Key Takeaways; Cannabis Sector

• Tilray Brands Global Push is Paying Off as International Cannabis Growth Drove Record Q3 Revenue
• Charlotte’s Web Strengthened Balance Sheet as British American Tobacco Deepened Stake Amid Strategic Growth Push
• Organigram Secured Shareholder Backing for Sanity Group Acquisition

Key Takeaways; Psychedelic Sector

• New Study by Definium Therapeutics Highlighted Growing Burden of Generalized Anxiety Disorder in the U.S.
• NRx Pharmaceuticals Subsidiary Hope Therapeutics is Targeting Depression Relapse with Emobot’s AI-Powered Platform

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: Tilray Brands

Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) reported record third-quarter fiscal 2026 results this week, with strong international cannabis sales helping offset ongoing market pressures and significantly narrowing losses.

For the quarter ending February 28, 2026, Tilray posted net revenue of $206.7 million, up 11% year-over-year, alongside a record gross profit of $55 million. While the company still reported a net loss of $25.2 million, this marked a dramatic 97% improvement compared to the $793.5 million loss recorded in the same period last year.

According to the Tilray, growth was largely fueled by the company’s cannabis segment, where net revenue rose 19% to $64.8 million. Notably, international cannabis revenue surged by more than 70%, reflecting strong demand across European and global markets, while Canadian adult-use and medical cannabis sales also posted modest gains.

“Our third quarter results demonstrated the strength of our global strategy in action, delivering our strongest Q3 net revenue and gross profit to date,” said Irwin D. Simon, Chairman and CEO of Tilray. “Our international cannabis business delivered its best quarterly net revenue in company history… We are seeing that our strategy works, driving growth through scale, product innovation, and strong distribution.”

Tilray’s diversified business model also contributed to its performance. Distribution revenue reached a record $83 million, while its beverage segment generated $42.6 million and wellness brought in $16.4 million. The company continued to balance growth across cannabis, beverages, distribution, and wellness as part of its broader global platform.

International expansion remains central to Tilray’s strategy. The company highlighted strong performance in key markets such as Germany, which is its largest international cannabis market, alongside a growing footprint across Europe and other regions. However, management noted that pricing pressures in some markets could weigh on margins.

Beyond cannabis, Tilray is accelerating its ambitions in the global beverage sector. The company recently completed its acquisition of BrewDog and announced a partnership with Carlsberg Group set to begin in 2027, moves aimed at building a scaled, multi-region beverage platform.

“With the acquisition of BrewDog and our recently announced partnership with Carlsberg, we are accelerating the buildout of a scaled global beverage platform,” Simon said. “These initiatives broaden our infrastructure… positioning Tilray to capture growth across key markets.”

Backed by a strong balance sheet with approximately $265 million in cash and securities, Tilray reaffirmed its full-year outlook and continues to target sustained profitability through operational efficiencies and global expansion.

Overall, the quarter highlighted a company increasingly leveraging international growth and diversification to navigate industry headwinds, while positioning itself as a leading global player across cannabis and consumer packaged goods.

#2: Charlotte’s Web

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQB: CWBHF), a market leader in cannabidiol (CBD) hemp extract wellness products, took a significant step to reinforce its financial position and accelerate strategic initiatives, announcing a major transaction with British American Tobacco plc (BAT) alongside its latest financial results.

The transaction agreement will see BAT convert approximately US$65 million of debt, including accrued interest, into equity and inject an additional US$10 million through a private placement. According to the company, the move eliminated Charlotte’s Web’s largest liability, simplifying its capital structure, and leaving the company with no long-term debt while boosting liquidity for near-term priorities.

Chief Executive Officer Bill Morachnick described the deal as both financial and strategic: “BAT’s decision to convert its debenture to equity and invest additional capital removes our largest remaining liability and strengthens our shareholders’ equity.” He added that the new capital “provides greater flexibility to participate in the upcoming CMMI Medicare pilot program.”

Following completion, BAT is expected to hold roughly 40% of the company’s shares, underlining its long-term commitment. Chief Financial Officer, Erika Lind, emphasized the financial impact, noting the transaction “avoids approximately US$12 million in future interest” while positioning the company to “fund near-term priorities.”

The strengthened balance sheet comes as Charlotte’s Web prepares for potential participation in a landmark U.S. Medicare pilot program led by the Centers for Medicare & Medicaid Innovation (CMMI). The initiative could enable subsidized access to CBD products for senior patients, initially focusing on oncology care. Management sees this as a breakthrough moment for industry adoption within healthcare systems.

Morachnick called the development “a landmark breakthrough,” adding that it brings “physician-authorized CBD access into the healthcare system for seniors” and could serve as a model for broader integration across Medicare’s 67 million beneficiaries.

Operationally, the company reported modest revenue growth for 2025, with annual sales reaching $49.9 million, which was up slightly year-over-year. While net losses remained broadly unchanged at around $29.7 million, Charlotte’s Web made substantial progress in cost reduction, cutting SG&A expenses by over 20% and improving operating efficiency.

The company also highlighted momentum in product innovation and manufacturing, including expansion into low-dose THC gummies, functional mushroom products, and sleep-focused offerings. Moreover, internalizing production is expected to improve margins over time, with management targeting a return toward historical gross margin levels.

Looking ahead, management believes the combination of regulatory momentum, healthcare channel expansion, and a deleveraged balance sheet positions the company for a transition toward profitability. As Lind summarized, “With a significantly de-levered capital structure, our focus will shift entirely to operational execution and unlocking the value of our strategic positioning in botanical wellness.”

#3: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) took a major step toward international expansion after shareholders ‘overwhelmingly’ approved its acquisition of Sanity Group GmbH, alongside a related financing deal with British American Tobacco plc (BAT).

According to Organigram, at the company’s annual general and special meeting held on March 30, 2026, investors approved the transaction with 93% support, clearing the way for Organigram to acquire the remaining shares of Sanity Group and issue up to 96 million new shares tied to the deal and BAT’s private placement. The vote excluded BAT-affiliated shares in line with regulatory requirements.

The acquisition is expected to close in April 2026, subject to final conditions including completion of financing arrangements. Once finalized, the deal will mark a pivotal shift in Organigram’s global strategy, establishing a strong foothold in Europe, particularly in Germany, which is one of the world’s fastest-growing medical cannabis markets.

Management highlighted the strategic rationale, noting the transaction is “financially accretive” and expected to enhance both revenue and profitability. Sanity Group, which generated positive EBITDA in 2025, brings established operations, regulatory expertise, and a distribution network across Europe. The combination will create a vertically integrated European hub, positioning Organigram to scale internationally.

The move builds on Organigram’s earlier $21 million investment in Sanity Group in 2024, which initially gave the company a minority stake and entry into the German market. With full ownership, Organigram aims to leverage Sanity’s local leadership and partnerships while introducing its own brands and product innovations to European medical markets.

Sanity Group also adds unique assets, including participation in Switzerland’s cannabis pilot programs through Europe’s first legal specialty cannabis stores. These initiatives are expected to strengthen credibility as Europe gradually expands regulated cannabis access.

Looking ahead, Organigram expects continued growth in international revenue, particularly as it advances toward EU-GMP certification for its flagship Moncton facility, which is an important step for accessing European medical markets.

Top Psychedelic Companies for Week

#1: Definium Therapeutics

A newly published study by Definium Therapeutics, Inc. (NASDAQ: DFTX), formerly known as Mind Medicine (MindMed), revealed a sharp and sustained rise in the prevalence of Generalized Anxiety Disorder (GAD) across the United States, highlighting an urgent need for improved mental health care access and innovation. The findings, which were published in the Journal of Mood and Anxiety Disorders, drew on real-world healthcare data collected between 2020 and 2023.

The study showed that diagnosed GAD prevalence increased from 5.4% in 2020 to 6.6% in 2023, while the cumulative three-year prevalence reached 10.3%; meaning more than one in ten U.S. adults were affected during this period. Annual incidence rates remained consistently high, ranging from 2.1% to 2.3%, pointing to a steady stream of newly diagnosed patients entering the healthcare system.

Researchers also found that GAD disproportionately affects women and is strongly linked to Major Depressive Disorder (MDD), reinforcing the complex and overlapping nature of mental health disorders. These updated figures met or exceeded earlier estimates, suggesting that the true burden of anxiety may be greater than previously understood.

“This rise likely reflects a convergence of greater awareness, shifting screening, and increasing societal stressors,” said Jeffrey Strawn, co-author of the study. He added that the findings highlight “the urgency of developing more effective treatments for individuals living with GAD.”

Echoing this concern, lead author and Senior Director, Healthcare Economics Outcomes Research at Definium, Erin Ferries, emphasized the need for better care solutions. “Importantly, these data emphasize the urgency of advancing more effective and accessible treatment options for patients living with GAD,” she said. “The high rate of comorbidity of GAD and MDD… reinforces the need for more integrated approaches that address them concurrently.”

By leveraging a large U.S. healthcare claims database, the study provided a more current and comprehensive picture of GAD prevalence than previous survey-based estimates. However, researchers cautioned that the true scale of the disorder may still be underestimated due to underdiagnosis and misdiagnosis.

Ultimately, the findings highlighted a widening gap between the growing burden of anxiety disorders and the availability of effective, accessible treatments; an issue that companies like Definium aim to address as part of a broader effort to reshape the future of mental health care.

#2: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) took a significant step into AI-driven mental health care through its subsidiary Hope Therapeutics, which this week announced a strategic partnership with Emobot Health. The collaboration will integrate Emobot’s AI-driven emotional monitoring platform “Depression Thermometer” across Hope’s network of interventional psychiatry clinics, marking the first large-scale clinical deployment of the passive monitoring technology.

The platform is designed to address a critical gap in treating Treatment-Resistant Depression (TRD), where up to half of patients relapse within six to twelve months, often without detection between clinical visits. By continuously analyzing facial expressions, vocal patterns, and activity data through smartphones, the AI tool provides clinicians with real-time insight into a patient’s emotional state without requiring active input.

“Precision medicine requires real-time data to be effective,” said Jonathan Javitt, CEO of Hope Therapeutics. “In psychiatry, the period between clinic visits has traditionally been a ‘blind spot.’ Emobot’s 100% passive, multimodal AI provides us with a continuous stream of objective biomarkers—effectively a ‘360-degree view’ of a patient’s emotional state.”

This technology will replace traditional questionnaires with continuous background monitoring, offering what the company describes as a more objective and scalable approach to tracking mental health. According to the company, early validation data shows strong alignment with established clinical measures, supporting its use as a real-time biomarker system for depression severity.

Clinically, the integration is expected to significantly improve patient outcomes. By detecting early warning signs of relapse, clinicians can intervene rapidly with treatments such as ketamine therapy or transcranial magnetic stimulation, potentially doubling success rates. At the same time, patients gain access to real-time mood tracking and automated alerts, enabling them to schedule follow-up care before symptoms worsen.

“We believe this is the new gold standard for care; in fact, we expect every patient to be on Emobot,” Javitt added, emphasizing the company’s ambition to embed AI monitoring into routine psychiatric treatment.

The partnership also highlights a broader shift toward data-driven psychiatry, where continuous monitoring replaces episodic assessments. Tanel Petelot, CEO of Emobot Health, said the collaboration aims to “eliminate the guesswork from mental health care” by pairing objective data with advanced therapies.

Key Takeaways; Cannabis Sector

• Jushi Holdings Secured $160M High-Interest Loan to Restructure Debt and Boost Liquidity
• Auxly Cannabis Build Momentum with Strong 2025 Growth and Strategic Investment Plans
• Canopy Growth Ushered in New Leadership Era at Storz & Bickel

Key Takeaways; Psychedelic Sector

• AtaiBeckley Gained Momentum with Major Index Inclusions
• Compass Pathways is Advancing Psychedelic Therapy Push Despite Wider Losses in Fourth Quarter

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: Jushi Holdings

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) moved to strengthen its financial position by refinancing its existing debt with a $160 million senior secured term loan, signaling a decisive step to improve liquidity while avoiding shareholder dilution.

The new financing, which was arranged with funds managed by FocusGrowth Asset Management, carries a 12.5% annual interest rate and a three-year maturity. Issued at a slight discount, the loan replaced both Jushi’s previous first- and second-lien credit facilities, consolidating its debt structure under a single agreement.

Additionally, the deal injected fresh capital into the business. Following the refinancing, Jushi reported approximately $35 million in cash and equivalents, providing additional flexibility as it navigates a competitive and capital-intensive cannabis market.

The company emphasized that the financing is non-dilutive, meaning existing shareholders retain their ownership stakes. However, the relatively high interest rate reflects the cost of borrowing in a challenging environment for cannabis operators, where access to capital often comes at a premium.

Senior leadership also played a direct role in the transaction. CEO James Cacioppo participated through an affiliated entity with roughly $28 million in the loan, while major shareholder Denis Arsenault contributed about $21 million. The company classified their involvement as a related-party transaction, which was reviewed and approved by an independent board committee, with Cacioppo abstaining from the final vote.

This refinancing comes just days before Jushi is set to report its fourth-quarter and full-year 2025 financial results on Tuesday, March 31, where investors will be watching closely for signs of operational progress and balance sheet stability.

#2: Auxly Cannabis

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) delivered a year of significant financial progress in 2025, combining solid revenue growth with improved profitability, while setting the stage for further expansion through disciplined investment and strategic opportunities.

In the fourth quarter and full year 2025 financial results, the company reported net revenue of $151.5 million for the full year, marking a 24% increase compared to 2024. According to the company, this growth was driven by higher sales volumes and stronger pricing across key product categories such as dried flowers, pre-rolls, and vapes. Gross margins also improved notably, reflecting operational efficiencies and better production performance. Net income reached $41.9 million, a sharp turnaround from the previous year’s loss, highlighting a strengthened financial position.

In the fourth quarter, Auxly generated $40.1 million in net revenue, up 16% year-over-year. However, quarterly net income declined to $943,000, largely due to inventory-related fair value adjustments. Despite this, the company maintained healthy operating metrics, including a 31% adjusted EBITDA margin, highlighting the resilience of its core business.

CEO of Auxly, Hugo Alves, emphasized the company’s progress, stating, “Q4 2025 was a strong finish to a milestone year for Auxly. We scaled our business while expanding profitability, supported by strong margins and disciplined execution,” he added that the company’s flagship brand, Back Forty, maintained its position as Canada’s top cannabis brand by sales, reflecting the strength of Auxly’s product portfolio and nationwide distribution.

Auxly’s balance sheet also improved over the year, ending 2025 with $32.3 million in cash and reduced debt levels. This financial stability is enabling the company to reinvest in its operations. It plans to allocate between $10 million and $12 million toward capital projects in 2026, primarily focused on enhancing capacity and efficiency at its Leamington facility, while also preparing for direct international distribution.

“With recurring cash flow and a stronger financial foundation, we are in a position to allocate capital proactively and with discipline,” Alves said. “Canada will remain the foundation of Auxly’s durability, but we are also positioning ourselves for long-term international growth.”

In line with this strategy, Auxly stated that it is exploring export opportunities and strengthening its global capabilities. At the same time, it is pursuing selective acquisitions, including a stalking horse bid for the assets of Ayurcann Holdings Corp. (OTCQB: AYURF), Alves described the move as a low-risk opportunity aligned with the company’s focus on core categories like vapes and pre-rolls, noting that “the financial risk is quite low whether we are successful in our bid or not.”

Looking ahead, Auxly aims to sustain above-market revenue growth through innovation, expanded distribution, and increased production capacity. Management remains confident that its combination of strong brands, operational discipline, and strategic investments will support continued profitability and long-term value creation.

“We are excited about the year ahead,” Alves concluded, “and remain focused on building a durable company that can grow profitably and generate strong cash flows.”

#3: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced a leadership transition at its premium vaporization subsidiary, Storz & Bickel, marking the end of a founding chapter and the beginning of a new phase focused on global expansion and innovation.

According to Canopy Growth, effective April 1, 2026, David Männer will take over as Managing Director, succeeding co-founder Jürgen Bickel, who is stepping down after 25 years of leadership. Bickel played a central role in transforming the German-based company into a global benchmark for vaporization technology, known for its high-quality devices and medical-grade standards.

Reflecting on the transition, Bickel said, “We have built a global leader, a standard, and a culture that will be modelled for years to come. This is my legacy, and I am thrilled to entrust its next chapter to someone I have complete confidence in.”

Männer, a 14-year veteran of the company who most recently served as Deputy Managing Director, steps into the role with deep institutional knowledge and operational experience. “It is on this foundation that I am excited to apply what I’ve learned and write the next chapter,” he said, highlighting continuity as well as future ambition.

Canopy Growth CEO Luc Mongeau emphasized that the leadership change aligns with the company’s broader strategy to accelerate growth. “We have a clear path forward – deepening our presence in the U.S. and pushing the pace of innovation,” he stated, adding that Männer is “exactly the right person” to build on the company’s established strengths.

Founded in 2001, Storz & Bickel has earned global recognition for innovation and product quality, including medical device certification and industry awards. The transition signals continuity in its core values while positioning the business for further expansion under new leadership.

For Canopy Growth, the move reinforces its focus on strengthening key subsidiaries and advancing its presence in both established and emerging cannabis markets, with innovation and leadership continuity at the forefront of its strategy.

Top Psychedelic Companies for Week

#1: AtaiBeckley

AtaiBeckley Inc. (NASDAQ: ATAI) secured a significant foothold in U.S. equity markets this week following its inclusion in several major benchmark indices, a move that is expected to drive significant passive investment into the company. Effective March 23, 2026, the clinical-stage biotech firm joined the S&P Total Market Index, the S&P Completion Index, and the CRSP U.S. Benchmark Indices.

These additions are particularly notable due to the scale of capital tied to such indices. The CRSP benchmarks alone underpin more than $3 trillion in passively managed assets, meaning index-tracking funds are now required to build positions in AtaiBeckley. This automatic demand could enhance liquidity and broaden the company’s investor base.

AtaiBeckley’s Chief Executive Officer, Srinivas Rao, described the milestone as a reflection of the company’s growing presence. “These inclusions broaden our reach across index-tracking strategies and build on our earlier addition to the Nasdaq Biotechnology Index,” he said, emphasizing that the recognition aligns with the company’s expanding clinical pipeline; “We see these additions as a natural progression as AtaiBeckley’s market profile grows alongside our advancing clinical pipeline, including BPL-003’s anticipated Phase 3 initiation in the second quarter.”

The S&P Total Market Index offers near-complete coverage of U.S.-listed equities, while the S&P Completion Index captures roughly 3,000 companies outside the S&P 500. Together, they will significantly increase AtaiBeckley’s visibility among institutional investors who rely on passive strategies.

This development follows a series of strategic steps by the company, including its U.S. re-domiciliation and prior inclusion in the Nasdaq Biotechnology Index in late 2025. According to the AtaiBeckley, these moves have collectively improved the company’s eligibility and profile across major benchmarks.

Alongside its market progress, AtaiBeckley stated that it continues advancing its drug development pipeline. Its lead candidate, BPL-003, is expected to enter Phase 3 trials in the second quarter of 2026, while results from the VLS-01 Phase 2b study are anticipated later in the year.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) reported deeper fourth-quarter losses but highlighted significant clinical and regulatory progress as it pushes toward potential approval of its lead psychedelic therapy, COMP360.

In fourth quarter and full-year 2025 financial results, the company posted a Q4 loss per share of $1.00, widening from a $0.63 loss a year earlier, which was driven largely by non-cash accounting adjustments. Despite this, Compass maintained a solid financial footing, with $149.6 million in cash and cash equivalents at year-end and a strengthened balance sheet, which is expected to fund operations through 2028 following recent financing activity.

Compass Chief Executive Officer, Kabir Nath, emphasized the transformative potential of the company’s lead program. “COMP360 is shaping the future of mental healthcare,” he said, adding that the therapy could become “the first classic psychedelic approved by the FDA,” with effects seen “as early as the day after dosing” and lasting up to six months after one or two treatments.

According to Compass, COMP360, which is a synthetic psilocybin therapy for treatment-resistant depression (TRD), has demonstrated consistent, statistically significant results across late-stage trials. The company said it is preparing for a key regulatory milestone, with plans to meet the U.S. Food and Drug Administration to confirm its New Drug Application (NDA) strategy and complete submission by the fourth quarter of 2026.

This upcoming clinical data remains a critical catalyst. Results from the COMP006 study are expected in early Q3 2026 and are anticipated to form the final dataset supporting the NDA filing. At the same time, Compass announced that it is scaling its commercial readiness efforts, aiming to be launch-ready by the end of the year.

Beyond depression, the company announced it is expanding into new indications. Following recent FDA acceptance of its investigational application, Compass reported that it is initiating a late-stage trial of COMP360 for post-traumatic stress disorder, a condition with limited treatment options and significant unmet need.

Analysts offered mixed reactions following the earnings report. While some firms lowered price targets, others reiterated bullish ratings, citing encouraging clinical data and continued progress toward regulatory approval. Overall, sentiment reflects confidence in the long-term potential of COMP360, even as near-term financial losses widen.

Key Takeaways; Cannabis Sector

• Cresco Labs Reported Q4 Revenue Growth Momentum as Margins Improved
• Tilray Expanded Beverage Push With $60 Million BrewDog Asset Acquisition

Key Takeaways; Psychedelic Sector

• Helus Pharma Reported Promising Phase 2 Results for Anxiety Treatment
• GH Research Highlighted Strong 2025 Progress as It Prepares to Advance Its Depression Therapy Program
• AtaiBeckley is Advancing Psychedelic Therapy Pipeline as Phase 3 Depression Trial Nears

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: Cresco Labs

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) reported a narrower quarterly loss and slightly better-than-expected revenue for the fourth quarter of 2025, while highlighting improved margins and cash generation as the cannabis company positions itself for what it called “industry consolidation”.

The Chicago-based cannabis operator posted an adjusted loss of $0.02 per share, matching analyst estimates but slightly wider than the $0.01 loss recorded a year earlier. Revenue for the quarter reached $161.6 million, edging past expectations and coming in just below the $175.9 million generated in the same period of 2024.

“In Q4, we strengthened our financial foundation while expanding margins and generating meaningful cashflow,” management said in its results statement. “Our focused strategy continues to enhance our competitive position.”

For the full year, Cresco reported revenue of $656 million, with operating cash flow of $73 million and free cash flow of $38 million. Adjusted EBITDA for 2025 totaled $157 million, representing a 24% margin, while adjusted gross margin exceeded 50%.

However, the company still recorded a net loss of $140 million for the year, which the company largely attributed to $105 million in one-time, non-cash impairment charges, including write-downs tied to its New York operations and fair-value adjustments related to California assets.

Furthermore, management said the broader cannabis market is undergoing rapid consolidation and believes Cresco is well positioned to benefit from the shift.

“The cannabis industry is consolidating in real time, and Cresco Labs is operating from a position of strength,” the company said. “With leading brand share, differentiated retail execution and embedded operating leverage, Cresco Labs is positioned to capitalize on industry consolidation and federal reform to create long-term value for shareholders.”

As of the end of 2025, Cresco held $91 million in cash and equivalents and reported $311 million in senior secured term loan debt.

While the company beat revenue expectations for the quarter, its shares have fallen more than 20% since the start of the year, underperforming the broader market and reflecting investor caution toward the cannabis sector’s near-term outlook.

#2: Tilray

Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) deepened its expansion into the global beverage market after acquiring key assets of craft beer maker BrewDog for £33 million, (CAD $60.4 million) marking another step in the company’s strategic pivot beyond cannabis.

The transaction included BrewDog’s global brand and intellectual property, UK brewing operations, and 11 brewpubs across the United Kingdom and Ireland. Tilray said it is also negotiating separately to acquire BrewDog’s assets in the United States and Australia.

The company expects the acquired operations to generate around $200 million in annual net revenue and between $6 million and $8 million in adjusted EBITDA by fiscal 2027, as integration efforts and operational efficiencies take effect.

Tilray Chief Executive Officer Irwin D. Simon said the acquisition aligns with the company’s plan to build a large global beverage platform. “BrewDog is one of the most iconic, mission-driven craft beer brands in the UK,” Simon said. “As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth.”

The purchase is part of a broader diversification strategy that Tilray began after delays in U.S. cannabis legalization slowed growth in the sector. Over the past several years, the company has acquired multiple craft beer brands, including SweetWater Brewing Company, Montauk Brewing Company, Alpine Beer Company and Green Flash Brewing Company.

Following the BrewDog acquisition, Tilray expects its global beverage platform to generate roughly $500 million in annual revenue, contributing to an estimated $1.2 billion in total annualized revenue across its diversified operations.

Simon added that Tilray intends to use its global infrastructure to expand distribution and strengthen the BrewDog brand internationally. “Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray’s complementary beverage brands into international markets,” he said.

The deal also comes at a challenging time for BrewDog, which has faced mounting losses and plans to close dozens of bars not included in the acquisition. Tilray said its strategy is to streamline operations and return the brand to profitability over the next several years.

Top Psychedelic Companies for Week

#1: Helus Pharma

HELUS Pharma (NASDAQ: HELP) (Cboe CA: HELP), the commercial operating name of Cybin Inc., reported encouraging topline results from a Phase 2 clinical study evaluating its investigational therapy HLP004 for adults with moderate-to-severe Generalized Anxiety Disorder who remain symptomatic despite standard antidepressant treatment.

According to the company, the signal-detection study enrolled 36 patients already receiving standard-of-care medications, including selective serotonin reuptake inhibitors. Participants were randomized in a 2-to-1 ratio to receive either 20 mg or 2 mg doses of HLP004, administered intramuscularly twice over three weeks, and were monitored through week 12 with additional follow-up extending up to one year.

Results showed statistically significant and clinically meaningful improvements in anxiety symptoms. Patients receiving the 20 mg dose alongside standard therapy recorded an average 10.4-point reduction on the Hamilton Anxiety Rating Scale (HAM-A) after six weeks.

Helus Pharma also reported that the treatment demonstrated sustained benefits over time. At the six-month follow-up, 67% of patients were classified as responders, while 39% achieved remission, according to the company.

Moreover, participants in the higher-dose group showed particularly strong outcomes, with 59% meeting response criteria and 32% reaching remission in week six. Even the lower-dose group recorded a 30% response and remission rate, suggesting potential clinical benefit across dosing levels.

Michael Cola, Chief Executive Officer of Helus Pharma, said the results highlight the unmet need in anxiety treatment. “Patients living with generalized anxiety disorder remain significantly underserved, with many continuing to struggle despite currently available treatments,” he said. “We are encouraged by these data and the potential for HLP004 to bring hope to GAD patients.”

The study also indicated that the therapy could be compatible with existing psychiatric treatment settings. Acute drug effects lasted about 90 minutes, and most participants were ready for discharge within approximately three hours, suggesting a relatively short in-clinic treatment experience.

Importantly, the investigational therapy demonstrated a favorable safety profile, with no drug-related serious adverse events or suicidality-related safety signals reported during the trial.

Andrew Cutler, Clinical Professor of Psychiatry at SUNY Upstate Medical University and senior advisor to Helus Pharma, said the findings support continued development of the therapy. “I am encouraged by the magnitude of improvement observed over standard-of-care treatments, together with the rapid onset and short treatment experience for this patient population with limited options,” he said.

Helus Pharma also reported that it is also advancing other programs targeting mental health conditions. The company plans to release data later in 2026 for HLP003, a treatment candidate for Major Depressive Disorder currently in Phase 3 development.

#2: GH Research

GH Research PLC (NASDAQ: GHRS) reported its full-year 2025 financial results this week while highlighting major clinical progress for its lead treatment candidate GH001, which is a potential therapy for Treatment‑Resistant Depression (TRD).

The Dublin-based clinical-stage biotech said it completed a Phase 2b trial of GH001 in 2025, presenting the full dataset at the meetings of the American Society of Clinical Psychopharmacology and the European College of Neuropsychopharmacology. The company said it is now seeking alignment with the U.S. Food and Drug Administration on the design of a global Phase 3 trial expected to begin in 2026.

According to the company, the Phase 2b study met its primary endpoint, showing a placebo-adjusted reduction of 15.5 points on the Montgomery-Åsberg Depression Rating Scale after eight days. In the double-blind phase of the trial, 57.5% of patients treated with GH001 achieved remission, compared with none in the placebo group.

Furthermore, GH Research stated that follow-up data suggested durable benefits. According to the company, in an open-label extension, 73% of participants remained in remission after six months, with relatively infrequent retreatment visits and no mandatory psychotherapy. The trial also reported no treatment-related serious adverse events or suicidal behavior.

Velichka Valcheva, Chief Executive Officer of GH Research, said the findings reinforce the therapy’s potential. “Our Phase 2b results reinforce our conviction that GH001 has the potential to be a practice-changing therapy for patients with TRD,” she said. “We look forward to aligning with the FDA on our global Phase 3 program and advancing this innovative program with initiation targeted for 2026.”

Alongside its clinical progress, the company announced it is testing a proprietary aerosol delivery device intended for use in future pivotal trials, including its planned Phase 3 program. The therapy is designed to be delivered through an inhalation approach.

Financially, GH Research ended 2025 with $280.7 million in cash, cash equivalents, and marketable securities, up from $182.6 million a year earlier. The company reported a net loss of $48.3 million for the year, compared with a loss of $39 million in 2024, as spending on research and development increased.

#3: AtaiBeckley

AtaiBeckley Inc. (NASDAQ: ATAI) announced significant regulatory and clinical progress this week as it prepares to launch a pivotal Phase 3 program for its lead depression therapy while reporting fourth quarter and full-year 2025 financial results.

On Tuesday, March 3, the clinical-stage biotech confirmed that its investigational treatment BPL-003, an intranasal formulation of mebufotenin benzoate for Treatment-Resistant Depression, had successfully completed an End-of-Phase 2 meeting with the U.S. Food and Drug Administration. According to the company, the regulator indicated support for its proposed Phase 3 development plan, paving the way for the program to begin in the second quarter of 2026.

Additionally, AtaiBeckley highlighted that the Phase 3 strategy will include two pivotal trials, known as ReConnection-1 and ReConnection-2, which will run in parallel. The studies will test different dosing approaches of BPL-003 in hundreds of patients and will include a 12-week placebo-controlled study followed by a 52-week open-label extension to evaluate long-term safety and durability.

Srinivas Rao, co-founder and chief executive officer of AtaiBeckley, said the regulatory feedback represents a major step forward for the program. “Receiving clear guidance from the FDA at this stage is a major milestone for AtaiBeckley and for the BPL-003 program,” he said. “This feedback builds on our compelling Phase 2b data and firmly positions us to advance a robust Phase 3 clinical program.”

The company believes its therapy could offer a rapid and convenient treatment model for patients with limited options. According to Kevin Craig, chief medical officer at AtaiBeckley, the therapy is designed to fit existing psychiatric care settings. “If approved, BPL-003 could fit seamlessly within interventional psychiatry workflows while offering a short in-clinic experience and only a handful of treatments per year,” he said.

Beyond BPL-003, AtaiBeckley also highlighted progress across its broader mental health pipeline. Its VLS-01 therapy, which is a buccal film formulation of DMT also targeting treatment-resistant depression, is currently being studied in the Phase 2 Elumina trial, with topline data expected in the second half of 2026.

The company also reported encouraging early findings from a Phase 2a trial of EMP-01, an oral formulation of R-MDMA for Social Anxiety Disorder. According to the company, the study met its primary safety objective and showed meaningful improvements in anxiety symptoms after two administrations without additional psychotherapy.

Rao said the company has entered a “pivotal execution phase” following the strategic combination of atai Life Sciences and Beckley Psytech, which created AtaiBeckley in late 2025. “With multiple clinical catalysts ahead and capital expected to fund operations into 2029, we believe AtaiBeckley is well positioned to advance a differentiated portfolio of rapid-acting mental health therapies,” he said.

Financially, AtaiBeckley ended 2025 with $220.7 million in cash, cash equivalents and short-term securities, significantly higher than the previous year following equity financings tied to the company’s merger and restructuring. The company expects its current resources to fund operations through the planned Phase 3 readouts expected in 2029.

Key Takeaways; Cannabis Sector

• Aurora Cannabis Announced Refocused Strategy as Global Medical Sales Hit Record High in 2026 Third Quarter
• Canopy Growth Reported Mixed Results in its Fiscal Third Quarter of 2026
• Cronos Group Launched Premium Lord Jones Brand in Israel in Global Expansion Push

Key Takeaways; Psychedelic Sector

• Clearmind Announced the Inclusion of its Proprietary Compound in Newly Introduced Legislation
• MIRA Pharmaceuticals Initiated Dosing in Final Cohort Ketamir-2 Study as Company Prepares for Phase 2 Study

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: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced plans to reshape its business as it reported its financial and operational results for the third quarter 2026, confirming a strategic pivot away from lower-margin Canadian consumer cannabis and toward its fast-growing global medical operations. For the three months ended December 31, 2025, the company posted net revenue of $94.2 million, up 7% year over year, driven primarily by record medical cannabis sales.

Global medical cannabis generated $76.2 million in net revenue, accounting for more than 80% of total sales and marking a 12% increase compared to last year. Growth was led by Europe, particularly Germany and Poland, alongside stronger insurance-backed sales in Canada. Consumer cannabis revenue, by contrast, fell sharply to $5.2 million, down 48% year over year, as Aurora deliberately redirected supply to higher-margin medical markets.

“Aurora has established a commanding leadership position within the rapidly expanding, high-margin global medical cannabis market,” said Executive Chairman and CEO of Aurora, Miguel Martin. “We achieved record quarterly net revenue in our global medical cannabis business through double-digit growth internationally.”

While revenue increased, profitability was mixed. Aurora reported a net loss of $1.7 million for the quarter, compared with net income a year earlier, reflecting lower gross profits and higher operating costs. On an adjusted basis, however, the company delivered adjusted EBITDA of $18.5 million and generated $15.5 million in free cash flow, while maintaining a strong balance sheet with more than $154 million in cash and short-term investments.

As part of its strategic realignment, Aurora confirmed it will begin exiting select Canadian consumer cannabis markets in fiscal Q4 2026. The move is expected to reduce sales and marketing costs and improve margins over time. “We will begin exiting select markets within the lower Canadian consumer cannabis segment, enabling us to further prioritize allocating products and resources to our higher-margin global medical cannabis business,” Martin said during the company’s earnings call, adding that a full exit from the segment remains under consideration.

Alongside its financial update, Aurora reinforced its long-term European growth strategy with the launch of new localized medical cannabis websites for Germany, the UK, and Poland. According to Andreas Dotterweich, Senior Vice President of Aurora Europe, the new platforms reflect the company’s commitment to the region. “Our new European websites are a demonstration of our ongoing investment and long-term commitment to Aurora’s fastest growing region,” he said.

Looking ahead, Aurora expects full-year global medical cannabis revenue to rise to between $269 million and $281 million, with adjusted EBITDA projected to grow to as much as $57 million. Backed by strong margins, regulatory expertise, and expanding international demand, the company says its medical-first strategy positions it to pursue selective acquisitions and long-term growth in regulated markets worldwide.

#2: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) delivered mixed results in its third quarter fiscal 2026 financial results, with solid gains in its Canadian cannabis business offset by weaker international performance. For the three months ending December 31, 2025, the company reported revenue of $90.4 million and $74.5 million in net revenue after excise taxes, while narrowing its net loss by nearly half year over year to $62.6 million.

Canadian cannabis remained the core growth engine. Net revenue from the cannabis segment reached $51.6 million, up from $49.7 million a year earlier. Adult-use cannabis sales increased 8% year over year to $22.9 million, driven by strong demand for infused pre-rolls and new All-In-One vaporizers products. Medical cannabis in Canada also posted robust growth, with net revenue climbing 15% to $22.5 million, fueled by a growing base of insured patients, higher order sizes, and broader product offerings.

“The third quarter of fiscal 2026 reflects improving fundamentals and a more focused, integrated operating model across the business, led by strength in Canada,” said Canopy Growth CEO, Luc Mongeau. “As we continue sharpening execution and move toward closing the acquisition of MTL Cannabis, we see a clear opportunity to further strengthen our platform over time.”

International cannabis revenue told a different story. Sales outside Canada fell 31% year over year to $6.2 million, largely due to supply chain challenges in Europe. Management noted, however, that shipments improved late in the quarter, leading to sequential growth compared with Q2. Germany remained Canopy’s largest international market, delivering $19.2 million in net revenue, up 8% year over year.

Canopy also highlighted progress on cost control and balance sheet strength. Adjusted EBITDA losses narrowed 17% year over year, marking a third consecutive quarter of improvement, while free cash outflow improved to $19 million. The company ended the quarter with $371 million in cash and cash equivalents and a net cash position of $146 million following a strategic recapitalization that was completed in January.

Moreover, Canopy’s Chief Financial Officer, Tom Stewart, said the company’s restructuring efforts are beginning to show results. “The decisive cost reduction actions that we have taken to date in fiscal 2026 have strengthened our current year financial performance and will ensure we are well positioned as we close out the fiscal year. We are confident that we can achieve our goal of delivering positive Adjusted EBITDA during fiscal 2027,” he said.

Looking ahead, Canopy reaffirmed that the planned acquisition of MTL Cannabis Corp. (CSE: MTLC) (OTCQX: MTLNF), which is valued at $125 million on a fully diluted equity basis, remains on track and it’s expected to close in the current quarter.

#3: Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) launched its premium Lord Jones cannabis brand in Israel, marking a key step in the company’s borderless product strategy and expanding its international footprint into one of the world’s most established medical cannabis markets. The move introduced a globally recognized brand to Israeli patients while reinforcing Cronos’ focus on disciplined, quality-led growth.

According to the company, the initial rollout included five premium indoor-grown cannabis flower strains tailored for the Israeli medical market. Known in North America for its refined positioning and craftsmanship, Lord Jones entered Israel with an emphasis on consistency, quality, and patient-focused design.

“Israel has always represented a key market in our borderless product strategy,” said Mike Gorenstein, Chairman, President and CEO of Cronos. “By introducing Lord Jones to Israeli patients, we are applying our global brand expertise to meet local demand while preserving the craftsmanship, quality standards, and premium identity that define Lord Jones.”

Lord Jones products are produced using carefully selected genetics and small-batch indoor cultivation, followed by a cold-cure process designed to protect terpene profiles, aroma, and flower structure. Each batch is hand-trimmed, produced in limited quantities, and extensively tested. Finished products are packaged in glass jars to preserve freshness and shield the flower from light exposure.

Adam Wagner, General Manager of Cronos Israel, said the launch sets a new benchmark for the local medical market. “This brings a premium standard to the Israeli medical cannabis market, grounded in expertise and intention,” he said. “Our end-to-end approach—from genetics and cultivation through processing and hand packaging—gives patients and pharmacists confidence in the standards behind the brand.”

Cronos plans to expand the Lord Jones lineup in Israel with future special-edition and limited-run products. Lord Jones cannabis flower is now available through pharmacies across the country, further strengthening Cronos’ growing portfolio of globally scaled cannabis brands.

Top Psychedelic Companies for Week

#1: Clearmind

Clinical-stage biotech company, Clearmind Medicine Inc. (NASDAQ: CMND), marked a significant week with two developments that strengthened both the regulatory visibility and clinical readiness of its proprietary compound, MEAI.

On Tuesday, Clearmind reported that MEAI was included in the Expanding Veterans’ Access to Emerging Treatments Act of 2026 (H.R. 7091), which is a bipartisan bill introduced in the U.S. Congress. The legislation directs the Department of Veterans Affairs to establish investigational research and extended access programs for innovative therapies addressing unmet medical needs among veterans. Covered therapies include psilocybin, MDMA, MEAI, 5-MeO-DMT, ibogaine, ketamine, and other treatments designated by the Secretary of Veterans Affairs. This marked the first time MEAI had been named in U.S. federal legislation.

“We so greatly appreciate Congress introducing H.R. 7091, which offers a transformational opportunity for veterans suffering from alcoholism, post-traumatic stress disorder and other conditions to access emerging, promising therapies,” said Clearmind CEO, Dr. Adi Zuloff-Shani. “We also appreciate the recognition of MEAI, a non-hallucinogenic neuroplastogen with the transformative potential to improve the health of veterans.” She added that the bipartisan milestone “underscores growing support for innovative, evidence-based approaches to conditions like post-traumatic stress disorder, which remains a significant challenge for many veterans.”

Complementing this policy milestone, Clearmind announced later in the week that it had entered into a development agreement with Polyrizon Ltd. (NASDAQ: PLRZ) to advance an intranasal formulation of MEAI. According to the company, the collaboration will apply Polyrizon’s proprietary intranasal hydrogel technology to optimize delivery of Clearmind’s lead non-hallucinogenic neuroplastogen, with the goal of enhancing bioavailability and supporting future clinical programs targeting addiction-related and other central nervous system disorders.

The intranasal approach is designed to offer several potential advantages over oral administration, including faster absorption, bypassing first-pass metabolism, and lower effective dosing. Clearmind believes these attributes could improve therapeutic outcomes and patient usability as MEAI progresses through clinical development.

“We are pleased to partner with Polyrizon to develop an intranasal formulation for MEAI,” Dr. Zuloff-Shani said. “Their advanced hydrogel platform complements our efforts to optimize delivery, potentially improving bioavailability and therapeutic efficacy, and patient experience for our non-hallucinogenic neuroplastogen candidates.”

#2: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) reported a key clinical milestone this week with the initiation of dosing in the final cohort of its Phase 1 multiple ascending dose study evaluating Ketamir-2, which is the company’s lead oral NMDA receptor antagonist. With 50 healthy volunteers already dosed and only six subjects remaining, the company expects to complete the Phase 1 program by the end of the first quarter of 2026.

The randomized, double-blind, placebo-controlled Phase 1 study is designed to assess the safety, tolerability, and pharmacokinetics of single and multiple oral doses of Ketamir-2. According to MIRA, data reviewed so far continue to support advancement of the program, with no serious adverse events reported, reinforcing confidence in the compound’s clinical profile.

“We are pleased to have initiated dosing in the final cohort of our Phase 1 study, marking another important execution milestone for Ketamir-2,” said Erez Aminov, Chairman and CEO of MIRA. “As we approach completion of Phase 1 and prepare for Phase 2a development in CIPN, we are increasingly focused on advancing partnering discussions while continuing disciplined, data-driven execution across our pipeline.”

As Phase 1 nears completion, MIRA reported that it is finalizing plans for a Phase 2a proof-of-concept study in chemotherapy-induced peripheral neuropathy (CIPN), which is a condition with significant unmet medical need and no FDA-approved treatments. The company announced that it is completing clinical site selection and intends to submit its Phase 2a protocol to the U.S. Food and Drug Administration following the conclusion of Phase 1, with study initiation anticipated in the second quarter of 2026, subject to regulatory feedback. MIRA also stated that it plans to pursue FDA Fast Track designation for Ketamir-2 as development progresses.

Key Takeaways; Cannabis Sector

• Tilray Rebranded Italian Medical Cannabis Arm as Tilray Medical Italia
• Aurora Cannabis Won EU-wide Protection for its Farm Gas and Sourdough Cannabis Varieties
• Simply Solventless Sharpened Growth Strategy with Uncommon Cannabis Acquisition and Humble Retrofit Progress

Key Takeaways; Psychedelic Sector

• Definium Therapeutics Launched ‘Rerouting Minds’ Campaign to Spotlight the Science Behind Pharmaceutical LSD
• Incannex Healthcare Strengthened its PSX-001 Program with Formation of a High-Profile Clinical Advisory Board

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: Tilray

Tilray Medical, which is part of Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY), officially launched Tilray Medical Italia, marking a new phase in its medical cannabis operations in Italy.

The move followed the rebranding of its wholly owned subsidiary, FL Group, which became Tilray Medical Italia on January 1, 2026. The change was publicly announced on January 22 and the company stated that it is part of its wider plan to unify its medical cannabis activities under a single global brand across Europe.

Tilray said Italy is a key regulated market within its European strategy, and by operating under the Tilray Medical Italia name, the company aims to strengthen its local presence while building a more scalable and consistent medical cannabis platform.

“Italy remains a strategically important market for Tilray Medical,” said Rajnish Ohri, President International at Tilray Brands. “The launch of Tilray Medical Italia strengthens our local presence, aligns our operations under a single global medical brand, and reinforces our long-term commitment to supporting patients, physicians, and healthcare systems with high-quality, authorized medical cannabis products.”

Moreover, the company reported that Tilray Medical Italia will work closely with Molteni Farmaceutici, which is an Italian pharmaceutical company with a long-standing presence in hospitals, physician networks, and pharmacies nationwide. According to Tilray, the partnership will focus on physician education, responsible prescribing, and improving patient access to treatment.

“Our collaboration with Molteni allows us to effectively serve the Italian medical community while maintaining the highest standards expected in a regulated pharmaceutical environment,” Ohri added. “As demand continues to evolve, Tilray Medical Italia is well positioned to responsibly support the market’s development.”

Tilray Medical now serves patients in more than 20 countries with established medical cannabis programmes, while working alongside regulators, healthcare professionals, and research partners.

#2: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) secured European Community Plant Variety Rights for two of its proprietary cannabis strains, Farm Gas and Sourdough, strengthening its intellectual property position across the European Union.

The rights were granted by the EU’s Community Plant Variety Office and provide Aurora with exclusive control over the commercial production, sale, and marketing of the two varieties across all 27 EU member states. The protection lasts between 25 and 30 years and is comparable to a patent for plant genetics.

Aurora stated that the approval builds on existing protections already in place in Canada and other international markets, allowing the company to commercialize its genetics globally while safeguarding long-term investments in research and innovation.

“Being granted Community Plant Variety Rights in the EU is a direct recognition of the exceptional cannabis genetics work underway at our Aurora Coast R&D facility that is unmatched in its level of excellence,” said Lana Culley, Vice President of Innovation and International Operations at Aurora. “This protection not only strengthens Aurora’s global genetics portfolio, but also ensures that our high-quality, differentiated varieties can consistently reach patients and consumers worldwide.”

Both Farm Gas and Sourdough were bred in Canada through Aurora’s in-house breeding and phenotyping programmes. Known internally as SOT20R07-007 and ACB21T044, the cultivars are recognized for their high potency, distinctive aromas, strong bud structure, and reliable performance.

The two strains are already available to medical cannabis patients in several regulated markets, including Germany, Poland, the UK, Canada, and Australia, where Aurora has an established medical presence.

Furthermore, Aurora announced that it had scheduled a conference call to discuss the results for its third quarter 2026 on Wednesday, February 4, 2026, at 8:00 a.m. Eastern Time. Additionally, the Company stated that it will report its financial results for the third quarter of 2026 before the opening of markets that same day.

#3: Simply Solventless

Simply Solventless Concentrates (TSXV: HASH) (OTCPK: SSLCF) outlined a busy start to 2026, announcing the acquisition of cannabis brand Uncommon Cannabis Co. alongside major progress at its Humble Grow Co. cultivation facility and further balance sheet improvements.

On January 22, 2026, the company confirmed it had agreed to acquire Uncommon, which is a dried flower and preroll brand with an established presence in Quebec, Alberta, and Saskatchewan. According to Simply Solventless, the deal gives the company an immediate entry into the dried flower and standard preroll categories, complementing its existing focus on extracts and B2B sales.

“The acquisition of Uncommon is expected to satisfy an important strategic mandate, which is developing adequate markets and sales channels for incremental Humble production, while also providing incremental current cash flow.” said Jeff Swainson, President and CEO of SSC. “We are very encouraged by Uncommon’s potential as we advance through 2026.”

Uncommon generated approximately $1.8 million in gross revenue during 2025 and currently holds around 40 provincial listings across Canada. About 65% of its sales come from Quebec, a market where SSC has limited exposure today.

Under the terms of the transaction, SSC will pay $250,000 in cash over 18 months and issue 750,000 common shares, subject to escrow. The deal also includes approximately $100,000 in net working capital. The acquisition is expected to close following regulatory approvals.

The Uncommon deal aligns with SSC’s preparations for increased cultivation output at its Humble Grow Co. facility in Winnipeg, Manitoba. On January 19, 2026, the company announced that it is completing a retrofit of the former Delta 9 site, which management expects will double production once fully operational.

“All Humble retrofit LED lights have now been ordered, and preliminary schedules suggest 100% retrofit production by early Q3 2026,” Swainson said. “This investment is expected to deliver a payback in under one year.”

According to the company, the retrofit, which includes new LED lighting, irrigation upgrades, dehumidifiers, and airflow improvements, is designed to significantly boost yields without expanding the facility footprint. Once fully ramped up, SSC expects annual gross revenue to rise to between $53.5 million and $65.5 million, with most incremental margin flowing through to EBITDA.

Top Psychedelic Companies for Week

#1: Definium Therapeutics

Definium Therapeutics, Inc. (NASDAQ: DFTX), which was known as Mind Medicine (MindMed) until it recently rebranded to Definium Therapeutics, launched a new educational campaign called “Rerouting Minds.” According to the company, the initiative aims to change how people understand mental health treatment by focusing on the science behind pharmaceutical lysergide (LSD) and its potential role in modern psychiatry.

The company stated that the campaign is designed to open perspectives and provide scientific context at a time when mental health needs are rising and current treatments often fall short. By highlighting ongoing research and historical insights, Definium hopes to foster informed discussion around psychedelics as a new frontier in psychiatry.

“The disconnect between the human impact of psychiatric disorders and the lack of robustly effective and durable options in our treatment toolbox underscores the urgent need for new scientific approaches,” said Dan Karlin, Chief Medical Officer at Definium Therapeutics. He added that rigorous clinical studies investigating psychedelics like LSD are “so important and promising” for addressing psychological distress.

Karlin also emphasized that Definium’s research efforts are part of a broader shift in the field. “Our scientifically rigorous efforts within the psychedelic renaissance are reshaping how we understand LSD’s role in mental health care and as a potential next step in the treatment journey,” he said. According to Karlin, the Rerouting Minds campaign aims to help clinicians and decision-makers better understand the “transformative potential of pharmaceutical LSD” for patients struggling with mental health conditions.

The campaign provides educational resources on the history of LSD, dating back to its synthesis in 1938, as well as current scientific theories on how it may affect the brain. These include hypotheses around serotonin receptor activity and increased neuroplasticity, which could support lasting changes in thought patterns and behavior.

By launching “Rerouting Minds,” Definium hopes to accelerate collaboration and understanding in the evolving field of psychedelic medicine and ultimately help reshape the future of mental health care.

#2: Incannex Healthcare

Incannex Healthcare Inc. (NASDAQ: IXHL) announced the formation of a new Clinical Advisory Board to support the ongoing development of its PSX-001 program for generalized anxiety disorder. The move signals a key step as the clinical-stage biopharmaceutical company advances the treatment into its next phase of development.

According to company, the newly formed board is designed to provide independent clinical and scientific guidance, with a focus on strengthening trial design, regulatory strategy, and long-term development planning for PSX-001. Incannex said that the advisory group will play a central role in ensuring the program remains scientifically rigorous and patient focused.

“The formation of this Clinical Advisory Board represents an important step forward for the PSX-001 program,” said Incannex Healthcare Chief Medical Officer Dr. Lou Barbato. “As we move PSX-001 forward, the collected perspectives of this Clinical Advisory Board will help inform key development decisions and support disciplined execution across clinical and regulatory milestones.”

Barbato added that the board reflects a deliberate and strategic approach to drug development. “This reflects a strategic and intentional approach to drug development, facilitating informed choices that strengthen execution, manage risk, and support long-term shareholder value,” he said.

The inaugural PSX-001 Clinical Advisory Board brings together three internationally respected leaders in psychiatry and neuropsychopharmacology. Each brings decades of research, clinical, and leadership experience in mood and anxiety disorders. They include Dr. C. Neill Epperson, Chair of the Department of Psychiatry at the University of Colorado School of Medicine, Dr. Charles Nemeroff, Chair of Psychiatry and Behavioral Sciences at the University of Texas at Austin’s Dell Medical School, and Dr. Alan Schatzberg, Director of the Stanford Mood Disorders Center.

By assembling a board of this caliber, Incannex aims to reinforce its commitment to evidence-based innovation and disciplined execution as it advances PSX-001, which is an oral synthetic psilocybin treatment being developed for generalized anxiety disorder, toward later-stage clinical development.

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.

Key Takeaways; Cannabis Sector

• Cronos Acquired Europe’s Largest Adult-use Cannabis Company
• Aurora Introduced a New Proprietary Cultivar to Polish Market
• Trulieve Redeemed Costly 2026 Senior Secured Notes and Lined Up Fresh $100M Financing

Key Takeaways; Psychedelic Sector

• Enveric Strengthened Mental Health Drug Pipeline with a New Patent Milestone
• PharmAla Marked Key Manufacturing Milestone with Australian-Made LaNeo Delivery
• Atai Beckley was Granted a New U.S. Patent Covering EMP-01
• Clearmind Medicine Announced 1-for-40 Reverse Share Split to Regain Nasdaq Compliance

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: Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is set to make its long-anticipated entry into the European cannabis market after agreeing to acquire CanAdelaar B.V., the largest adult-use cannabis producer operating in the Netherlands’ regulated pilot program known as the “Wietexperiment”.

The purchase agreement, which was announced on December 9, will see Cronos acquire 100% of Austrian-based CanAdelaar through a wholly owned subsidiary. The deal includes up-front cash consideration of €57.5 million (about US$67 million), which is subject to customary adjustments, alongside additional earnout payments tied to half of CanAdelaar’s normalized EBITDA in 2026 and 2027.

Cronos Chairman, President and CEO, Mike Gorenstein, described the acquisition as a strategic milestone for the company’s global ambitions. “Our acquisition of CanAdelaar is a financially compelling and highly strategic transaction that will establish a strategic footprint in Europe and enable us to leverage our investments in borderless products,” he said. “The Netherlands has a deep cannabis heritage, and its coffee shops have played a foundational role in the evolution of the legal cannabis industry.”

CanAdelaar is one of just ten licensed producers supplying cannabis under the Dutch government’s Wietexperiment, which is a tightly regulated program designed to replace the country’s long-standing ‘tolerance’ model with a closed, legal supply chain. Under this framework, 72 coffeeshops across ten municipalities must source all cannabis products exclusively from approved growers, with no imports, exports or inter-producer sales permitted. The experimental phase was officially launched in December 2023 and is scheduled to run for four years, with an option for an 18-month extension.

Founded in 2018, CanAdelaar received its cultivation license in 2023 and has since emerged as the program’s market leader. Currently, the company produces about 20,000 kilograms of dried flower annually and supplies nearly all participating coffee shops with a range of products.

Gorenstein said the company’s operational momentum made it a natural fit for Cronos. “CanAdelaar’s management team has rapidly and efficiently scaled the business into a clear market leader,” he noted. “This makes it an ideal fit for our borderless product strategy, as we seek to build upon the strong foundation that CanAdelaar has developed.”

For Cronos, the acquisition is expected to deliver immediate scale in Europe’s largest legal adult-use cannabis market while supporting its broader strategy of deploying product innovation across borders. Beyond flower, the Dutch pilot allows several other product categories, opening the door for Cronos to expand offerings over time.

#2: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) expanded its medical cannabis offering in Poland with the launch of Black Jelly, which according to the company, is a new proprietary high-potency flower aimed at meeting growing patient and prescriber demand in one of Europe’s fastest-developing medical markets.

Announced on December 11, the new cultivar joined Aurora’s existing Cannabis flos Aurora brand portfolio in Poland alongside Farm Gas and Sourdough. Additionally, the company stated that, Black Jelly will be produced in Aurora’s Canadian facilities, which are certified to both GACP and EU-GMP standards, ensuring compliance with European medical requirements.

“Aurora is uniquely positioned to bring this novel proprietary cultivar to the Polish market thanks to our advanced genetic breeding program and unmatched global cultivation excellence,” said Andreas Dotterweich, Senior Vice President of Aurora Europe. “We deeply understand that prescribers want reliable, high-potency medical cannabis options for their patients, and we’re proud to offer superior products that consistently meet prescriber and patient needs.”

Moreover, Aurora announced that Black Jelly would become available to Polish prescribers immediately, offering a cannabinoid profile of approximately 27% THC with less than 1% CBD.

Aurora, which is headquartered in Edmonton, Alberta, operates across Canada, Europe, Australia and New Zealand, serving both medical and adult-use markets. With more than ten years of experience supplying regulated medical markets worldwide, the company says it remains committed to supporting patient access while helping to advance Poland’s evolving medical cannabis ecosystem.

#3: Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) took a decisive step to reshape its balance sheet, first wiping out a large chunk of near-term debt and then lining up a new long-dated financing to fund future growth.

The U.S. multi-state cannabis operator announced on Monday, December 8 that it had fully redeemed its US$368 million 8.0% senior secured notes, which were due 2026. According to the company, the cash outlay for the redemption totaled about US$373 million, covering both principal and accrued interest up to December 5, 2025, which was the redemption date. With the transaction completed, the notes stopped trading and were delisted from the Canadian Securities Exchange.

On the following day, December 9, the company revealed its next move; a new private placement designed to support capital spending and general corporate needs. On Tuesday, Trulieve announced it had received commitments for a private placement of 10.5% senior secured notes, which will be due 2030, for aggregate gross proceeds of US$100.0 million. According to the company, the new notes will be issued at 100% of face value, pay interest semi-annually, and mature in December 2030, with redemption options opening after two years.

The private placement offering is being conducted by Canaccord Genuity Corp. on a best-efforts basis and is expected to close on December 17, 202, subject to customary approvals. Trulieve said the proceeds will be directed toward capital expenditure and broader corporate purposes as it continues to expand its retail and distribution footprint.

Top Psychedelic Companies for Week

#1: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) took another step toward solidifying its position in the neuropsychiatric drug development space after receiving a Notice of Allowance from the U.S. Patent and Trademark Office for a key patent application covering its EVM301 Series of compounds.

The pending patent, which is titled “N-heterocycle substituted tryptamine derivatives and methods of using,” is expected to expand Enveric’s growing intellectual property portfolio once formally issued. According to the company, this patent adds new composition and method-of-use claims that protect additional drug candidates designed to promote neuroplasticity without producing hallucinogenic effects, an approach aimed at patients with limited treatment alternatives for psychiatric and addiction-related disorders.

Enveric believes that the EVM301 Series will highlight the company’s strategy of developing fast-acting, durable therapies that can be administered in outpatient settings, potentially overcoming logistical and safety challenges associated with earlier psychedelic-based treatments.

Joseph Tucker, Enveric’s Director and Chief Executive Officer, emphasized the strategic importance of the development, stating, “We continue to work diligently to reinforce our patent estate around our lead asset, EB-003 and the EVM301 Series of compounds, which we see as vital in order to generate value for Enveric shareholders.”

He added that the company’s lead candidate stands out for its targeted design. “We believe EB-003 holds great potential as the first known compound designed to selectively engage both 5-HT₂_A and 5-HT₁_B receptors to deliver fast-acting, durable antidepressant and anxiolytic effects, while being specifically designed to promote neuroplasticity and minimize hallucinogenic effects, allowing administration in outpatient setting,” Tucker said.

With this Notice of Allowance, Enveric aims to continue building a defensible pipeline of novel small-molecule therapeutics, reinforcing its long-term focus on addressing unmet needs in mental health and neurological care through innovation and intellectual property strength.

#2: PharmAla Biotech

PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC: MDXXF) reached an important operational milestone, announcing the successful completion of release testing for its first Australian-manufactured batch of LaNeo™ MDMA 40 mg capsules. According to PharmAla, the achievement signaled growing momentum for the company’s international manufacturing strategy and its support of late-stage clinical research.

Following this completion of testing, PharmAla also confirmed the delivery of the Australian-made capsules to the Orygen Institute. According to the company, this shipment represented the second and final delivery under PharmAla’s contract with Orygen, which aimed to support Orygen’s Phase 3 clinical trial, which is examining social anxiety in autistic youth.

According to the company, the completion of both testing and delivery highlights PharmAla’s ability to manufacture and supply clinical-grade MDMA in regulated markets.

Farnoud Kazemzadeh, Chief Operating Officer of PharmAla Biotech, highlighted the significance of the development, saying, “PharmAla is pleased to have completed this first batch of Australian-made materials in partnership with our colleagues at Cortexa. This material will continue to drive progress in the Australian market, as well as our ongoing operations globally.”

Looking ahead, Kazemzadeh pointed to an increasingly ambitious production roadmap. “We are all the more excited to move forward into a very active production schedule for 2026,” he said, noting plans that include the development and release of LaNeo 20 mg capsules and the manufacture and encapsulation of the company’s first batch of ALA-002 capsules, which is its lead next-generation drug candidate.

#3: Atai Beckley

Atai Beckley N.V. (NASDAQ: ATAI) strengthened its intellectual property position with the grant of a new U.S. patent covering EMP-01, its oral R-MDMA program under development for mental health indications. According to the Atai, this patent, which was issued by the United States Patent and Trademark Office, adds long-term protection to a key asset in the company’s clinical pipeline.

The newly granted patent, U.S. Patent No. 12,492,178, provides claims covering the drug substance of EMP-01 and is expected to offer exclusivity through 2043. It specifically protects a highly crystalline, thermodynamically stable hydrochloride salt form of R-MDMA, which is designed to deliver high aqueous solubility and low hygroscopicity, which are the main features that support efficient formulation, manufacturing, and long-term storage.

AtaiBeckley Chief Executive Officer and Co-founder, Srinivas Rao, emphasized the strategic importance of the milestone, saying, “This patent grant reinforces the strength of our science and our long-term commitment to building durable, defensible innovation.” He added that EMP-01 “is an important asset in our pipeline,” noting that U.S. patent protection enhances the company’s ability to advance the program while creating value for both patients and shareholders.

EMP-01 is being developed as a potential treatment for social anxiety disorder, a condition affecting millions of adults and marked by a lack of newly approved therapies over the past two decades. In earlier Phase 1 testing, the compound demonstrated a distinct, dose-dependent subjective profile that differed from conventional racemic MDMA and showed similarities to classical psychedelics.

AtaiBeckley also reported that it is currently enrolling patients in an exploratory Phase 2a trial evaluating EMP-01 in adults with social anxiety disorder. According to the company, topline results from the study are expected in the first quarter of 2026, representing the next major clinical milestone for the program.

#4: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) announced plans to implement a 1-for-40 reverse share split of its issued and outstanding common shares, a move aimed at regaining compliance with Nasdaq’s Minimum Bid Price Rule. The reverse split is scheduled to take effect at the start of trading on Monday, December 15.

According to the company, the decision was approved by Clearmind’s board of directors on November 12, in accordance with the company’s articles of association. The company said the action is part of a broader strategy to maintain its Nasdaq listing and strengthen its capital market position.

Following the reverse split, Clearmind’s authorized share capital will remain unchanged. However, the number of issued and outstanding common shares will be reduced from approximately 59.99 million to about 1.5 million shares, subject to minor adjustments related to fractional shares.

The company noted that no fractional shares will be issued as a result of the transaction, with any fractional shares rounded up to the nearest whole share. In addition, outstanding stock options and warrants will be proportionally adjusted to reflect the new share structure, including corresponding changes to exercise prices.

Key Takeaways; Cannabis Sector

• Curaleaf Plans to Move into Virginia with $110 Million Acquisition of Competitor’s Assets
• Aurora Expanded Australian Footprint Through a New Distribution Deal
• MediPharm Labs Entered French Market with First Cannabis Shipment
• High Tide Launched First European Canna Cabana in Berlin

Key Takeaways; Psychedelic Sector

• NRx Pharmaceuticals Advanced Preservative-Free Ketamine and Expanded NRX-101 Program
• Clearmind Marked New Milestone as CMND-100 Dosing Began at Hadassah Medical Center

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

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) is set to enter Virginia’s cannabis market through an $110 million agreement to acquire The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) fully integrated operations in the state, a move that positions the multistate operator for dominance ahead of the Virginia’s anticipated launch of adult-use cannabis sales in late 2026.

Under the agreement, which was announced by both companies, Curaleaf will take ownership of Green Leaf Medical of Virginia, the legal entity that holds The Cannabist’s regional license, which is one of only five vertically integrated medical cannabis licenses in the state. The deal also includes five operating dispensaries, the right to open a sixth, and an 82,000-square-foot cultivation and production facility near Richmond.

“We see Virginia as one of the most promising emerging markets in the country,” Curaleaf said in its announcement. The company emphasized that the assets are “fully operational and ready for scale,” adding that the agreement “positions Curaleaf for long-term growth as the state transitions to adult-use.”

The transaction’s structure includes both immediate investment and deferred risk-sharing. According to the agreement, Curaleaf will pay $80 million in cash at closing, another $20 million within 30 days, and issue a $10 million promissory note carrying 6% annual interest. Additionally, the deal is subject to a 15-business-day go-shop period ending December 22, 2025, during which The Cannabist may solicit higher offers. If a competing bid succeeds, or if noteholders fail to approve the sale, Curaleaf will receive a $3.3 million break-up fee plus expense reimbursement of up to $350,000.

The Cannabist Company, formerly known as Columbia Care, framed the sale as part of a broader strategic review launched amid financial pressures and industry-wide uncertainty. “This transaction represents a significant step in strengthening our balance sheet,” the company said, noting that proceeds will support debt reduction, including obligations tied to its 2028 secured notes. The Cannabist has recently shed several assets, including sale of its dispensaries in Pennsylvania, as it reevaluates core markets.

If regulatory approvals and noteholder consent are secured, the companies expect the deal to close in the first quarter of 2026.

#2: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) strengthened its position in Australia’s fast-growing medical cannabis market through a new distribution partnership between its subsidiary MedReleaf Australia and Leafio, the wholesale arm of Montu Australia, which is a health tech company focused on simplifying access to medical cannabis therapies. The agreement, which was announced on December 2, aims to broaden national access to Aurora’s TGA-GMP certified products and deepen clinician education across the country.

Aurora said the collaboration will allow Leafio to distribute its medical cannabis products, through a supply chain serving more than 4,000 pharmacies. “We are excited to join forces with Leafio to improve access to consistent, high-quality medical cannabis for Australian patients,” said Stanley Sack, Interim Managing Director of MedReleaf Australia. He added that Leafio’s sector expertise makes the companies “ideal partners” as Aurora continues to expand its leadership in the region.

Leafio echoed the sentiment, emphasizing the broader industry impact. “Together, Leafio and Aurora can reach more Australian patients through trusted medical channels,” said General Manager of Leafio, Nicole Le Maistre. She noted that the partnership will support research, innovation, clinician education, and ultimately “improved patient outcomes.”

Australia remains a major growth market for Canadian producers. Cannabis imports in the country surged from about 45,000 kg in 2023 to more than 77,000 kg in 2024, with Canada supplying 80% of the total.

Aurora, which acquired MedReleaf Australia in 2024, views Australia as a key medical market, and it has been expanding distribution partnerships in the country, including another distribution agreement with The Entourage Effect, which was announced last year. Aurora is betting that these partnerships will help solidify both its distribution power and its influence on Australia’s evolving medical cannabis landscape.

#3: MediPharm Labs

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) officially completed its first shipment of pharmaceutical-grade cannabis products to France, marking a significant step in the company’s European expansion strategy. According to the company, the delivery followed a production agreement with an international medicinal cannabis partner and signaled MediPharm’s entry into what the company’s CEO, David Pidduck, called “one of Europe’s most promising emerging medical cannabis markets.”

“This achievement underscores our ability to establish new pathways to market and deliver pharmaceutical-grade products that meet stringent European standards,” Pidduck said, emphasizing that the shipment validates the company’s regulatory readiness and manufacturing capabilities.

The French medical cannabis market is undergoing a transition from its pilot program, which ended in late 2024, toward a permanent regulatory framework. During the transition period, which is running until March 31, 2026, France is maintaining access for existing patients but is not enrolling new ones. Under current rules, only vaporized dried flower and ingestible oils or tablets are permitted, with smoking strictly excluded.

Market forecasts predict steady growth, rising from roughly US$187.6 million in 2025 to more than US$213 million by 2030, a momentum that MediPharm aims to capitalize on through its precision-based cannabinoid products designed for medical use.

This France shipment builds on the company’s strong international performance. MediPharm’s global medical revenue rose 83% year-over-year to $6.4 million in Q3 2025 financial results, driven largely by expanding flower sales in Australia and Germany. International sales accounted for 56% of total revenue, reflecting a strategy centered on cross-border pharmaceutical partnerships and regulatory-compliant production. MediPharm now ships to ten countries and anticipates first shipments to Brazil in Q4 2025.

#4: High Tide

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) opened its first European Canna Cabana store in Berlin, officially marking the retail brand’s entrance into the German and broader European markets. Located on Alte Schönhauser Strasse in Berlin-Mitte, the new shop focuses on cannabis accessories and lifestyle products and serves as a flagship for the company’s European retail strategy.

High Tide CEO, Raj Grover, said the Berlin launch was a significant milestone for the company, calling it “the first step in unlocking the global opportunity for Canna Cabana.” He emphasized Germany’s importance as Europe’s dominant cannabis market, noting that “imports have already surpassed a record 143 tonnes in the first three quarters of 2025.” Grover added that rising cannabis use will continue to drive demand for premium accessories, positioning Canna Cabana “well ahead of the curve.”

The store opening follows High Tide’s acquisition of Remexian Pharma GmbH, a licensed German importer and distributor of medical cannabis. The move strengthened the company’s foothold in both retail and medical channels, aligning its brick-and-mortar operations, e-commerce platforms, and distribution capabilities across Europe.

Grover said the company is preparing for long-term regulatory change in Germany. “As the country moves toward broader liberalization, Canna Cabana will have a meaningful head start,” he explained. “It’s the same playbook we used in Canada—build a loyal accessories customer base, then transition smoothly into cannabis retail when regulation allows.”

High Tide is now the first publicly traded North American cannabis operator to establish a brick-and-mortar presence in Europe’s largest cannabis market. Its retail arm, Canna Cabana, is already the largest cannabis retailer in Canada with 215 domestic stores and a 12% market share, which is supported by the company’s diverse global e-commerce platforms.

Top Psychedelic Companies for Week

#1: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) announced it had received confirmation from the U.S. Food and Drug Administration (FDA) that its Abbreviated New Drug Application for KETAFREE, a preservative-free intravenous ketamine formulation, had been accepted for review. According to the company, the FDA deemed the submission “substantially complete” and assigned a target review date of July 29, 2026, marking a major step toward potential U.S. market approval.

NRx CEO, Jonathan Javitt, said the company is encouraged by the FDA’s response. “We appreciate FDA’s careful review and are pleased that it has received our application for KETAFREE,” he stated. He emphasized the need for a preservative-free formulation, noting that current ketamine products “contain Benzethonium Chloride, a preservative not recognized as safe by FDA and banned from hand cleansers and topical antiseptics.” NRx has already manufactured registration lots and says it is prepared to scale production to one million vials per month.

Alongside progress on KETAFREE, NRx also announced this week that it is expanding development of its Breakthrough Therapy-designated NRX-101, which is a combination of D-cycloserine and lurasidone. The company stated that it had amended its Investigational New Drug application to include using NRX-101 alongside Transcranial Magnetic Stimulation (TMS) for treating depression, including suicidal depression.

According to the company, recent clinical findings suggest that low-dose D-cycloserine may significantly enhance TMS outcomes. As a result, the company reported that it is in discussions with TMS device manufacturers to launch a joint registration trial, which could ultimately expand FDA labeling for approved TMS devices.

With the KETAFREE review underway and the NRX-101 development program accelerating, NRx says it is positioning itself at the forefront of next-generation treatments for depression and suicidal ideation.

#2: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) announced it had advanced its Phase I/IIa clinical trial for Alcohol Use Disorder (AUD) with the first patient now enrolled and dosed with CMND-100 at Hadassah–University Medical Center in Jerusalem. According to Clearmind, the dose initiation represents a significant expansion of the company’s multinational study, which is evaluating the safety, tolerability, pharmacokinetics, and early efficacy of its MEAI-based oral drug candidate.

The Hadassah trial site is led by Prof. Joseph Caraco, Director of the Clinical Pharmacology Unit in the Department of Medicine. The addition of this site follows encouraging top-line results from the trial’s first cohort, alongside a unanimous recommendation from the Data and Safety Monitoring Board to continue the study without modification.

Clearmind CEO, Dr. Adi Zuloff-Shani, called the milestone a major step in the company’s global development plan. “We believe that dosing the first participant with CMND-100 at Hadassah Medical Center marks yet another significant step forward in expanding our global trial footprint and accelerating our path to potentially delivering innovative treatments for AUD,” she said. She added that the clinical center’s research expertise, combined with the early safety and performance data, “brings us closer to potentially transforming the lives of millions affected by alcohol use disorder.”

Clearmind, which is headquartered in Vancouver, is developing psychedelic-derived therapeutics aimed at underserved health conditions, with AUD as its lead indication. The company holds a growing intellectual property portfolio of 19 patent families and 31 granted patents and plans for continued expansion as development progresses.