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.

Key Takeaways; Cannabis Sector

• Village Farms Broke New Ground with Vape Launch in Quebec
• Organigram Announced Former BAT Strategy Chief as New CEO
• MTL Cannabis Posted Solid Second Quarter Results with Strong Margins and Improved Balance Sheet
• Cronos Expanded Lord Jones Lineup with Premium Live Resin Fusions Pre-Rolls in Canada

Key Takeaways; Psychedelic Sector

• Psyence BioMed Launched First Psilocybin Longevity Research Program
• Pasithea Therapeutics Gained Momentum with Major Funding, Strong Trial Data, and Expanding Clinical Pipeline
• Enveric Biosciences Received Fourth Notice of Allowance for its Series of Drug Candidates

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: Village Farms

Village Farms International Inc. (NASDAQ: VFF) officially entered Quebec’s newly opened cannabis vape market with the launch of Promenade Matin, marking what the company called “a major step forward” for regulated vaping in the province.

Promenade Matin, which was launched in partnership with Village Farms’ Quebec subsidiary Rose LifeScience Inc., arrives just as the province began permitting legal vape products for the first time. Until now, many Quebec vape consumers relied on out-of-province, medical, or unregulated sources due to the absence of a regulated option. That changed when the SQDC confirmed in November 2024 that it would allow the sale of cannabis vapes starting in fall 2025. The decision was aimed at offering Quebec consumers a safer, lower-risk alternative to unregulated vape products while drawing more consumers into the legal market.

Village Farms said Matin gives consumers a safe and regulated option. “Everything we develop starts with consumer experience,” said Orville Bovenschen, President of Village Farms Canadian Cannabis. “We obsess over the details – quality, consistency, taste – to make sure every product feels considered and crafted. Promenade vapes carry that same philosophy forward, offering Quebecers a reliable product line built with care.”

Additionally, Village Farms said demand is already clear. According to Village Farms, a recent study commissioned by the company shows that 55% of Quebec cannabis consumers are interested in buying regulated vape products, mainly because they trust the quality and safety of legal options.

Quebec is a crucial market for the company. The province accounts for 13% of Village Farms’ national cannabis sales and generated $202 million in cannabis revenue in the third quarter of 2025, a 10% increase from the previous year. With Quebec now embracing vapes, Village Farms expect significant growth potential both provincially and nationally.

#2: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) appointed James Yamanaka, previously the Global Head of Strategy at British American Tobacco p.l.c. (NYSE: BTI), as its next Chief Executive Officer. According to the company, he is expected to step into the role around January 15, 2026, and will join the company’s board at the same time. The leadership change follows the retirement of former CEO Beena Goldenberg, whose departure, which was announced in May, became effective on September 30, marking the close of Organigram’s fiscal year.

With more than two decades at BAT, Yamanaka is expected to bring extensive experience in global strategy and market development. His tenure included leading BAT’s strategy division and overseeing key markets in Europe and Asia.

Additionally, Organigram said that its board chairman, Peter Amirault, will transition into an interim executive chair role beginning December 1 to manage day-to-day operations until Yamanaka assumes full responsibilities. Moreover, Geoff Machum, chair of the Governance, Nominating and Sustainability Committee, will act as independent lead director during this period. “We are excited to have James join the Organigram team,” Mr. Amirault said. “James’ history of driving strong international growth aligns perfectly with Organigram’s global aspirations.”

Yamanaka expressed enthusiasm about the company’s trajectory, saying, “I have watched Organigram evolve into Canada’s number one recreational cannabis company by market share and believe it is well positioned to become a global leader in the cannabis industry. I look forward to building an international presence on Organigram’s strong foundation of high-quality products, trusted brands, and a commitment to industry-leading innovation.”

#3: MTL Cannabis

MTL Cannabis Corp. (CSE: MTLC) (OTCQX: MTLNF) reported second-quarter revenue of $25.4 million for fiscal 2026, reflecting stable performance despite a slight year-over-year dip. Net revenue came in at $20.6 million, nearly unchanged from the same quarter last year. The company highlighted gross margins of 50% before fair-value adjustments, which was up 7% from the previous quarter, along with continued positive Adjusted EBITDA of $2.22 million.

MTL CEO, Michael Perron, said the results highlighted the company’s operational discipline. “We are incredibly proud of our continued progress as a business,” he said. “We continue to make progress with the realignment of our internal supply chain to enhance profitability and internal capacity”. Perron emphasized that the company’s investments in cultivation technology and portfolio streamlining “will have meaningful and positive contributions towards our future margins and profitability.”

Perron also noted that MTL has strengthened its balance sheet by reducing legacy obligations. “This strategic reset aligns our balance sheet with the performance we are delivering across the business,” he said, adding that the company is positioning itself to capitalize on future growth opportunities throughout the year.

The quarter also included the closing of a new credit agreement with a Canadian Schedule 1 bank, which provided a suite of revolving and term facilities. According to the company, the financing package, which totaled approximately $27 million across four facilities, will support capital expenditures, working capital needs, and the refinancing of existing debt. All term facilities will mature in July 2028 and are secured against MTL’s assets.

MTL Cannabis operates multiple licensed production and medical-cannabis entities across Québec and Ontario. As a “flower-first” company known for craft-focused indoor cultivation, it markets several dried flower, pre-roll, and hash brands nationwide and continues to expand its export channels. The company says its long-term goal is to build Abba Medix into Canada’s leading medical-cannabis distributor and grow Canada House Clinics into the country’s top provider of cannabinoid-based clinical services.

#4: Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) expanded its Canadian product portfolio with the launch of Lord Jones Live Resin Fusions, a new line of premium pre-rolls designed to offer what the company calls an elevated, flavor-rich smoking experience. According to the company, the new additions reflect Cronos’ ongoing push to innovate within its luxury Lord Jones brand.

The new pre-rolls pair single-sourced dried flower with terpene-rich pure live resin caviar, blended at a ratio the company says ensures consistent potency and smoothness. Each 0.5-gram pre-roll delivers over 42% THC and includes a reusable ceramic tip crafted to cool the smoke for a refined draw.

Cronos stated it is rolling out three new strain combinations under the line: Durban Kush x Citrus Sap, Hell Fire OG x Cali Gas, and Sour Diesel x Orange Velvet. According to the company, each blend was selected to amplify both flavor and genetic quality.

“Our new pure live resin caviar-infused pre-rolls represent the essence of Lord Jones, artistry, craftsmanship, and an uncompromising commitment to quality,” said Mike Gorenstein, Cronos’ Chairman, President and CEO. “We’re proud to offer consumers a premium new way to enjoy cannabis, blending pure live resin with modern precision to create a truly elevated experience.”

According to Cronos, the products are now available at select Canadian retailers, with the full Lord Jones lineup showcased at Lord Jones website.

Top Psychedelic Companies for Week

#1: Psyence BioMed

Psyence Biomedical Ltd. (NASDAQ: PBM) announced a pioneering research program that will investigate whether psilocybin can influence biological markers linked to aging, making it the first publicly listed company to pursue psilocybin-based longevity science. The initiative, which was developed in partnership with leading South African researchers, aims to explore how the compound affects cellular stress, inflammation, mitochondrial function, and behavioral indicators connected to health span and lifespan.

The company said the project had already begun, with accelerated studies expected to start early next year pending ethics approval. The program will be led by neuroscientist Dr. Tanya Calvey. She stated that the scientific community is “only beginning to uncover the potential links between psychedelics and longevity,” adding that psilocybin’s influence on inflammation, neural connectivity, and cellular stress responses positions it as a promising candidate for aging-related research.

Psyence BioMed CEO, Jody Aufrichtig, also emphasized the broader significance of the effort, noting that longevity is becoming a “one of the most important global health frontiers.” He referenced rising public interest, driven by figures such as Bryan Johnson, who has explored both psychedelic therapies and longevity optimization. Aufrichtig said Psyence BioMed is “positioned at the forefront of an entirely new therapeutic arena,” given its status as the only publicly traded company actively studying psilocybin’s impact on aging biology.

This initiative expands Psyence BioMed’s therapeutic pipeline, complementing its ongoing clinical work, including a psilocybin-assisted therapy trial for existential distress in palliative care patients in Australia. The company said both programs support its mission to develop evidence-based, nature-derived psychedelic medicines targeting mental health and long-term biological wellbeing.

#2: Pasithea Therapeutics

This week Pasithea Therapeutics Corp. (NASDAQ: KTTA) experienced a surge in investor confidence as new funding, promising trial results, and fresh clinical momentum drove a sharp rise in the company’s stock. Shares climbed nearly 19% during the final week of November, with peak intraday jumps reaching more than 50% following a series of announcements that strengthened both the company’s scientific and financial position.

The rally followed Pasithea announcing pricing of a $60 million public offering at $0.75 per share, which was backed by leading healthcare-focused investors such as Vivo Capital, Janus Henderson Investors, Adage Capital Partners, amongst others. The company stated that this capital infusion will extend its cash runway “through at least the first half of 2028,” enabling broader clinical development, new technology acquisitions, and continuing work on its lead candidate, PAS-004. Pasithea CEO, Dr. Tiago Reis Marques, said the raise positions Pasithea to “advance long-term strategic programs with strengthened financial flexibility.”

Market enthusiasm was also amplified by new data from Cohort 7 of Pasithea’s ongoing Phase 1 trial of PAS-004 in advanced cancers. The company reported zero treatment-related adverse events and confirmed dose-proportional pharmacokinetics with continuous suppression of the MAPK pathway over 24 hours. “We are highly encouraged by the initial safety data generated,” Dr. Marques said, adding that PAS-004’s balanced PK/PD profile “will be critical for achieving clinical efficacy while minimizing adverse events commonly associated with MEK inhibitors.” Based on these findings, the Safety Review Committee recommended advancing to a higher dose Cohort.

Further boosting momentum, Pasithea received a $1 million Hoffman ALS Clinical Trial Award from the ALS Association to study PAS-004 in amyotrophic lateral sclerosis. Chairman of Pasithea, Dr. Lawrence Steinman, said the award validates the drug’s therapeutic potential, noting that PAS-004 has shown “significant and promising results in the gold-standard SOD mouse model.” The upcoming Phase 1 study will enroll 12 patients across three dose levels to assess safety, tolerability, and early functional and biomarker signals. The ALS Association stated it is “pleased to support the first dosing of PAS-004 in people living with ALS,” emphasizing the program’s potential to accelerate new treatment options.

With fresh capital, positive clinical signals, and expanding research efforts, Pasithea is positioning PAS-004 as a potential best-in-class MEK inhibitor across oncology, neurofibromatosis, and now ALS. The company’s recent trajectory suggests increasing confidence from both regulators and investors as it seeks to convert early clinical promise into long-term therapeutic and shareholder value.

#3: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) announced that the U.S. Patent and Trademark Office had issued a Notice of Allowance for a patent application covering its EVM401 Series of neuroplastogenic molecules. This patent is the fourth in Enveric’s portfolio targeting non-hallucinogenic compounds for the treatment of psychiatric and neurological disorders.

The new application, which was titled “Substituted Ethylamine Fused Heterocyclic Mescaline Derivatives,” broadens Enveric’s intellectual property by covering additional molecules within the EVM401 Series. The company said these compounds are designed to promote neuroplasticity without hallucinogenic effects, positioning the pipeline to address unmet needs in neuropsychiatric and addiction disorders.

Director and CEO of Enveric, Dr. Joseph Tucker, commented, “Enveric is pleased with this upcoming addition to its overall patent estate and the growing pipeline of potential EVM401 molecules. This expansion of Enveric intellectual property demonstrates the Company’s ability to develop next-generation, non-hallucinogenic neuroplastogens intended for potential treatment of neuropsychiatric conditions.”

Enveric’s lead candidate, EB-003, is designed to selectively engage both 5-HT₂A and 5-HT₁B receptors, delivering rapid and durable antidepressant and anxiolytic effects suitable for outpatient use. The company continues to leverage its differentiated drug discovery platform and protected chemical library to advance a portfolio of small-molecule therapeutics aimed at enhancing neuroplasticity safely and effectively.

 

 

Key Takeaways; Cannabis Sector

• Canopy Growth Broadened Australian Medical Lineup with New Spectrum Softgels
• Decibel Cannabis Saw Strong Revenue Growth in Q3 2025 Despite Posting Higher Losses
• Avicanna Announced Promising Preclinical Data for New Oral Cannabinoid Delivery Platform
• SNDL Announced Renewal to Buy Back Up to C$100 Million in Shares Under New Repurchase Program

Key Takeaways; Psychedelic Sector

• Clearmind’s Early AUD Trial Data Showed Strong Safety and High Adherence
• Psyence Biomedical Secured Ethical, Pharmaceutical-Grade Ibogaine Supply for Global Clinical Use

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: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) expanded its Spectrum Therapeutics portfolio in Australia, introducing a new lineup of softgel capsules designed to give medical cannabis patients more convenient dosing options.

According to the company, the additions include Spectrum Yellow (CBD 20mg), Spectrum Red (THC 10mg), and Spectrum Blue (a balanced 2.5mg THC and 3.75mg CBD formula). The company stated that these softgels will complement Spectrum Therapeutics’ existing oils and flower, as well as flower products from Tweed, 7ACRES, and TWD, which are already available to Australian patients.

Canopy Growth CEO Luc Mongeau said the expansion reflects the company’s long-term commitment to strengthening its medical offerings in key international markets. “Expanding our portfolio in established markets like Australia is a key driver of our global medical strategy,” he explained. “Softgels deepen our offering and reinforce our commitment to meeting the needs of patients in this important international market.”

Moreover, the company said patient demand in Australia continues to shift toward format variety and ease of use. Andrew Bevan, SVP of Global Medical, noted that prescribers increasingly want accessible, standardized products. “Patients continue to ask for a variety of formats that deliver both quality and convenience,” he said. “Adding softgels to the Spectrum Therapeutics portfolio gives prescribers and patients more choice while supporting the continued growth of our international business.”

The new softgels are now available in Australia through authorized medical prescribers, marking another step in Canopy Growth’s ongoing global medical cannabis strategy.

#2: Decibel Cannabis

Canadian cannabis company Decibel Cannabis Company Inc. (TSXV: DB) (OTC: DBCCF) reported another quarter of rising revenue in third quarter 2025 financial results, driven largely by its growing international footprint and the integration of AgMedica Bioscience Inc..

The company posted $47.4 million in gross revenue for the three months ending September 30, a 28% increase year-over-year, while net revenue rose 37% to $32.9 million. However, losses widened to $1.3 million, up from $585,000 a year earlier.

International sales surged to $8.4 million, a staggering 2,621% jump; According to the company, this gain was almost entirely due to contributions from AgMedica, which Decibel acquired in late 2024. AgMedica’s sales accounted for $7.8 million in the quarter, all from overseas markets.

Decibel CEO, Benjamin Sze, said the results highlighted the company’s momentum, stating, “Our results this quarter build on the continued momentum in 2025, proving that Decibel’s strategy is working. International demand continues to outpace supply, our partnerships are expanding, and our domestic business has never been stronger.”

Domestic performance also improved, though at a slower pace. Net Canadian recreational sales reached $24.5 million, up 3% year-over-year, which the company stated that was supported by new marketing efforts and the launch of higher-potency vapes, and expanded product formats. Gross Canadian recreational sales grew 6.5% to $39 million.

Despite revenue gains, margins tightened in Q3. Gross margin before fair value adjustments fell to 47% from 53% last year, which the company attributed to higher testing costs and the product mix required for international markets. Adjusted EBITDA climbed 40% to $7.3 million, while adjusted net income rose to $3.8 million.

Decibel said its updated infrastructure, which now includes an EU-GMP-certified facility that was added following the acquisition of AgMedica, continues to support global expansion. The company now exports to seven countries, offering dried flower, oils, extracts, and vape products. “With premium products gaining traction globally and our execution capabilities proven, we believe Decibel is only at the beginning of its growth trajectory,” Sze said.

Looking ahead, Decibel trimmed its 2025 guidance due to temporary disruptions, including a German import approval pause and a strike that halted British Columbia distribution warehouse deliveries. It now expects approximately $115 million in net revenue and $24 million in adjusted EBITDA for the year.

#3: Avicanna

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) announced encouraging preclinical results for its new Powder Drug Delivery System, PwdRx, which is designed to significantly improve the absorption and consistency of orally delivered cannabinoids. Alongside the data, the company confirmed it had filed a provisional patent application with the U.S. Patent and Trademark Office covering the platform’s composition, utility, and potential therapeutic applications.

According to Avicanna, the PwdRx system aims to solve well-known challenges with cannabinoids such as CBD, CBG, THC, and CBN, which are typically difficult to absorb due to their poor water solubility. In pharmacokinetic studies, Avicanna reported that PwdRx delivered 74% higher bioavailability, achieved peak plasma levels 63% faster, and reached a 134% higher peak concentration compared to standard medium-chain triglyceride (MCT) oil formulations. The company said these findings show “significantly higher and faster absorption” than conventional oral formats.

Dr. Karolina Urban, EVP, Medical and Scientific Affairs of Avicanna, said the platform may give physicians new flexibility in designing cannabinoid-based treatment strategies. “By improving dispersion, solubility and consistency of uptake, the PwdRx platform has the potential to enable health care providers greater flexibility to tailor potential treatment options for patients managing conditions associated with pain and inflammation,” she explained.

Furthermore, Avicanna noted that the technology is suitable for scalable pharmaceutical manufacturing across formats including tablets, capsules, sachets, and pouches. It also allows for adjustable drug-release profiles, which the company believes will support differentiated therapies for chronic conditions such as rheumatoid arthritis, osteoarthritis, neuropathic pain, fibromyalgia, migraines, and multiple sclerosis.

Avicanna CEO, Aras Azadian, also commented saying the platform represents a significant leap in cannabinoid science. “The advancement of our PwdRx platform represents another significant step forward in the science and technology of cannabinoid delivery,” he said. “We believe this novel technology will unlock potential new and different pharmaceutical and commercial product opportunities.”

The company plans to integrate PwdRx technology into its pharmaceutical pipeline as it expands its portfolio of cannabinoid-based therapeutics.

#4: SNDL

Canadian-based SNDL Inc. (NASDAQ: SNDL), which is one of Canada’s largest vertically integrated cannabis companies, announced it had received approval from the Canadian Securities Exchange to renew its share repurchase program, allowing the company to buy back up to C$100 million worth of its common shares over the next year. According to the SNDL, the program gives the company the flexibility to repurchase shares at market prices through various methods, including open-market purchases, private deals, block trades, derivatives, or other structured buyback arrangements.

Additionally, the company stated that management will decide when and how many shares to repurchase based on market conditions and capital allocation priorities. “The manner, timing, pricing and amount of any transactions will be subject to the discretion of SNDL,” the company stated, noting that opportunities for investment or alternative uses of capital will also guide decisions.

Although the program authorizes up to C$100 million in buybacks, SNDL is limited to repurchasing approximately 24.5 million shares, equal to 10% of its public float, under securities regulations. The renewed program began on November 21, 2025, and will run until November 20, 2026. SNDL emphasized that the company is not obligated to buy any minimum number of shares and can suspend or end the program at any time.

All repurchased shares will be cancelled, reducing the number of shares outstanding. The company also noted that its previous buyback program, which ran from November 2024 to November 2025, resulted in the repurchase of more than 9.47 million shares.

Top Psychedelic Companies for Week

#1: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) reported encouraging early results from the first cohort of its Phase I/IIa clinical trial evaluating CMND-100, which is a proprietary, non-hallucinogenic MEAI-based oral drug candidate aimed at treating Alcohol Use Disorder (AUD). According to the company, the initial dataset points to a favorable safety profile with no serious adverse events, and participants generally tolerated the treatment well.

According to the company, the cohort also demonstrated high adherence to dosing and trial procedures, an early signal that the therapy may be both feasible to administer and acceptable to patients struggling with heavy drinking or AUD. Clearmind said these top-line findings support continued exploration of CMND-100 as a potential new treatment option in a field where effective therapies remain limited.

“We are thrilled with these initial top-line results from the first cohort, which indicate an encouraging safety profile and excellent treatment observance of CMND-100,” CEO of Clearmind Medicine, Dr. Adi Zuloff-Shani, said. She added that completing dosing at leading academic centers such as Johns Hopkins and Yale “provides strong momentum” as the company moves toward full data readouts and subsequent cohorts. “Our goal remains to pioneer neuroplastogen-derived therapies that offer real hope to those battling addiction,” she said.

The first cohort included six patients treated under an FDA-approved protocol at Johns Hopkins University School of Medicine and Yale School of Medicine’s Department of Psychiatry. The multinational trial is designed to evaluate safety, tolerability, pharmacokinetics, and preliminary efficacy across single- and multiple-dose regimens.

In a separate development, the company announced on Monday that it had filed a new Israeli patent application for a combination therapy involving MEAI and N-Acylethanolamines, such as Palmitoylethanolamide, which targets depression. The application stems from Clearmind’s collaboration with Neurothera Labs Inc. (TSXV: NTLX), which is a subsidiary of SciSparc Ltd. (NASDAQ: SPRC).

#2: Psyence Biomedical

Psyence Biomedical Ltd. (NASDAQ: PBM) announced it had reached what it called a “major breakthrough” in securing a sustainable, pharmaceutical-grade supply of ibogaine, which the company views as a critical step as it moves toward clinical development for substance use disorders. The company confirmed it had obtained high-potency iboga bark through its strategic partner PsyLabs, which is a group with long-standing expertise in the iboga trade and treatment sector.

According to Psyence BioMed, the first 50 kilograms of raw material have already been delivered and are now being processed into GMP-compliant ibogaine hydrochloride, which is the purified form used for precise clinical dosing, and into Total Alkaloid Extracts that preserve the plant’s full spectrum of natural compounds. The company stated that these products will be supplied to legal research programs and therapeutic settings as international demand for ibogaine research accelerates.

“A reliable, ethically sourced supply of ibogaine is critical to our development pipeline,” said CEO of Psyence BioMed, Jody Aufrichtig. He added that the achievement “positions Psyence BioMed as a global leader in the emerging ibogaine sector” and strengthens the company’s ability to advance evidence-based psychedelic therapies.

Additionally, Psyence BioMed emphasized that the supply chain prioritizes sustainability, fair benefit-sharing with originating communities, and respect for cultural traditions tied to Tabernanthe iboga and Voacanga africana. The company said these principles will support long-term resource viability as ibogaine development expands.

PsyLabs CEO, Tony Budden, also highlighted the ethical focus of the partnership, stating, “From soil to science, we will continue to ensure our ibogaine is not only the purest on the market, but the most ethically sourced. We’re building a new standard for what ethical psychedelic production can look like—where traditional knowledge holders are partners, not just suppliers.”

The collaboration now places both Psyence BioMed and PsyLabs at the forefront of evolving global efforts to develop ibogaine-based treatments for addiction and other urgent mental health challenges.

Key Takeaways; Cannabis Sector

• Trulieve Cleared Major Debt as CEO Hailed Strategic Progress and Cash Strength
• Curaleaf Delivered Solid Q3 with Rising Cash Flow and International Momentum
• Canopy Growth Slashed Losses as Cannabis Sales Surged in Q2 2026
• SNDL Reported Record Free Cash Flow and 50% Jump in Cannabis Operations Revenue
• Cronos Group Delivered Record Revenue and Strong Profit Growth in Q3 2025

Key Takeaways; Psychedelic Sector

• Atai and Beckley Psytech Completed Merger to Form AtaiBeckley, a New Force in Psychedelic Medicine
• Compass Pathways Reported Q3 2025 Results as they Accelerate the Launch of COMP360 Following FDA Discussions

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: Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), which is one of the largest cannabis multistate operators in the U.S., announced this week that it will fully redeem its $368 million in senior secured notes well ahead of their 2026 maturity date.

The company confirmed that the 8% notes will be repaid in full, including accrued interest, by December 5, 2025. Once completed, the notes will be delisted from the Canadian Securities Exchange.

The early redemption positions Trulieve to avoid what some analysts have dubbed a cannabis-sector “debt tsunami,” with billions in obligations set to mature across the industry in 2026.

In addition to this milestone, Trulieve also reported its third-quarter 2025 financial results this week. The company posted $288 million in revenue, with 94% coming from retail sales and an industry-leading 59% gross margin. The company also generated $77 million in cash from operations and $64 million in free cash flow, ending the quarter with $458 million in cash on hand.

Moreover, Trulieve reported that they had sold 12.5 million branded products during the quarter, a 7% year-over-year increase, and reported adjusted EBITDA of $103 million, representing 36% of revenue, and up 7% from last year. However, it also reported a net loss of $27 million, or $0.14 per share, reflecting persistent pricing pressure and rising competition, particularly in its home market of Florida.

During the earnings call, Trulieve CEO, Kim Rivers, described the decisions the company is making as part of a broader financial discipline strategy. “Our 2025 strategic plan is delivering results, with demonstrable progress on reform, customers, distribution, and branded products,” Rivers said.

Furthermore, Rivers emphasized that these initiatives strengthen Trulieve’s position for long-term growth: “Our flexible production footprint and strong cash flow provide us the ability to adapt to evolving consumer needs while maintaining solid margins,” she told investors.

Despite these gains, Trulieve still carries $110 million in remaining debt at 7.9%. Additionally, the company’s ongoing dispute with the Internal Revenue Service over Section 280E deductions remains unresolved. As a result, the company’s “uncertain tax liabilities” in the third-quarter rose to $616.3 million, up from $445.2 million last year, as it continues to challenge the federal 280E tax rule that prevents cannabis businesses from claiming standard deductions.

#2: Curaleaf

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) reported third-quarter 2025 revenue of $320 million, surpassing market estimates and reflecting a 2% sequential increase. Despite ongoing price pressures, the cannabis operator maintained strong performance across its global operations, with international sales climbing 56% year-over-year to $46 million.

Curaleaf Chairman and CEO, Boris Jordan, highlighted the company’s steady progress, saying, “Price compression continued to be a headwind, yet our domestic segment remained stable and achieved modest growth. Our international segment continued its strong trajectory, delivering 12% sequential growth and 56% year-over-year growth.”

The company also posted a net loss of $54.5 million or $0.07 per share, slightly improving on last year’s results. Adjusted net loss came in at $48.2 million, while adjusted EBITDA reached $69 million, representing a 22% margin. Gross margin improved to 50%, up more than a full percentage point from a year earlier.

Curaleaf ended the quarter with $107 million in cash after paying down $28 million in debt. It also generated $53 million in operating cash flow and $37 million in free cash flow during the period, which are both strong indicators of improved financial discipline.

Jordan credited the company’s “Return to Our Roots” plan for its resilience. “The ‘Return to Our Roots’ plan we initiated 12 months ago is delivering tangible results. Over the past year, we have completed significant foundational work to reset the business. These actions have positioned our domestic business for renewed growth while supporting rapid international expansion,” he said.

Domestically, Curaleaf expanded its retail footprint to 158 dispensaries during the quarter, including new openings in Florida and Ohio, and expanded its Anthem product line with infused pre-rolls in multiple states.

#3: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) reported a sharp improvement in its financial performance for the second quarter of fiscal 2026, driven by rising cannabis sales and tighter cost control.

For the three months ending September 30, 2025, the company posted $83 million in revenue and $66.7 million in net revenue, marking a 6% year-over-year increase. Most notably, Canopy’s net loss fell to just $1.6 million, a 99% decrease from the same period last year.

Canopy CEO, Luc Mongeau, said the results reflected a stronger foundation for the business. “We’re building a stronger, more competitive company defined by continued momentum in Canada adult-use cannabis, consistent growth in Canada medical cannabis, and a disciplined approach to strengthening our balance sheet,” he stated.

Adult-use cannabis led the way with $23.9 million in sales, up 30% year-over-year, which according to the company, was fueled by demand for infused pre-rolls and new all-in-one vaporizers. Canadian medical cannabis sales also grew 17% to $21.8 million, supported by a rising number of insured patients and larger average orders. However, international medical cannabis sales dropped 39% to $5.1 million, which the company attributed to ongoing supply chain challenges in Europe.

Canopy also continued to make progress on reducing costs. Selling, General and Administrative expenses dropped 13% year-over-year, while the operating loss improved 63% to $17 million. Adjusted EBITDA losses also narrowed to $3 million, compared to $6 million a year earlier.

Chief Financial Officer, Tom Stewart, emphasized the company’s improving financial discipline. “Through cost reductions, margin expansion, and balance sheet strength, we’re building a more resilient company poised for long-term success,” he said.

The company ended the quarter with $298 million in cash and equivalents, exceeding its debt by $70 million, a milestone that removed previous concerns about its ability to continue as a going concern.

#4: SNDL

SNDL Inc. (NASDAQ: SNDL) announced strong third-quarter results for 2025, posting $244.2 million in net revenue and a 50% increase in cannabis operations revenue compared to last year. Despite a $11.1 million loss, the company’s financial performance showed major improvement, with losses narrowing by over 40% year-over-year.

The company’s cannabis retail business generated $85 million in revenue, while cannabis operations contributed $37.4 million. After accounting for internal eliminations, total cannabis revenue reached $104.8 million, which was up 13.5% from the same period in 2024. Liquor retail brought in $139.4 million, down slightly by 3.6%.

SNDL attributed the strong cannabis growth to rising edibles sales following its acquisition of Indiva and growing international demand, which brought in $4.2 million in sales. CEO Zach George said, “Reaching a new record for quarterly free cash flow and, for the first time in our history, achieving positive cumulative free cash flow for the first nine months of the year underscores the strength of our ongoing operational and profitability improvements.”

SNDL reported record free cash flow of $16.7 million for the quarter, which according to the company was driven by lower working capital needs and efficient cash management. The company ended September with $240.6 million in unrestricted cash and no debt, a position that George said gives SNDL “a strategic advantage” to pursue growth opportunities without taking on high-interest loans.

SNDL operates 186 cannabis retail stores under its Value Buds and Spiritleaf brands and 165 liquor outlets mainly in Alberta under Wine and Beyond, Liquor Depot, and Ace Liquor. The company aims to continue expanding, with five new cannabis stores and two Wine and Beyond locations planned for the fourth quarter.

#5: Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported record financial results for the third quarter of 2025, achieving $36.3 million in net revenue, a 6% year-over-year increase, and $28.3 million in net income. The company credited the strong quarter to continued growth in its Israeli operations, disciplined cost management, and expanding product innovation.

Gross profit surged to $18.3 million, up 62% from the same period in 2024, while the cost of sales dropped 42%, reflecting improved production efficiency and favorable inventory management. Cronos CEO, Mike Gorenstein, said, “Our third quarter results reflect continued progress towards our objectives, with the business reaching record levels of net revenue, gross profit and adjusted EBITDA generation, driven by the seventh consecutive quarter of record net revenue at Cronos Israel, as well as by continued cost discipline. Our strength abroad continues to drive robust gross margins, demonstrating the success of our global strategy”

Sales in Israel rose 56% year-over-year to $11.4 million, marking the seventh consecutive quarter of record revenue in that market. Cronos’ PEACE NATURALS® brand remains the top-selling cannabis label in Israel, supported by popular strains such as Wedding CK and new limited-edition products. “Our PEACE NATURALS® brand remains the market leader in Israel, underscoring our ability to scale and innovate efficiently,” Gorenstein said.

In Canada, Cronos generated $23.1 million in revenue, a slight decline of 3.9% from last year due to temporary flower supply constraints. Nonetheless, the company stated that the Spinach® brand still maintained its strong position as the second cannabis brand nationally and the first in edibles with its popular SOURZ by Spinach® gummies. The company also reported steady performance in vape products, with Pink Lemonade ranking as the top-selling vape cartridge in the country.

Internationally, Cronos expanded the PEACE NATURALS® brand into Switzerland during the quarter, bringing its medical cannabis presence to seven global markets, including Germany, the UK, Australia, and Malta.

Backed by an industry-leading balance sheet with $824 million in cash and short-term investments, Cronos continues to operate debt-free. Gorenstein noted, “With the completion of the expansion at Cronos GrowCo unlocking additional flower capacity, we are well-positioned for growth in 2026.”

Top Psychedelic Companies for Week

#1: Atai Beckley

Atai Life Sciences and Beckley Psytech Limited officially completed their strategic merger, creating Atai Beckley N.V. (NASDAQ: ATAI), which is a clinical-stage biopharmaceutical company aiming to redefine treatment options for serious mental health disorders. The all-share transaction brought together both companies’ research, clinical expertise, and shared mission to deliver rapid-acting and durable mental health therapies.

Announcing the completion, Dr. Srinivas Rao, CEO and Co-Founder of AtaiBeckley, said, “We are bringing together the assets, expertise and vision of atai Life Sciences and Beckley Psytech to transform patient outcomes. Around the world, too many people continue to suffer without effective treatments, and AtaiBeckley is taking a decisive step toward changing this.”

The new company’s leading asset will be BPL-003, which is a novel mebufotenin benzoate nasal spray designed to produce fast and long-lasting antidepressant effects with a short psychedelic duration. BPL-003, which was recently granted Breakthrough Therapy designation by the FDA, is being developed for treatment-resistant depression (TRD). AtaiBeckley announced that it plans to meet with the FDA soon for an End-of-Phase 2 meeting, with Phase 3 trials expected to begin in Q2 2026.

Cosmo Feilding Mellen, Co-Founder and Director of AtaiBeckley, also expressed optimism about the merger’s potential, stating, “AtaiBeckley is uniquely positioned to deliver commercially scalable psychedelic-based therapies that could transform the treatment landscape for people living with serious mental health conditions.”

The combined company boasts a strong financial position, with cash and investments expected to fund operations through 2029, including completion of the first Phase 3 trial for BPL-003. Leadership will include Dr. Rao as CEO, alongside a seasoned executive team drawn from both organizations.

The company also reported that shareholders overwhelmingly supported the merger, with approximately 98% voting in favor. The transaction also includes a planned corporate re-domiciliation to Delaware, which is expected by year-end 2025.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) reported its third-quarter 2025 financial results this week, highlighting a stronger cash position and a major step forward toward commercialization of its lead therapy, COMP360, for treatment-resistant depression (TRD).

The company reported a net loss of $1.44 per share for the quarter, compared with a loss of $0.56 per share in the same period last year. As of September 30, Compass held $185.9 million in cash and cash equivalents, up from $165.1 million at the end of 2024. The company expects to use $120–145 million in operating cash over the full year and said its funds will support operations into 2027.

Chief Executive Officer Kabir Nath said Compass is moving faster toward market readiness following productive talks with U.S. regulators. “With the completion of COMP006 enrollment and our recent positive discussions with the FDA, we are excited about pulling forward our expected launch timing for COMP360 in TRD by 9–12 months,” he stated. “We are accelerating commercial launch plans to match this new expected timeline with the goal of advancing our mission of transforming the mental health landscape.”

COMP360, which is Compass’s investigational psilocybin-based treatment, is currently being evaluated in two Phase 3 trials for TRD. The first study, which was called COMP005, met its six-week primary endpoint earlier this year, showing a statistically significant and clinically meaningful reduction in depression symptoms after a single dose.

For the second study, Compass has already completed enrollment with 585 participants. Compass expects to share 9-week data from COMP006 and 26-week results from COMP005 in Q1 2026, followed by longer-term data from COMP006 in early Q3 2026.

Beyond TRD, Compass reported that it is finalizing the design of a late-stage trial of COMP360 for post-traumatic stress disorder (PTSD). A prior Phase 2 study demonstrated that the treatment was well tolerated and led to rapid and durable symptom improvements.

Looking ahead, Compass aims to submit its New Drug Application (NDA) for COMP360 on an accelerated timeline, supported by ongoing collaboration with the FDA, including a potential rolling submission.

As Nath summed up, “We’re entering an exciting phase — moving closer to bringing a new treatment option to patients who have long been left without hope.”

Key Takeaways; Cannabis Sector

• Verano Holdings Ended Legal Battle with Vireo Growth; The Company Also Reported Third Quarter 2025 Financial Results
• Jushi Holdings’ Subsidiary is Targeting DoorDash and Total Wine in Landmark Lawsuit Over Illegal Hemp THC Sales

Key Takeaways; Psychedelic Sector

• Compass Pathways Expanded Leadership and Research to Advance Precision Mental Health Treatments
• Clearmind Medicine Completed First Cohort Treatment in Alcohol Use Disorder Trial
• MIRA Advanced Ketamir-2 Clinical Program with New Phase 1 Trial Milestone

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: Verano Holdings

Cannabis multistate operator Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) delivered a week of mixed but pivotal developments; announcing its third-quarter 2025 financial results while simultaneously ending a multi-year, high-stakes legal dispute with Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF).

For the quarter ended September 30, 2025, Verano reported revenue of $203 million, narrowly missing analyst estimates of $207 million and slightly down from $217 million in the same quarter last year, reflecting a 6% decline year-over-year. Gross profit came in at $95 million, representing 47% of revenue, while SG&A expenses were trimmed to $81 million.

Additionally, the company posted a net loss of $44 million, or $0.12 per share, which was below expectations. Despite reporting a net loss, adjusted EBITDA came in at $53 million, maintaining a strong margin of 26% of revenue. The company also generated $26 million in operating cash flow and reported $83 million in cash with $242 million in working capital.

“This quarter reflects our hard work positioning Verano ahead of long-term growth opportunities by investing in infrastructure, generating efficiencies, improving wholesale and brand performance, and strengthening our capital structure and financial foundation for the future,” said George Archos, Verano’s Founder, Chairman, and CEO. He added that Verano is preparing for a “transformative year for the company and the industry in 2026.”

In a separate but equally significant development that closed a major legal chapter, Verano and Minnesota-based Vireo Growth, which was formerly known as Goodness Growth Holdings, announced a comprehensive settlement resolving all litigation stemming from their failed $413 million merger in 2022. The lawsuit, which had been filed in the Supreme Court of British Columbia, initially saw Vireo seeking nearly $861 million in damages after Verano backed out of the acquisition during the post-boom cannabis market crash.

Under the settlement, Vireo will receive $1 million in cash and $10 million worth of Pennsylvania real estate assets. Both companies said in a joint statement that the agreement allows them “to focus fully on their respective strategic priorities without the distraction of ongoing litigation.”

#2: Jushi Holdings

In a complaint filed on October 27, 2025, Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) subsidiary is taking a bold legal stand against what it calls an “unfair and unlawful marketplace” in Virginia’s cannabis sector.

Jushi’s subsidiary Dalitso LLC, which operates the Beyond Hello medical dispensary chain, filed a sweeping lawsuit against DoorDash, Inc. (NASDAQ: DASH), Total Wine & More, and several other businesses, accusing them of selling intoxicating hemp THC products that violate state law and undermine the regulated medical cannabis market.

The lawsuit, which was filed in Virginia’s Circuit Court of Arlington County, claims that DoorDash and Total Wine are “masquerading unregulated intoxicants as lawful hemp.” The case cites a beverage called Coastalo THC Red Cream Soda, allegedly sold by Total Wine and delivered by DoorDash, that contained more than double Virginia’s legal 2-milligram THC limit for hemp products.

“These products are, in reality, potent and dangerous forms of marijuana, offered without the mandatory safeguards, testing, or oversight that the Commonwealth imposes on licensed cannabis operators,” the complaint states. Jushi’s subsidiary argues that these unlicensed hemp sales are “a deliberate and coordinated scheme to erode Virginia’s heavily regulated medical cannabis market.”

Dalitso is seeking more than $80 million in damages, as well as court orders to halt unlicensed THC deliveries and sales near its dispensaries.

Virginia currently allows possession of adult-use marijuana but still bans retail sales; a gap that has fueled both illicit and hemp-derived THC markets. Licensed cannabis operators like Jushi, who pay steep regulatory fees and follow rigorous compliance standards, say unregulated hemp sellers are undermining both safety and fair competition.

This is not Jushi’s first legal strike. The company filed a similar lawsuit in Pennsylvania earlier this year against several online hemp retailers, which the company accused of selling illegal intoxicating THC products that “directly undermine” the state’s medical marijuana program.

Top Psychedelic Companies for Week

#1: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS), a biotechnology company focused on developing innovative treatments for serious mental health conditions, announced two major developments this week; an R&D partnership with NeuroKaire and the appointment of Dr. Jeffrey Jonas to its Board of Directors.

The new collaboration between Compass Pathways and NeuroKaire aims to advance precision medicine for depression. Under the agreement, NeuroKaire will apply its AI-powered neural analysis platform to study how psychedelic compounds affect communication between neurons derived from patients with treatment-resistant depression and major depressive disorder. The research is expected to provide deeper insight into how these compounds work at a cellular level, supporting the development of more personalized and effective mental health therapies.

In a separate announcement, Compass Pathways appointed Dr. Jeffrey Jonas to its Board of Directors. According to the company, Dr. Jonas has over 30 years of neuroscience and pharmaceutical leadership experience. He previously led Sage Therapeutics and held senior positions at Shire Pharmaceuticals and Forest Laboratories.

Compass CEO, Kabir Nath, welcomed Dr. Jonas, stating “With Compass leading the field of psychedelics and looking ahead to potential commercialization for COMP360, we are grateful to have Dr. Jonas’ extensive experience in neuroscience.” He also thanked outgoing board member Thomas Lönngren for his “insights and thought leadership” over the past six years.

Dr. Jonas also commented saying, “The growing mental health crisis demands bold, science-driven innovation. I am excited to support the Compass team in its mission to transform mental health care through the development of a paradigm-changing treatment”.

#2: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND) announced the completion of treatment for the last patient in the first cohort of its Phase I/IIa clinical trial evaluating CMND-100, an MEAI-based oral drug candidate for Alcohol Use Disorder (AUD). The study, which is approved by the U.S. Food and Drug Administration (FDA), marked a major milestone in the company’s mission to develop new psychedelic-derived treatments for addiction.

According to Clearmind, six patients have now been enrolled and treated: two at Johns Hopkins University School of Medicine and four at Yale School of Medicine’s Department of Psychiatry. Both institutions, which are recognized leaders in neuropsychiatric and addiction research, are partnering with Clearmind in this study.

The multinational study is designed to assess the safety, tolerability, and pharmacokinetics of CMND-100, while also exploring its potential to reduce alcohol cravings and consumption. According to the company, participants include both heavy drinkers and individuals diagnosed with AUD who wish to reduce or stop drinking.

Dr. Adi Zuloff-Shani, Chief Executive Officer of Clearmind Medicine, said, “We were pleasantly surprised by the enrollment path so far. Reaching this milestone—treating the last patient in the first cohort of our FDA-approved Phase I/IIa trial for CMND-100—marks a pivotal step forward in advancing our mission to transform the treatment landscape for Alcohol Use Disorder.”

She added, “With six patients successfully dosed at world-renowned centers like Johns Hopkins and Yale, we’re encouraged by the early progress in evaluating the safety, tolerability, and potential efficacy of this novel MEAI-based therapy. As we analyze the data ahead, our commitment remains steadfast: to deliver innovative, psychedelic-derived solutions that empower individuals to overcome addiction and reclaim their lives.”

Clearmind’s CMND-100 program targets a global market for alcohol-dependency treatments, which is projected to surpass $20 billion by 2032.

#3: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) announced it had begun the multiple ascending dose (MAD) phase of its ongoing Phase 1 clinical trial evaluating Ketamir-2, its lead oral candidate, in healthy volunteers. The company also confirmed that chemotherapy-induced peripheral neuropathy (CIPN) will be the lead indication for its upcoming Phase 2a study.

The MAD phase followed the successful completion of the single ascending dose (SAD) stage, where no serious or dose-limiting adverse events were observed. “To date, no clinically significant safety concerns have been reported,” the company said. The ongoing double-blind, placebo-controlled study is assessing the safety, tolerability, and pharmacokinetics of Ketamir-2 across single and multiple oral doses, with three cohorts now receiving repeat daily dosing.

Ketamir-2 has shown strong preclinical performance in animal models of neuropathic pain, including outperforming ketamine, gabapentin, and pregabalin in chemotherapy-related nerve pain studies. In the paclitaxel-induced neuropathy model, the compound nearly normalized pain sensitivity, demonstrating potential as a non-opioid alternative in a market where no FDA-approved treatments currently exist.

Erez Aminov, Chief Executive Officer of MIRA, said, “We view Ketamir-2 not only as a promising clinical asset but as a potential value-creating platform for MIRA and our shareholders. Our preclinical and clinical findings suggest that Ketamir-2 could represent a differentiated, non-opioid approach in a multi-billion-dollar pain market where effective therapies simply don’t exist.”

Dr. Itzchak Angel, MIRA’s Chief Scientific Advisor, added, “The combination of clean pharmacology, good oral bioavailability, and robust preclinical efficacy sets Ketamir-2 apart from existing therapies. We look forward to completing the ongoing Phase 1 study and advancing its Phase 2a clinical evaluation in neuropathic pain.”

Designed as a novel oral analog of ketamine, Ketamir-2 aims to deliver pain relief without the hallucinogenic or dissociative effects of ketamine infusions. As MIRA advances its clinical program, the company believes Ketamir-2 could qualify for FDA Fast Track designation, offering a new hope for patients suffering from chemotherapy-induced neuropathic pain.

 

Key Takeaways; Cannabis Sector

• Ayr Wellness Advanced Debt Restructuring While Expanding Operations with New Florida Facility
• Vireo Growth Acquired Schwazze Debt in $62 Million Deal
• Tilray Expanded into Panama Through Joint Venture, Strengthening its Global Cannabis Footprint

Key Takeaways; Psychedelic Sector

• Enveric Biosciences Expanded Neuroplastogenic Patent Estate and Strengthened IP Defense Amid Strategic Initiatives
• Algernon Pharmaceuticals Rebranded as Algernon Health to Lead Alzheimer’s Diagnostic Innovation

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: Ayr Wellness

AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF), a leading U.S. multi-state cannabis operator, announced two major developments this week; advancing its debt restructuring process and expanding operations with the launch of its first indoor cultivation facility in Florida.

On Monday, October 13, AYR confirmed the commencement of Article 9 proceedings as part of its ongoing debt restructuring. In line with the Restructuring Support Agreement (RSA) signed in July, the company will undergo a public foreclosure sale of certain assets and equity interests in subsidiaries operating in Florida, New Jersey, Nevada, Ohio, Massachusetts, and Pennsylvania.

According to the company, the sale, which will be managed by Odyssey Trust Company as collateral trustee, is scheduled for November 10 in New York City and will also be accessible virtually.

“The commencement of the Article 9 proceedings and public auction process marks the latest milestone in our ongoing restructuring process,” said Scott Davido, Interim CEO of AYR. “As we work to transition the ownership of many of the Company’s assets to the successful bidder, AYR will continue to fully operate these businesses and deliver the same high quality of products and services.”

Just a day later, on October 14, Ayr announced the launch of flower from its first indoor cultivation facility in Florida, which is a 97,580-square-foot site featuring nearly 50,000 square feet of grow canopy. According to the company, the facility, which is in central Florida, will employ around 100 people and produce premium cannabis under the company’s Kynd brand.

“We’re incredibly proud to open this state-of-the-art indoor cultivation facility,” said George DeNardo, President of Ayr Wellness. “This allows us to offer patients the best of both worlds: premium, indoor-grown flower and value-driven greenhouse flower.”

Moreover, Ayr reported that the new site features advanced LED lighting and sustainable irrigation systems aimed at delivering consistent harvests while conserving water and minimizing fertilizer use.

Julie Winter, Ayr’s Chief Revenue Officer, also commented on this milestone calling the opening “the beginning of a new era for AYR in Florida,” saying the facility “sets a new standard for cannabis quality, delivering consistency for our loyal patients and inviting new ones to experience AYR’s care and quality.”

#2: Vireo Growth

U.S.-based cannabis multistate operator Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) announced the acquisition of $91 million in senior secured convertible notes from Medicine Man Technologies Inc. (dba “Schwazze”) (OTC: SHWZ), a multi-state cannabis operator, for a discounted price of $62 million. The deal marked a strategic move by Vireo to gain control over Schwazze’s assets and reshape its operations.

The transaction included a Restructuring Support Agreement (RSA) between the two companies. Under the RSA, Vireo plans to lead a credit bid at an upcoming auction to acquire the majority of Schwazze’s assets. These assets, which includes 63 dispensaries and 10 manufacturing facilities across Colorado and New Mexico, will be transferred to a newly formed entity, NewCo, which will be majority-owned by Vireo.

“This transaction represents tremendous outcomes for all parties involved,” said John Mazarakis, CEO of Vireo. “We look forward to welcoming the Schwazze team and their impressive collection of retail dispensaries to Vireo as we execute our restructuring plan.”

Vireo issued over 114 million subordinate voting shares to acquire the notes, which were purchased at a significant discount. The notes, which are valued at $91 million in principal and interest, mature in December 2026 and carry a 13% interest rate. They are currently in default, allowing Vireo to assume the rights of senior secured debt holders.

According to the RSA, Vireo will direct a credit bid in an upcoming auction to purchase Schwazze’s assets. If successful, NewCo is expected to receive up to $62 million in financing to refinance Schwazze’s debt, cover transaction costs, and provide working capital. Furthermore, any remaining Schwazze assets not included in the sale will be liquidated, with proceeds distributed to creditors and shareholders in order of priority.

Schwazze CEO Forrest Hoffmaster described the partnership as “the beginning of an exciting new chapter for Schwazze.” He added, “We are proud to continue serving our loyal customers in Colorado and New Mexico with the branded products they know and love.”

The completion of the restructuring is subject to regulatory approvals and other conditions.

#3: Tilray

Tilray Medical, a division of Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY), announced its expansion into Panama, marking another milestone in its mission to grow its global medical cannabis presence.

The company revealed it had entered a joint venture with Top Tech Global Inc., forming Solana Life Group, which had officially received a medical cannabis license from Panama’s National Directorate of Pharmacy and Drugs. According to the company, the license authorizes the cultivation, manufacturing, import, export, and sale of medical cannabis in the country.

“This license allows us to cultivate, manufacture, import, export, and distribute medical cannabis throughout Panama,” Tilray stated. “We’re excited to bring our global expertise together with Top Tech’s local knowledge to improve patient access and care.”

Top Tech, which is known for its experience in medical device distribution since 2014, will help Tilray navigate Panama’s healthcare landscape. According to Tilray Medical, the partnership aims to support the Panamanian medical community by offering education, maintaining a robust supply chain, and delivering a diverse portfolio of cannabinoid-based therapies.

Moreover, Tilray noted that the expansion reflects its broader mission to “advance healthcare through compassion and innovation.” The move also strengthens Tilray’s footprint in Latin America, adding to its operations across over 20 countries, including Canada, Portugal, and Germany.

Founded as one of Canada’s first licensed producers, Tilray Medical now supplies a diverse range of cannabis-based therapies through brands like Tilray Craft, Broken Coast, Redecan, Good Supply, and Navcora.

Top Psychedelic Companies for Week

#1: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB), a biotechnology company pioneering next-generation neuroplastogenic small-molecule therapeutics for psychiatric and neurological disorders, announced a series of significant corporate and intellectual property developments this week.

On Thursday, the company reported the issuance of its 23rd U.S. patent by the United States Patent and Trademark Office. The newly issued patent, U.S. Patent No. 12,428,408, titled “Fused Heterocyclic Mescaline Derivatives,” covers a distinctive class of compounds designed to target serotonin receptors and promote neuroplasticity, which is a key mechanism linked to mental health treatment.

“The issuance of this 23rd U.S. patent in Enveric’s neuroplastogenic patent estate demonstrates Enveric’s continued momentum and commitment to the development of a strong intellectual property portfolio and deep pipeline of next-generation molecules for potential development for the treatment of neuropsychiatric conditions,” said Joseph Tucker, Director and CEO of Enveric Biosciences.

This announcement followed a series of strategic developments for the Cambridge, Massachusetts-based company. Earlier this week, Enveric announced it had hired Fish & Richardson P.C., which is a leading intellectual property law firm, to contest a Post-Grant Review (PGR) petition filed by Gilgamesh Pharmaceuticals. The PGR challenges claim within U.S. Patent No. 12,138,276, titled “Halogenated Psilocybin Derivatives and Methods of Using.”

The challenged patent includes claims that may be relevant to Bretisilocin (GM-2505), which is a compound AbbVie Inc. (NYSE: ABBV) recently agreed to acquire from Gilgamesh in a deal valued at up to $1.2 billion. However, Enveric emphasized that the patent in question is distinct from those covering its proprietary therapeutic candidates, including its lead compound EB-003.

Additionally, in a further move highlighting its strategic flexibility, Enveric also disclosed this week that its Board of Directors had authorized the Capital Markets Committee to explore Digital Asset Treasury opportunities through non-binding term sheets. According to the company, the initiative is aimed at supporting long-term growth and enhancing shareholder value while maintaining focus on advancing its core biotechnology programs.

#2: Algernon Pharmaceuticals

Canadian healthcare company Algernon Pharmaceuticals Inc. (CSE: AGN) (OTCQB: AGNPF) announced it had officially completed its previously announced name change to Algernon Health Inc., marking a strategic pivot towards the rapidly growing Alzheimer’s Disease diagnostic market.

In the announcement, the company revealed that its shares will begin trading under the new name on the Canadian Securities Exchange (CSE) on Monday, October 20, 2025, with a new CUSIP number and a new ISIN, while retaining its existing stock symbol, AGN.

According to the company, the rebrand highlights Algernon’s transition into a consumer-facing healthcare company focused on early detection and treatment innovation for neurodegenerative diseases. Algernon Health revealed that it plans to establish a network of specialized neuroimaging clinics across North America equipped with U.S. FDA-cleared, brain-specific Positron Emission Tomography (PET) scanners designed to detect amyloid plaques, which are key indicators of Alzheimer’s Disease. Additionally, the company stated that these advanced systems provide lower radiation exposure compared to traditional PET/CT machines and are covered by Medicare, Medicaid, and private insurance.

CEO of Algernon Health, Christopher J. Moreau, emphasized the significance of this transition: “Our change in name is an important step in the execution of our new health care initiative to establish and operate dedicated neuroimaging clinics for the early-stage detection of Alzheimer’s disease. It underscores our commitment as an evolving, consumer-facing brand providing health care solutions to patients in need.”

Additionally, Algernon Health reported it had already secured a CDN $4 million non-dilutive equipment and financing agreement with Catalyst MedTech for four PET scanners, with plans to acquire six more for future clinics.

Beyond diagnostics, Algernon Health remains the parent company of Algernon NeuroScience, a private subsidiary advancing a psychedelic therapy program using a proprietary form of DMT for stroke and traumatic brain injury recovery. The company also holds a 20% equity stake in Seyltx, a U.S.-based firm developing Ifenprodil, which is a drug candidate for chronic cough.

Key Takeaways; Cannabis Sector

• Tilray Achieved Profitability with Record Revenue Growth Across Cannabis and Beverage Segments
• Organigram Launched a New Hemp-Derived THC Brand in the US
• Canopy Growth Converted DOJA Facility into a Dedicated Medical Cannabis Site
• Cronos Group announced expansion of its popular SOURZ by Spinach Gummies

Key Takeaways; Psychedelic Sector

• GH Research Showcased Promising Long-Term Data for Rapid-Acting Depression Treatment at ECNP 2025
• Silo Pharma Expanded its Digital Asset Strategy with Investments in ResearchCoin and Bitcoin

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 Brands, Inc. (NASDAQ TLRY) (TSX: TLRY) reported a return to profitability, posting net income of US$1.5 million and record net revenue of US$209.5 million for the first quarter of fiscal 2026, which ended on August 31, 2025. The results marked Tilray’s first profitable quarter since 2023 and a significant turnaround from a net loss of $34.7 million in the same quarter last year and a staggering $1.27 billion loss in the previous quarter.

“Achieving a record Q1 net revenue of $210 million, delivering net income, and fortifying our balance sheet are not just milestones—they are proof points of our commitment to sustainable growth and operational excellence,” said Irwin D. Simon, Tilray’s Chairman and CEO.

Tilray’s diversified business portfolio was the key driver behind this quarter’s results. The company’s cannabis segment generated $64.5 million in revenue, up 5% year over year, with Canadian adult-use sales climbing 11.9% and international cannabis revenue growing 9.6%. Its beverage division contributed $55.7 million, accounting for 27% of total revenue, while the distribution segment added $74 million, representing 35% of the total. Additionally, the company’s wellness business brought in $15.2 million.

Nonetheless, despite Tilray reporting higher overall sales, gross profit slipped by 3.7% to $57.5 million, and gross margins declined slightly to 27% from 30% a year earlier.

Tilray also improved its financial position this quarter, reporting a 9% increase in adjusted EBITDA to $10.2 million. The company’s operational efficiency also improved significantly, with cash used in operations decreasing by $34 million year over year, to just $1.3 million. Furthermore, Tilray ended the quarter with $265 million in cash and reduced its net debt to $4 million, reflecting a strengthened balance sheet and greater financial flexibility.

Looking ahead, Simon expressed optimism about market opportunities amid changing cannabis regulations worldwide. “As the U.S. explores cannabis rescheduling and Europe’s cannabis landscape evolves, Tilray’s global platform positions us not just to participate in, but to lead, this transformation,” he said.

#2: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), Canada’s leading cannabis company by market share, announced the launch of happly, which is a new U.S. hemp-derived THC brand designed for what the company called “mindful recreation.” According to the company, the brand focuses on targeted formulations for three mood states; Socialize, Relax, and Sleep, and is aimed at consumers seeking balance, moderation, and predictability in their THC experiences.

“happly is more than just a new brand, it is about redefining how hemp-derived THC can be part of everyday life,” said Megan McCrae, SVP, Corporate Strategy & International Growth at Organigram. “It was designed by listening closely to consumers and creating a range of products they’ve been asking for with a focus on moderation, control, predictability and specific benefits. Most importantly, happly reflects a shift toward intentional hemp-derived THC use”

At launch, happly will feature three vegan gummies, which according to the company are formulated to combine cannabinoids with functional ingredients tailored to its intended effect.

Moreover, the gummies also marked Organigram’s first use in the U.S. of its proprietary FAST™ nanoemulsion technology, which the company says is a patent-pending system that enables faster, more consistent onset and nearly double the cannabinoid absorption at peak effect compared to traditional edibles.

“We are incredibly excited to introduce our proprietary FAST™ nanoemulsion technology to the U.S. market through happly,” said Borna Zlamalik, SVP of Innovation and International R&D at Organigram. “This milestone not only marks a significant step in commercializing advanced delivery systems for hemp-derived THC but also showcases the continued success of our Product Development Collaboration (PDC) with BAT in driving meaningful innovation.”

#3: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced that its DOJA facility in Kelowna, British Columbia (BC), will now operate exclusively as a medical cultivation site under the company’s Spectrum Therapeutics portfolio.

Originally acquired through the purchase of Hiku Brands Ltd. in 2018, the DOJA site has been upgraded and licensed for micro-cultivation to produce small-batch, BC-grown craft cannabis. According to the company, these products will be available only to registered Spectrum Therapeutics medical patients, including members of Canada’s veteran community.

“As we advance Canopy Growth’s transformation, Canada’s medical market continues to be a standout business for us,” said Canopy Chief Executive Officer, Luc Mongeau. “Dedicating DOJA to this portfolio underscores our long-term commitment to medical cannabis and our focus on building a stronger, more sustainable business in Canada.”

Andrew Bevan, Canopy’s Senior Vice President of Global Medical, also emphasized the strategic value of the move: “DOJA represents a distinct commercial opportunity for Canopy Growth’s Canadian medical business. With a focus on craft cultivation and exclusive supply for Spectrum patients, DOJA enhances our portfolio and reinforces Spectrum’s leadership in Canada’s medical market.”

Canopy Growth will now operate two cannabis cultivation facilities in Canada, this newly repurposed DOJA site in Kelowna and a greenhouse facility in Kincardine, Ontario, which holds European Union Good Manufacturing Practices certification, which enables exports to cannabis medical markets in Europe and beyond.

#4: Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced the launch of SOURZ by Spinach Fully Blasted Multipacks, expanding its popular cannabis gummy line with more variety and convenience for consumers across Canada.

The company stated that the new multipacks feature liquid diamond-infused gummies, which is a hallmark of the SOURZ by Spinach brand, and are available in five of its best-selling flavors. According to Cronos, customers can now purchase 5- and 10-pack formats, in several provinces across Canada.

“Our new SOURZ by Spinach® Fully Blasted Multipacks are designed to give consumers the same great taste, consistency, and experience they expect from our gummies, with the added benefit of more variety and convenience,” said Mike Gorenstein, Cronos Chairman, President, and CEO. “The arrival of products like multipacks will give consumers more reasons to stay loyal to trusted brands like SOURZ by Spinach®.”

The multipacks include flavors such as Blue Raspberry Watermelon, Pink Lemonade, Strawberry Mango, and Peach Orange, which have varying THC and CBD combinations.

Jeff Jacobson, Chief Growth Officer at Cronos, also highlighted the brand’s continued success: “We’re proud that SOURZ by Spinach® continues to be Canada’s favorite weed gummy, with just over 20% market share and consistently ranking as the #1 edible in Canada since September 2024. Fans of SOURZ by Spinach® gummies have come to trust our products, and I’m proud that the Spinach® brand continues to bring consumers new ways to experience cannabis with innovative, imaginative products.”

The new multipacks are now available in Alberta, British Columbia, Manitoba, Newfoundland, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan.

Top Psychedelic Companies for Week

#1: GH Research

GH Research PLC (NASDAQ: GHRS) announced that it will make a presentation of new clinical data on its lead drug candidate, GH001, at the 38th Annual European College of Neuropsychopharmacology (ECNP) Congress, which will take place in Amsterdam from October 11–14.

According to GH Research, at the Novel Therapies Symposium, Professor Wiesław J. Cubała of the Medical University of Gdańsk will present long-term safety and efficacy results from the open-label extension of the Phase 2b clinical trial in patients with treatment-resistant depression (TRD). Furthermore, two additional posters will feature data on GH001’s safety, tolerability, and psychoactive effects, reinforcing its potential as a new therapeutic option for patients unresponsive to conventional antidepressants.

Highlighting the significance of these findings, Professor Bernhard Baune, Director of the Department of Psychiatry at the University Hospital of Münster and a principal investigator in the study, stated: “There remains a substantial unmet medical need for treatment-resistant depression, where many patients fail to achieve adequate relief with current therapies. Results from the 6-month open-label extension of GH001-TRD-201 provide important confirmation of GH001’s safety and tolerability profile. Treatment was well tolerated, with no treatment-related serious adverse events reported and no evidence of treatment-emergent suicidal intent or behavior. These findings reinforce confidence in GH001 as a novel and rapid-acting approach for TRD.”

GH Research also announced it is also hosting an Industry Satellite Symposium titled “Time Matters: The Potential of Rapid-Acting Antidepressants in Treatment-Resistant Depression,” which will feature several leading experts.

GH001, which is a mebufotenin-based inhalation therapy, has already demonstrated significant clinical efficacy in earlier trial phases. In the Phase 2b GH001-TRD-201 study, the treatment achieved a 15.5-point reduction in MADRS scores compared with placebo by Day 8, meeting its primary endpoint.

#2: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) announced two key cryptocurrency investments as part of its expanding digital assets treasury strategy, which according to the company is aimed at capturing long-term value from emerging blockchain opportunities.

On Monday, the company revealed its initial purchase of ResearchCoin (RSC), which is the native token of ResearchHub, a decentralized science platform co-founded by Coinbase CEO Brian Armstrong. Later in the week, Silo also reported its first Bitcoin (BTC) acquisition under its crypto reserve initiative.

According to Silo CEO, Eric Weisblum, the company’s move marked a deliberate step toward diversification and innovation. “By securing a position in RSC, we are participating in the growing decentralized science movement while pursuing asset diversification and potential appreciation for shareholders,” Weisblum said. “Our investment in ResearchCoin demonstrates our interest in modernizing scientific research and collaboration and supporting blockchain-driven innovation as a pillar for biomedical discovery.”

ResearchCoin supports the DeSci (Decentralized Science) ecosystem, which is a Web3 initiative designed to transform how research is funded, shared, and rewarded. Through token-based incentives, the ResearchHub platform hopes to enable global researchers to collaborate, peer review, and publish findings transparently while earning recognition for their contributions.

Silo Pharma views DeSci as a transformative growth opportunity for the trillion-dollar global research economy, which has been traditionally concentrated in academic and pharmaceutical institutions. According to the company, tokenizing research funding and intellectual property can unlock liquidity and offer investors earlier access to value creation within the biotech sector.

Weisblum further emphasized Silo’s commitment to integrating blockchain technology into its broader strategy. “Silo’s latest strategic crypto purchase signals our conviction in Bitcoin as both a store of value and a hedge against general financial market volatility,” he said. “Overall, the four crypto investments we have made so far underscore our confidence in the growing adoption and value creation opportunities available through a digital asset treasury portfolio.”