Key Takeaways; Cannabis Sector

• TerrAscend secured $79 million debt financing amid strategic exit from Michigan
• Auxly Cannabis marked a major financial turning point with debt reduction and strategic refinancing
• Mercanto secured early wins in Quebec as the province opens doors to vape market

Key Takeaways; Psychedelic Sector

• MIRA revealed SKNY-1’s unique ability to reverse anxiety behavior while fighting obesity and nicotine addiction
• Filament Health secured FDA green light for phase 2 trial of psilocybin to treat PTSD and AUD in veterans and first responders
• Revive Therapeutics clarified progress on bucillamine nerve agent study
• Silo Pharma is targeting 2025 IND filing for breakthrough PTSD drug

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: TerrAscend

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, successfully completed a $79 million non-dilutive debt financing round, marking a significant step in its long-term strategic plan as it exits the Michigan market.

According to a company statement released on Wednesday, $69 million of the funds were used to retire existing debt, while the remaining capital will fuel future growth initiatives, including potential mergers and acquisitions. The loan, which was led by New York-based FocusGrowth Asset Management, carries a 12.75% interest rate and matures in August 2028, with no prepayment penalties or warrant issuance.

“This loan extends the vast majority of our debt until late 2028 and provides additional capital to execute on our growth initiatives, including M&A,” said Jason Wild, Executive Chairman of TerrAscend. “This transaction reflects FocusGrowth’s confidence in the company’s vision and strategy.”

In addition to the $79 million, the agreement included an uncommitted $35 million term loan facility available for future strategic acquisitions.

FocusGrowth Partner, Peter Bio, also commented, “TerrAscend has established itself as a market leader in multiple states with ample greenfield opportunities. We’ve enjoyed working with the team and are already evaluating additional opportunities with them.”

The financing comes at a pivotal time for TerrAscend, which earlier this month announced its planned exit from Michigan following a comprehensive review of its operations in the state. The company stated that it intends to divest all Michigan assets, including 20 dispensaries and four cultivation and processing facilities.

TerrAscend, which operates in states including Pennsylvania, New Jersey, Maryland, Ohio, and California, reaffirmed that it continues to strengthen its presence in core markets while trimming operations in regions deemed less strategic.

#2: Auxly Cannabis

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) officially closed two major financial transactions aimed at reducing debt and improving liquidity, moves Auxly CEO, Hugo Alves, called “a turning point” for the company.

The Toronto-based cannabis producer announced on Tuesday the completion of an amended credit facility with Bank of Montreal (BMO) and the full settlement of its debt obligations to Imperial Brands plc, which has been a strategic investor in Auxly since 2019. These initiatives were first disclosed on June 19 and are now finalized.

As a result of the completed transactions, Auxly eliminated approximately $21 million in debt and reduced its annual debt servicing obligations by $700,000. Additionally, the company now has access to a new $10 million revolving credit facility, which will provide greater liquidity to fund operational and strategic initiatives. Importantly, these improvements also removed the “going concern” uncertainty that had been disclosed in Auxly’s recent financial statements, signaling renewed financial stability and long-term viability.

“This is a pivotal moment for Auxly,” said CEO Hugo Alves in a statement. “We emerge from these transactions with a transformed balance sheet and the financial strength to fuel future growth. We are profitable, we are growing, we have brands and products people trust—and now we have the financial fortitude to keep building.”

Additionally, Auxly’s Chief Financial Officer, Travis Wong, also emphasized that the transactions represent a major milestone in Auxly’s financial evolution. “We’ve reduced debt, extended the term of our senior facility, and secured a new working capital facility,” Wong said. “These improvements give us the flexibility to execute our strategy with confidence.”

In a parallel deal, Imperial Brands converted the remaining $1 million principal of its convertible debenture and approximately $1.39 million in accrued interest into common shares of Auxly. Furthermore, Imperial received pre-funded warrants to acquire up to 90.9 million shares in exchange for an additional $7.37 million in interest, while forgiving approximately $11.79 million in remaining accrued interest.

Following these conversions, Imperial now owns approximately 19.9% of Auxly’s outstanding shares and retains the right to exercise warrants over time, without exceeding that ownership threshold.

#3: Mercanto

Montreal-based Mercanto Holdings Inc. (TSX-V: MUSH) (OTC: TGSHF) secured a strategic foothold in Quebec’s long-awaited cannabis vape market, receiving preliminary acceptance from the province’s cannabis authority for three vape cartridge products under its Velada and Nordique Royale brands.

The three products; Cherry Blossom, Afghan Gold, and Peach Sumo, will place Mercanto among the top players in Quebec’s new vape segment, commanding 8% of shelf space in physical stores and 10% of online listings at launch. This approval comes as Quebec, the last major Canadian province to legalize cannabis vape sales, prepares for a November 2025 rollout.

“This is an important steppingstone for Mercanto and the culmination of our experience in Quebec,” said CEO Eric Ronsse. “Vape cartridges represent the last true gold rush in Canadian cannabis. With no entrenched incumbents in Quebec, we are as well positioned as any competitor, starting on equal footing in a market with enormous potential.”

The Quebec cannabis authority forecasts vape products will make up 11% of total cannabis sales in the first year; a potential $68 million market. Notably, half of this is expected to be incremental growth, offering a significant expansion opportunity for producers.

Mercanto is just one of the two companies authorized to supply vape batteries, allowing it to deliver a complete product ecosystem to consumers.

“For the first time, we’re entering a new category where no player holds an advantage,” Ronsse explained. “While our products won’t be the cheapest, they’re built on quality and experience — and that’s where long-term value lies.”

Additionally, the province will eliminate its nursery program in October — previously a six-month product probation phase — allowing trusted suppliers like Mercanto to launch directly into all retail stores in the province.

Top Psychedelic Companies for Week

#1: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) announced promising new preclinical results for SKNY-1, an oral drug candidate targeting obesity and nicotine addiction. The drug demonstrated a clear reversal of anxiety-related behavior in an established animal model, setting it apart from previous CB1-targeting drugs that were halted due to serious central nervous system side effects.

“These findings are a significant step forward,” said Erez Aminov, CEO of MIRA. “The ability to suppress appetite and cravings while reversing anxiety-like effects is critical. These results reinforce the differentiated approach behind SKNY-1 and its potential role as a novel oral treatment in large, underserved markets.”

SKNY-1’s unique mechanism targets the endocannabinoid system with a multi-pathway approach, including biased CB1 antagonism that blocks craving-related signaling without disturbing emotional regulation, partial CB2 agonism to reduce brain inflammation, and mild MAO-B inhibition to modulate dopamine—all while avoiding MAO-A inhibition linked to mood instability.

In the study using zebrafish, SKNY-1 reversed anxiety behavior induced by a CB1 activator and enhanced calming effects, bringing anxiety-like behavior to or better than normal control levels. This contrasts with rimonabant, a previous CB1 inverse agonist withdrawn from the market due to severe psychiatric effects.

Dr. Itzchak Angel, MIRA’s Chief Scientific Advisor, explained, “SKNY-1 appears to meet the challenge of blocking cravings while preserving emotional balance head-on. Its distinct pharmacological profile is underscored by how differently it interacts compared to Rimonabant.”

Given the massive global burden of obesity and addiction—costing the U.S. alone $1.7 trillion annually—SKNY-1’s oral formulation and differentiated pharmacology may fill important gaps left by current injectable weight-loss drugs and modestly effective smoking cessation therapies with psychiatric warnings.

#2: Filament Health

Filament Health Corp. (OTC: FLHLF) announced that the FDA had authorized a Phase 2 clinical trial to evaluate its botanical psilocybin drug candidate, PEX010, for treating alcohol use disorder (AUD) and post-traumatic stress disorder (PTSD) in military veterans and first responders. The trial, which is led by Dr. Nathan Sackett at the University of Washington’s Center for Novel Therapeutics in Addiction Psychiatry, will be the first to explore the safety of psilocybin combined with psychological support in individuals facing both conditions simultaneously.

“Despite the significant overlap between AUD and PTSD, there is a lack of evidence-based treatment options for people experiencing both conditions, particularly among veterans and first responders, who are disproportionately affected,” said Dr. Sackett. “This study will be the first to investigate the safety of psilocybin-assisted support in this dual-diagnosis population, and we are grateful to Filament for enabling this important research.”

The trial will administer a single 25 mg dose of PEX010 alongside non-directive psychological support, which includes safety monitoring, empathetic presence, and integration sessions. Veterans and first responders are known to suffer disproportionately from these co-occurring disorders, yet current treatments are often ineffective.

Benjamin Lightburn, Filament Health’s Co-Founder and CEO, remarked, “Veterans and first responders dedicate their lives to protecting others, yet are often left behind with regard to mental health treatments. We’re proud to contribute to this urgently needed research, which could help shape the future of care for those who have given so much to their communities.”

Funded by the State of Washington, the trial is now enrolling participants with results expected by fall 2026.

#3: Revive Therapeutics

Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) issued a statement clarifying the status of its ongoing research study evaluating Bucillamine as a potential treatment for nerve agent exposure. Conducted in partnership with Defence R&D Canada – Suffield Research Centre (DRDC), the study is scheduled to continue through September 2025, with final findings to be released only with DRDC’s authorization.

The clarification follows Revive’s previous announcement highlighting promising interim results and the study’s significance in addressing the growing global demand for battlefield-ready medical countermeasures. While the company has not yet initiated discussions for future collaborations with DRDC, it confirmed such decisions would depend on the results of the current study.

Michael Frank, CEO of Revive Therapeutics, emphasized the critical timing of the initiative, stating, “Our collaboration with DRDC is reaching a critical milestone at a time when the world is acutely aware of the need for robust national defense and preparedness.”

Bucillamine, a thiol-based drug with anti-inflammatory and antioxidant properties, is being explored for both prophylactic and post-exposure use in protecting against brain injury caused by nerve agents and organophosphate pesticides. Its mechanism involves replenishing glutathione, a key antioxidant depleted during toxic exposure, making it a promising candidate for both military and civilian applications.

The company also hinted at broader applications for Bucillamine, including traumatic brain injury and viral infections, positioning it as a versatile therapeutic option in a volatile geopolitical landscape.

Revive’s collaboration with a Canadian federal defense agency bolsters its standing in the life sciences sector and could pave the way for expedited regulatory approval and strategic stockpiling in 2026. Governments, particularly in the West, have demonstrated willingness to invest heavily in countermeasures, as seen through initiatives like the U.S. Project BioShield Act.

Should Bucillamine gain approval, Revive anticipates significant procurement opportunities, especially among Canada’s “Five Eyes” intelligence allies—the U.S., U.K., Australia, and New Zealand.

“An effective and easily administered countermeasure like Bucillamine has the potential to protect our service members and first responders,” Frank added. “The successful conclusion of this study could unlock a substantial commercial opportunity through government stockpiling contracts and firmly establish Revive as a key player in the medical countermeasure space.”

#4: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) announced that it is pushing forward with its lead drug candidate, SPC-15, an innovative intranasal treatment for Post-Traumatic Stress Disorder (PTSD), with plans to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) before the end of 2025. The submission is contingent on the outcome of key preclinical studies expected within the next 30 to 90 days, the company announced.

SPC-15, a 5-HT4 receptor agonist, is being developed to enhance stress resilience, offering a novel approach distinct from current FDA-approved PTSD treatments, which primarily address depressive symptoms. “If the FDA approves our IND within the 30-day review period, we could initiate a Phase 1 clinical trial before the end of 2026,” said Eric Weisblum, CEO of Silo Pharma.

The preclinical program includes two FDA-requested toxicology studies, a GLP-compliant toxicokinetic animal study and a 7-day safety study in large animals, along with a device study evaluating the microchip-based nasal spray system specific to SPC-15. These steps are designed to support a robust and compliant IND submission.

Weisblum also confirmed the company’s intent to pursue the FDA’s 505(b)(2) regulatory pathway, which allows developers to leverage existing data on previously approved drugs. “This strategy can significantly shorten our clinical timelines and reduce development costs,” he explained.

SPC-15 is being developed in collaboration with Columbia University, and Silo holds exclusive global rights to its development and commercialization.

The urgency for new PTSD treatments is growing: the condition affects nearly 4% of the global population, yet no new drug has been approved for PTSD in the U.S. in almost 25 years. Only two FDA-approved drugs currently exist, neither of which address the full spectrum of PTSD symptoms. Silo sees SPC-15 as a potential game-changer in this stagnant therapeutic space.

Key Takeaways; Cannabis Sector

• Weedmaps co-founders withdrew buyout offer, but left door open for future deal
• High Tide launched “Buy Local” cannabis campaign across Canada to celebrate Canada Day
• Tilray became the first company to receive Italian health ministry approval to distribute medical cannabis flowers
• Aurora Cannabis expanded global reach with compassionate care in Canada and high potency launch in Poland

Key Takeaways; Psychedelic Sector

• Compass’ stock slipped despite the company’s psychedelic depression drug trial hitting target
• Clearmind expanded global trial for psychedelic alcohol use disorder drug with two new Israeli sites
• Silo Pharma and Hoth Therapeutics forged a joint venture to tackle obesity epidemic with VA-invented biologic

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: WM Technology

In a significant development, the co-founders of WM Technology, Inc. (NASDAQ: MAPS), Douglas Francis and Justin Hartfield, officially withdrew their proposal to purchase the company’s outstanding common stock, stepping back from a bid to take the company private.

Francis, the CEO and Chairman of WM Technology, and Hartfield, a major shareholder and former executive, cited “certain external factors” in a letter dated June 23, 2025, for their decision to pull the non-binding offer. The initial proposal, which was submitted in December 2024, aimed to acquire all shares not already owned by the two at $1.70 per share; a price that represented a notable premium over market value at the time.

“We are stepping back from our current offer,” the co-founders stated in the letter, “but we remain committed to exploring options and may submit an alternative proposal in the future.”

After the initial proposal was made, WM Technology’s Board formed a Special Committee to evaluate the proposal. In response to the withdrawal, the committee confirmed its ongoing commitment to shareholder interests and stated it would not make further disclosures “unless and until it deems future disclosure is appropriate or required.”

While no new proposal is currently on the table, speculation continues about the company’s next move. “There can be no assurance that Messrs. Francis and Hartfield will submit a subsequent proposal,” the Special Committee cautioned in an official release.

Headquartered in Irvine, California, WM Technology operates Weedmaps, a dominant cannabis advertising and e-commerce platform founded in 2008. Despite its market leadership, the company has faced recent headwinds, including declining volumes in licensed cannabis markets and a $1.5 million fine from the U.S. Securities and Exchange Commission last year over misstated user metrics.

#2: High Tide

In celebration of Canada Day, High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) announced the launch of a nationwide “Buy Local” initiative in all 200 of its Canna Cabana retail stores, starting June 24, 2025. According to the company, the program will spotlight cannabis products grown or produced within the same province at each retail store location and will continue throughout the summer.

The initiative covers retail stores in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, and may be extended based on customer response. Each store will dedicate shelf space to local products identified by either the provincial cannabis board or the licensed producer themselves.

“As a proudly Canadian company based in Calgary, Alberta, with over 1,600 Canadian employees, we’re always finding new ways to give our customers more choice so that they can support locally owned and operated businesses,” said Raj Grover, President and CEO of High Tide. “This initiative will also open the door for producers of all sizes to have their products prominently featured in our Canna Cabana stores. Together, let’s champion homegrown, tariff-free cannabis—grown by Canadians, for Canadians.”

The campaign aims to boost visibility for local cannabis producers, promote regional economic support, and celebrate Canadian craftsmanship in the cannabis industry.

High Tide Inc. is one of the largest cannabis retailers in the world by store count and operates Canna Cabana, Canada’s largest retail chain. The company is also recognized for its innovations in cannabis retail technology and its global portfolio of e-commerce accessory platforms and CBD brands.

#3: Tilray

Tilray Medical, the medicinal cannabis division of Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), achieved a major milestone in European healthcare, becoming the first company authorized by Italy’s Ministry of Health to import and distribute medical cannabis flowers for therapeutic use.

Through its wholly owned subsidiary, FL Group, Tilray received official approval to introduce three proprietary Tilray Medical-branded cannabis flower varieties to the Italian market. The three authorized products, which are produced in Tilray’s EU-GMP-certified facility in Cantanhede, Portugal, include: Cannabis Flowers 25% THC, Cannabis Flowers 18% THC and Cannabis Flowers 9% THC / 9% CBD.

These products will now be available to patients across Italy through pharmacy distribution channels, expanding therapeutic options for those in need of cannabinoid-based treatments.

“This milestone underscores the vital role of medical cannabis as a therapeutic medicine for patients in need, supporting their health and well-being,” said Denise Faltischek, Chief Strategy Officer and Head of International at Tilray Brands. “We are proud to expand our medical cannabis portfolio in Italy with high-quality, EU-GMP certified products that uphold the highest standards in patient care.”

Faltischek also expressed appreciation for the Italian Ministry of Health, noting, “We extend our gratitude for their trust in Tilray Medical and for providing the necessary regulatory framework to ensure access to safe, consistent, and reliable cannabinoid-based therapies.”

With this development, Tilray reinforces its leadership in the European medical cannabis market, where it already operates in Germany, Portugal, Poland, and the United Kingdom. Tilray’s medical division continues to focus on enhancing global patient access and advancing therapeutic cannabis research and innovation.

#4: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canada’s largest medical cannabis company, is doubling down on its mission to make high-quality cannabis more accessible, both at home and abroad. In a powerful one-two move this week, Aurora announced the expansion of its compassionate pricing program in Canada and the launch of its highest-potency medical cannabis products to date in Poland.

In Canada, Aurora extended eligibility for its compassionate pricing program, raising the income threshold from $40,000 to $60,000 CAD. This change is expected to benefit over half the country’s adult population.

“Our goal is to remove barriers to access,” said Geoff Hoover, Aurora’s SVP of Canadian Commercial. “By increasing the income eligibility, we’re making medical cannabis a viable treatment option for more Canadians, at a price they can afford.”

The expanded program is now available through AuroraMedical.com, alongside other new product offerings.

Meanwhile, in Europe, Aurora continued to set the pace in cannabis innovation with the launch of two proprietary cultivars—Farm Gas and Sourdough—in the Polish medical market. These dried flower products are the most potent available in Poland, with THC levels reaching 27% and 29% respectively.

Michael Simon, VP of Commercial at Aurora Europe, highlighted the company’s competitive edge: “Thanks to our genetic breeding program, we’re introducing premium cultivars that prescribers and patients can trust. These products aren’t just strong—they’re consistent, refined, and grown under the highest EU-GMP standards.”

According to the company, the introduction of these products in Poland signals Aurora’s growing dominance in European markets, where it continues to lead through science-backed innovation and regulatory expertise.

Top Psychedelic Companies for Week

#1: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) announced that its experimental psilocybin-based treatment for depression met its primary goal in a late-stage clinical trial. However, the modest effect size led to a sharp drop in the company’s stock price, as investor expectations were not fully met.

The study involved 258 adults suffering from treatment-resistant depression; a severe form of the condition that affects about 30% of the 21 million Americans diagnosed with major depressive disorder. Patients who had failed to respond to at least two previous treatments were given a single dose of Compass’s synthetic psilocybin compound.

Compass reported that the drug reduced depression symptoms by 3.6 points on a standardized rating scale over six weeks, compared to placebo. While this achieved the trial’s goal, it fell short of Wall Street’s anticipated five-point improvement. As a result, Compass’s American depositary receipts plunged as much as 45% on Monday morning in New York.

Despite the market reaction, company executives emphasized the clinical importance of the findings. “We’ve always said we were looking for a three-point or greater difference,” said Chief Medical Officer Guy Goodwin, defending the study’s outcome. He added that larger differences could be misleading due to the nature of psychedelic trials, where patients often know if they received the active drug.

Additionally, Compass’ Chief Patient Officer, Steve Levine, called the single-dose results “incredibly important,” adding, “Seeing this kind of meaningful improvement from a single dose is incredibly important — for patients, for caregivers, and for the entire field.”

Chief Commercial Officer Lori Engelbert also highlighted the duration of the effect: “I don’t think psychiatry has seen anything like this, with one administration lasting this long.”

This trial is the first of two late-stage studies. The second, which will test two doses of psilocybin, is expected to deliver results next year. Compass is also exploring the compound’s potential for treating PTSD.

Following last year’s FDA rejection of Lykos Therapeutics’ MDMA treatment for PTSD, Compass’s psilocybin is now the most advanced psychedelic drug in development. Its approval would put it in competition with Johnson & Johnson (NYSE: JNJ) Spravato, a ketamine-related therapy that brought in over $1 billion in 2024.

#2: Clearmind

Clearmind Medicine Inc. (NASDAQ: CMND) announced the addition of two leading Israeli medical centers, Tel Aviv Sourasky Medical Center and Hadassah-University Medical Center, to its ongoing Phase I/IIa clinical trial for CMND-100, a novel oral psychedelic-derived drug aimed at treating Alcohol Use Disorder (AUD).

CMND-100 is based on MEAI, a proprietary psychedelic compound, and is being evaluated for its safety, tolerability, and pharmacokinetics, as well as its potential to reduce alcohol cravings and consumption. The trial marks the first time the drug is being tested in humans.

“The enrollment of our first patient earlier this month was a pivotal moment,” said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine. “We are pleased to welcome Tel Aviv Sourasky Medical Center and Hadassah-University Medical Center to our Phase I/IIa clinical trial, alongside esteemed partners like Yale and Johns Hopkins. This expansion underscores our commitment to addressing the global burden of AUD, which affects millions and accounts for 2.6 million deaths annually”.

At Tel Aviv Sourasky (Ichilov) Medical Center, the trial will be led by Dr. David Zeltser, Director of Emergency Medicine. At Hadassah-University Medical Center in Jerusalem, the site will be led by Prof. Yossi Karko, Director of the Center for Clinical Research.

These additions strengthen the trial’s clinical network, joining Yale School of Medicine’s Department of Psychiatry and Johns Hopkins University School of Medicine in the U.S., as well as Israel’s IMCA. The expansion is expected to improve patient recruitment, accelerate data collection, and enhance the study’s statistical power.

“Adding Hadassah to our global network deepens the scientific strength of our trial,” Zuloff-Shani added, “and supports our mission to deliver a novel therapeutic option for the hundreds of millions of individuals around the world facing the devastating impact alcohol dependence can have on both them and their families.”

#3: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) entered into a non-binding letter of intent with Hoth Therapeutics, Inc. (NASDAQ: HOTH) to form a 50:50 joint venture aimed at developing and commercializing a novel obesity and metabolic disease treatment based on groundbreaking technology licensed from the U.S. Department of Veterans Affairs (VA).

The new therapeutic platform is centered around glial cell line-derived neurotrophic factor (GDNF), a biologic invented by the VA and co-developed with Emory University. GDNF has demonstrated promising anti-obesity and metabolic regulatory effects in preclinical studies and is protected under U.S. Patent No. 10,052,362. The platform targets major health burdens, including non-alcoholic fatty liver disease (NAFLD), type 2 diabetes, and central obesity.

“With obesity at epidemic levels and no curative therapies available, we believe the VA’s biologic GDNF is potentially a game-changer,” said Eric Weisblum, CEO of Silo Pharma. “Our proposed joint venture with Hoth is a strategic step forward in translating innovative science into human clinical trials.”

Robb Knie, CEO of Hoth Therapeutics, also echoed that sentiment: “This VA-originated obesity technology has the potential to disrupt a $16 billion global market and deliver life-changing impact for millions, including veterans disproportionately affected by metabolic disorders. We are proud to partner with Silo to bring this innovation to the public.”

The deal outlines equal equity and governance participation between Silo and Hoth, leveraging Hoth’s regulatory and development strengths, Silo’s translational capabilities, and the VA’s clinical infrastructure and public health mission.

The unmet need is vast, over 40% of U.S. adults are affected by obesity, with associated risks of diabetes, cardiovascular disease, and liver failure. Veterans face even greater vulnerability due to factors like PTSD, chronic inflammation, and limited access to effective care. The JV aims to address this gap by advancing the only known biologic that targets the neuroinflammatory roots of obesity.

According to the companies, the lead indication will be obesity and NAFLD, with future potential across a spectrum of metabolic diseases.

Key Takeaways; Cannabis Sector

• Tilray stockholders approved reverse stock split, but implementation was paused amid strategic evaluation
• 4Front Ventures filed for bankruptcy in Canada following recent financial struggles
• Village Farms regained Nasdaq compliance, as the company doubled down on Cannabis focus
• Ontario court dismissed Apollo’s bid for independent chair in MediPharm shareholder dispute

Key Takeaways; Psychedelic Sector

• Silo Pharma secured patent for groundbreaking PTSD treatment technology
• Enveric Biosciences secured patent for breakthrough low-hallucinogenic mental health therapies
• Clearmind Medicine is tapping lobbying a firm to push psychedelic therapies into mainstream healthcare

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) announced that stockholders had approved a reverse stock split of the company’s common stock, allowing the board to enact a split at a ratio between 1-for-10 and 1-for-20. The decision, which was made during a special shareholder meeting, grants flexibility to adjust the share structure while helping the company meet key objectives.

Despite the approval, Tilray announced it had paused immediate implementation of the reverse split, citing the need to further evaluate market conditions, stock price performance, and optimal timing.

According to the company, the proposed reverse stock split aims to: Restore compliance with Nasdaq’s minimum $1.00 bid price requirement, align share count with peers of similar size, enhance appeal to institutional investors and cut costs associated with shareholder meetings by up to $1 million annually.

Tilray received notice from Nasdaq in March 2025 for failing to meet the minimum bid price. The company has until September 21, 2025, to regain compliance by maintaining a closing share price of at least $1.00 for ten consecutive business days.

The company believes the reverse stock split, once implemented, will better position it for strategic acquisitions and long-term growth across its global operations in cannabis, wellness, and consumer packaged goods.

#2: 4Front Ventures

Cannabis operator 4Front Ventures Corp. (CSE: FFNT) (OTC: FFNTF) filed for bankruptcy in Canada under the Bankruptcy and Insolvency Act, marking a significant escalation in its ongoing financial challenges. This move follows the company’s recent voluntary receivership filing in Massachusetts, as it grapples with mounting liabilities and a lack of operational funding.

According to 4Front, B. Riley Farber had been appointed as trustee for the Canadian bankruptcy proceedings.

This Canadian bankruptcy filing is the latest in a series of setbacks for 4Front. The company’s failure to file its 2024 audited financial statements led to a cease trade order from the Ontario Securities Commission, halting the trading of its shares on the Canadian Securities Exchange. Despite this, the stock continues to trade on the U.S. over-the-counter market under the symbol FFNTF.

Founded in 2011, 4Front is known for its vertically integrated model and operated dispensaries, cultivation, and manufacturing facilities in Illinois, Massachusetts, and Washington State. The company has launched more than 20 cannabis brands and 1,800 products through its Mission-branded retail stores.

Despite its past reputation for efficient production and facility management, 4Front now faces uncertain prospects as it navigates Canadian bankruptcy and U.S. receivership.

#3: Village Farms

Village Farms International, Inc. (NASDAQ: VFF) officially regained compliance with Nasdaq’s listing requirements, signaling a pivotal moment for the vertically integrated cannabis and agricultural company. After months of working to lift its share price, the company confirmed it had met the minimum closing bid price of $1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2).

In a statement released on June 9, Village Farms confirmed that Nasdaq had formally acknowledged the company’s regained compliance and closed the matter. Shares of Village Farms trade on the Nasdaq Capital Market under the ticker symbol VFF.

This isn’t the first time Village Farms have faced delisting pressure. The company previously received a compliance extension in October 2023 after an initial warning in April of that year. The recent compliance extension, which was granted earlier in 2025, gave the company additional time to stabilize its share price.

The resolution comes at a time of strategic transformation for the company. Earlier this month, Village Farms revealed its plan to divest its legacy fresh produce business, Vanguard Food LP, a move designed divestment from fresh produce business and intensify its focus on high-growth international cannabis opportunities.

“Divesting Vanguard allows us to sharpen our focus on the cannabis sector, where we see significant global potential,” a company spokesperson said. Despite stepping back operationally, Village Farms retains a 37.9% equity interest in Vanguard Food LP, giving it continued exposure to the produce sector and leaving room for future upside.

Headquartered in both Vancouver, British Columbia, and Lake Mary, Florida, Village Farms has transitioned from being one of North America’s leading fresh produce suppliers to a vertically integrated global cannabis player. Its Canadian cannabis arm, Pure Sunfarms, boasts 2.2 million square feet of greenhouse space and remains one of the country’s largest and lowest-cost producers.

#4: MediPharm

The Ontario Superior Court of Justice firmly rejected Apollo Technology Capital Corporation’s attempt to appoint an independent chair for MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) upcoming shareholder meeting, marking a significant legal victory for the cannabis company in the increasingly bitter proxy battle.

Apollo, a dissident shareholder holding roughly 3% of MediPharm’s common stock, had accused the company of planning to invalidate proxies and run a “corrupt election process.” The firm sought a court order to install a third-party chair at MediPharm’s Annual and Special Meeting scheduled for June 16, 2025. However, the Court dismissed Apollo’s claims, ruling that no evidence supported allegations of potential misconduct by MediPharm’s proposed meeting chair.

“There is no reason to believe the meeting cannot be conducted fairly,” the Court concluded, emphasizing that the company’s internal governance procedures were sufficient.

Apollo’s principal, Regan McGee, has led the charge against MediPharm’s leadership, accusing them of mismanagement, excessive compensation, and failed strategies. In a dissident letter to shareholders, McGee claimed a board overhaul was necessary to rescue MediPharm from a trajectory that could “drain its cash reserves by November.”

The company, in turn, highlighted McGee’s conduct throughout the dispute, presenting court-documented evidence that he had threatened to compare MediPharm CEO David Pidduck to “known serial killers” in a press release. MediPharm also noted McGee previously filed, then withdrew, a $50 million lawsuit against the company’s directors, external counsel Tyr LLP, and lawyer James Bunting—later agreeing to a settlement that included a full release and non-disparagement clause.

In a June 2 press release, MediPharm pointed to a report by Institutional Shareholder Services (ISS), which recommended that shareholders not vote for Apollo’s dissident slate, stating Apollo had “not made a compelling case for change.”

Apollo continues its campaign through ads and a dedicated website, Cure MediPharm Now, while pressing its claim that CEO Pidduck is maneuvering to sell the company for personal gain, a claim MediPharm has not publicly addressed in detail.

As the June 16 shareholder vote nears, tensions remain high. MediPharm has urged shareholders to take no action, while Apollo pushes to replace six board members, including installing McGee himself. All votes must be submitted by 3:00 p.m. Eastern Time on Friday, June 13, 2025.

Top Psychedelic Companies for Week

#1: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO), a clinical-stage biopharmaceutical company, received a Notice of Allowance from the U.S. Patent and Trademark Office for a pioneering intranasal PTSD treatment, SPC-15. The patent, which was licensed from Columbia University and scheduled to be issued as U.S. Patent No. 12,329,726 on June 17, 2025, covers biomarkers that indicate the effectiveness of prophylactic treatments for stress-related disorders.

“This patent offers increased protection for the key technology behind our novel PTSD prophylactic, which we are preparing to take into Phase 1 clinical trials,” stated Eric Weisblum, CEO of Silo Pharma.

SPC-15 is a serotonin 5-HT4 receptor agonist delivered intranasally and is designed to prevent or reduce stress-induced psychiatric conditions such as PTSD and anxiety. Silo believes the treatment may qualify for the FDA’s streamlined 505(b)(2) approval pathway.

Headquartered in Sarasota, Florida, Silo Pharma holds exclusive global rights to develop and commercialize SPC-15. The original patent was filed by Columbia University with support from NIH grants. In addition to PTSD, the company is developing SP-26 for fibromyalgia and chronic pain, and other preclinical candidates targeting Alzheimer’s and multiple sclerosis.

Silo recently expanded its strategic initiatives, allocating up to $1 million in Bitcoin to its treasury to hedge against inflation. The company also initiated a drug-device study with Resyca BV and partnered with Veloxity Labs to ensure regulatory compliance with its PTSD research. Furthermore, the company recently raised approximately $2 million in a public offering to support ongoing development and working capital.

With strong gross profit margins and a growing research pipeline, Silo Pharma is positioning itself as a key innovator in the treatment of psychiatric and neurological disorders.

#2: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB), a clinical-stage biotechnology company specializing in next-generation treatments for psychiatric and neurological conditions, received a Notice of Allowance from the U.S. Patent and Trademark Office for a new class of non-hallucinogenic aminated tryptamine derivatives. These compounds are designed to promote neuroplasticity without triggering hallucinogenic effects, marking a significant advancement in mental health therapeutics.

Developed through Enveric’s proprietary Psybrary™ discovery platform, the patented molecules showed minimal Head Twitch Response (HTR) and reduced activation of the 5-HT2A receptor in preclinical testing, which are two markers commonly linked with psychedelic hallucinations. This positions the compounds as first-in-class neuroplastogens, capable of frequent outpatient dosing without the clinical complications of traditional psychedelics.

“This allowance adds a new tier of patent-protected innovation to our pipeline,” said Enveric CEO Dr. Joseph Tucker. “Unlike traditional psychedelics that require intensive clinical monitoring, our molecules are designed to align with patient lifestyles and existing healthcare workflows.”

The new patent strengthens Enveric’s intellectual property and expands its leadership in developing safe, scalable, and effective psychiatric treatments. The protected compounds have potential applications in treating conditions such as depression, PTSD, anxiety, and cognitive impairments—without the disruptive effects associated with hallucinatory experiences.

“This achievement reflects Enveric’s continued execution on its mission to develop safe and effective neuroplastogenic therapeutics,” Dr. Tucker added. “Each addition to our intellectual property portfolio helps build long-term value.”

Enveric’s lead candidate, EB-003, exemplifies this innovation strategy and is being advanced toward clinical trials. The company is also exploring out-licensing opportunities for additional compounds in its growing Psybrary™ platform.

#3: Clearmind Medicine

Clearmind Medicine Inc. (NASDAQ: CMND), a clinical-stage biotech company pioneering psychedelic-derived therapeutics, partnered with a prominent government and political affairs firm to help drive regulatory acceptance and public policy support for its treatment innovations.

The company, which currently trades near its 52-week low with a market cap of $4.57 million, is intensifying efforts to bring psychedelic therapies—such as its lead drug candidate CMND-100—into mainstream mental healthcare. CMND-100 is currently undergoing Phase I/IIa clinical trials for Alcohol Use Disorder (AUD) at major institutions including Yale School of Medicine and Johns Hopkins University.

In a joint statement, Clearmind said the consulting firm will work to educate U.S. policymakers about the scientific promise of psychedelic treatments, push for balanced regulations, and build strategic partnerships to advance its therapeutic pipeline.

“We are pleased to collaborate with a team of seasoned government affairs experts to help shape the future of psychedelic medicine,” said Dr. Adi Zuloff-Shani, CEO of Clearmind. “Psychedelics hold immense promise for transforming mental health treatment, but their novelty requires proactive engagement with regulators and policymakers to ensure safe and equitable access.”

The lobbying effort comes at a time when psychedelics are gaining growing attention for their potential to treat challenging conditions like Post-Traumatic Stress Disorder and other mental illnesses. By advocating for evidence-based policies, Clearmind aims to accelerate the clinical adoption of its treatments and ensure the healthcare system is ready to integrate them safely.

Key Takeaways; Cannabis Sector

• MediPharm pushed back against Apollo’s boardroom challenge
• Organigram was named “Exporter of the Year” for cannabis innovation and global reach
• Green Thumb posted solid Q1 2025 results, as the company focuses on brand expansion and market growth

Key Takeaways; Psychedelic Sector

• Bright Minds won Wall Street confidence with $80 price target
• Cybin secured new U.S. patent for CYB003 as phase 3 depression trials advance
• MIRA Pharmaceuticals reported a breakthrough in neurotoxicity study, the company also acquired SKNY in a strategic merger
• MindMed reported Q1 2025 financial results and gave business updates

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: MediPharm

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) fired back at Apollo Technology Capital Corporation following a dissident proxy circular filed on May 7, 2025, which outlined Apollo’s plan to replace six of MediPharm’s board members at the company’s upcoming shareholder meeting on June 16.

Apollo alleged that new leadership is necessary to correct what it calls MediPharm’s “years of underperformance, failed operational strategies, outrageous compensation packages, and a lack of transparency.” The group also announced it had nominated six individuals to the board, including Regan McGee, John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, and Scott Walters.

In a May 8 press release, MediPharm dismissed the accusations as baseless and criticized Apollo for offering “no concrete strategy to create sustainable value for shareholders.” The company also claimed that Apollo’s circular contains “broad criticisms without substance or actionable solutions.”

MediPharm also raised doubts about the qualifications and track record of Apollo’s nominees, specifically targeting McGee. “The Board has significant concerns about Apollo’s leadership, particularly the checkered history and lack of proven success of its lead dissident,” the company stated.

Further escalating tensions, MediPharm said Apollo’s proxy notice failed to meet procedural standards. “Apollo’s advance notice fails to comply with MediPharm’s advance notice bylaw and does not contain material information required for shareholders,” the company warned, noting that legal counsel had been formally notified.

Despite Apollo accusing the current board of dragging the company “further into the abyss,” MediPharm reaffirmed that its leadership team is executing a strategy to transform the company and deliver shareholder value. “We remain confident that the current Board and executive leadership team — backed by a proven strategy — are best positioned to continue MediPharm’s ongoing transformation,” the company said.

MediPharm urged shareholders to “take no action at this time” as it prepares to release a full response and management information circular. Meanwhile, Apollo is encouraging shareholders to submit proxies ahead of the vote.

#2: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), Canada’s leading cannabis company by market share, was awarded “Exporter of the Year” at the 2025 New Brunswick Export Awards. The prestigious recognition, which was presented by Opportunities New Brunswick (ONB), celebrated the company’s impressive global growth, groundbreaking innovation, and commitment to local economic development.

“We are honored to receive this award from Opportunities New Brunswick,” said Beena Goldenberg, CEO of Organigram Global. “This recognition is a true testament to the hard work of our team, the strength of our partnerships, and the many world-class products from our facilities.”

Headquartered in Moncton, Organigram has become a major player in the international cannabis market, exporting products to Germany, the UK, and Australia. Since 2020, the company has generated $50 million in international cannabis shipments, contributing to a total of nearly $885 million in global sales.

Beyond export achievements, Organigram is one of New Brunswick’s largest employees, with over 725 people working at its Moncton facility. The company has invested nearly $500 million into site development, including a $4 million power substation project in collaboration with New Brunswick Power and $34 million in spending with local vendors.

Additionally, Goldenberg emphasized the broader impact of the company’s success: “We believe cannabis can be a stable, made-in-Canada economic pillar—one that keeps growing, innovating, and creating good-paying Canadian jobs. With real federal engagement and a national cannabis export strategy, we can position Canada to seize a meaningful share of the estimated $140 billion global cannabis market.”

#3: Green Thumb

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a leading U.S. cannabis consumer packaged goods company and operator of RISE Dispensaries, reported steady financial performance for the first quarter of 2025, marked by modest revenue growth and strong cash flow, despite ongoing pricing pressure across key markets.

The company announced $280 million in revenue for Q1 2025, reflecting a 1.4% year-over-year increase. Cash flow from operations reached $74 million, and Green Thumb closed the quarter with a robust cash position of $211 million. Net income for the period was $8.3 million, or $0.04 per basic and diluted share, while adjusted EBITDA stood at $85.2 million, representing 30.5% of revenue.

“The Green Thumb team delivered a respectable quarter,” said the company Founder, Chairman, and CEO Ben Kovler. “Our brands are resonating with consumers, and we’re seeing real momentum with RYTHM, Beboe, and incredibles. We kicked off RYTHM’s Bud Ball in New York City this April, and it’s becoming a signature celebration of the cannabis community.”

President Anthony Georgiadis also highlighted operational expansion and market readiness: “We opened two new stores this quarter, including RISE Whitehall in the fast-growing Ohio market. Our team is also preparing for the launch of adult-use sales in Minnesota by year-end. While we continue to face pricing compression and competitive pressures, we’re confident in our ability to execute and deliver for our shareholders.”

Green Thumb’s total debt stood at $252.4 million as of March 31, 2025, with $150 million in senior secured debt and around $100 million in real estate mortgages. The company also repurchased approximately 160,000 Subordinate Voting Shares for $1 million during the quarter.

As Green Thumb positions itself for further expansion, particularly in adult-use markets like Minnesota, the company stated it remains focused on maintaining strong liquidity and delivering consistent performance. Kovler concluded, “RYTHM is literally and figuratively on a roll. Stay tuned!”

Top Psychedelic Companies for Week

#1: Bright Minds

Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) is drawing bullish attention on Wall Street, as Chardan Capital initiated coverage on the biotech firm with a resounding “Buy” rating and an ambitious $80 price target. The firm is betting heavily on the promise of BMB-101, Bright Minds’ lead drug candidate for treating epilepsy, which is a notoriously challenging neurological disorder.

“Even at its current valuation, Bright Minds is an interesting story,” said a Chardan analyst in the firm’s latest coverage report. “BMB-101 could be differentiated from other 5-HT2C agonists thanks to its unique binding profile, and if successful, it could generate over $1 billion in peak sales just in epilepsy.”

Chardan’s bullish stance is striking, particularly against the backdrop of a much lower consensus. As of March 2023, the average one-year price target for DRUG was just $8.80, which represents a significant downside from the most recent share price of $45.24. Yet Chardan’s $80 projection signals immense confidence in both the science and market potential behind Bright Minds’ strategy.

Additionally, market sentiment seems to be shifting in favor of the biotech as well. According to Fintel, institutional interest in Bright Minds is surging. The number of institutions holding positions in DRUG doubled last quarter, and total institutional ownership soared by over 1,200% to 4.9 million shares. This growing investor sentiment suggests that institutional investors are buying into the long-term vision despite near-term volatility.

Bright Minds is no ordinary biotech. The company is tackling some of the most difficult-to-treat neuropsychiatric and neurological conditions: including treatment-resistant depression, PTSD, pain, and epilepsy; by targeting neurocircuit abnormalities with next-generation serotonin agonists. Their aim is to preserve the therapeutic benefits of psychedelic compounds while eliminating their unwanted side effects.

#2: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN), a clinical-stage neuropsychiatry company, announced the grant of a new U.S. patent supporting its CYB003 program, a novel psilocin treatment for Major Depressive Disorder (MDD). The United States Patent and Trademark Office issued patent number 12,291,499 to Cybin, offering exclusivity until 2041 for the company’s proprietary deuterated psilocin analog, which includes pharmaceutical compositions and oral dosage forms.

“Securing an additional patent in support of CYB003 provides important validation of our program and reinforces the commercial potential of our pipeline,” stated Doug Drysdale, Cybin’s Chief Executive Officer. “Robust patent protection is essential for drug development companies, and we are proud of our expanding intellectual property portfolio.”

CYB003, which is currently in Phase 3 clinical development under the APPROACH study, is designed as an adjunctive treatment for MDD. A second pivotal study, EMBRACE, is expected to launch by mid-2025. According to the company, these studies aim to further establish the efficacy and safety of CYB003 as part of Cybin’s broader goal to transform mental health treatment through next-generation psychedelic-based therapies.

Furthermore, Cybin stated that with more than 80 granted patents and over 230 pending applications, the company is rapidly building a strong intellectual property foundation. “As we continue to dose patients in our first Phase 3 study, we are focused on execution, delivering shareholder value, and ultimately, creating more effective treatments for those with mental health disorders,” Drysdale added.

Founded in 2019, Cybin operates across North America and Europe, advancing innovative treatments for conditions like depression and anxiety. Alongside CYB003, its pipeline includes CYB004, a deuterated DMT compound currently in Phase 2 trials for generalized anxiety disorder.

#3: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) reported a pivotal milestone in the development of its lead candidate, Ketamir-2, announcing that the novel oral NMDA receptor antagonist showed no signs of neurotoxicity in a U.S. Food and Drug Administration (FDA)-required preclinical study.

“This is a key milestone in the development of Ketamir-2,” said Erez Aminov, MIRA’s Chairman and CEO. “The absence of NMDA-linked neurotoxicity, along with continued clinical progress, reinforces our confidence in Ketamir-2’s potential as a safe next-generation, oral candidate for CNS disorders.”

The study, which was conducted in sexually mature Sprague-Dawley rats, revealed no adverse effects or brain lesions at any dose of Ketamir-2, even under high exposure. In contrast, animals treated with MK-801, a known neurotoxic NMDA antagonist, exhibited significant brain damage, including neuronal necrosis and vacuolation. Importantly, the research confirmed the absence of Olney lesions, which is a toxic brain changes historically linked to older NMDA-targeting drugs like ketamine.

Additionally, Dr. Itzchak Angel, MIRA’s Chief Scientific Advisor, emphasized the clinical significance of these results: “These findings eliminate one of the main safety concerns that has historically limited NMDA-targeting therapies. Ketamir-2’s clean neurotoxicity profile strengthens its position as a differentiated and promising therapeutic candidate.”

In a parallel development, MIRA’s Board of Directors announced it had approved the planned acquisition of SKNY Pharmaceuticals, Inc., in a deal that will combine the two companies into one enterprise valued at over $60 million. Moore Financial Consulting valued SKNY at approximately $30.5 million, while MIRA itself was valued at $30 million.

The merger is subject to shareholder approval and SEC filing, and it is expected to bring in at least $5 million in cash or assets from SKNY upon closing.

SKNY has its lead compound, SKNY-1, which is being developed as a next-generation oral therapeutic designed to modulate CB1 and CB2 cannabinoid receptors, as well as monoamine oxidase B (MAO-B), an enzyme involved in dopamine metabolism and addiction regulation.

“This merger brings together two pipelines, two market opportunities, and one unified strategy,” said Aminov. “We’re building a platform for first-in-class therapies targeting urgent public health needs.”

Dr. Angel highlighted the scientific rationale behind SKNY-1: “This is a rationally designed molecule that addresses the biological complexity of both obesity and addiction. The early data are promising.”

Together, the Ketamir-2 and SKNY-1 programs will position MIRA at the forefront of innovation in neuropsychiatric and metabolic disorder therapeutics, as it moves forward with a unified and growth-focused pipeline.

#4: MindMed

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) reported a first-quarter 2025 net loss of $0.35 per share, beating analyst expectations of a $0.37 loss. Additionally, the company ended the quarter with $245.5 million in cash, cash equivalents, and investments, which according to the company is enough to fund operations into 2027 and at least 12 months beyond the first topline data readout for its lead candidate, MM120 ODT, in generalized anxiety disorder (GAD).

CEO Rob Barrow expressed optimism about the company’s momentum: “All three of our pivotal Phase 3 trials—Voyage, Panorama, and Emerge—are actively enrolling. We’re building strong enthusiasm from clinical sites and patients.”

MindMed’s flagship candidate, MM120 ODT, which is an optimized oral form of LSD, is being tested in GAD and major depressive disorder (MDD). Voyage and Panorama are targeting GAD, with topline results expected in the first and second half of 2026, respectively. Moreover, the Emerge trial, which is focusing on MDD, began dosing in April and is also expected to deliver topline data in late 2026.

Barrow emphasized the company’s strategic clarity and ambition: “With our breakthrough therapy designation in GAD, a clearly defined regulatory strategy, and strong operational execution, we’re delivering on our goal of advancing MM120 ODT as a potential best-in-class therapeutic option.”

In other business updates, MindMed announced that it had completed a Phase 1 study of MM402 (R(-)-MDMA) for autism spectrum disorder and appointed Matt Wiley as Chief Commercial Officer to spearhead its future commercial launch strategy. The company also announced that it had revised its loan agreement with K2 HealthVentures, to provide up to $120 million in flexible funding.

Despite increased research and development spending, primarily driven by MM120 trials, MindMed reported that it had reduced general and administrative expenses year-over-year.

Key Takeaways; Cannabis Sector

• Tilray announced plans to exit New Zealand medical cannabis market to focus on Australia
• Village Farms was granted 180-day extension to regain Nasdaq listing requirements
• SNDL launched “Rise Rewards” loyalty program to boost customer experience
• Simply Solventless celebrated profitability at Humble Grow Co., surpassing projections

Key Takeaways; Psychedelic Sector

• Cybin expanded clinical partnerships to accelerate phase 3 trial evaluating CYB003 for depression treatment
• Compass Pathways completed dosing in phase 3 trial of COMP360 for treatment-resistant depression
• MIRA Pharmaceuticals reported promising progress on topical Ketamir-2 for pain relief

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 officially announced its withdrawal from the New Zealand medical cannabis market to sharpen its focus on operations in Australia. The company, which is a division of Canadian-based Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), confirmed that its final day of business in New Zealand will be May 31, 2025.

In a statement to The Post, Tilray emphasized its commitment to a smooth transition for patients, saying, “Our priority is to manage this transition effectively, minimizing any disruption and ensuring Tilray patients in New Zealand have access to necessary treatments during and after the transition period.” The company also confirmed that no Tilray employees would be affected by the strategic decision.

Tilray, which first entered the New Zealand market in 2017 and became one of the country’s initial licensed cannabis producers following legislation in 2020, cited a need to prioritize its growing Australian operations. Recently, Tilray launched its first cannabis edibles in Australia, marking a significant step in its expansion strategy.

According to Tilray’s most recent financial report, the company recorded international cannabis sales of $13.9 million for the quarter ending February 28, 2025. However, it also reported $0.3 million in restructuring charges related to the New Zealand exit.

Despite Tilray’s departure, New Zealand’s medical cannabis market remains resilient. Sally King, executive director of the New Zealand Medical Cannabis Council, reassured patients that alternatives remain available. “Aurora is in the process of really establishing themselves in the New Zealand market,” King told The Post. “It’s a real sign of confidence in the New Zealand market that they want to be here.”

The New Zealand medical cannabis sector has faced challenges, particularly high regulatory costs, which industry insiders suggest make it difficult for companies to thrive. Although a cannabis legalization referendum was held in 2020, it failed to pass, maintaining the country’s strict regulatory environment.

Even as Tilray departs, New Zealand’s cannabis landscape continues to evolve, with 41 active product licenses listed as of March 2025. Additionally, industry watchers expect new players like Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) to strengthen their presence and fill any gaps left behind.

#2: Village Farms

Village Farms International, Inc. (NASDAQ: VFF), a prominent cannabis operator with offices in Vancouver, British Columbia, and Lake Mary, Florida, secured a 180-day extension from Nasdaq to regain compliance with the minimum $1.00 closing bid price necessary to maintain its listing on the Nasdaq Capital Market.

The extension followed the expiration of the company’s initial 180-day grace period on April 16, 2025. Under the new timeline, Village Farms now has until October 13, 2025, to meet Nasdaq’s minimum bid price requirement.

“This notification has no immediate effect on the listing of our common shares,” Village Farms confirmed in an official press release issued on April 21. The company emphasized that its shares would continue to trade on Nasdaq under the ticker symbol VFF during the extended compliance period.

To regain compliance, the company’s shares must close at or above $1.00 for a minimum of 10 consecutive business days. Village Farms stated, “If at any time before October 13, 2025, the bid price closes at or above US$1.00 per share for at least 10 consecutive business days, we expect Nasdaq to confirm compliance.”

This isn’t the first time the company has faced similar challenges. In April 2024, Village Farms successfully regained compliance after a similar warning had been issued in April 2023.

However, if Village Farms fails to meet the minimum bid price by the new deadline, it risks being delisted from the Nasdaq Capital Market. In such a case, the company noted it has the right to appeal the decision through a hearing with a Nasdaq Hearings Panel.

#3: SNDL

SNDL Inc. (NASDAQ: SNDL) officially launched its much-anticipated Rise Rewards loyalty program, aimed at delivering greater savings, benefits, and engagement for Value Buds customers. The program, which went live on April 22, 2025, is now available at all Value Buds locations across Alberta, Ontario, Saskatchewan, and Manitoba.

“Our vision is always focused on the consumer experience, and our Rise Rewards program is an exciting tool to provide even more value for the Value Buds shopper,” said Tyler Robson, President of Cannabis at SNDL. He emphasized, “With exclusive member pricing and a simple points system to earn points with every visit, Rise Rewards is a key enhancement to the Value Buds shopping experience, reinforcing our commitment to affordability and value.”

Rise Rewards allows customers to accumulate points not only through purchases but also by participating in Value Buds’ recycling initiatives, aligning the program with the company’s broader sustainability goals. SNDL plans to use insights gathered from the loyalty program to fine-tune pricing strategies and marketing efforts, aiming to deliver an even more personalized shopping experience.

Looking ahead, SNDL intends to roll out the Rise Rewards across its other retail banners, signaling a broader commitment to customer appreciation and loyalty innovation.

#4: Simply Solventless

Simply Solventless Concentrates Ltd. (TSXV: HASH) announced this week that its recently acquired subsidiary, Humble Grow Co. (formerly Delta 9), had achieved profitability within its first month of post-acquisition operations, which is well ahead of internal forecasts, with initial post-integration results significantly exceeding projections. SSC also confirmed it will release its full audited 2024 financial results on April 30, 2025.

The Calgary-based cannabis processor reported that Humble’s integration, which was completed on February 28, 2025, following the acquisition announcement in December 2024, reduced operating expenses by 40% while maintaining annual production levels of approximately 9,000 kilograms. Additionally, Simply Solventless revealed that demand for Humble’s products remains strong both domestically and internationally.

In its first full month post-acquisition, Humble generated approximately $933,000 in gross revenue, resulting in EBITDA of around $266,000 ($3.2 million annualized). With further cost reductions implemented in April, SSC now anticipates monthly EBITDA to rise to roughly $338,000 ($4.1 million annualized); a 64% increase over the initial $2.5 million annual EBITDA projection made earlier this year.

Jeff Swainson, President and CEO of SSC, praised the team’s performance, stating, “The Humble acquisition is proving to be fruitful, and I would like to thank our talented team… for their incredible efforts in turning the Humble asset into one of our most profitable divisions.” He added, “To say that we are encouraged by these results and the strong potential of this asset moving forward would be an understatement.”

Swainson also highlighted that two years of cultivation data suggest Humble’s production capacity and EBITDA could potentially double with modest capital investment.

Simply Solventless’s track record for integrating acquisitions continues to deliver, with all past acquisitions including the January 2024 acquisition of Lamplighter, the $3.5 million CannMart Inc. acquisition, the October 2024 strategic acquisition of ANC Inc., and now the Humble acquisition, contributing to the company’s profitability. Additionally, SSC is optimistic about the anticipated acquisition of CanadaBis Capital Inc., which is expected to close around May 5, 2025, following a scheduled shareholder meeting on Monday, April 28. This move is expected to further boost profitability through strong operational synergies.

Top Psychedelic Companies for Week

#1: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN), a clinical-stage neuropsychiatry company, announced this week that it had expanded its strategic partnership agreements (SPAs), bringing the total to 18 clinical sites engaged to support the multinational Phase 3 program, which is evaluating CYB003 for the adjunctive treatment of Major Depressive Disorder (MDD).

The company’s pivotal Phase 3 study, which is named APPROACH, is expected to include approximately 45 clinical sites. The move is part of Cybin’s broader PARADIGM program aimed at revolutionizing depression treatment with next-generation therapies.

Doug Drysdale, Chief Executive Officer of Cybin, emphasized the significance of these partnerships, stating, “This SPA model serves to take advantage of the deep expertise of each individual site and ensure that protocols and best practices are shared consistently. This level of cooperation will streamline trial operations and has the potential to reduce time to completion.”

Additionally, Drysdale highlighted the involvement of key figures such as Dr. Kimball A. Johnson, Medical Director of CenExel iResearch Atlanta, and Dr. Paul Thielking, Chief Scientific Officer of Cedar Clinical Research. “We are especially pleased that Dr. Johnson, who served as the principal investigator for our successful Phase 1/2a CYB003 trial, and Dr. Thielking are participating. Our SPA partners share Cybin’s deep commitment to the highest quality standards of investigational clinical work,” Drysdale added.

The Phase 2 data for CYB003, which is a deuterated psilocybin analog, were promising, showing that two 16 mg doses administered three weeks apart resulted in a 12-month remission from depression symptoms in 71% of patients. With patients dosing already underway in APPROACH, Cybin anticipates launching a second Phase 3 study, EMBRACE, by mid-2025.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) announced on Tuesday that all participants had completed dosing in Part A of its pivotal Phase 3 COMP005 trial, which is investigating COMP360 psilocybin for treatment-resistant depression (TRD). The company reported that following a pre-dosing phase that included washouts from existing antidepressant medications where necessary, participants received a single dose of either 25 mg of COMP360 or a placebo.

Kabir Nath, CEO of Compass Pathways, celebrated the milestone, stating, “Completing the dosing of all participants in Part A of our 005 trial marks a critical milestone in our mission to address the pressing unmet need in treatment-resistant depression.” He emphasized the achievement as a reflection of the company’s “commitment to scientific rigor, operational excellence and potential to deliver a new treatment option to patients who have long been underserved.”

The COMP005 trial is a randomized, double-blinded, placebo-controlled study involving 258 participants with moderate-to-severe depression who had not responded to at least two prior treatments. Dosing was conducted across 32 clinical sites in the United States. The primary goal is to assess the efficacy and safety of a single dose of COMP360 compared to placebo in reducing the severity of depressive symptoms.

Moreover, Compass Pathways confirmed it remains on schedule to release top-line results for the 6-week primary endpoint in late June. Nath extended his gratitude to the participants, investigators, and clinical sites, saying, “We are incredibly grateful to the participants, investigators and clinical sites that are making this study possible.”

This development marks a significant step forward in the company’s efforts to bring evidence-based innovation to patients suffering from TRD.

#3: MIRA Pharmaceuticals

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA), a clinical-stage biotech company specializing in treatments for neurologic and neuropsychiatric disorders, announced encouraging results from in vitro release testing (IVRT) of its topical Ketamir-2 formulation. The company is targeting the expansive $11 billion U.S. topical pain relief market and is exploring the possibility of securing FDA Fast Track designation.

The IVRT study, which was conducted using a validated Franz diffusion cell model, evaluated a 5% ointment formulation of Ketamir-2. Results showed consistent, dose-proportional release across various concentrations, with the active compound remaining stable in a hydrophobic base.

“As we continue expanding the Ketamir-2 program, we remain committed to building long-term shareholder value through strategic innovation and disciplined execution,” stated Erez Aminov, Chairman and CEO of MIRA. “The ability to develop both oral and topical formulations positions us to address a much broader segment of the pain market, offering a clear path for differentiation in a field that urgently needs safer, more targeted treatment options.”

Following the successful IVRT results, MIRA is advancing preclinical studies to assess the topical formulation’s effectiveness in models of inflammatory and neuropathic pain. These studies aim to further inform the company’s clinical development strategies.

“We are encouraged by the consistency of the release profile under controlled conditions,” added Dr. Itzchak Angel, Chief Scientific Advisor at MIRA. “Our focus now shifts to evaluating pharmacological effects in preclinical models. We expect Ketamir-2 to potentially surpass ketamine in treating localized pain such as neuropathic pain, diabetic neuropathy, postherpetic neuralgia, and musculoskeletal pain, while also reducing inflammation and central sensitization.”

MIRA’s latest advancements strengthen its position in the evolving pain management market, as it moves closer to offering innovative solutions for patients in need of more effective and safer treatments.

Key Takeaways; Cannabis Sector

• Advanced Flower injected $14 million to fuel Standard Wellness expansion across key U.S. markets
• Organigram expanded into U.S. hemp-derived THC market with acquisition of Collective Project
• Vext exited Kentucky medical marijuana market to refocus on core states
• Innovative Industrial is grappling with tenant defaults, as the company faces a tough road ahead

Key Takeaways; Psychedelic Sector

• Filament Health secured C$900K financing, the company also plans to delist from Cboe Canada
• HOPE Therapeutics expanded Florida presence with an acquisition
• Solvonis and Awakn is advancing promising PTSD treatment

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: Advanced Flower

In a strategic move signaling continued confidence in the growth potential of the cannabis industry, Advanced Flower Capital Inc. (NASDAQ: AFCG) announced a $14 million senior secured credit facility to subsidiaries of Standard Wellness Holdings, a privately held multi-state cannabis operator. Of the total credit, $10.5 million was funded at closing, with the remaining funds to be deployed as needed.

According to Standard Wellness, this investment will support the company’s ambitious plans to acquire a dispensary in Missouri, relocate another dispensary in Utah, and refinance and consolidate existing debt facilities, hence enhancing operational efficiency and strengthening their footprint in key limited-license states.

“The Standard Wellness team have proven to be astute capital allocators,” said Daniel Neville, CEO of Advanced Flower Capital. “We are excited to support them as they continue to expand and optimize their business. As we diversify our portfolio, Standard Wellness checks all the boxes; stable operations, strategic market presence, and a seasoned management team with a proven record of success”.

Jared Maloof, CEO of Standard Wellness, praised the partnership with AFC. “Having closed on several debt facilities in the cannabis space, our team was extremely impressed with AFC’s working knowledge of the complexities of our industry,” Maloof said.

The deal is backed by a first lien on Standard Wellness’s Utah operations and dispensaries in St. Louis, Missouri, and Cincinnati, Ohio, as well as a second lien on the company’s Ohio cultivation facility. Collateral includes owned real estate and the value of state-issued cannabis licenses.

This latest financing aligns with AFC’s mission to provide institutional-quality capital to cannabis operators across the U.S. The company specializes in originating and managing loans secured by real estate, licenses, and cash flow, with deal sizes ranging from $10 million to over $100 million.

#2: Organigram

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), Canada’s leading cannabis company by market share, officially entered the rapidly expanding U.S. hemp-derived THC beverage market through the acquisition of Ontario-based beverage company Collective Project Limited. This strategic move not only marked a pivotal move for Organigram into the booming hemp-derived THC beverage sector in the U.S. but also accelerated its presence in the emerging cannabis beverage category in Canada.

The acquisition, which was announced on April 1, involved an upfront cash payment of approximately C$6.2 million, with a potential milestone and earnout payments totaling up to C$24 million over the next two years. If all benchmarks are met, the transaction could reach a total value of around C$30 million, making it one of the industry’s largest deals in recent years.

“This acquisition represents our first commercial entry into the fast-growing hemp-derived THC beverage market in the U.S.,” said Beena Goldenberg, CEO of Organigram. “It also fast tracks our entry into the cannabis beverage category in Canada, a category that we believe is on the cusp of growth at home.”

Collective Project, which was launched by Hamilton-based Collective Arts in 2013, is known for its unique combination of craft beverages and artist-designed packaging. The brand produces cannabis- and hemp-infused sparkling juices, teas, and sodas with premium, flavor-forward profiles made from real fruit juice and no artificial sweeteners.

Matt Johnston, co-founder of Collective Project, expressed confidence in the partnership: “We are pleased to be working with Organigram, not only Canada’s leading cannabis company but also one deeply committed to high-quality products backed by R&D and science-backed innovation.”

Organigram officially rebranded recently as Organigram Global, marking a strategic shift to solidify its position as a global cannabis leader. And this acquisition further signals a firm commitment to innovation, market leadership, and unlocking new consumer segments in both North America and beyond.

#3: Vext

Vancouver-based cannabis operator Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) announced the sale of its Kentucky medical marijuana processing license for $880,000 in cash, signaling a strategic withdrawal from the state’s cannabis sector. According to Vext, the move will allow the company to sharpen its focus on its primary markets in Arizona and Ohio.

The license, which was originally held by Vext’s subsidiary Vapen Kentucky LLC and an unnamed partner, was fully acquired by Vext in March using non-cash consideration. However, with the recent sale, Vapen Kentucky will now operate solely in the hemp space.

“This transaction underscores our disciplined approach to capital allocation and strategic focus on maximizing returns in our core markets,” said Vext CEO, Eric Offenberger. “By divesting the processing license in Kentucky, we are deepening our focus on our core operations in Arizona and Ohio, where we see the most compelling opportunities to drive long-term value.”

Offenberger added, “The proceeds of the sale strengthen our balance sheet and will support the buildout of our Ohio retail footprint as we continue to prioritize profitability and cash flow growth.”

Vext plans to use the sale proceeds to reduce debt, expand retail operations in Ohio, and for general corporate needs. The transaction is expected to close in the second quarter of 2025, pending regulatory approval from the state of Kentucky.

#4: Innovative Industrial

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR), a cannabis-focused real estate investment trust, announced that it is facing mounting pressure as multiple tenants have defaulted on rent payments, prompting investor concern and a sharp decline in the company’s stock.

In a recent press release, IIP acknowledged defaults from key tenants, including 4Front Ventures Corp. (CSE: FFNT) (OTCQB: FFNTF), Gold Flora Corporation (Cboe Canada: GRAM) (OTCQB: GRAM), and TILT Holdings Inc. (Cboe CA:TILT) (OTCQB: TLLTF), collectively representing over 10% of the company’s contractual rent. These defaults come amid broader industry headwinds like high taxation, falling cannabis prices, and limited access to capital. IIP stated it is “proactively seeking to refresh a substantial portion of its tenant base with more financially viable long-term tenants,” though it offered few specifics.

PharmaCann, a privately held cannabis company and IIPR’s largest tenant, also failed to honor a recent payment plan, defaulting on all leases in December and further deepening concerns about IIPR’s revenue stability. Adding to the uncertainty, Gold Flora’s recent filing for voluntary receivership raised additional red flags regarding the company’s profitability and long-term growth prospects.

Analysts are unimpressed by the IIPR’s current options. Aaron Grey of Alliance Global Partners noted, “The alternative of evictions is a route that could be taken but would take time and eventually come with rents closer to market rate, which would be lower.” He also warned that facilities built for cannabis cultivation may be difficult to re-lease or repurpose quickly.

Considering the ongoing defaults, Alliance Global Partners downgraded IIPR’s price target from $70 to $55 and flagged a potential dividend cut. They also maintained a neutral rating on the stock, citing continued uncertainty until more tenants secure refinancing.

As of now, IIPR’s future strategy hinges on evictions or rent renegotiations, both of which carry financial downsides. Until its tenant base stabilizes, analysts and investors alike remain cautious.

Top Psychedelic Companies for Week

#1: Filament Health

In a decisive move to stabilize its financial footing and refocus its strategic trajectory, Filament Health Corp. (OTCQB: FLHLF) (Cboe CA: FH), which is a clinical-stage natural psychedelic drug development company, announced a private placement to raise approximately C$900,000, while also announcing a plan to voluntarily delist from the Cboe Canada exchange.

The financing is being led by psychedelic-focused investment fund Negev Capital Fund One and key company insiders, including CEO and Co-founder Benjamin Lightburn. The deal comprised secured convertible debentures carrying a 9% annual interest rate, which are convertible into common shares at C$0.02, along with three-year warrants priced at C$0.03 per share.

Vadim Uzberg, partner at Negev Capital, reaffirmed the investor’s confidence in the company: “As a longstanding supporter of Filament Health and its mission, we are pleased to continue our commitment. Filament remains well-positioned, leveraging its groundbreaking botanical drug development platform and an industry-leading intellectual property portfolio.”

Additionally, the company stated that the decision to delist comes on the heels of mounting financial pressure and low trading volume on the Cboe Canada exchange. “Maintaining the listing has become financially and administratively burdensome,” the company stated, noting that the saved costs would be redirected to clinical development and operational efforts.

Lightburn emphasized the strategic nature of the move: “This financing, in conjunction with the planned delisting, will allow for the pursuit of certain near-term objectives,” he said. He also pointed out that the company’s presence on Cboe Canada has hindered potential future listings on senior U.S. exchanges.

Despite the delisting, Filament will remain a reporting issuer in Canada, maintaining its disclosure obligations under national securities regulations.

#2: HOPE Therapeutics

HOPE Therapeutics, Inc., a healthcare delivery company currently developing a network of interventional psychiatry clinics to offer psychedelic medications and a subsidiary of NRx Pharmaceuticals, Inc. (NASDAQ: NRXP), announced its acquisition of Dura Medical, a Florida-based network of clinics specializing in interventional psychiatry and chronic pain treatment. The move is part of HOPE’s broader strategy to expand its footprint in Florida and broaden its range of advanced therapies for mental health.

Though financial details were not disclosed, HOPE confirmed that Dura Medical is both revenue-generating and EBITDA-positive. As part of the agreement, Stephen Durand, founder of Dura Medical and a U.S. Army Reserve veteran, will assume the role of Director of Florida Clinic Operations under the new ownership.

“We founded Dura Medical with the mission to reduce suicide in our community and aim to treat more than 10,000 people by 2026,” said Durand. “We’re excited to align that mission with the HOPE Network and to lead HOPE’s expansion in Florida and beyond.”

Founded in 2018, Dura Medical provides treatments including ketamine therapy, transcranial magnetic stimulation (TMS), Spravato, Stellate Ganglion Blocks, and traditional psychiatry services. These therapies support patients dealing with depression, PTSD, anxiety, suicidality, and other related disorders. The clinics also serve military veterans through the Veterans Affairs Community Cares Network.

HOPE’s co-CEOs, Dr. Jonathan Javitt and Matthew Duffy, praised Durand’s leadership and the synergy between the two organizations: “Steve Durand has been a pioneer in combining psychedelic medications with neuroplastic technologies like TMS for treating suicidal depression and PTSD. We’re thrilled to incorporate Dura’s excellence and commitment to care into HOPE’s Florida network.”

The acquisition comes at a time when HOPE Therapeutics is actively expanding. The company recently signed a $2.5 million term sheet with a global medical device manufacturer, supporting the build-out of its interventional psychiatry network. This investment, which is paired with bank financing and existing assets, is expected to close alongside HOPE’s ongoing clinical acquisitions.

#3: Awakn

Solvonis Therapeutics PLC (LSE: SVNS) shared significant progress in its joint project with Awakn Life Sciences Corp. (CSE: AWKN) (OTC: AWKNF), which is aimed at developing a groundbreaking treatment for post-traumatic stress disorder (PTSD). The project, which is known as the AWKN-SDN-14 programme, seeks to create a drug that enhances social bonding, trust, and empathy, which are key traits critical to effective PTSD therapy.

“Our goal is to help patients reconnect with others and better engage in the healing process,” a Solvonis spokesperson said.

Despite a setback last year when their original research partner, Charnwood Discovery, entered administration, the project is now back on track. Concept Life Sciences has since stepped in, successfully synthesising three of the six planned drug candidates, with the remaining expected by May.

Lab testing is underway, first conducted by Eurofins Discovery and now continuing with Evotec, a global leader in drug discovery. Evotec’s role is to evaluate the compounds’ ability to release neurotransmitters like serotonin, dopamine, and noradrenaline, which are the key chemicals involved in PTSD recovery.

Early lab results have been promising. “Initial findings suggest we’re heading in the right direction,” the company noted.

Solvonis and Awakn anticipate selecting a lead drug candidate by the end of September, marking a crucial step toward delivering a novel and much-needed PTSD therapy to the market.

Key Takeaways; Cannabis Sector

• Ascend Wellness exceeded expectations in 2024 despite Q4 revenue decline
• Cresco reported a decline in revenue but achieved record cash flow
• Village Farms reported revenue growth despite inventory impairment
• GrowGeneration faced sales decline leading to lower revenue projections for 2025

Key Takeaways; Psychedelic Sector

• Solvonis Therapeutics strengthened board with a new appointment
• Incannex Healthcare raised $12.5 million to advance Sleep Apnea drug development

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: Ascend Wellness

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported mixed financial results for full year 2024 and fourth quarter, with full-year revenue growing 8.3% to $561.6 million despite a 4% quarter-over-quarter decline in Q4 revenue to $136 million. While the company struggled with continued losses, its leadership remains optimistic about future growth.

Retail revenue in Q4 dropped by 4% to $90.4 million due to pricing pressures in key markets like Illinois, Massachusetts, Michigan, and New Jersey. Wholesale revenue also saw a 5% decline, totaling $45.6 million. However, adult-use sales in Ohio and new partner stores in Illinois helped offset some of these losses.

The company reported a net loss of $16.8 million for the quarter, marking an improvement from Q3’s $28.3 million loss. CFO Roman Nemchenko highlighted the company’s efforts, stating, “Significant progress has been made in strengthening our balance sheet and improving our margins and profitability.”

For the full year 2024, Ascend’s retail revenue increased marginally by 0.3% to $372.2 million, while wholesale revenue surged 28.5% to $189.4 million. However, the company still reported a net loss of $85 million, a significant drop from the $48.2 million net loss in 2023.

Despite the challenges Nemchenko, expressed confidence in the company’s financial progress, stating, “Significant progress has been made in strengthening our balance sheet and improving our margins and profitability. This has resulted in a 450-basis point sequential improvement in Adjusted EBITDA margin and $30.1 million in Free Cash Flow generated in the quarter.”

Looking ahead, Ascend plans to drive revenue growth while continuing cost-cutting initiatives. With new dispensaries in development across Ohio, Pennsylvania, and Illinois, the company aims to cement its place as a leading multi-state cannabis operator in the increasingly competitive market.

#2: Cresco

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) experienced a drop in revenue in the fourth quarter of 2024 but managed to strengthen its financial position through record cash flow and profitability improvements.

The company’s Q4 revenue declined to $176 million, down from $179 million in Q3 and $188 million in Q4 2023. However, it posted a net income of $0.4 million, a significant improvement from the $7.6 million loss in the previous quarter.

For the full year, Cresco generated $724 million in revenue, lower than $770 million in 2023. The decline was attributed to the company’s exit from lower-margin businesses, focusing instead on core markets. Despite this, Cresco recorded a record operating cash flow of $132 million and free cash flow of $114 million, demonstrating strong financial position.

CEO Charlie Bachtell highlighted the company’s strategy, stating, “In 2024, the team executed with discipline—streamlining operations, prioritizing profitability, and generating record free cash flow. With a leading brand position and strong retail productivity, our foundation is stronger than ever.”

Looking ahead, Cresco is expanding into Kentucky, securing a Tier 3 cultivation license to operate a 25,000-square-foot facility. Bachtell emphasized the strategic importance, stating, “Kentucky is our first of these new market expansions—a strategic addition backed by clear regulations. This move allows us to scale efficiently and reinvest in our operations.”

#3: Village Farms

Village Farms International, Inc. (NASDAQ: VFF) announced its financial results for the fourth quarter and full-year 2024, showing an 11% increase in consolidated sales to $82.6 million, surpassing analysts’ estimates of $79 million.

However, earnings were affected by a $10.5 million non-cash impairment charge due to low-quality cannabis inventory acquired from third parties. “Fourth quarter saw continued strong performance from Canadian Cannabis,” said the company’s CEO, Michael DeGiglio, “but results were impacted by a non-cash impairment.” Despite this, Canadian cannabis achieved a gross margin of 33% and an adjusted EBITDA margin of 12%.

For the full year, total sales increased to $336 million, though net loss slightly worsened to $35 million from $34 million in 2023. Excluding the impairment charge, full year adjusted EBITDA stood at $12.2 million.

The company also reported a 113% increase in international sales, driven by growth in Australia, Germany, and the UK. “We have now shipped to five international markets with the recent addition of New Zealand and aim to triple international medicinal export sales in 2025,” DeGiglio said.

Despite facing challenges with non-cash impairment, Village Farms remains well-positioned for further expansion across North American and international markets. Reassuring investors, DeGiglio stated, “We’re starting the year with good momentum to execute our profitable growth strategy.”

#4: GrowGeneration

GrowGeneration Corp. (NASDAQ: GRWG) reported a significant decline in net sales for the fourth quarter and full year of 2024, attributing the downturn to its extensive restructuring efforts. The company also forecasted lower revenue for 2025 but remains optimistic about long-term profitability.

In Q4 2024, GrowGen’s net sales fell to $37.4 million, marking a $12 million drop from the previous year. Analysts had anticipated slightly higher earnings of $38.1 million, making the results a miss on estimates. The decline was mainly due to the closure of 19 retail locations as part of the company’s restructuring plan.

GrowGen CEO, Darren Lampert, highlighted a key achievement despite the challenges: “Our proprietary brand sales as a percentage of cultivation and gardening net sales grew to 30.4%, up from 21.2% last year.” Additionally, same-store sales increased by 1%, indicating strong customer retention.

The company also saw a reduction in its net loss, which improved to $23.3 million from $27.3 million in Q4 2023.

For 2024, GrowGen’s net sales dropped by $37 million, totaling $188.9 million compared to $225.9 million in 2023. The bulk of this decline came from the cultivation and gardening segment, which reported $163.5 million in net sales, down from $194.5 million the previous year.

Lampert described 2024 as a “pivotal year” for the company. “We successfully completed a strategic restructuring to transform GrowGen into a leaner, more efficient, and product-driven company with a B2B focus,” he stated. He also emphasized the company’s shift toward digitalization, noting the launch of a new B2B e-commerce platform in Q4 aimed at boosting operational efficiencies.

Despite the overall decline, proprietary brand sales increased to 24.2% of net sales, showing the company’s strategic push to expand its product line. However, the net loss for the year rose to $49.5 million, up from $46.5 million in 2023, largely due to restructuring costs.

Looking ahead, GrowGen projects 2025 revenue between $170 million and $180 million, signaling another year of decline. However, the company anticipates a financial turnaround, estimating adjusted EBITDA to shift from a $2 million loss to a $2 million profit. The company also expects its gross profit margin to improve to 29%-31%.

Top Psychedelic Companies for Week

#1: Solvonis Therapeutics

Solvonis Therapeutics PLC (LSE: SVNS), a leading biotechnology company specializing in mental health therapeutics, announced the appointment of Dr. Renata Crome as an independent Non-Executive Director, effective March 11, 2025.

Dr. Crome, who is a veteran in drug development, brings over 40 years of experience in pharmaceutical innovation, having played a key role in the development of blockbuster drugs at Roche, including Avastin® (bevacizumab) and Tamiflu®. During her tenure, she led a team of over 250 professionals, overseeing more than 100 early-stage drug development programs, particularly in oncology, infectious diseases, and central nervous system (CNS) treatments.

In a press release, she emphasized her expertise in CNS therapeutics, stating, “I have extensive experience in developing treatments in the central nervous system area, and I know the challenges and some of the solutions.”

Dr. Crome’s appointment is a strategic addition to Solvonis, and it comes at a pivotal moment for the company, which recently acquired Awakn Life Sciences Corp. (CSE: AWKN) (OTC: AWKNF) in a major biotech deal. Her regulatory and commercial expertise will support the company’s expansion into mental health and addiction treatment innovations.

Chair of Solvonis, Dennis Purcell, expressed enthusiasm for the new addition, stating, “We are thrilled to welcome Dr. Crome to the Board. Her expertise in drug development, regulatory affairs, and commercial strategy will be invaluable as we push forward with innovative therapies in mental health and addiction”.

Dr. Crome echoed this excitement, adding, “It’s a privilege to join Solvonis at such a transformative time. The company’s dedication to addressing unmet needs in addiction and mental health through pioneering science is inspiring.”

#2: Incannex Healthcare

Incannex Healthcare Inc. (NASDAQ: IXHL) successfully raised $12.5 million to fund ongoing clinical trials, particularly the advancement of its sleep apnea treatment, IHL-42X. The company announced that the proceeds will support the completion of the U.S. Phase 2 study and the initiation of a global Phase 3 trial for the drug, which is being tested in both the U.K. and the U.S.

The funds were raised through security purchase agreements with institutional investors, involving the sale of 11,574,090 shares at $1.08 per share. Investors also received Series A common stock warrants with an initial exercise price of $2.16 per share. The deal was expected to close by March 10, 2025.

Incannex plans to use the funds for multiple purposes, including repaying convertible debentures, supporting working capital, and fulfilling general corporate obligations. CEO Joel Latham emphasized the company’s commitment to addressing obstructive sleep apnea (OSA), stating, “Patients with obstructive sleep apnea need new and convenient therapeutic options to manage this serious, chronic, and life-threatening disease. We are enthusiastic about the potential for IHL-42X, an oral, once-daily treatment that uniquely targets physiological pathways responsible for the airway obstruction characteristic of OSA.”

Despite raising this significant capital, Incannex has faced financial struggles. In its recent fiscal second-quarter earnings report, the company recorded a revenue of just $12,000 and a net loss of $6.3 million, compared to a $4.3 million loss in the previous year. At the time, cash reserves had also dwindled to $2.1 million. With the latest funding boost, Incannex aims to push forward its promising sleep apnea and anxiety disorder treatments while stabilizing its financial position.

Key Takeaways; Cannabis Sector

• Ayr Wellness announced a refocused strategy, exiting Illinois, and expanding in Florida
• Curaleaf’s revenue fell slightly in 2024, as the company struggles for stability
• Glass House secured a $50 million loan aimed at strengthening its financial position
• Safe Harbor restructured debt to strengthen financial flexibility
• Organigram secured final funding tranche from British American Tobacco

Key Takeaways; Psychedelic Sector

• Revive Therapeutics acquired molecular hydrogen IP from DiagnaMed
• Solvonis Therapeutics to Acquire Awakn Life Sciences in major biotech deal

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) is shifting its approach, moving away from rapid expansion and instead focusing on strengthening its core markets. The cannabis retailer, which was once driven by an aggressive expansion mindset, is now focusing on sustainability and profitability, as a result the company announced that it had decided to exit Illinois, where it struggled to gain the necessary scale to compete effectively, and is instead doubling down on its operations in Florida.

During the company’s recent earnings call, Ayr interim CEO, Steven Cohen, announced the company had signed a letter of intent to sell its four retail stores in Illinois, citing an inability to achieve the necessary scale or vertical integration to compete effectively in the state.

“We’re taking a hard look at other markets to make sure we are prioritizing those core markets that will deliver for our business,” said George DeNardo, Ayr’s newly promoted president.

In the fourth quarter and full year 2024 financial results, Ayr reported a $164.2 million loss, largely due to write-downs following the rejection of recreational marijuana in Florida last November. However, rather than retreating from Florida, where nearly 70% of its retail stores operate, the company is doubling down.

A key component of Ayr’s Florida strategy is the upcoming Ocala indoor cultivation facility, which DeNardo called “one of our most important catalysts of the year.” The facility is expected to more than double the company’s flower production capacity and address a longstanding weakness, the lack of premium indoor flower. “It’s been a lagging product form that we’ve had really over since Ayr’s conception,” DeNardo explained. He believes this expansion will help combat market price compression and drive more foot traffic to Ayr’s stores.

Beyond Florida, Ayr is also consolidating its operations in other key markets. It has already subleased a cultivation facility in Massachusetts and is in the process of closing a secondary grow site in Nevada. Meanwhile, in Ohio, where adult-use sales recently launched, the company is seeing strong growth. Retail revenue in the State jumped 41% quarter-over-quarter, and Ayr has opened its fourth store there, with plans to add three more this year.

Interim CEO Steven Cohen acknowledged the difficulties facing the cannabis industry but remains optimistic. Quoting legendary basketball coach Jim Valvano, he emphasized Ayr’s strategy: “Survive and advance.” He added, “I believe that, ultimately, this is an extraordinary industry, and Ayr has a very important role to play in it.”

#2: Curaleaf

Curaleaf Holdings Inc. (TSX: CURA) (OTCQX: CURLF), the largest cannabis company in the U.S., has now reported a staggering $1 billion in losses over the past five years. In 2024 alone, the company recorded a net loss of $216 million, with a $71.8 million loss in the fourth quarter, this was despite the company generating $1.34 billion in revenue in the fourth quarter and full year 2024 financial results.

The company’s revenue showed a slight decline from 2023, with the fourth-quarter earnings totaling $331.1 million, a 4% drop from the previous year. This included $235.6 million from domestic retail sales, $64.3 million from domestic wholesale operations, and $30.7 million from international markets. Despite these figures, Curaleaf managed to secure $163.3 million in operating cash flow and $70.1 million in free cash flow for the year.

Curaleaf’s CEO, Boris Jordan, acknowledged the financial challenges but remains optimistic. “Over the past two quarters, my primary objective has been to amplify our strengths, address key challenges, and stabilize the business,” he stated. “Having successfully achieved this, we are now forging ahead with our ‘Return to our roots’ initiative – an ambitious strategy centered on driving organic growth, optimizing margins and cash flow, and reducing debt.”

Despite the challenges, Curaleaf has not shied away from expansion. In late 2024, it opened two more dispensaries in Florida, reaching a total of 66 in the state and 151 nationwide. The company also entered the German cannabis market, rebranded three dispensaries in Nevada, and secured a $40 million loan. Additional, in early 2025, Curaleaf introduced a new hemp-based beverage line in collaboration with Total Wine and launched a new cannabis brand, Reef, in Florida.

#3: Glass House

Glass House Brands Inc. (CBOE CA: GLAS.A.U) (OTCQX: GLASF) announced a new $50 million senior secured credit facility, a strategic move aimed at refinancing its previous $41 million loan and enhancing its financial position. The new loan extends the company’s debt maturity to 2030, with a balloon payment of $40 million due at the end of the term.

The loan carries a fixed interest rate of 8.58%, significantly lower than the company’s previous borrowing rate. For the first two years, payments will be interest-only, allowing Glass House to preserve $13.1 million that would have been used for principal payments in 2025 and 2026. Principal and interest payments will then be made over the last three years, based on a 15-year amortization schedule.

Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House, emphasized the advantages of the deal. “Refinancing the credit facility strengthens our balance sheet, significantly improves our cash flow, and pushes out the maturity of our senior secured debt into 2030. By negotiating this facility directly with the lender, we have continued our tradition of cutting costs by arranging our own financing,” he said.

To secure the loan, Glass House provided a first-priority lien on its Camarillo, Padaro, and Casitas greenhouse farms, as well as other company assets, excluding additional real estate holdings. Additionally, the company must maintain a minimum liquidity of $10 million in an account at the lending institution throughout the loan’s duration.

Another key requirement is a Consolidated Fixed-Charge Coverage Ratio of at least 1.25x, tested quarterly on a trailing twelve-month basis. With this new financing in place, Glass House aims to continue its rapid expansion and strengthen its financial position.

#4: Safe Harbor Financial

SHF Holdings, Inc., (Safe Harbor Financial) (NASDAQ: SHFS) announced it had successfully modified its debt agreement with Partner Colorado Credit Union, a move that unlocks over $6 million in cash flow and extends the repayment deadline to 2030. The deal comes as the company navigates a challenging financial period and transitions to new leadership under new CEO, Terry Mendez, who succeeded Sundie Seefried following her retirement in early February.

The new debt agreement modifies the original terms by offering a two-year interest-only payment period, which will be in effect until February 2025. This move allows Safe Harbor to divert funds that would have gone toward the loan’s principal into more immediate business needs, providing significant financial relief. The company’s interest rate remains at 4.25% for the duration of the loan, and the repayment deadline has been extended until 2030.

Mendez expressed confidence that this restructuring marked a turning point for the company. “Not only does the note modification significantly enhance our financial standing, but it also provides Safe Harbor with tremendous optionality as we enter this new chapter,” he stated.

Despite these positive changes, Safe Harbor has faced considerable financial difficulties in recent months. The company reported a 19.6% revenue decline and a working capital deficit of $2.5 million in its September 2024 quarterly report. Much of these challenges stem from the company’s controversial merger with Rockview Digital Solutions, Inc, (Abaca), where it paid more than the fair value for assets, leading to fewer accounts and ongoing legal battles over a $3 million debt.

Nonetheless, with this restructuring in place, Safe Harbor aims to stabilize its financial standing and explore new growth opportunities, signaling a fresh chapter under Mendez’s leadership.

#5: Organigram

Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), a prominent Canadian cannabis producer, closed the final tranche of a significant CA$124.6 million funding round. This investment, which is from BT DE Investments, a subsidiary of British American Tobacco p.l.c. (BAT) (NYSE: BTI), has helped accelerate Organigram’s international expansion.

The final tranche saw BAT acquire approximately 7.6 million common shares and 5.3 million Class A preferred shares of Organigram. The purchase, which was CA$3.2203 per share, resulted in gross proceeds of CA$41.5 million. This concluded a three-part investment agreement between the two companies, which was aimed at supporting Organigram’s strategic growth.

The funds are being channeled into the “Jupiter” investment pool, a fund designed to enhance Organigram’s international market presence, particularly in the U.S. and overseas. With the pool now fully funded, Organigram has an additional CA$57.8 million available for future investments.

Chief Strategy Officer Paolo De Luca commented on the strategic value of the investment, stating, “Opportunities in the space have only improved with cannabis valuations at historically weaker levels…We look forward to continuing our international strategy supported by the Jupiter platform.”

Already, Organigram has invested CA$21 million in the German cannabis company Sanity Group and CA$2.7 million in the North Carolina-based cannabinoid manufacturer Open Book Extracts. These investments highlight the company’s commitment to broadening its footprint in the global cannabis industry.

In total, the entire funding round, which included the first two tranches that were closed earlier, brings Organigram closer to realizing its goal of establishing a significant presence in the international cannabis market. BAT now holds a considerable stake in Organigram, including 30% of the common shares and all the preferred shares, positioning them as a key partner in the company’s future growth.

Top Psychedelic Companies for Week

#1: Revive Therapeutics

Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) announced its intent to acquire DiagnaMed Holdings Corp.’s (CSE: DMED) (OTCQB: DGNMF) intellectual property related to DiagnaMed’s molecular hydrogen program, aiming to develop potential treatments for neurological and mental health disorders from the program. The acquisition is based on a non-binding letter of intent dated February 28, 2025, and is expected to be finalized by the end of March.

The acquisition deal includes a provisional patent application filed with the U.S. Patent and Trademark Office. This patent, which was titled “Methods and Compositions for Producing Hydrogen for Treating Diseases and Disorders Affecting Brain Health,” details pharmaceutical methods using molecular hydrogen as a therapeutic option for neurological conditions such as Dementia, Parkinson’s disease, Traumatic Brain Injury, Depression, Anxiety, and Post-Traumatic Stress Disorder (PTSD).

As part of the deal, Revive will also acquire DiagnaMed’s research assets related to amyotrophic lateral sclerosis (ALS), along with the Orphan Drug Designation, which was granted by the U.S. Food and Drug Administration (FDA) for molecular hydrogen in ALS treatment.

Revive’s CEO, Michael Frank, expressed enthusiasm about the deal, stating, “We are excited about advancing the clinical development of molecular hydrogen for brain disorders, specifically as a potential treatment for ALS. The orphan drug designation granted by the FDA for molecular hydrogen in ALS offers hope to patients and families impacted by this debilitating illness.” He further emphasized the company’s commitment to collaborating with ALS researchers, patient advocacy groups, and regulatory experts to ensure a rigorous and expedited path to potential approval.

ALS is a progressive neuromuscular disease that leads to paralysis and respiratory failure, with a life expectancy of only two to six years post-diagnosis. With limited treatment options, Revive aims to leverage molecular hydrogen’s antioxidant and anti-inflammatory properties, which have shown promise in mitigating oxidative stress and inflammation, which are key factors in ALS progression.

In addition to molecular hydrogen, Revive is exploring other therapies, including bucillamine for nerve agent exposure and long-term COVID, as well as psilocybin-based treatments. However, financial challenges persist. The company recently reported an accumulated deficit of C$67 million as of December 31, 2024, with only C$55,415 in cash reserves and a working capital deficit of over C$3 million.

To support its operations, Revive has secured a C$65,000 loan with an 8% annual interest rate. The company’s future depends on securing additional funding or achieving profitability. Despite financial hurdles, the acquisition of DiagnaMed’s molecular hydrogen program marks a significant step in Revive’s pursuit of innovative neurological treatments.

#2: Awakn

Awakn Life Sciences Corp. (CSE: AWKN) (OTC: AWKNF) announced it had entered into an agreement to be acquired by Solvonis Therapeutics plc (LSE: SVNS), which is a UK incorporated LSE-listed innovative biotechnology company focused on developing intellectual property and co-developing therapeutics for mental health and substance use disorders.

Under the agreement, Solvonis will acquire all outstanding common shares, restricted share units (RSUs), and deferred share units (DSUs) of Awakn.

As part of the deal, Awakn shareholders will receive 46.67 Solvonis ordinary shares for each Awakn common share held. The same exchange ratio applies to RSUs and DSUs, while existing Awakn warrants will be converted into Solvonis warrants with adjusted terms. Additionally, Awakn will seek consent from option holders to cancel outstanding stock options.

The acquisition offers several advantages for Awakn shareholders, including a 53.52% premium on the company’s share price prior to the deal announcement and a 37.59% premium over the 90-day average price. Additionally, the transaction will strengthen the combined company’s access to capital through Solvonis’ London Stock Exchange listing and enhance its growth potential, leveraging Solvonis’ larger market capitalization and greater financial resources.

Upon completion, existing Awakn and Solvonis shareholders will hold approximately 47.47% and 52.53% of the combined company, respectively. The transaction is subject to shareholder and regulatory approvals, including clearance from the UK Financial Conduct Authority and the Supreme Court of British Columbia.

Anthony Tennyson, CEO of both Awakn and Solvonis, recused himself from voting on the transaction, which was unanimously approved by the boards of both companies. According to the company, Awakn’s independent Special Committee reviewed the deal and, after consulting financial advisors Evans & Evans, Inc., confirmed that the offer is fair and in the best interest of Awakn shareholders.

Over 50% of Awakn shareholders have already agreed to support the transaction, which is expected to close in the second quarter of 2025. Upon completion, Awakn will delist from the Canadian Securities Exchange and cease to be a reporting issuer in Canada.

Key Takeaways; Cannabis Sector

• Canopy Growth announced $200 million stock offering for funding expansion
• Cronos Group had a remarkable turnaround reporting $40M profit in 2024
• Verano faced revenue decline and increased losses in 2024, the company plans cost reduction in 2025
• Trulieve reported strong fourth quarter performance, exceeding revenue expectations
• Green Thumb surpassed expectations with strong Q4 performance

Key Takeaways; Psychedelic Sector

• Solvonis Therapeutics to Acquire Awakn Life Sciences in major biotech deal
• Compass Pathways faced deepening losses ahead of key clinical results

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) unveiled a new at-the-market (ATM) equity program to issue and sell up to $200 million worth of stock in the U.S. and Canada. According to the company, the proceeds will be used for internal investments, acquisitions, and general corporate purposes, including debt repayment.

According to a company press release, the shares will be sold through the Nasdaq, the Toronto Stock Exchange, or any other available trading market. “The shares will be distributed at market prices prevailing at the time of each sale,” Canopy Growth stated, emphasizing that the pricing will fluctuate based on the market.

The Canadian cannabis giant is strategically planning to strengthen its business operations and financial position. In its most recent quarter, Canopy reported a net loss of C$121.9 million and total debts of C$442 million.

Canopy Growth has also been making significant moves to establish a presence in the U.S. market through its subsidiary, Canopy USA. In January, the company appointed Brooks Jorgensen as president of this division, following the completion of acquisition deals with Wana Brands and Acreage Holdings.

The company clarified that the new offering is subject to market conditions and regulatory approvals, with the ATM program running until the earliest of the full issuance of shares, regulatory cessation, or July 2026. “The timing and volume of sales under the ATM program will be at our sole discretion,” Canopy Growth stated.

#2: Cronos Group

Toronto-based cannabis company Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported an impressive financial turnaround, closing 2024 with a net profit of $40 million. This marked a significant recovery from 2023, when the company reported a $70.4 million net loss.

Cronos’s CEO, Mike Gorenstein, credited the company’s success to “innovation, quality, and disciplined cost management.” He emphasized that the focus is now on “sustaining momentum” and expanding internationally beyond its existing markets in Canada, Germany, Israel, and the United Kingdom.

Cronos reported net revenue of $30.3 million in Q4 2024, reflecting a 27% year-over-year increase. For the full year, revenue reached $117.6 million, a 35% increase. According to the company, this growth was largely driven by strong cannabis flower and extract sales in Canada and Israel.

Cronos GrowCo, the company’s cultivation division, also made notable strides, contributing $6.4 million in wholesale revenue for the year, which was an improvement from zero sales in 2023. With Cronos GrowCo’s facility expansion set to be completed by Q2 2025, the first harvest from GrowCo’s enhanced facilities is expected in late 2025.

Moreover, the company’s Spinach-brand edibles dominated the Canadian market, securing a 23% market share in cannabis edibles. Five of the top ten best-selling gummies in Canada came from the Spinach Sourz product line. Additionally, during the quarter, Peace Naturals became the leading medical marijuana brand in Israel with a 24% market share and successfully launched in the UK.

With $1.1 billion in total assets as of 2024, including $859 million in cash, and only $55.3 million in liabilities, Cronos is well-positioned for continued expansion. As Gorenstein put it, “We are not just leading today; we’re building the foundation for long-term excellence in the global cannabis industry.”

#3: Verano Holdings

Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), a Chicago-based multistate cannabis operator, reported a decline in revenue for the fourth quarter of 2024, generating $218.2 million, an 8% drop compared to the previous year. According to the company, the decline was largely due to intensified competition in key markets like Illinois and New Jersey. As a result, the company’s revenue fell slightly short of analyst’s expectations, missing the projected $218.9 million.

The net loss for the quarter surged to $272.7 million, significantly higher than the $77.2 million loss recorded a year earlier. Verano attributed the increased loss to impairment charges of $327.7 million related to fixed assets, license values, and goodwill. Despite this setback, CEO George Archos remained optimistic. “I am tremendously proud of our team’s resilience in 2024,” he stated, emphasizing strategic expansions, including entry into Virginia, growth in Arizona, and the launch of 17 new dispensaries across six key markets.

For the full year, Verano generated $878.6 million in revenue, a 6% decrease from 2023. The company cited market saturation and temporary cultivation shifts in Florida as major contributors to the decline. Nevertheless, it maintained a strong adjusted EBITDA of $62.9 million in Q4, accounting for 29% of revenue, while cash flow from operations increased to $44 million, up from $32 million in the same period of 2023.

Looking ahead to 2025, Verano announced plans to implement cost-saving measures, which will significantly reduce capital expenditures to between $25 million and $40 million, a solid improvement compared to $99 million spent in 2024.

#4: Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading U.S. cannabis company, reported impressive fourth-quarter financial results for 2024, surpassing analyst expectations with revenue of $301 million. This was a 5% increase from the same period in 2023, exceeding the average estimate of $292.44 million. The company also posted a full-year revenue of $1.186 billion, slightly above the projected $1.18 billion.

Trulieve CEO, Kim Rivers, praised the company’s performance, stating, “The team set the bar for operational excellence, delivering industry-leading margins and record cash flow.”

One of the key highlights of Trulieve’s success was its ability to improve profitability. The company reported a 62% gross margin in Q4, a significant jump from 54% in the same period as 2023. Throughout 2024, Trulieve generated $271 million in cash from operations and recorded $150 million in free cash flow. Additionally, the company ended the year with $300 million in cash and short-term investments, showcasing its solid financial position.

Despite reporting a net loss of $155 million for the year, which was substantially better than the $527 million loss in 2023, the company’s adjusted EBITDA reached $420 million, accounting for 35% of total revenue. Rivers emphasized the company’s strategic advantage, saying, “With our scaled operations, financial strength, and loyal customer base, Trulieve stands out as an industry leader with a differentiated strategy.”

Trulieve’s robust expansion was another highlight, throughout the year, Trulieve expanded its retail presence, adding 33 new dispensaries and bringing its total to 225 locations across the U.S. The company also launched adult-use cannabis sales in Ohio and introduced Onward, a premium non-alcoholic THC beverage available for purchase in 36 states.

With operations in 229 retail dispensaries and over four million square feet of cultivation and processing capacity across the U.S., Trulieve remains a dominant player in key markets like Florida, Arizona, and Pennsylvania.

#5: Green Thumb

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported record-breaking financial results for the fourth quarter and full year of 2024, exceeding analysts’ expectations. The Chicago-based company achieved substantial revenue growth and profitability, which was driven by expansion in key markets and new store openings.

GTI’s revenue for Q4 rose by 5.8% year-over-year to $294.3 million, surpassing the projected $288.19 million. Full-year revenue saw a 7.8% increase, reaching $1.1 billion.

Additionally, net income skyrocketed in Q4, more than tripling to $12.7 million, while annual net income surged by 102% to $73.1 million. Green Thumb CEO, Ben Kovler, highlighted the industry’s momentum, stating, “Demand for THC in America is at an all-time high, and Green Thumb is well-positioned to deliver on this opportunity.”

Retail expansion played a key role in the company’s success. In Q4, GTI opened three new RISE dispensaries in Florida, Minnesota, and Nevada, bringing its total to 101 locations by year-end. Retail revenue grew modestly, while the company’s consumer packaged goods segment saw a more significant rise of 19.9% in Q4 and 15.9% for the full year, fueled by strong performances in New Jersey, New York, and Ohio.

The company’s operational efficiencies helped counteract pricing pressures, improving its gross margin to 53.7%. President Anthony Georgiadis expressed confidence in GTI’s strategy, saying, “We are confident that our focus on thoughtful capital allocation, operational excellence, superior product quality, and brands that resonate with consumers is a winning combination.”

GTI ended 2024 with a solid financial position, holding $171.7 million in cash, this was despite the company allocation capital to repurchase $43 million worth of shares in 2024 under its buyback program. However, the total outstanding debt was $255 million, but the company reaffirmed that it remains committed to sustainable growth in an expanding market.

Top Psychedelic Companies for Week

#1: Awakn

Awakn Life Sciences Corp. (CSE: AWKN) (OTC: AWKNF) announced it had entered into an agreement to be acquired by Solvonis Therapeutics plc (LSE: SVNS), which is a UK incorporated LSE-listed innovative biotechnology company focused on developing intellectual property and co-developing therapeutics for mental health and substance use disorders.

Under the agreement, Solvonis will acquire all outstanding common shares, restricted share units (RSUs), and deferred share units (DSUs) of Awakn.

As part of the deal, Awakn shareholders will receive 46.67 Solvonis ordinary shares for each Awakn common share held. The same exchange ratio applies to RSUs and DSUs, while existing Awakn warrants will be converted into Solvonis warrants with adjusted terms. Additionally, Awakn will seek consent from option holders to cancel outstanding stock options.

The acquisition offers several advantages for Awakn shareholders, including a 53.52% premium on the company’s share price prior to the deal announcement and a 37.59% premium over the 90-day average price. Additionally, the transaction will strengthen the combined company’s access to capital through Solvonis’ London Stock Exchange listing and enhance its growth potential, leveraging Solvonis’ larger market capitalization and greater financial resources.

Upon completion, existing Awakn and Solvonis shareholders will hold approximately 47.47% and 52.53% of the combined company, respectively. The transaction is subject to shareholder and regulatory approvals, including clearance from the UK Financial Conduct Authority and the Supreme Court of British Columbia.

Anthony Tennyson, CEO of both Awakn and Solvonis, recused himself from voting on the transaction, which was unanimously approved by the boards of both companies. According to the company, Awakn’s independent Special Committee reviewed the deal and, after consulting financial advisors Evans & Evans, Inc., confirmed that the offer is fair and in the best interest of Awakn shareholders.

Over 50% of Awakn shareholders have already agreed to support the transaction, which is expected to close in the second quarter of 2025. Upon completion, Awakn will delist from the Canadian Securities Exchange and cease to be a reporting issuer in Canada.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) reported a significant increase in its financial losses for full-year 2024, with net losses reaching $155.1 million, compared to $118.5 million in the previous year. However, the company remains focused on a pivotal milestone: the phase 3 trial results for its psilocybin-based therapy, COMP360, which is expected in the second quarter of 2025.

Despite the widening losses, Compass CEO Kabir Nath remains optimistic. “We are excited that the first data readout from our pivotal phase 3 COMP360 program in treatment-resistant depression continues on track with top-line 6-week data expected next quarter,” he stated.

In an effort to streamline operations, Compass undertook a major restructuring in October, cutting 30% of its workforce and halting early-stage research projects. This strategic shift aimed to concentrate resources on COMP360. The restructuring followed leadership changes earlier in the year and delays in clinical timelines.

The company’s research and development expenses surged to $119 million, up from $87.5 million in 2023, driven by costs associated with late-stage clinical trials and higher personnel expenses. Administrative costs also rose to $59.2 million from $49.4 million.

At the close of 2024, Compass held $165.1 million in cash, down from $220.2 million a year prior. However, an additional $140.4 million was secured in the first quarter of 2025. The company projects operational spending of $120 million to $145 million in the coming year and believes its current funds will sustain operations at least until the latter half of 2026, when COMP006 trial results are expected.

Key Takeaways; Cannabis Sector

• Scotts Miracle-Gro will finally separate its cannabis arm, Hawthorne, into a stand-alone cannabis business
• High Tide narrowed losses in 2024 amid record revenue and expansion plans

Key Takeaways; Psychedelic Sector

• Awakn announced advances in novel therapies for alcohol use disorder and PTSD
• atai reported promising results from BPL-003 study for alcohol use disorder
• Optimi Health expanded global psychedelic reach with a record MDMA batch; the company also secured new funding
• Enveric Biosciences raised $5 million in a public offering, triggering a market slide

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: Scotts Miracle-Gro

The Scotts Miracle-Gro Company (NYSE: SMG) announced that it had officially decided to separate its marijuana unit, Hawthorne Gardening Co., into an independent business. The move, which was announced during the company’s recent earnings call, marked a shift in strategy for Scotts Miracle-Gro CEO, Jim Hagedorn, who has previously defended keeping the volatile division within the parent company.

“This is not like we’re looking to get rid of it,” Hagedorn assured analysts. “We’re looking to focus our investments in the best configuration possible for our shareholders.”

The decision comes as Hawthorne struggles with declining revenue, reporting a 35% drop to $52 million in the first fiscal quarter. Despite the downturn, executives believe the separation will provide tax advantages and better credit access for Hawthorne while shielding Scotts from the volatility of the cannabis industry.

Chris Hagedorn, who leads Hawthorne and recently became Scotts’ executive vice president and chief of staff, will continue managing the unit post-separation. “Moving Hawthorne out of Scotts Miracle-Gro is better for everyone,” he said, adding that the move could enhance the company’s price-to-earnings multiple.

The company’s board must approve the decision, and initial asset transfers could happen within the next two months. Despite the transition, Scotts executives assured investors that their fiscal 2025 targets would remain unaffected.

The decision will conclude a complex chapter in Scotts’ involvement with cannabis. Since acquiring Hawthorne in 2014, the company built it into North America’s largest hydroponics supplier. However, as state-licensed markets matured and wholesale prices declined, Hawthorne struggled to maintain its momentum.

By spinning off Hawthorne, Scotts aims to create a clearer investment structure and unlock greater value for shareholders in both businesses.

#2: High Tide

Canadian cannabis company High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) reported a C$3.8 million net loss for its fiscal year ending October 31, 2024, a significant improvement from the C$40.9 million loss recorded in 2023. The company credited this turnaround to record-breaking revenue of C$522.3 million, a 7% increase from the previous year.

During the fiscal year, High Tide continued its growth trajectory and aggressive expansion, opening 30 new dispensaries across Canada, bringing its total footprint to 191 stores. The company also expanded its Cabana Club loyalty program, which now boasts 5.3 million members, including 76,000 elite members.

The company’s CEO, Raj Grover, highlighted the company’s diversification and international expansion strategy stating, “We are diversifying our revenue streams to fuel future growth,” he said. As part of this strategy, High Tide recently acquired a majority stake in Germany’s Purecan GmbH, marking its entry into the European market.

High Tide maintains an 11% market share in the five Canadian provinces where it operates, this is despite owning only 5% of the country’s licensed dispensaries. The company also reported six consecutive quarters of positive free cash flow, generating C$21.9 million in 2024, a 217% increase from the previous year.

However, same-store sales remained stagnant, growing by just 0.4% year-over-year. High Tide noted that without non-cash impairment charges, it would have reported a C$1.2 million net profit for the fiscal year.

Looking ahead, the company aims for more growth and expansion. And to support further growth, High Tide secured a C$15 million line of credit in August 2024. The company plans to open 20-30 new stores in 2025, with a long-term vision of reaching 300 retail locations across Canada.

Top Psychedelic Companies for Week

#1: Awakn

Awakn Life Sciences Corp. (CSE: AWKN) (OTC: AWKNF), a clinical-stage biotechnology company developing therapeutics for substance use and mental health disorders, announced significant progress in its research and development (R&D) programs. The company is focusing on novel treatments for Alcohol Use Disorder (AUD) and Post-Traumatic Stress Disorder (PTSD), with three main therapies: AWKN-001, AWKN-002, and AWKN-SND-14.

Awakn’s AWKN-001, which is a combination therapy utilizing IV-administered ketamine with relapse-prevention cognitive behavioral therapy, is in Phase 3 trials in the UK. The study, which is co-funded by the UK’s Medical Research Council and the National Institute for Health and Care Research, is managed by the University of Exeter Clinical Trials Unit. If approved under the UK’s Regulation 52b hybrid application, AWKN-001 could receive up to 10 years of market exclusivity.

Meanwhile, AWKN-002, which is an oral thin film formulation of esketamine for sublingual and buccal administration, recently received a positive response from the U.S. Food and Drug Administration (FDA) during a Pre-Investigational New Drug (Pre-IND) meeting. The FDA confirmed that no additional clinical data are needed before progressing to a Phase 2b trial for moderate to severe AUD patients. Awakn plans to file an Investigational New Drug (IND) application in the second half of 2025, with the Phase 2b trial expected to commence in early 2026.

Awakn CEO, Anthony Tennyson, remarked on this significant news, “The FDA’s support for our development strategy marks a significant milestone. This feedback provides us with a clear and efficient path forward for AWKN-002, addressing a substantial unmet medical need.”

In the area of trauma-related disorders, Awakn is developing AWKN-SND-14, a series of serotonin, dopamine, and noradrenaline modulators aimed at treating PTSD and related conditions. AWKN-SND-14, which is designed to promote pro-social behavior and improve trust, empathy, and social bonding, aims to enhance therapy outcomes and help individuals overcome social isolation.

“Our ongoing work with AWKN-SND-14 is especially promising,” Awakn’s Chief Research Officer, Prof. David Nutt, noted. “By targeting the underlying mechanisms of PTSD, we hope to develop a safer, more effective treatment for individuals suffering from trauma-related disorders.”

With these promising developments, Awakn is advancing its three major programs toward clinical approval. And as the company continues its clinical efforts, its innovative treatments for AUD and PTSD could offer hope to millions struggling with these conditions.

#2: atai

Atai Life Sciences N.V. (NASDAQ: ATAI) recently announced positive topline results from Beckley Psytech’s Phase 2a open-label study of BPL-003, an intranasal formulation of 5-MeO-DMT benzoate, for alcohol use disorder (AUD). The study involved 12 patients with moderate to severe AUD, and the findings suggest that a single dose of BPL-003, combined with relapse prevention therapy, can significantly reduce alcohol consumption and promote sustained abstinence.

According to the findings, alcohol consumption dropped from an average of 9.3 units per day to just 2.2 units in 12 weeks. The percentage of heavy drinking days (HDDs) plummeted from 56% to 13%, while abstinent days rose from 33% to 81%. Notably, half of the participants maintained complete abstinence throughout the 12-week period.

Dr. Srinivas Rao, CEO and Co-founder of atai, expressed optimism about the study’s outcome, stating, “We are encouraged by these exploratory results, which demonstrate the potential of short in-clinic psychedelic therapies to transform the treatment of substance use disorders. The high rates of sustained abstinence in this study are particularly promising given the significant challenges AUD patients face in maintaining sobriety”.

Atai also reported that the drug was well-tolerated, with no severe or serious adverse events. According to the report, most patients were deemed ready for discharge within two hours of administration. Beckley Psytech is now exploring further development of BPL-003 for substance use disorders and plans to present additional clinical data throughout 2025.

These promising results add to growing evidence supporting psychedelic therapies in mental health treatment.

#3: Optimi Health

Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) bolstered its position in the psychedelic pharmaceutical space with a major MDMA production milestone and a fresh capital injection of nearly C$1 million. The Canadian drugmaker, which is licensed by Health Canada, completed its largest production batch of MDMA to date; over 4,000 GMP capsules, which is sufficient to treat more than 1,000 patients worldwide.

In a press release, the company’s CEO, Dane Stevens, highlighted the company’s market edge, emphasizing the cost-effectiveness and stability of Optimi, stating, “Our customer feedback is that our MDMA is often more affordable than other limited options in the market. We are excited to be producing stable inventory in-house under our Drug Establishment Licence.”

The company’s latest production run supports global treatment initiatives, including Australia’s Authorized Prescriber Scheme for PTSD, a Phase 2 clinical trial in Israel, and Special Access Program (SAP) requests in Canada. Optimi is also extending its stability testing program to validate a two-year shelf life for its MDMA capsules.

In addition to its production expansion, Optimi recently raised C$934,000 through a private placement, with insider participation, and settled C$98,500 in marketing-related debt via equity issuance. The financing, which was structured at C$0.30 per unit, included half-warrants that have an exercise price of $0.40 until January 2027.

#4: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) executed a strategic financial maneuver that resulted in mixed market reactions. Just days after the company announced 1-for-16 reverse stock split on Tuesday, January 28, 2025, which was aimed at maintaining its Nasdaq listing requirements, the company raised $5 million through a public offering on Thursday. However, the move caused its newly consolidated shares to plummet by over 40% in pre-market trading on Friday, January 31, 2025.

The public offering involved the issuance of 1.67 million shares priced at $3 each, significantly lower than the previous day’s split-adjusted closing price of $3.90. Additionally, investors received Series A and B warrants, which will expire in five years and 18 months, respectively.

Despite the stock market woes, Enveric recently secured a Notice of Allowance from the U.S. Patent and Trademark Office for its lead neuroplastogenic compound, EB-003. The drug is being developed to treat treatment-resistant depression and anxiety while eliminating hallucinogenic effects, which has been an innovation in psychedelic-inspired therapeutics.

The company’s CEO, Joseph Tucker, emphasized the significance of this development, stating: “EB-003 potentially offers the opportunity to administer treatment without requiring a healthcare professional to be present during treatment, which would be a paradigm shift compared to first-generation psychedelics.”

While the stock decline raises concerns, Enveric reaffirmed that it remains focused on leveraging its recent patent milestone and financial infusion to push forward in the mental health treatment space.