its first rosin vape cartridges alongside its nationally established live resin offerings.

“Our highly advanced, vertically integrated platform enabled the creation of truly premium, best-in-class products for Québec’s newly launched vape category,” said CFO of Cannara, Nicholas Sosiak. “We are pleased to see strong reception to the launch of our first-ever rosin vape cartridge offerings, alongside our already nationally leading premium live resin vapes. We look forward to the continued consumer adoption of the category.”

Alongside the operational update, Cannara disclosed administrative changes to its equity compensation plans, including the cancellation and re-issuance of certain stock options to address plan limit oversights. The company is seeking shareholder approval later this month to transition its compensation plans from rolling to fixed structures.

Cannara operates two large-scale facilities in Québec and continues to leverage low-cost power and vertical integration to produce premium cannabis products at competitive prices, a strategy that appears to be gaining traction as new product categories open across the province.

Top Psychedelic Companies for Week

#1: Atai Beckley

AtaiBeckley Inc. (NASDAQ: ATAI) took another significant step in reshaping its corporate foundation, announcing the completion of its redomiciliation from the Netherlands to the United States. The move followed what the company’s management has described as a transformational year for the clinical-stage biopharmaceutical company.

Effective after the closing of trading on December 30, 2025, the parent company of the AtaiBeckley group was incorporated in Delaware under the name AtaiBeckley Inc. Atai reported that the redomiciliation was overwhelmingly approved by shareholders, with approximately 99% of votes cast in favor at a special meeting held in November. According to the company, all existing shares of Atai Beckley N.V. were exchanged on a one-for-one basis for shares of the new U.S. entity, which continues to trade on the Nasdaq Global Market under the ticker ATAI.

The company said the redomiciliation is expected to deliver multiple benefits, including cost savings, closer alignment with its U.S. listing and investor base, a simplified corporate structure, and more streamlined reporting requirements. Management also highlighted a reduced administrative burden for both the company and its shareholders.

This week’s update builds on momentum from recent weeks, when AtaiBeckley was added to the Nasdaq Biotechnology Index (NBI). The inclusion became effective before market open on December 22, 2025, placing the company among a select group of biotechnology and pharmaceutical leaders listed on Nasdaq.

Commenting at the time, Chief Executive Officer of Atai Beckley, Srinivas Rao, described 2025 as a transformational year for the company. “2025 has been a defining year for AtaiBeckley, marked by meaningful progress across our pipeline and corporate foundation,” he said.

Rao added that the company is approaching a new phase of growth, noting, “As we look ahead, AtaiBeckley is entering a pivotal phase and is well positioned to translate scientific leadership into long-term value for both patients and shareholders, as our recent addition to the NBI further validates.”

Formed in November 2025, after Atai Life Sciences and Beckley Psytech combined to create a global leader in psychedelic mental health therapies, AtaiBeckley is building a pipeline of rapid-acting and scalable mental health therapies. Its lead programs include BPL-003 for treatment-resistant depression, VLS-01 for treatment-resistant depression, and EMP-01 for social anxiety disorder, all currently in Phase 2 clinical development. The company is also pursuing non-hallucinogenic drug candidates targeting opioid use disorder and depression.

#2: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN) unveiled a new capital markets initiative just days before a major corporate transition, announcing the launch of an at-the-market (ATM) equity program of up to US$100 million. The program allows the clinical-stage pharmaceutical company to issue and sell common shares from treasury at prevailing market prices, providing flexible access to capital as it prepares for a new chapter as Helus Pharma.

Under the ATM program, Cybin may sell shares from time to time through Cantor Fitzgerald and Cantor Fitzgerald Canada on Cboe Canada, U.S. stock exchanges, or other eligible marketplaces. The company said net proceeds will be used for growth opportunities and working capital initiatives, while emphasizing that it is under no obligation to sell shares and retains full discretion over timing and volume. Additionally, Cybin stated that the program will remain in place until October 17, 2027, unless completed or terminated earlier.

The financing update followed a recent announcement that Cybin will transfer its U.S. listing from NYSE American to the Nasdaq Global Market, with trading on NYSE American ending on January 2, 2026, and Nasdaq trading set to begin on Monday, January 5, 2026. Alongside the move, the company will adopt a new operating name, Helus Pharma.

As part of the rebranding, the company will also change its ticker symbol. Shares will no longer trade under “CYBN” and will instead use the symbol “HELP” on Nasdaq. Additionally, Cybin will maintain its Canadian listing on Cboe Canada, where it will also trade under the new “HELP” ticker starting January 5, 2026.

Commenting on the rebrand move, interim chief executive officer of Cybin, Eric So, said, “We are pleased to join the community of global pharmaceutical companies listed on Nasdaq and thank the NYSE American for supporting the company over the last four years since our initial listing,” he said. “The transfer to Nasdaq marks the next step in the evolution of Cybin into a global pharmaceutical company.”

Founded in 2019, Cybin operates across Canada, the United States, the United Kingdom, and Ireland. The company is advancing a portfolio of mental health therapies, led by CYB003, a Phase 3 program for major depressive disorder that has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration, and CYB004, a Phase 2 candidate for generalized anxiety disorder.

#3: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) expanded its intellectual property (IP) estate with the issuance of a new U.S. patent covering a novel class of drug candidates aimed at treating neuropsychiatric conditions. The patent enhances the company’s ability to develop or license additional molecules targeting mental health, neurological, and addiction disorders.

The newly granted U.S. Patent No. 12,492,179, titled “Substituted Ethylamine Fused Heterocyclic Mescaline Derivatives,” included claims covering both compositions and methods of treatment. According to Enveric, the patent broadens protection across its pipeline of potentially neuroplastogenic and non-hallucinogenic small-molecule therapeutics, increasing the number of compounds the company can advance internally or partner with pharmaceutical companies.

The company noted that the molecules covered by the patent are derived from known compounds with established pharmacological activity but have been chemically modified to potentially improve efficacy and reduce side effects. Moreover, Enveric stated that these changes could enable new ways of targeting key receptors, opening the door to treatment profiles that are not achievable with existing therapies.

Commenting on this milestone, Chief Executive Officer of Enveric, Joseph Tucker, said the expanded patent coverage reinforces Enveric’s long-term strategy. “Enveric’s growing pipeline of patented molecules expands the available opportunities to develop next-generation treatments for neuropsychiatric conditions,” he said, adding that the company’s strengthening intellectual property position is creating “a compelling future to pursue” within the industry.

Furthermore, Enveric emphasized that strong composition-of-matter patents are critical for supporting full clinical development and attracting partners, as they provide one of the most robust forms of IP protection. With its expanding portfolio, the company continues to position itself as a differentiated player in the development of innovative, non-hallucinogenic neuropsychiatric therapies.

#4: GH Research

GH Research PLC (NASDAQ: GHRS) announced that it will provide a key regulatory and clinical update on its lead product candidate, GH001, as the company advances its strategy in treatment-resistant depression (TRD). According to the company, the update is scheduled for Monday, January 5, 2026, at 7:00 a.m. EST.

The clinical-stage biopharmaceutical company said it will outline the current status of its Investigational New Drug (IND) application with the U.S. Food and Drug Administration, alongside progress on its global pivotal Phase 3 program in TRD. The announcement comes as investor attention remains focused on regulatory milestones that could shape the next phase of development for the program.

GH001 is the company’s lead asset and is based on a proprietary inhalation formulation of mebufotenin, which is designed to deliver rapid therapeutic effects. The candidate previously demonstrated strong clinical activity in a Phase 2b trial, achieving a statistically significant reduction in depression severity compared with placebo.

GH Research has positioned GH001 as a potentially practice-changing therapy for patients with limited treatment options. Building on earlier data, the upcoming IND and Phase 3 update is expected to provide further clarity on the regulatory pathway and development timeline for the program.