Key Takeaways; Cannabis Sector

• Curaleaf Holdings Announced Intention to Launch a Hostile Takeover Bid to Acquire Aurora Cannabis
• Organigram Posted Record Quarter as Sanity Group Acquisition Fueled Global Expansion 

Key Takeaways; Psychedelic Sector

• Optimi Health Set Up US$100 Million Equity Facility to Support Growth 
• Definium Therapeutics’ Phase 3 Trial Delivered Strong Results for DT120 in Generalized Anxiety Disorder 
• NRx Pharmaceuticals Cleared Key FDA Review Hurdle for Preservative-Free Ketamine

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: Curaleaf Holdings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) announced it is preparing a hostile takeover bid for all outstanding shares of Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), offering shareholders implied consideration of US$4 per share through a combination of Curaleaf stock and cash.

The proposed deal values each Aurora share at 0.3463 Curaleaf shares plus US$0.75 in cash. Based on Aurora’s 30-day volume-weighted average price of US$2.75, Curaleaf says the offer represents a 45% premium. The transaction has an estimated value of about US$272 million.

Curaleaf said it decided to approach Aurora shareholders after repeated attempts to engage with Aurora’s leadership failed. Curaleaf CEO, Boris Jordan, said the company had contacted Aurora privately in June and followed up in July, but claimed Aurora was unwilling to enter substantive discussions. 

“We approached Aurora privately and constructively on multiple occasions,” Jordan said. “We were very disappointed that the Board refused to meaningfully engage.”

The proposed combination would create a cannabis company operating in 17 countries, with more than US$1.5 billion in trailing 12-month revenue and nearly US$350 million in adjusted EBITDA, according to Curaleaf.

A key attraction for Curaleaf is Aurora’s international production infrastructure. The acquisition would add more than 50 tons of annual EU-GMP cultivation and manufacturing capacity, including facilities obtained through Aurora’s acquisition of Safari Flower Company. Curaleaf would combine this capacity with its own EU-GMP operations in Portugal, Spain and Canada and its distribution presence in Germany, the U.K. and Poland.

Curaleaf expects the combined business to generate at least US$40 million in annual cost synergies, while greater vertical integration and expanded production are intended to improve margins and accelerate growth across international markets.

The transaction would also give Aurora shareholders exposure to Curaleaf’s U.S. cannabis operations, which the company views as a major long-term opportunity amid potential federal regulatory changes and continued state-level market expansion.

No formal takeover bid has yet been launched, and Curaleaf stressed that there is no guarantee it will ultimately proceed with the offer. If formally commenced, the bid would remain open for 105 days unless extended, accelerated or withdrawn under its terms.

Curaleaf said it remains willing to negotiate with Aurora’s board, but for now intends to take its proposal directly to shareholders. “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,” Jordan said.

Aurora has indicated that its board will consider the proposal through a special committee of independent directors and determine what course of action is in the best interests of the company and its stakeholders. 

#2: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) delivered record results for the third quarter of fiscal 2026, with the newly acquired Sanity Group providing a major boost as the Canadian cannabis company accelerates its international expansion.

Net revenue reached C$105.8 million for the quarter ended June 30, up 49% from C$70.8 million a year earlier. Adjusted EBITDA more than doubled to C$13.4 million, while gross margin increased 58% to C$41.4 million. Reported net income was C$105.5 million, compared with a C$6.3 million loss in the same quarter of fiscal 2025.

The performance marked the first full quarter in which Organigram included financial contributions from Sanity Group, the German medical cannabis company acquired in April. Sanity contributed approximately €25 million, or C$40 million, in net revenue and performed in line with management expectations.

“Sanity’s performance has been in line with our expectations, while our Canadian business continues to demonstrate resilience through market leadership,” Organigram CEO, James Yamanaka, said. He added that Organigram had become “a fundamentally different company” as it entered the final quarter of fiscal 2026.

Canada remained the company’s largest market, but international operations accounted for about 35% of consolidated revenue during the quarter, compared with roughly 10% before the Sanity acquisition. Medical sales, primarily international, generated C$39 million, while recreational cannabis contributed C$61.8 million.

Sanity is also expanding Organigram’s European reach. During the quarter, the business advanced preparations for a Swiss recreational cannabis pilot, progressed its planned entry into Poland, launched branded products in the U.K. through new partnerships and established a major Swiss medical cannabis partnership.

Organigram also maintained its position as Canada’s largest cannabis company by market share, holding an 11.1% share of the recreational market at quarter-end. The company ranked first in vapes, milled flower and concentrates, according to its cited market data.

Despite the stronger earnings, Organigram reported negative free cash flow of C$3.9 million for the quarter, compared with positive free cash flow of C$5 million a year earlier. The company attributed the decline primarily to increased working-capital requirements associated with its larger international business.

Chief Financial Officer, Greg Guyatt, said the company remains on track for fiscal-year net revenue above C$350 million, with adjusted gross margin and adjusted EBITDA expected to exceed fiscal 2025 levels. He also expects positive free cash flow in the fourth quarter.

Organigram said it continues to pursue EU-GMP certification for its Moncton facility, which could provide additional supply for the European market. The company stated it is also working to address quality and supply constraints affecting EU-GMP flower shipments into Germany.

With its Canadian production base now paired with Sanity’s European distribution platform, Organigram is positioning itself as a more diversified international cannabis operator. Management said Europe and Australia will remain key international priorities while the company continues to monitor potential regulatory developments in the United States.

Top Psychedelic Companies for Week

#1: Optimi Health

Optimi Health Corp. (NASDAQ: OPTH) announced it had established a discretionary equity line of credit worth up to US$100 million, giving the psychedelic pharmaceutical company access to additional capital as needed. The Vancouver-based company announced the agreement with Seven Knots, LLC on August 14, 2026.

Under the agreement, Optimi can choose when to sell shares and is not obligated to use the facility. Each draw is capped at US$2 million, with Seven Knots purchasing shares at 97% of the lower of the applicable lowest sale price or volume-weighted average price. The arrangement also includes price and ownership limits designed to restrict the pace and concentration of share issuances.

As part of the agreement, Optimi issued Seven Knots a US$1.5 million unsecured, non-interest-bearing convertible promissory note. A further US$500,000 note may be issued if sales through the equity facility reach at least US$7 million. The notes mature after 24 months and can be converted into shares at 95% of Optimi’s 20-day volume-weighted average price, subject to a US$3.00 conversion floor.

Optimi said it will register a portion of the shares that could be issued under the facility and the convertible notes with the U.S. Securities and Exchange Commission. No shares can be sold through the equity line until the registration statement becomes effective.

This financing gives Optimi greater flexibility to raise capital without committing to a fixed fundraising schedule. The company, which manufactures GMP-grade psychedelic drug products including MDMA and botanical psilocybin, supplies pharmaceutical products to regulated programs internationally, including Australia’s Authorized Prescriber Scheme and Canada’s Special Access Program.

#2: Definium Therapeutics

Definium Therapeutics, Inc. (NASDAQ: DFTX) reported positive topline results from its Phase 3 Voyage study evaluating DT120 Orally Disintegrating Tablet (ODT) in adults with generalized anxiety disorder (GAD), marking the company’s second successful Phase 3 readout for the drug.

According to Definium, Voyage met its primary endpoint, with patients receiving a single 100 µg dose of DT120 ODT showing a significantly greater reduction in anxiety symptoms than those receiving placebo after 12 weeks. 

The treatment also showed a rapid response. The company reported that improvements were observed as early as Day-2 and remained consistent throughout the study’s 12-week double-blind period. DT120 additionally met all key secondary endpoints, including measures of symptom severity at Week 12 and Week 1, as well as clinical improvement at Day 2.

Furthermore, the company said DT120 was generally well tolerated, with adverse events being primarily mild to moderate, temporary and occurring on the day of dosing. No new safety concerns were identified, including no signal involving suicidality or suicidal behavior.

“The unprecedented efficacy demonstrated in Voyage should raise the bar for what patients and clinicians expect from GAD treatments,” said Rob Barrow, Definium’s CEO. He added that the consistent effect sizes seen across the company’s studies reinforces its belief that DT120 could significantly change psychiatric care.

Voyage is one of two pivotal Phase 3 GAD trials for DT120. Definium expects topline results from its second study, Panorama, in September. Unlike Voyage, Panorama includes both 100 µg and 50 µg DT120 doses alongside placebo, with the 100-µg dose serving as the primary comparison.

These results prompted a more bullish outlook from market analysts. Several analysts raised their price targets on Definium while maintaining positive ratings, citing the strength of the Voyage data. Some also increased their estimated probability of DT120 receiving approval for generalized anxiety disorder.

#3: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) announced it has reached an important regulatory milestone after the U.S. Food and Drug Administration (FDA) completed its first-cycle review of the company’s abbreviated new drug application (ANDA) for preservative-free ketamine.

The company reported that the FDA found no major deficiencies involving the ketamine drug product itself, its ingredients, proposed labeling, or Chemistry, Manufacturing and Controls. NRx said no additional clinical, safety, efficacy, or other drug-related data are required for approval.

One issue remains, however. The FDA requested additional evidence that the luer lock tip on the medication vial will function properly when connected to a syringe by a licensed healthcare professional. Because the matter concerns the vial’s container-closure system, it was classified as a Major Deficiency, although NRx emphasized that it does not concern the ketamine formulation.

NRx said the same vial configuration is already used in three FDA-approved generic products that collectively shipped 11.9 million doses in the U.S. over the past year without complaints, recalls, returns or adverse events. The company also said it had submitted testing from more than 3,500 vials across seven production lots, with no failures involving the luer lock tip.

“We believe this outcome meaningfully de-risks the path to approval,” said Jonathan Javitt, NRx’s founder and CEO. He noted that the remaining issue involves certification of a vial system already used in approved products rather than a problem with the ketamine drug itself.

NRx believes this first-cycle review represents a significant step toward commercialization, particularly as ketamine remains on the FDA drug shortage list. The company said the FDA had committed to reviewing the remaining certification through the shortest possible review cycle, leaving NRx focused on resolving the packaging question and moving its preservative-free ketamine toward approval.