Key Takeaways; Cannabis Sector

• Aurora Cannabis Posted Record Medical Cannabis Revenue as International Growth Drove Fiscal 2026 Performance
• Trulieve Made History with NYSE Listing as CEO Sees New Era for U.S. Cannabis
• Tilray Medical Launched its First German-Grown Premium Cannabis Brand ARX
• Village Farms Expanded Dutch Production and Launched Pink Kush Vape in Canada

Key Takeaways; Psychedelic Sector

• Optimi Health Expanded Global Reach with UK Psilocybin Export and Advanced Ibogaine Program
• NRx Pharmaceuticals Noted Real-World Study Highlighting Stronger Depression Outcomes with IV Ketamine

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) delivered record medical cannabis revenue and adjusted EBITDA in fiscal year 2026 financial and operational results, highlighting the success of its global medical cannabis strategy despite continued weakness in its Canadian consumer business.

For the year ended March 31, 2026, Aurora reported total net revenue of $320.6 million, up 10% from the previous year, while adjusted EBITDA rose 32% to a record $53.8 million. Global medical cannabis revenue reached an all-time high of $288.6 million, which according to the company, was driven by strong demand in Europe and continued growth across the company’s international markets.

“During fiscal year 2026, we exceeded our projection for global medical cannabis net revenue led by double-digit growth in Europe and delivered on our expectation for Adjusted EBITDA, with both at record outcomes,” said Executive Chairman and Chief Executive Officer for Aurora, Miguel Martin. “Our performance validates Aurora’s global medical cannabis strategy, which has positioned us as a leading provider in Canada, Europe, Australia, and New Zealand.”

While medical sales continued to expand, Aurora’s consumer cannabis business remained a drag on results. Revenue from recreational cannabis declined sharply as the company accelerated its exit from provincial markets in Canada to focus resources on higher-margin medical opportunities. Consumer cannabis revenue fell 40% for the full year and 55% in the fourth quarter.

Moreover, Aurora strengthened its international production platform during the year and continued investing in future growth. In April, shortly after year-end, the company completed the $26.5 million acquisition of Safari Flower Company, adding a 59,000-square-foot EU-GMP-certified cultivation and manufacturing facility. The acquisition is expected to expand supply capacity for key international markets while reducing reliance on third-party sourcing.

The company also announced it was expanding Leuna, its Germany facility, a project expected to double annual flower production once completed in fiscal 2027. Aurora believes the combination of increased production capacity and proprietary high-performing cannabis cultivars will support continued market share gains across Europe.

“We believe Aurora’s leadership in medical cannabis is built upon our regulatory expertise, extensive and recently expanded supply network of EU-GMP certified facilities, and proven commercial execution,” Martin said. “We are confident that these attributes create a competitive advantage as we navigate the evolving industry dynamics to maintain and expand global market share, while driving international growth.”

Looking ahead, Aurora expects international expansion to remain its primary growth engine. However, management cautioned that changes to Canadian government reimbursement rates for veterans’ medical cannabis could pressure revenue and margins in fiscal 2027. As a result, the company forecasted lower annual revenue and adjusted EBITDA next year, partially offset by continued growth in Germany, Poland and other international medical markets.

#2: Trulieve

Trulieve Cannabis Corp. (NYSE: TRLV) (CSE: TRUL) (OTCQX: TCNNF) became the first U.S. cannabis company to list on the New York Stock Exchange, marking a landmark moment for the industry and potentially opening the door to broader institutional investment.

The Florida-based cannabis operator began trading on the NYSE this week under the ticker TRLV following a corporate restructuring that separated its federally compliant medical cannabis operations from its adult-use business. The move followed the federal rescheduling of medical marijuana to Schedule III earlier this year, creating a pathway for state-licensed medical cannabis companies to obtain DEA registration and access major U.S. exchanges.

Speaking on CNBC’s Fast Money, Trulieve Chief Executive Officer Kim Rivers described the listing as a milestone not only for Trulieve but for the broader cannabis sector. “It is a historic day not only for Trulieve but for the U.S. cannabis industry,” Rivers said. “What we have today in the TRLV listing is 100% DEA-registered assets that are ring-fenced and separated from our adult-use assets.”

The restructuring allowed Trulieve’s medical cannabis operations to meet federal requirements while maintaining exposure to one of the fastest-growing sectors in healthcare. The company’s medical business includes 206 DEA-registered dispensaries supported by approximately 3.5 million square feet of cultivation and production capacity. The company currently operates medical cannabis businesses in Florida, Pennsylvania, Georgia and West Virginia, with plans to expand into Texas.

Rivers said the regulatory changes provide access to capital markets, institutional investors and traditional banking services that have historically been unavailable to most cannabis operators due to federal restrictions. Rivers also highlighted the company’s approximately 60% gross margins, which she described as among the strongest in the industry.

The NYSE listing comes as federal cannabis reform continues to gain momentum. Hearings related to marijuana rescheduling are scheduled to begin later this month, a process that could further reshape the regulatory landscape for cannabis businesses across the U.S.

With greater access to capital, a growing national medical footprint and a historic exchange listing now secured, Trulieve believes it is well positioned to benefit from the next phase of U.S. cannabis industry growth. “It really is going to be the summer of cannabis,” Rivers said.

#3: Tilray

Tilray Medical Germany, a division of Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY), unveiled ARX, its first premium medical cannabis brand developed and cultivated entirely in Germany, marking a significant expansion of the company’s presence in one of Europe’s fastest-growing medical cannabis markets.

According to the company, the new brand officially debuted at Mary Jane Berlin 2026 and represented the culmination of more than two years of development at Tilray Medical’s Aphria RX facility in Neumünster. Moreover, the company highlighted that, the launch reflected the company’s strategy of combining proven cannabis genetics with local cultivation and manufacturing expertise to deliver consistent, high-quality medical products for patients and healthcare professionals.

Rajnish Ohri, President of International at Tilray Brands, said the launch represents an important milestone for the company’s European growth strategy. “The launch of ARX marks an important milestone for Tilray in Germany as our first premium medical cannabis brand developed and cultivated in-market,” Ohri said. “Germany continues to lead the evolution of medical cannabis in Europe, and we are committed to supporting that growth with locally produced, high-quality products that meet the needs of patients and healthcare professionals.”

He added that ARX strengthens Tilray’s position in Germany while supporting long-term supply reliability and patient access. “With ARX, we are strengthening our position in this critical market while advancing consistency, supply reliability, and long-term patient access,” Ohri said.

The brand will be produced at Tilray’s Aphria RX facility and distributed through the company’s established German pharmaceutical network, including CC Pharma and 14U Pharma. By maintaining fully integrated operations from cultivation through distribution, Tilray aims to reduce handling, improve product consistency, and ensure dependable supply for pharmacies and patients across the country.

The launch comes as Germany continues to emerge as a leading medical cannabis market in Europe, creating new opportunities for established producers with EU-GMP-certified cultivation and manufacturing capabilities. Tilray believes its local production infrastructure and extensive experience in both Canada and Europe position the company to benefit from the market’s continued expansion.

#4: Village Farms

Village Farms International Inc. (NASDAQ: VFF) took a significant step in its international growth strategy by commencing cultivation at its Phase II cultivation and processing facility in Groningen, the Netherlands, while also expanding its product portfolio in Canada with the launch of the Pure Sunfarms Pink Kush Cured Resin 510 Vape.

On Tuesday June 9, the company announced that operations had officially begun at the Groningen facility following the receipt of final regulatory approvals. Once fully ramped up in early 2027, the site is expected to increase Village Farms’ annual production capacity in the Netherlands to approximately 10 metric tonnes.

Village Farms Chief Executive Officer, Michael DeGiglio, said the expanded facility will support continued profitable growth. “We’re excited to announce that we’ve commenced all operations at our Phase II facility in Groningen, where our increased production capacity will enable us to continue driving profitable sales growth through the remainder of this year and beyond,” he said.

DeGiglio also highlighted the company’s commitment to local communities, noting that Village Farms remains focused on being a responsible long-term partner in both Groningen and Drachten as the regulated Dutch cannabis market develops.

In Canada, Village Farms introduced the Pure Sunfarms Pink Kush Cured Resin 510 Vape, extending its flagship Pink Kush strain into the country’s fastest-growing cannabis category. The product is designed to deliver a flower-like experience through a single-source cured resin extract that preserves the strain’s natural terpene and cannabinoid profile.

Paul Furfaro, Global President of Commercial for Village Farms, said the move was a logical extension of one of Canada’s most successful cannabis products. “Bringing it into the vape category as a cured resin offering was a natural next move,” he said. “Consumers who love Pure Sunfarms’ Pink Kush will recognize it immediately—the terpenes, the experience, the effect—all of it in a format they can take with them.”

The launch comes as vape products continue to gain market share in Canada’s cannabis industry. Village Farms believes the strong reputation of Pink Kush, which has been the country’s top-selling strain for five consecutive years, provides a solid platform for growth in the category.

The new vape product is now available through licensed cannabis retailers in British Columbia and is scheduled to launch in Ontario shortly.

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Top Psychedelic Companies for Week

#1: Optimi Health

Optimi Health Corp. (NASDAQ: OPTH) completed a new Good Manufacturing Practice (GMP) production run of its 5mg psilocybin capsules, strengthening supply for patients with treatment-resistant depression (TRD) in Australia while also supporting upcoming clinical trials in the United States and Europe.

Optimi Health Corp. (NASDAQ: OPTH) marked a significant milestone in its international growth strategy after completing its first export of naturally derived psilocybin to the United Kingdom for use in a planned Phase 2 clinical trial.

According to the company, the shipment included both psilocybin biomass and finished 5mg psilocybin capsules manufactured at the company’s GMP-certified facility in Princeton, British Columbia. The capsules are the same formulation currently prescribed to patients in Australia for treatment-resistant depression.

“This is our first shipment into the United Kingdom, and it is the same psilocybin we already supply to patients in Australia,” said Dane Stevens, CEO and Co-Founder of Optimi. “We can serve a commercial market and a clinical trial from the same GMP facility, on our own licence. That is a rare position, and one we have spent years building.”

The export was completed under authorization from Health Canada and the UK Home Office, further strengthening Optimi’s position as a vertically integrated supplier of GMP-grade psychedelic medicines. The company said details regarding the clinical trial partner and specific treatment indication will be announced at a later date.

In a separate update, Optimi reported progress on its Ibogaine Initiative, securing naturally derived ibogaine from two sources in both hydrochloride and freebase forms. The company stated that development of a finished ibogaine drug product is expected to begin this summer at the company’s British Columbia facility.

Optimi plans to produce encapsulated 50mg and 100mg doses and is undertaking in-house development work covering manufacturing procedures, dosage standardization, packaging, labeling and analytical testing validation.

Stevens noted growing momentum behind ibogaine research, particularly in the United States, where psychedelic therapies are attracting increased public funding and regulatory attention. “We are seeing a growing number of research institutions interested in ibogaine, and there is real public funding behind it now, including the $50 million program in Texas,” Stevens said. “We are excited to develop and supply this product from Canada, where we have the facility, the licensing, and the experience to make it into standardized pharmaceutical dosages.”

With psilocybin exports now reaching the UK and ibogaine development moving forward, Optimi continues to expand its portfolio of regulated psychedelic therapies while leveraging its GMP manufacturing infrastructure to support both clinical research and patient access programs internationally.

#2: NRx Pharmaceuticals

NRx Pharmaceuticals, Inc. (NASDAQ: NRXP) highlighted new real-world evidence suggesting that intravenous (IV) ketamine may deliver stronger treatment outcomes for depression than intranasal esketamine, following the presentation of a peer-reviewed study at the 2026 American Society of Clinical Psychopharmacology annual conference.

The study, which was conducted by researchers from Osmind, Inc. and Yale University, analyzed de-identified medical records from more than 10,000 patients treated for major depressive disorder across hundreds of community psychiatry clinics. Researchers compared outcomes for 8,224 patients who received IV ketamine with 1,830 patients treated with intranasal esketamine.

After matching patients based on baseline characteristics, the analysis found that both treatments produced meaningful and sustained reductions in depression symptoms. However, IV ketamine demonstrated superior outcomes, with 34% of patients achieving remission and 63% showing a clinical response to treatment. By comparison, remission and response rates among intranasal esketamine patients were 26% and 58%, respectively.

The findings indicated that patients receiving IV ketamine were approximately 22% more likely to respond to treatment and 50% more likely to achieve remission than those receiving intranasal esketamine.

The authors concluded that both therapies can rapidly improve depression symptoms in routine clinical practice, but that IV ketamine was associated with higher remission and response rates. They also noted that the study’s retrospective design and lack of randomized treatment assignment remain important limitations, meaning other factors may have influenced outcomes.

NRx Chairman and CEO Dr. Jonathan Javitt welcomed the findings and emphasized the importance of further research. “We at NRx appreciate the rigor with which Osmind and its academic partner approached this Real-World Evidence study and look forward to the results of larger, confirmatory studies, as envisioned in our recent Type C meeting with the FDA,” Javitt said.

The study arrives as interest in real-world evidence continues to grow among regulators and policymakers. NRx noted that the use of such data in evaluating treatments for depression and suicidality has received increasing support from both the White House and Congress.

For NRx, the findings are particularly relevant as the company advances NRX-100, its preservative-free intravenous ketamine therapy, which is being developed for patients suffering from severe depression and suicidal ideation. The company believes that expanding real-world evidence could help support future regulatory pathways and strengthen the clinical case for IV ketamine-based treatments.

Key Takeaways; Cannabis Sector

• Organigram Reported its Second Quarter Fiscal 2026 Financial Results
• Village Farms Reported Q1 2026 Results Driven by Record International Export Sales
• Cronos Group Reported 2026 First Quarter Financial Results

Key Takeaways; Psychedelic Sector

• GH Research Reported First Quarter 2026 Financial Results and Provided Business Update
• Definium Therapeutics Announced First Patient had been Dosed in the Second Phase 3 Study of DT120 ODT in Major Depressive Disorder

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) reported weaker second-quarter fiscal 2026 financial results as slowing cannabis demand in Canada, vape category weakness, and production disruptions weighed on performance. Despite the softer quarter, the company announced it is positioning its newly completed acquisition of Sanity Group GmbH as a major driver of future international growth.

For the quarter ending March 31, 2026, Organigram generated gross revenue of $93.3 million and net revenue of $59.8 million, both down 9% year-over-year. The company posted a net loss of $921,000 compared with net income of $42.5 million in the same period last year. Recreational cannabis sales in Canada remained the company’s largest revenue source at $83.5 million, while international sales contributed $6.1 million.

Management attributed the decline primarily to weaker vape sales and temporary production issues affecting infused pre-roll products. CEO of Organigram, James Yamanaka, said the company had already implemented corrective measures to stabilize operations. “Q2 reflected our underperformance in vapes and temporary challenges in infused pre-roll production, compounded by slower industry growth,” Yamanaka said. “The operational changes and product enhancements we have implemented are already beginning to stabilize performance.”

The company also recorded a $5.8 million impairment tied to its U.S. hemp-derived products business following regulatory changes to the 2018 Farm Bill definition of hemp. Organigram entered the U.S. hemp beverage and edibles market through its acquisition of Collective Project Limited and the launch of its happly brand, but upcoming federal rule changes are expected to significantly restrict hemp-derived THC products beginning later this year.

Despite domestic headwinds, Organigram is increasingly focused on overseas expansion. In April, shortly after the quarter ended, the company completed its acquisition of Germany-based Sanity Group, which was one of Europe’s leading cannabis operators. Organigram expects the business to generate approximately €25 million in average quarterly revenue over the next year while strengthening its footprint across key European medical cannabis markets.

Organigram also highlighted operational improvements at its Moncton cultivation facility, where it achieved a record quarterly harvest exceeding 32,000 kilograms, up 56% year-over-year, alongside its highest average THC potency levels to date. The company said continued cultivation enhancements and automation investments are helping improve production efficiency and margins.

Organigram announced it is also awaiting an update on EU-GMP certification for its Moncton facility, a milestone that could significantly enhance its ability to export medical cannabis products into Europe. The company said it submitted all additional documentation requested by regulators in April and expects further developments in the coming months.

#2: Village Farms

Village Farms International Inc. (NASDAQ: VFF) delivered strong first-quarter 2026 results as booming international demand and rapid growth in the Netherlands helped drive major gains across its global cannabis business.

The company reported total cannabis net sales of $49.7 million for the quarter ended March 31, 2026, up 27% year-over-year, while gross profit climbed 40% to $21.3 million. Net income rose 68% to $4.8 million, marking the company’s fourth consecutive quarter of profitability as international expansion continued to accelerate.

According to Village Farms, a key driver of growth was its medical cannabis export business, where sales surged 171% year-over-year to a record $14.6 million. The company said demand for its EU-GMP-certified products remains especially strong in Germany, where it believes it now holds several of the country’s top-performing cannabis cultivars through distribution partnerships.

President and CEO, Michael DeGiglio, said the company’s international strategy and operational scale are beginning to deliver meaningful competitive advantages. “Our first quarter results reflect a strong start to the year and continued momentum in our largest markets,” DeGiglio said. “Our operations and commercial teams are executing with precision, delivering continued margin strength and a fourth consecutive quarter of positive net income.”

Village Farms also reported sharp growth in its Netherlands cannabis operations, where branded sales jumped 448% year-over-year to $2.7 million. The company stated that it expects further acceleration later this year as its Phase II Netherlands facility begins operations during the second quarter and ramps toward full production capacity by the end of 2026. Once completed, the expansion is expected to increase Dutch production roughly fivefold to approximately 10 metric tonnes annually.

In Canada, branded cannabis sales increased 5% to $23.8 million as the company maintained its position among the country’s top cannabis producers. Its flagship Pure Sunfarms brand continued gaining share in dried flower products for the 15th consecutive month, supported by new packaging initiatives and a growing focus on higher-margin product categories.

Village Farms also recently completed upgrades at its 4.8 million-square-foot cultivation campus in Delta, British Columbia, which management now describes as the world’s largest EU-GMP-certified cannabis facility. The company believes the expanded infrastructure will strengthen its ability to meet rising international medical cannabis demand.

While U.S. cannabis sales declined 20% year-over-year to $3.1 million, Village Farms signaled optimism about potential regulatory changes south of the border following recent executive action aimed at advancing marijuana rescheduling in the United States.

“We remain in an excellent position to continue scaling profitably with increasing global demand,” DeGiglio said. “The strength of our balance sheet and cash generation profile will enable flexibility to make additional accretive organic and acquisitive growth investments.”

The company ended the quarter after repurchasing $6.4 million in shares, investing $9.2 million in capital expenditures, and paying $15 million in taxes, while still expecting operating cash flow to increase its overall cash position by year-end.Top of Form

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#3: Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) delivered record financial results in the first quarter of 2026, which according to the company, was fueled by booming international cannabis sales, strong brand performance in Canada, and continued expansion in Israel and Europe.

The company reported net revenue of $45.2 million for the quarter ending March 31, 2026, marking a 40% increase from the same period last year. Gross profit climbed 39% to $19.2 million, while net income more than doubled to $15.7 million. Adjusted EBITDA also rose sharply to $5.1 million, reflecting stronger operational performance across key markets.

Cronos attributed the growth primarily to higher cannabis flower sales in Israel and other international markets, alongside rising demand for cannabis extracts and flower products in Canada. The company also benefited from higher average selling prices, driven by increasing sales in countries where cannabis products are not subject to excise taxes.

Chairman and CEO of Cronos, Mike Gorenstein, said the company’s “borderless products strategy” continues to drive momentum globally. “We are benefitting from increased volume following Cronos GrowCo’s expansion and sustained growth in our proprietary products across categories,” Gorenstein said. “We continue to see robust growth potential for our products in Europe.”

Cronos highlighted major gains from its flagship Spinach brand in Canada. The brand captured the number one position in the vape category for the first time, securing a 9.8% national market share across all vape formats and 11.1% in vape cartridges. The company also reported that Spinach maintained its leading position in cannabis edibles with a 20.8% share of the gummies market, supported by the continued popularity of SOURZ by Spinach gummies.

The company’s medical cannabis business in Israel also continued to expand. PEACE NATURALS recorded its ninth consecutive quarter of record revenue and maintained its status as the top cannabis brand in Israel. International revenue outside Israel nearly doubled year-over-year, highlighting Cronos’ broader European ambitions.

Cronos also reaffirmed plans to acquire CanAdelaar B.V., which is one of the licensed suppliers participating in the Netherlands’ legal cannabis experiment. The company said it had extended the acquisition deadline from June to September 2026 to allow more time for regulatory approvals and licensing confirmations. Cronos expects the deal to close during the summer.Top of Form

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Top Psychedelic Companies for Week

#1: GH Research

GH Research PLC (NASDAQ: GHRS) reported first-quarter 2026 financial results alongside key operational milestones, which are aimed at moving its lead depression treatment, GH001, closer to a global Phase 3 pivotal program.

The company posted a net loss of $19.0 million, or $0.31 per share, which was wider than analyst estimates of a $0.26 per-share loss. This was an increase compared with a loss of $10.8 million, in the same period last year. Despite the increased loss, the company ended the quarter with a strong cash position of $267.3 million in cash, cash equivalents, and marketable securities. GH Research reported that it had further strengthened its balance sheet by securing an additional $111.2 million in net proceeds from an underwritten offering completed in April.

Operationally, the company highlighted significant progress in its clinical development pipeline. According to GH Research, enrollment has been completed in the Phase 1 GH001-HV-106 trial in the UK, which evaluated the company’s proprietary aerosol delivery device in healthy volunteers. Based on results of that study, GH Research announced it had selected the doses that will be used in its upcoming global Phase 3 pivotal program for GH001 in treatment-resistant depression (TRD).

The company also reported that it had completed enrollment in GH001-HV-109, which is its IND-opening Phase 1 study in the United States, marking another step toward broader regulatory advancement. GH Research said it is currently seeking FDA alignment on the Phase 3 design and continues to target initiation of the pivotal program in late 2026.

“The first quarter of 2026 marks progress as planned toward our global GH001 Phase 3 pivotal program,” said CEO Dr. Velichka Valcheva.

GH001, which is the company’s lead candidate, is an inhaled mebufotenin therapy designed for patients with TRD. In its Phase 2b trial, GH001 achieved a statistically significant reduction in depression severity compared with placebo, reinforcing management’s belief that the therapy could offer a potentially transformative treatment option in the depression treatment market.

This update came amid increasing investor attention on psychedelic-inspired mental health therapies, following recent results from Compass Pathways plc (NASDAQ: CMPS), which also reported its first quarter 2026 financial results this week and also reaffirmed its regulatory ambitions for COMP360 in treatment-resistant depression.Top of FormBottom of Form

#2: Definium Therapeutics

Definium Therapeutics, Inc. (NASDAQ: DFTX), formerly known as Mind Medicine (MindMed) announced this week that the first patient had been dosed in Ascend, which is the company’s second Phase 3 pivotal study evaluating DT120 ODT for major depressive disorder (MDD), marking another major milestone in its late-stage psychiatric drug development program.

According to the company, the Ascend trial will assess the efficacy and safety of DT120 ODT compared with placebo in approximately 175 participants across the United States. Furthermore, Definium stated that the study is designed similarly to the company’s first Phase 3 MDD trial, Emerge, as well as its ongoing generalized anxiety disorder (GAD) studies.

Ascend will be conducted in two stages. Part A consists of a 12-week randomized, double-blind, placebo-controlled period, while Part B includes a 40-week extension phase allowing eligible participants to receive open-label DT120 ODT treatment based on symptom severity. The primary endpoint will measure the change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS) scores at Week 6 between patients receiving DT120 ODT 100 µg and placebo.

Chief Medical Officer of Definium, Dr. Daniel Karlin, said the therapy could represent a significant advancement for patients struggling with depression. “DT120 ODT represents a potentially transformative treatment for people living with MDD, with our findings from our DT120 Phase 2b study showing strong effects on depression symptoms,” Karlin stated.

He added that many current depression therapies fail to provide lasting relief for patients. “Too often, existing treatments for MDD fall short, leading many patients to be treated with multiple medications without lasting relief,” he said. “We expect the Ascend study to continue to build on the clinical evidence that DT120 ODT can deliver a meaningfully differentiated option for one of psychiatry’s most significant unmet needs.”

Definium also emphasized that the company is approaching a critical period, with topline data from its first Phase 3 MDD study, Emerge, expected soon. Karlin noted that the company believes it is entering “a pivotal period that could enable meaningful advances in the treatment landscape for patients living with depression and anxiety.”

With growing investor and industry interest in psychedelic-inspired mental health therapies, Definium’s advancement into multiple late-stage studies positions the company among a group of biotech companies seeking to reshape treatment options for major psychiatric disorders.Top of FormBottom of Form

Key Takeaways; Cannabis Sector

• SNDL Reported “Particularly Challenging” First Quarter 2026 Financial and Operational Results
• Vireo Growth Accelerated Expansion with FLUENT Acquisition, Cementing its Florida Ambitions
• Aurora Cannabis Expanded Global Medical Portfolio with New International Product Launches

Key Takeaways; Psychedelic Sector

• Silo Pharma Sees Momentum as U.S. Accelerates Psychedelic PTSD Treatments
• Helus Pharma Expanded Veteran Outreach Through TARA Mind Partnership

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: SNDL

Canadian-based SNDL Inc. (NASDAQ: SNDL) reported a difficult first quarter for 2026, as weakening demand across both cannabis and liquor segments pressured revenue and profitability despite ongoing cost controls and strategic initiatives.

The company posted net revenue of $195.9 million for the three months ending March 31, 2026, marking a 4.4% year-over-year decline. Gross profit fell to $52.8 million, down 6.8%, while operating loss improved to $9.1 million from $12.1 million a year earlier, reflecting the absence of prior restructuring charges and tighter cost management.

SNDL Chief Executive Officer, Zach George, described the quarter in stark terms: “Beyond the normal seasonality that impacts the first quarter each year, Q1 2026 was particularly challenging, driven primarily by market softness across our business segments and operating territories.” He added that the company is “proactively adjusting our commercial execution and cost structure to reflect the reality of current market conditions.”

SNDL’s cannabis operations generated $91.8 million in net revenue after intersegment eliminations, down 3.8% from the prior year. Retail remained relatively stable at $77.3 million, supported by new store additions and acquisitions, though same-store sales declined by 2.5%. Overall, the cannabis segment recorded a combined operating loss of $5.8 million, widening from the previous year.

A notable bright spot was international cannabis sales, which rose 94% year-over-year to $3.5 million, partially offsetting domestic weakness.

SNDL’s liquor retail division, which was the largest contributor to total revenue at $104.1 million, saw a 4.9% decline due to weaker consumer demand and a 6.1% drop in same-store sales. While margins improved slightly through private-label expansion and operational efficiencies, the segment posted a larger operating loss of $3.2 million.

The company reported negative operating cash flow of $26.7 million and free cash flow of negative $7.6 million, driven by inventory build-up and continued investments. Share repurchases and acquisitions also contributed to cash outflows.

Despite this, SNDL maintained a strong balance sheet, ending the quarter with over $213 million in unrestricted cash and no debt. The company emphasized its ability to pursue growth opportunities and strategic investments amid industry consolidation.

“We are uniquely positioned to deploy capital across both organic and inorganic opportunities to further enhance our portfolio and accelerate growth,” George said, highlighting disciplined capital allocation as a key priority.

Looking ahead, management remains cautiously optimistic. While near-term market conditions remain challenging, SNDL expects improvement in the second half of 2026, supported by industry developments, strategic execution, and potential regulatory tailwinds in North America.

#2: Vireo Growth

Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) continued its aggressive expansion strategy with the announced acquisition of FLUENT Corp. in an all-stock transaction, a move that significantly strengthened its footprint in Florida’s lucrative medical cannabis market.

Under the agreement, Vireo will acquire all outstanding FLUENT shares, with shareholders receiving approximately 0.07 Vireo subordinate voting shares for each FLUENT share held. The deal also includes the conversion of roughly $30 million in FLUENT’s debt into equity, allowing lenders to participate in the combined company’s future upside. The transaction remains subject to shareholders, court, and regulatory approvals, with closing expected in late 2026.

The acquisition is set to elevate Vireo into one of Florida’s largest medical cannabis operators. By combining FLUENT’s network with its earlier purchase of Eaze, which operated 41 stores in the state under the Green Dragon brand, Vireo expects to operate around 74 dispensaries in the state, supported by expanded cultivation and production capacity.

Vireo CEO, John Mazarakis, emphasized the strategic rationale, stating, “Florida’s limited-license structure rewards scale, and combining two complementary networks with minimal overlap creates a platform that is meaningfully harder to replicate.” He added that FLUENT’s existing operations, which generated about $71.5 million in Florida revenue, provide “a structurally improved asset at an attractive entry point.”

FLUENT leadership also framed the deal as a pathway to greater competitiveness. Interim CEO David E. Vautrin said, “Partnering with a materially larger cannabis company provides the scale, capital, and infrastructure needed to accelerate growth,” while enabling shareholders to “participate in the upside of a stronger, scaled platform.” The company’s board unanimously supported the transaction following an independent review, citing its strategic and financial benefits.

Ahead of closing, FLUENT plans operational changes to “right-size” the business, including cost reductions and potential divestitures of non-core assets. These measures are intended to improve efficiency and cash flow generation before integration into Vireo’s broader platform.

The deal marked the latest step in Vireo’s rapid consolidation push, which has included multiple acquisitions across key U.S. markets; including the company’s recent strategic acquisition of Hawthorne from The Scotts Miracle-Gro Company (NYSE: SMG). With Florida remaining the largest medical-only cannabis market in the country, despite stalled legalization efforts, Vireo is betting that scale and operational discipline will position it among the industry’s leading players.

#3: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) accelerated its global medical cannabis strategy with a wave of new product launches across Canada, Europe, and Australia, reinforcing its focus on regulated markets and patient-driven innovation.

The expansion introduced a broader range of formats, including dried flower, pre-rolls, and pastilles, tailored to meet growing demand from both patients and prescribers. The rollout, scheduled through June, leverages Aurora’s global network of GMP-certified manufacturing facilities to ensure consistent quality and supply across regions.

According to Lana Culley, VP Innovation & International Operations at Aurora, the initiative reflects a deliberate response to market needs. “As our global medical business continues to grow, our focus remains on delivering consistency and reliability across the markets we serve,” she said. “By expanding our offerings in key countries, we’re responding to clear patient and prescriber demand – all while reinforcing the level of quality and trust expected from us.”

In Europe, Aurora strengthened its presence with new high-THC cultivars in Germany and an expanded potency range in Poland, addressing increasing demand for differentiated medical cannabis options. Meanwhile, in Australia, the company announced that it is introducing precisely dosed pastilles, which is an alternative format designed for discretion and longer-lasting effects.

In Canada, Aurora stated that it continues to build out its core medical portfolio with new dried flower strains and pre-rolls under established brands, emphasizing variety and potency. According to Aurora, these launches are aligned with the company’s “medical-first” approach, prioritizing patient choice and product consistency. By combining innovation in product formats with a reliable global supply chain, the company aims to solidify its position as a leading provider in the evolving medical cannabis landscape.

Top Psychedelic Companies for Week

#1: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) announced on Thursday that its PTSD-focused development efforts are gaining momentum as U.S. federal agencies move to fast-track psychedelic-based therapies for mental health and substance use disorders. In a press release, the company highlighted a series of recent coordinated actions that aim to accelerate research, clinical development, and regulatory clarity across the sector.

At first, the company highlighted a key development that came from Advanced Research Projects Agency for Health, which announced initial awardees under its $139.4 million EVIDENT program, which included Johns Hopkins University and other leaders in psychedelic science. Silo believes this funding reinforces the importance of data-driven approaches in tackling complex neurological and psychiatric conditions.

Silo also highlighted the recent major development in psychedelic sector whereby the U.S. Food and Drug Administration (FDA) granted investigational new drug clearance to DemeRx NB’s noribogaine candidate for alcohol use disorder, signaling continued expansion of clinical-stage mental health treatments. Moreover, the FDA also issued Commissioner’s National Priority Vouchers to 3 companies including Compass Pathways plc (NASDAQ: CMPS), Usona Institute, and Transcend Therapeutics, highlighting a broader push to accelerate high-impact therapies, particularly those targeting PTSD.

Silo CEO Eric Weisblum emphasized the significance of these developments, stating, “We are witnessing a coordinated and accelerating shift at the federal level. From funding and clinical advancement to regulatory prioritization, in our opinion the foundation is being laid for a new generation of therapies that could transform how we treat PTSD and related disorders.”

The company also pointed to anticipated FDA guidance on psychedelic drug development, which is expected soon, as a critical milestone that could provide clearer pathways for researchers and sponsors.

#2: Helus Pharma

HELUS Pharma (NASDAQ: HELP) (Cboe CA: HELP), the commercial operating name of Cybin Inc. announced a new collaboration with TARA Mind aimed at advancing recruitment for its late-stage depression program while increasing mental health awareness among veterans. According to Helus, the partnership focuses on supporting the PARADIGM HLP003 Phase 3 trial for major depressive disorder (MDD), which is a key asset in the company’s pipeline.

The initiative came amid broader U.S. policy momentum following President Donald Trump’s Executive Order, “Accelerating Medical Treatments for Serious Mental Illness,” which prioritizes expanding clinical research participation and accelerating innovative therapies for underserved populations, including veterans. Helus Pharma sees its collaboration as closely aligned with these federal objectives.

Through the partnership, TARA Mind will leverage its established networks to improve veteran engagement and facilitate participation in the ongoing Phase 3 trial. Moreover, the company stated that the effort is designed not only to boost recruitment but also to connect veterans with emerging treatment options and mental health resources.

Helus Pharma Interim Chief Executive Officer, Eric So, emphasized the importance of the initiative, stating, “Veterans face significant mental health challenges, and expanding awareness and access to clinical research opportunities is an important step toward improving outcomes.” He added that TARA Mind’s experience with veteran communities will help “support recruitment efforts for our FDA Breakthrough Therapy-designated HLP003 program while aligning with broader priorities to expand research participation and advance innovative treatments for serious mental illness.”

TARA Mind leadership echoed this perspective. Chairman and co-founder Marcus Capone said the recent policy developments highlight the urgency of addressing veteran mental health needs. “Partnerships like this help strengthen outreach efforts, connect veterans to cutting-edge clinical opportunities, and ensure veterans have the latest resources that support their mental health,” he noted.

Helus Pharma’s HLP003, which is a novel serotonergic agonist designed to promote neuroplasticity, has already received Breakthrough Therapy designation from the U.S. Food and Drug Administration. The company views the collaboration as part of its broader commitment to patient-centric innovation and addressing significant unmet needs in depression and other mental health disorders.

Key Takeaways; Cannabis Sector

• Canopy Growth Refreshed Tweed Brand with Summer Campaign Push
• High Tide Announced Proactive Steps to Investigate and Address Suspected Share Trading Irregularities

Key Takeaways; Psychedelic Sector

• Compass Pathways Surged as Regulatory Momentum and Strategic Moves Accelerate Psychedelic Push
• Psyence BioMed Soared on Ibogaine Momentum and Clinical Progress
• Clearmind is Advancing its Alcohol Use Disorder Drug as Trial Showed Strong Safety Results

Psychedelic-related stocks posted notable gains this week following a landmark policy move from U.S. President Donald Trump, who signed an Executive Order aimed at accelerating research and expanding access to psychedelic-assisted therapies for serious mental health conditions. The announcement was widely welcomed across the sector, with many companies applauding the decision as a meaningful step toward legitimizing and scaling innovative treatment approaches.

Momentum strengthened further after the U.S. Food and Drug Administration (FDA) signaled an accelerated regulatory path, announcing that it will offer ultra-fast review mechanisms for select psychedelic therapies targeting conditions such as depression and PTSD.

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 Psychedelic Companies for Week

#1: Compass Pathways

One of the biggest gainers, riding this week’s policy-driven momentum, was Compass Pathways plc (NASDAQ: CMPS), with its stock rallying more than 25% as a series of major developments positioned the company at the forefront of the emerging psychedelic therapeutics market.

Compass Pathways’ biggest development came after the company announced that it had been granted a rolling New Drug Application (NDA) review by the FDA for COMP360, which is its proprietary synthetic psilocybin therapy for treatment-resistant depression (TRD). Compass also announced that it was awarded a Commissioner’s National Priority Voucher (CNPV), a designation that could significantly shorten the regulatory review timeline.

The company’s CEO, Kabir Nath, described the milestone as both validation and urgency: “We are honored and grateful to be selected for the CNPV which is a clear validation of both the urgent unmet need facing millions of people living with treatment resistant depression and the innovative science of COMP360.” He added that while the voucher may accelerate timelines, the company remains confident it meets the FDA’s “rigorous standards of clinical evidence, scientific rigor, and regulatory compliance.”

At the same time, Compass is preparing for commercialization. Earlier in the week, the company announced a strategic collaboration with Osmind, which operates a network of over 1,000 psychiatry clinics across the U.S. According to the company, the partnership aims to understand how independent clinics can safely and effectively deliver psychedelic therapies if approved.

Dr. Steve Levine, Chief Patient Officer at Compass, emphasized the importance of real-world readiness: “A core focus for Compass is to ensure that COMP360 can be delivered responsibly, safely, and effectively in the real-world settings where patients receive care.” He added that the collaboration is expected to help shape scalable, patient-centered treatment models across community-based practices. “Through this collaboration, we will support Osmind and their network to prepare for the potential delivery of psychedelic treatments, learning alongside them to better understand the needs of independent practices.”

These developments come against the backdrop of a major policy shift from the White House. Compass publicly welcomed the recent Executive Order aimed at accelerating research and access to psychedelic therapies for serious mental illness. Kabir Nath noted that the move “aligns regulatory urgency with patient need” and could help fast-track access to innovative treatments without compromising scientific standards.

With an estimated four million Americans living with treatment-resistant depression and limited effective options available, Compass believes it is well positioned to lead a new paradigm in mental health care. As Nath put it, “should COMP360 be approved, we will be ready to make this treatment available to patients.”

#2: Psyence BioMed

Psyence Biomedical Ltd. (NASDAQ: PBM) emerged as one of the standout performers this week, with its stock surging from the $2.70 range to a high of $16.90, driven by a combination of clinical milestones, strategic positioning, and favorable regulatory signals around psychedelic therapies; particularly ibogaine.

A key catalyst came from the company’s announcement that it had initiated patient dosing in its Phase IIb clinical trial evaluating NPX-5, which is a nature-derived psilocybin therapy, for adjustment disorder in cancer patients receiving palliative care. According to the company, the study marked the first large-scale clinical evaluation of its lead psilocybin candidate across multiple sites in Australia.

Psyence BioMed CEO, Jody Aufrichtig, emphasized the importance of the milestone, stating: “Initiating patient dosing is an important step forward for our clinical program and, more importantly, for the patients we aim to support.” He added that the trial is designed to better understand both the safety and therapeutic potential of psilocybin in individuals facing “significant emotional distress alongside serious illness.”

Beyond clinical progress, Psyence also strengthened its strategic position in the rapidly emerging ibogaine market. In another development, the company highlighted that, through its partnership with PsyLabs, it is now effectively positioned as the world’s only supplier of pharmaceutical-grade, GMP-compliant ibogaine at source, which is an increasingly critical advantage as global demand for standardized supply grows.

“With limited GMP-grade ibogaine available globally, infrastructure and supply capabilities are the differentiator,” Aufrichtig said. “Our Company is positioned not only to support our own programs, but to enable the broader ecosystem as interest in ibogaine continues to grow.”

In another press release, Psyence BioMed also welcomed recent U.S. policy momentum aimed at expanding research into psychedelic compounds, including ibogaine. Aufrichtig noted that the compound is gaining recognition for its potential to treat “complex and treatment-resistant conditions,” adding that Psyence supports “structured, evidence-based research” to establish its clinical role.

This regulatory backdrop gained further traction after the FDA signaled increased focus on psychedelic therapies, including allowing early-stage research into ibogaine derivatives and prioritizing innovative mental health treatments. The agency’s stance reinforced investor confidence across companies with exposure to ibogaine-based development with Psyence at the forefront.

With a vertically integrated platform spanning ethical sourcing in Africa, GMP manufacturing, and clinical development, Psyence BioMed believes it is positioning itself as a critical infrastructure player in the psychedelic supply chain. The company also confirmed it holds ready-to-deploy inventory of pharmaceutical-grade ibogaine, enabling near-term support for research and development programs.

#3: Clearmind Medicine

Clearmind Medicine delivered a week of meaningful progress, highlighted by positive clinical data amid supportive regulatory momentum that continues to lift the broader psychedelic therapeutics space.

The company announced that its lead candidate, CMND-100, successfully met the primary endpoint in its Phase I/IIa clinical trial for alcohol use disorder (AUD). According to Clearmind, the proprietary, non-hallucinogenic MEAI-based oral treatment demonstrated a strong safety and tolerability profile, including at higher doses, with no serious adverse events reported.

The results marked an important milestone for the company as it advances a differentiated approach within the psychedelic field; targeting neuroplasticity without inducing hallucinogenic effects. The ongoing trial, which was conducted across multiple international sites, is designed to evaluate safety, pharmacokinetics, and early efficacy signals in patients with moderate to severe AUD.

Alongside its clinical progress, Clearmind also aligned itself with this week’s growing wave of regulatory support for psychedelic innovation. In a press release, the company welcomed the recent Executive Order from U.S. President Donald Trump aimed at accelerating research and access to novel mental health treatments.

Clearmind, CEO, Adi Zuloff-Shani emphasized the significance of the policy shift, stating: “We are pleased to see psychedelic medicines, gaining increasing mainstream recognition and regulatory momentum as promising solutions for serious mental health conditions.” She added that the move reflects “the urgent need to remove unnecessary barriers and deliver innovative treatments,” particularly for conditions such as PTSD, depression, and alcohol use disorder.

Moreover, Clearmind believes the evolving regulatory environment aligns closely with its strategy of developing scalable, non-hallucinogenic therapies. Zuloff-Shani noted the company remains “deeply committed to rigorous, science-driven development of our lead candidate CMND-100 and our broader pipeline of psychedelic non-hallucinogenic neuroplastogens” and aims to bring new treatment options to patients “swiftly, safely, and responsibly.”

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Top Marijuana Companies for the Week

#1: Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) unveiled a significant refresh of its flagship Tweed brand, pairing updated product packaging with a nationwide summer campaign titled “There’s a Tweed for That.” According to Canopy Growth, the initiative is set to launch over the Victoria Day long weekend, aligning with the unofficial start of the Canadian summer.

At the core of the refresh is a shift toward transparency and accessibility. Canopy Growth announced that the Tweed’s cannabis flower products will now feature new “window bags,” allowing consumers to see the product before purchase, addressing a longstanding gap in the category. The company reported that it has also introduced improved potency levels and more competitive pricing across the lineup, aiming to better match consumer expectations.

Canopy Growth Chief Executive Officer, Luc Mongeau, emphasized the company’s consumer-first approach, stating: “From how we grow to how it arrives on shelf, Tweed has been rebuilt around what consumers and budtenders told us they wanted. This is disciplined, consumer-led execution. It’s how brands build equity, and how they win.”

Additionally, the company stated that the summer campaign will highlight an expanded portfolio, including three new strains; Tropical Gelato Slushie, Citrus Candy Cake, and GMO Jet Fuel, alongside existing offerings like Quickies pre-rolls. Moreover, the broader Tweed range spans whole and milled flower, vapes, and softgels, with an additional milled product format expected later in 2026.

This move reflects Canopy Growth’s ongoing effort to strengthen its position in Canada’s competitive cannabis market by focusing on product clarity, brand trust, and consumer-driven innovation.

#2: High Tide

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) announced proactive steps to investigate potential irregularities in the trading of its common shares, responding to growing concerns raised across online investor forums and communities.

The company confirmed that its board of directors and senior management have been closely monitoring trading activity, particularly around earnings release periods. According to the company, despite consistently strong financial performance, often exceeding analysts’ expectations, High Tide noted a recurring pattern in which its share price declines during regular trading sessions following positive after-hours reactions.

Addressing the situation directly, the company stated: “The Company takes these concerns seriously,” adding that it has “reasonable grounds to believe that certain trading activity in its shares may not reflect normal market forces, and that certain conduct may be contrary to applicable securities laws in Canada and the United States.”

In response, High Tide plans to engage independent forensic investigators and market specialists to conduct a detailed review of trading patterns. The company stated that investigation will focus on activity surrounding key disclosure events, including earnings releases, with findings to be shared with regulators in both Canada and the United States. Moreover, the company committed to full cooperation with any resulting inquiries.

Finally, management highlighted its intent to safeguard shareholder interests and uphold market integrity, stating its commitment to ensuring “a fair, transparent, and efficient” trading environment. As part of this effort, High Tide is also inviting shareholders and market participants to submit any relevant information regarding unusual trading activity, assuring that all communications will be handled confidentially.

Key Takeaways; Cannabis Sector

• Vireo Growth Acquired Hawthorne from ScottsMiracle-Gro in a Strategic Deal
• Cresco Labs and Green Thumb Industries Entered Texas as Medical Cannabis Market in the State Expanded
• Major Cannabis Multi-State Operator, The Cannabist Company, Entered Cross-Border Bankruptcy

Key Takeaways; Psychedelic Sector

• Silo Pharma Advanced PTSD Prevention Strategy with Key European Patent Milestone
• AtaiBeckley Reported Promising Phase 2a Results for Rapid-Acting Depression Therapy

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Vireo Growth

Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) completed a transformative acquisition of The Hawthorne Gardening Company from The Scotts Miracle-Gro Company (NYSE: SMG), marking a significant step in reshaping both companies’ strategic priorities.

The transaction delivered an immediate financial boost to Vireo, adding approximately $110 million in combined cash and net working capital, alongside inventory to support operations over the next two years. In exchange, Vireo issued 213 million shares and 80 million warrants, bringing in a new strategic shareholder and strengthening its balance sheet while expanding its capabilities in cultivation supply and hydroponics.

Vireo CEO, John Mazarakis, framed the acquisition as both operational and strategic: “The acquisition of Hawthorne… creates a procurement platform to optimize supply chain management and drive cost efficiency across our portfolio,” he said, adding that the partnership “strengthens the Vireo balance sheet” and positions the company for long-term value creation.

From the seller’s perspective, Scotts Miracle-Gro emphasized focus and discipline in their press release. Chairman and CEO Jim Hagedorn said, “The divestiture of Hawthorne demonstrates further progress toward our strategy to drive long-term growth in our core lawn and garden business,” noting that removing Hawthorne will support margin recovery and operational efficiency targets. Furthermore, he added that the company has “found a good home” for Hawthorne, which will preserve its future upside while allowing Scotts to refocus on its core consumer segment.

The deal also deepened ties between the two companies. Chris Hagedorn, who previously led Hawthorne, was nominated to join Vireo’s board and is expected to play a key role in shaping future growth initiatives. He expressed confidence in the transition, stating that “Hawthorne fits naturally within Vireo’s platform,” and highlighting Vireo’s “strong leadership and a solid balance sheet” to execute on its ambitions.

For Vireo, the acquisition enhances its footprint across the cannabis supply chain, complementing its operations in major U.S. markets. For Scotts Miracle-Gro, the divestiture sharpens its focus on its core lawn and garden business while maintaining indirect exposure to Hawthorne’s potential through its investment stake.

#2: Cresco Labs

Two major U.S. cannabis operators, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) and Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), secured conditional entry into Texas’ rapidly evolving medical marijuana market, signaling a pivotal moment for the state’s long-restricted cannabis sector.

The companies were awarded licenses under Phase II of the Texas Compassionate Use Program (TCUP), which is part of a broader expansion that will increase the number of vertically integrated operators in the state to fifteen. The move follows legislative changes signed by governor of Texas, Greg Abbott, in 2025, which widened patient eligibility and allowed access to low-dose THC products; measures expected to significantly boost demand.

For Cresco Labs, the license represents a strategic foothold in one of the largest untapped medical cannabis markets in the United States. In a press release, the company’s CEO, Charlie Bachtell, emphasized both patient impact and operational strength, stating: “Texas patients deserve access to consistent, quality medicine, and we’re excited to deliver it.” He added that the win “points to Cresco Labs’s deep regulatory expertise and thoughtful approach to meaningful local engagement,” while highlighting the company’s ability to scale efficiently through disciplined expansion.

Green Thumb Industries, which operates a broad national retail footprint, joins Cresco in targeting Texas’ growing patient base, which surpassed 135,000 in 2025 but still represents a small fraction of the state’s roughly 30 million residents: leaving significant room for growth.

Despite the milestone, the licenses remain conditional. The Texas Department of Public Safety will conduct further financial and regulatory reviews before granting final approval. Companies must also become operational within 24 months or risk losing their permits.

The expansion highlight Texas’ emergence as a key battleground for multistate operators; Green Thumb and Cresco Labs now joining earlier entrants such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) and Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO), which were among the first 9 companies granted preliminary approval to grow Texas medicinal marijuana program in December 2025. With regulatory barriers easing and patient access increasing, the state is poised to become one of the most significant growth markets in U.S. medical cannabis.

#3: The Cannabist Company

The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) initiated a sweeping restructuring effort, filing for bankruptcy protection in the United States while simultaneously commencing creditor proceedings in Canada, marking one of the most consequential financial collapses in the modern cannabis industry.

The cannabis multi-state operator (MSO), which was once a prominent player in U.S. cannabis markets, filed under Chapter 15 in Delaware following its March 24 announcement that it would pursue court-supervised restructuring under Canada’s Companies’ Creditors Arrangement Act (CCAA). The dual-track process is designed to stabilize operations, complete asset sales, and enable what the company describes as an “orderly wind-down” of non-core markets.

Company leadership said it had explored “a range of options… including potential asset sales, mergers, or other strategic and financial transactions,” but concluded that formal restructuring was unavoidable “in light of persistent operational and financial challenges facing both the Company and the broader industry.”

At the center of the restructuring was an aggressive divestment strategy. The Cannabist had already completed the sale of its Virginia assets for $130 million and struck definitive agreements to sell assets in Ohio and Delaware for a combined $63.5 million in cash and notes. Additional negotiations were underway to offload operations across several states, including Illinois, New Jersey, Colorado, Massachusetts, Maryland, and West Virginia.

Despite these efforts, the company remained burdened by approximately $270 million in outstanding obligations to lenders and tax authorities. The financial strain, coupled with projected negative cash flow, had forced The Cannabist to abandon certain markets altogether.

Operations in New York have been fully ceased, with the company surrendering its medical cannabis license, while activities in Pennsylvania are being wound down after failing to attract viable buyers. Court filings noted that “substantially all” inventory in Pennsylvania had already been liquidated.

The restructuring is being carried out with the support of key creditors, including noteholders representing more than 60% of the company’s secured debt, providing a critical foundation for executing the asset sales and legal proceedings.

The Cannabist’s case is particularly significant because it tests the viability of U.S. bankruptcy protections for cannabis companies, which operate in a complex legal environment due to federal prohibition. By leveraging Chapter 15, which is typically used for foreign entities, the company is attempting to bridge its Canadian incorporation with its U.S.-based operations.

Industry observers suggest the move could set a precedent. As one legal expert noted, heavily leveraged cannabis firms are increasingly struggling to service debt, and creditor tolerance is waning across the sector.

Beyond its financial implications, this bankruptcy may reshape market dynamics in tightly regulated states. In Maryland, for example, the potential sale of The Cannabist’s licenses could create a rare entry point into a restricted market, pending regulatory approval.

Top Psychedelic Companies for Week

#1: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) took a significant step forward in its effort to reshape the treatment of stress-related disorders, announcing that the European Patent Office intends to grant a patent covering its novel preventative therapy targeting the serotonin 4 (5-HT4) pathway.

The patent, which is licensed exclusively from Columbia University, outlines methods designed to prevent stress-induced fear, depressive-like behavior, and related psychiatric conditions. Unlike conventional treatments that focus on managing symptoms after onset, Silo’s approach targets biological pathways linked to stress resilience, positioning it as a proactive strategy for disorders such as PTSD.

Silo Pharma Chief Executive Officer, Eric Weisblum, emphasized the importance of the development, stating, “This is a high-value milestone that strengthens our global intellectual property position and underscores the potential of our 5-HT4 program.” He added that the company sees the therapy as “a compelling shift toward proactive treatment of stress-related disorders,” highlighting the scale of unmet need in the mental health space.

The patent protection, once formally granted, is expected to extend across major European markets. Silo Pharma stated that it is also assessing Unitary Patent protection and national validation strategies to broaden its geographic reach and long-term commercial value.

Investor response was immediate, with shares of the company surging sharply on Tuesday following the announcement, reflecting growing confidence in its differentiated pipeline and intellectual property strategy. The development further reinforced Silo’s focus on next-generation central nervous system therapies, including programs targeting PTSD, chronic pain, and neurodegenerative diseases.

As global attention intensifies around mental health, Silo Pharma’s preventative model may signal a broader shift in how stress-related conditions are addressed, moving from reactive care toward early intervention and resilience-building treatments.

#2: AtaiBeckley

AtaiBeckley Inc. (NASDAQ: ATAI) announced encouraging new clinical data highlighting the potential of its investigational treatment BPL-003 for patients with treatment-resistant depression (TRD). The peer-reviewed Phase 2a results, published in CNS Drugs, show that a single intranasal dose of the therapy can deliver both rapid and sustained antidepressant effects, even in patients continuing standard Selective Serotonin Reuptake Inhibitors (SSRI) treatment.

According to AtaiBeckley, the study found that 66.7% of participants experienced a significant antidepressant response just two days after receiving a single dose of BPL-003, across both 10 mg and 12 mg groups. Notably, these improvements proved durable: after 12 weeks, 83% of patients in the 10 mg group and 66.7% in the 12 mg group maintained their response. Participants also showed marked reductions in depression severity scores, with some reaching levels consistent with remission.

Safety and practicality were key highlights. The company reported that BPL-003 was generally well tolerated, with no serious adverse events reported. Most side effects were mild and resolved the same day, and patients were ready for discharge roughly 100 minutes after dosing; supporting the treatment’s feasibility in real-world clinical settings.

Srinivas Rao, Chief Executive Officer of AtaiBeckley emphasized the significance of the findings, stating: “A 66.7% Day-2 response rate with a single intranasal dose of BPL-003, represents a compelling clinical signal in patients who remained on their baseline SSRI therapy. These Phase 2a data reinforce the potential of BPL-003 to transform the treatment paradigm for TRD as we prepare to initiate Phase 3 in Q2 2026”.

Chief Medical Officer at AtaiBeckley, Kevin Craig, added that the study demonstrates compatibility with existing antidepressant regimens: “This study provides the first Phase 2a evidence that BPL-003 can be administered alongside SSRIs without compromising efficacy or safety,” he said, noting that the short treatment duration and quick recovery time could ease integration into psychiatric care.

BPL-003, which is an intranasal formulation of mebufotenin benzoate, has already received Breakthrough Therapy Designation from the U.S. FDA, underscoring its potential importance. With Phase 3 trials on track to begin in the second quarter of 2026, AtaiBeckley is positioning the therapy as a possible breakthrough for the millions of patients worldwide who do not respond to conventional antidepressants.

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Tilray Brands

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

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

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

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

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

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

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

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

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

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

#2: Charlotte’s Web

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

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

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

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

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

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

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

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

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

#3: Organigram

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Definium Therapeutics

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

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

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

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

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

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

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

#2: NRx Pharmaceuticals

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

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Jushi Holdings

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

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

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

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

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

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

#2: Auxly Cannabis

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

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

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

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

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

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

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

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

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

#3: Canopy Growth

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: AtaiBeckley

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

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

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

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

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

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

#2: Compass Pathways

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

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.

Top Marijuana Companies for the Week

#1: Cresco Labs

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

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

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

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

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

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

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

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

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

#2: Tilray

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

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Helus Pharma

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

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

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

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

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

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

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

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

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

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

#2: GH Research

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

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

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

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

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

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

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

#3: AtaiBeckley

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

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

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

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

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

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

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

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

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