Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Village Farms

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

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

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

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

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

#2: Organigram

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

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

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

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

#3: MTL Cannabis

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

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

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

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

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

#4: Cronos Group

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Psyence BioMed

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

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

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

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

#2: Pasithea Therapeutics

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

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

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

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

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

#3: Enveric Biosciences

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

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

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

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

 

 

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Canopy Growth

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

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

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

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

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

#2: Decibel Cannabis

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

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

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

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

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

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

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

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

#3: Avicanna

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

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

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

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

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

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

#4: SNDL

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

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

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

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

Top Psychedelic Companies for Week

#1: Clearmind Medicine

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

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

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

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

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

#2: Psyence Biomedical

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Trulieve

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

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

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

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

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

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

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

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

#2: Curaleaf

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

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

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

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

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

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

#3: Canopy Growth

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

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

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

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

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

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

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

#4: SNDL

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

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

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

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

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

#5: Cronos Group

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Atai Beckley

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

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

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

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

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

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

#2: Compass Pathways

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

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

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Verano Holdings

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

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

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

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

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

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

#2: Jushi Holdings

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Compass Pathways

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

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

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

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

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

#2: Clearmind Medicine

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

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

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

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

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

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

#3: MIRA Pharmaceuticals

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

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

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

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

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

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

 

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Ayr Wellness

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

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

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

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

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

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

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

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

#2: Vireo Growth

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

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

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

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

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

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

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

#3: Tilray

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Enveric Biosciences

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

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

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

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

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

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

#2: Algernon Pharmaceuticals

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Tilray

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

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

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

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

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

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

#2: Organigram

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

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

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

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

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

#3: Canopy Growth

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

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

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

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

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

#4: Cronos Group

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: GH Research

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

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

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

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

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

#2: Silo Pharma

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

• High Tide Set Sail in Europe by Closing the Acquisition of a Majority Stake in Remexian Pharma
• Simply Solventless Appointed Emily Riehl as VP of Sales, as the Company Expanded National Sales Team

Key Takeaways; Psychedelic Sector

• Bright Minds’ BMB-201 Showed Superior Efficacy in Preclinical Vascular Headache Study
• Compass Pathways’ Psilocybin Therapy Showed Promising Results in PTSD Phase 2 Trial
• PharmAla Expanded to Australia with New Subsidiary and Scientific Advisory Appointment
• Cybin CEO Doug Drysdale Stepped Down, and Co-Founder Eric So was Named Interim CEO
• Silo Pharma Secured Australian Patent for PTSD Drug Candidate SPC-15

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: High Tide

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) officially expanded into Europe by completing the acquisition of a 51 percent stake in Remexian Pharma GmbH for an estimated €26.4 million (C$42.4 million). According to the company, the final amount will be confirmed within 30 days once the closing balance sheet is finalized. As part of the deal, High Tide also secured a five-year option to acquire the remaining 49 percent of Remexian, exercisable any time after 24 months.

Commenting on the transaction, Raj Grover, Founder and CEO of High Tide, called the moment “transformational” for the company. “Today marks a transformational moment in High Tide’s journey as we officially plant our flag in Europe. With the closing of this majority acquisition of Remexian, High Tide is no longer just a Canadian success story—we are now a global cannabis company with real scale in Europe’s largest federally regulated market,” he said.

Grover added, “This transaction not only diversifies our revenue base beyond Canada but also creates a clear runway for expansion across Europe’s regulated cannabis markets. With our proven track record of disciplined growth and free cash flow generation, we believe this acquisition positions High Tide for long-term global leadership.”

Founded in 2018 and based just outside Berlin, Remexian is a licensed pharmaceutical company specializing in the importation and wholesale distribution of medical cannabis. The firm operates a European GDP–certified warehouse and currently holds licenses to import cannabis from 19 countries, including Canada, which alone accounts for about one-third of Germany’s medical cannabis imports.

The acquisition comes at a time when demand for medical cannabis in Germany is reaching new highs. According to Germany’s Federal Institute for Drugs and Medical Devices (BfArM), the country imported 43.3 metric tons of medical cannabis in the second quarter of 2025, which was a record figure and a 15 percent jump from the previous quarter. Over the past twelve months, imports totaled 134 tons, solidifying Germany’s role as the world’s largest importer of medical cannabis. Canada supplied nearly half of these imports, with 36 tons shipped during the first half of 2025 alone.

#2: Simply Solventless

Simply Solventless Concentrates (TSXV: HASH) (OTCPK: SSLCF) strengthened its leadership and sales presence with the appointment of Emily Riehl as Vice President of Sales and the expansion of its national sales force from two to seven representatives across Canada.

According to the company, Riehl, who has more than seven years of experience in the Canadian cannabis sector, brings a proven record of driving sales growth and building strong relationships with retailers, provincial wholesalers, and budtenders. She previously served as National Director of Sales, Key Accounts at Adastra Holdings Ltd., which is a top-performing company in Canada’s concentrates category, and she also held senior roles at Greentone Enterprises Inc.

“Emily’s leadership and expertise is expected to bring significant benefit to SSC in the coming months, and we are proud to have attracted an executive of Emily’s calibre to our team,” said Jeff Swainson, President and CEO of Simply Solventless. He added, “The appointment of Emily Riehl to the position of Vice President, Sales, and the expansion of our sales team across Canada, comes at a key inflection point for SSC as we continue to rapidly scale our business.”

As Vice President, Riehl will lead the new seven-person sales team, covering British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario. SSC expects the larger team to accelerate the growth of its brands, including Astrolab, Frootyhooty, Roilty, Status, and Lamplighter, while supporting the national rollout of Sluggers.

To mark her appointment, Riehl was granted 250,000 stock options at an exercise price of $0.35 per share. These options vest in thirds over two years and expire after five years, subject to final approval from the TSX Venture Exchange.

Top Psychedelic Companies for Week

#1: Bright Minds

Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG) reported promising preclinical results for its investigational compound BMB-201, which outperformed sumatriptan in a validated isosorbide dinitrate (ISDN) rat model of vascular headache.

The study found that BMB-201 significantly reduced facial mechanical allodynia in both male and female cohorts at one- and two-hours post-dose when compared with a vehicle. Notably, the compound delivered stronger efficacy signals than sumatriptan, the current standard treatment, at multiple timepoints and doses.

For example, male subjects showed an 86% improvement with BMB-201 at one hour versus 81% with sumatriptan, while females achieved up to 100% improvement with BMB-201 compared to 56% for sumatriptan at the same timepoint. Similar trends were observed at two hours post-dose, highlighting the drug’s consistent performance across sexes.

“BMB-201 delivered strong and reproducible activity in a stringent vascular headache model, with efficacy signals that exceeded sumatriptan at multiple timepoints,” said Jan Torleif Pedersen, Chief Science Officer at Bright Minds. “This further validates the use of 5-HT2 agonists in pain management.”

Chief Executive Officer Ian McDonald added, “These data, together with previously reported efficacy across a broad range of pain models, support advancing BMB-201 toward clinical development in headache and migraine-related conditions.”

BMB-201 is a selective 5-HT2A/2C receptor agonist designed to harness the analgesic potential of serotonin modulation while avoiding the hallucinogenic side effects typically linked to 5-HT2A activation. As a prodrug of BMB-A39a, it exhibits minimal activity at the 5-HT2B receptor, reducing the risk of adverse outcomes.

The study was conducted as part of the NIH Helping to End Addiction Long-term (HEAL) Initiative, which is focused on developing non-opioid treatments for pain and addressing the U.S. opioid epidemic.

With these results, Bright Minds is positioning BMB-201 as a potential next-generation treatment for headache and migraine conditions, a space long dominated by triptans.

#2: Compass Pathways

Compass Pathways plc (NASDAQ: CMPS) announced the publication of results from a Phase 2 clinical study evaluating its investigational psilocybin treatment, COMP360, in patients with post-traumatic stress disorder (PTSD). The findings, which are now published in the Journal of Psychopharmacology, highlight rapid and durable symptom improvements following a single 25 mg dose.

The open-label study enrolled 22 participants across three sites in the U.K. and U.S. Results showed that COMP360 was well tolerated, with no serious adverse events reported. The most common side effects included headache, nausea, crying, fatigue, and visual hallucinations.

Patients experienced significant clinical benefits. From a baseline CAPS-5 score of 47.5, participants saw an average reduction of nearly 30 points at both week 4 and week 12. Functional improvements were also observed, with Sheehan Disability Scale scores dropping by 11.7 points at week 4 and 14.4 points at week 12.

Notably, response rates, which is defined as a 15-point or greater improvement in CAPS-5, reached 81.8% at week 4 and 77.3% at week 12. Moreover, more than half of participants achieved remission, with CAPS-5 scores of 20 or less, at both timepoints.

“Affecting approximately 13 million people in the U.S., and with only two approved treatments in the past two decades, post-traumatic stress disorder represents an area of profound unmet need with limited innovation to date,” said Dr. Guy Goodwin, Chief Medical Officer at Compass Pathways. “We are proud to see the results from this Phase 2 study published in the Journal of Psychopharmacology. Based on the highly encouraging results, we are finalizing late-stage clinical trial designs and look forward to evaluating the full potential of COMP360 for the treatment of PTSD.”

COMP360, which is a proprietary formulation of synthetic psilocybin, is being developed for use alongside psychological support. The treatment has already received Breakthrough Therapy designation from the U.S. Food and Drug Administration (FDA) for treatment-resistant depression.

#3: PharmAla

PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC: MDXXF) announced the launch of PharmAla Biotech Australia Pty Ltd., which is its wholly-owned subsidiary designed to strengthen the company’s research, development, and clinical presence in Australia.

According to PharmAla, the new entity will hold a full and perpetual license to PharmAla’s lead asset, ALA-002, along with all associated patents. This move positions PharmAla Australia to manage both manufacturing development and clinical research initiatives locally.

“As many know, Australia continues to be a thriving market for biotech development,” said Nick Kadysh, PharmAla’s Founding CEO. “We believe that our familiarity with the market – our relationships and our experience – will drive significant synergies.”

PharmAla’s leadership emphasized Australia’s advantages for pharmaceutical innovation, pointing to a strong research ecosystem, favorable regulations, and robust government incentives. “While we see Australia as having a very strong set of experts in clinical research and drug discovery, we are confident it also has an exceptional regulatory environment for launching clinical trials,” added Will Avery, CFO.

Alongside the expansion, PharmAla announced the appointment of Dr. Evan Lewis to its Scientific Advisory Board. Dr. Lewis, a neurologist with expertise in epilepsy and psychedelic neurology, who previously founded the Neurology Centre of Toronto and served as Vice President of Psychedelic Neurology at Numinus Wellness Inc. (OTCQB: NUMIF). His work has focused on neurological disorders, concussion care, and the therapeutic use of cannabis and psychedelics.

PharmAla describes itself as a “regulatory first” biotech company focused on MDXX class molecules, including MDMA. It is currently the only firm supplying clinical-grade MDMA for patient treatments outside of clinical trials, while also advancing novel psychedelic-based therapeutics such as ALA-002.

#4: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN) announced senior leadership changes on Tuesday, reporting that Chief Executive Officer, Doug Drysdale, had stepped down from his role. Additionally, Cybin stated that the company’s co-founder and president, Eric So, had been appointed interim CEO by the Board of Directors.

Furthermore, the company announced that The Board had also formed a committee to conduct a search for a permanent chief executive, with the goal of moving swiftly to bring on a leader to guide Cybin through the next stage of commercialization.

Reflecting on the transition, So emphasized Cybin’s mission and ongoing momentum. “Cybin was founded with a singular mission: to transform the treatment paradigm for mental health. With a solid foundation of clinical progress, regulatory recognition, and strong partnerships, we remain well-positioned to drive our programs forward,” he said.

So added that his focus will be on stability and execution during the transition. “I am committed to ensuring continuity during this transition and to maintaining our focus on creating long-term value for both patients and shareholders. I want to thank Mr. Drysdale for his contributions. As Interim CEO, I look forward to executing on our strategy, advancing our clinical pipeline to successful approval of CYB003 and CYB004, and working closely with our partners as we move toward delivering innovative new therapies for patients in need.”

Cybin, which was founded in 2019, is a clinical-stage neuropsychiatry company developing next-generation psychedelic-based treatments. Its lead candidate, CYB003, is in Phase 3 trials for major depressive disorder and has received FDA Breakthrough Therapy Designation. The company is also advancing CYB004, now in Phase 2 studies for generalized anxiety disorder.

#5: Silo Pharma

Silo Pharma, Inc. (NASDAQ: SILO) expanded its global intellectual property portfolio with the granting of a new Australian patent covering its lead drug candidate, SPC-15, an intranasal treatment for post-traumatic stress disorder (PTSD).

The patent, which was issued by IP Australia and licensed exclusively to Silo from Columbia University, is titled “Prophylactic efficacy of serotonin 4 receptor agonists against stress.” It provides further protection for SPC-15, which was originally developed at Columbia University.

“This patent further strengthens our global IP portfolio for SPC-15, protecting its novel approach to preventing stress-induced disorders and enhancing stress resilience,” said Silo CEO, Eric Weisblum. “The claims further strengthen and support our plans for clinical trial development of SPC-15 as an innovative therapeutic for PTSD.”

SPC-15 is designed as a serotonin 5-HT4 receptor agonist administered intranasally, targeting stress-related psychiatric conditions such as PTSD and anxiety. The treatment may qualify for the FDA’s streamlined 505(b)(2) regulatory pathway, potentially accelerating approval timelines.

Silo, which maintains exclusive global rights to SPC-15’s development and commercialization, is advancing preclinical studies in partnership with Columbia University. Beyond PTSD, the company is pursuing treatments for fibromyalgia, chronic pain, Alzheimer’s disease, and multiple sclerosis through collaborations with leading academic institutions.

Key Takeaways; Cannabis Sector

• Green Thumb Sold Iconic Brands to Agrify, Which Will Rebrand as RYTHM, Inc.
• MTL Cannabis Delivered Steady Q1 2026 Results and Launched Major Expansion Projects
• Simply Solventless Reported Record Q2 Revenue and Expanded Canadian Footprint
• High Tide Expanded Ontario Presence with Two New Canna Cabana Stores

Key Takeaways; Psychedelic Sector

• AbbVie Acquired Gilgamesh’s Bretisilocin in $1.2 Billion Deal to Advance Psychedelic Depression Treatment
• Incannex’s Psilocybin Therapy Showed Breakthrough Results in Anxiety Disorder Trial
• PharmaTher Pushed Ahead with Ketamine Patch as Non-Opioid Pain Relief Alternative

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: Green Thumb

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a leading U.S. cannabis consumer packaged goods company and operator of RISE Dispensaries, sold a portfolio of well-known cannabis brands, including RYTHM, Beboe, Dogwalkers, Doctor Solomon’s, &Shine, and Good Green, to Agrify Corporation (NASDAQ: AGFY) for US$50 million.

Under the agreement, Agrify acquired intellectual property rights to the brands, while Green Thumb will continue to manufacture and distribute them under a new Trademark and Recipe License Agreement.

Benjamin Kovler, Chairman and CEO of Green Thumb, who also serves as Agrify’s Interim CEO, described the transaction as “a strategic move that allows us to continue growing these beloved brands while unlocking value for both companies.”

In addition to the sale, Green Thumb extended a US$45 million secured convertible note to Agrify. The note, maturing in February 2027, carries a 10% annual interest rate and can be converted into Agrify common stock or pre-funded warrants, subject to Nasdaq rules.

The financing highlighted Green Thumb’s ongoing role in supporting Agrify’s growth trajectory. Kovler emphasized, “This structure provides both companies with the flexibility and resources to expand as cannabis continues to move into the mainstream.”

Following the acquisition, Agrify announced it will change its corporate name to RYTHM, Inc. and will begin trading on the Nasdaq Capital Market under the ticker ‘RYM’ on September 2, 2025.

“This acquisition is our next step in positioning ourselves as a leader in the well-being consumer space,” said Kovler. “Demand for THC is rising as consumers seek well-being and alternatives to alcohol. Most importantly, these products are no longer just confined to dispensaries. It feels especially good, today, to say Find Your RYTHM, America.”

With the transaction complete, RYTHM, Inc. will now oversee a brand portfolio spanning RYTHM, Incredibles, Dogwalkers, Beboe, Señorita, &Shine, Doctor Solomon’s, and Good Green, products that are available in both dispensaries and mainstream retail.

#2: MTL Cannabis

MTL Cannabis Corp. (CSE: MTLC) reported $25.9 million in revenue for the first quarter of fiscal 2026, alongside positive operating income and EBITDA, while unveiling a series of large-scale capital projects aimed at driving future growth in both domestic and international markets.

For the quarter ending June 30, 2025, the company posted net revenue of $20.7 million, gross profit of $9.5 million, and a net loss of just $44,433. Despite slightly lower product sales year-over-year, referral revenue helped offset declines, keeping revenue steady compared to Q1 2025. MTL also generated $3.4 million in EBITDA and $3.0 million in adjusted EBITDA.

The company also announced several transformational capital projects designed to expand capacity and improve efficiency. During the quarter, MTL completed the retrofit of all cultivation rooms in Montreal and Louiseville with LED lighting technology, a move expected to reduce utility costs while increasing yields and overall product quality. Additionally, MTL stated that in Pointe-Claire, Quebec, work had begun on retrofitting its 815 Tecumseh facility, which currently serves cultivation and post-harvest operations. Once completed, the project is expected to increase annual cultivation capacity from 9,000 kilograms to 11,000 kilograms by March 2027.

At the same time, the company reported that it is converting its 4225 Transcanadienne facility in Pointe-Claire into a central processing and distribution hub for recreational, medical, and international markets. According to the company, this transition will allow for further expansion of both the 815 Tecumseh site and the Abba Medix facility in Pickering, Ontario.

Chief Executive Officer Michael Perron praised the company’s progress and future trajectory, stating: “We are incredibly proud of what we have achieved since completing the RTO transaction with Canada House Wellness and the turnaround of consolidated operations, allowing us to achieve industry-leading results. Now that we have our house in order with the support of a Schedule 1 financial institution, we are able to comfortably take on these transformational capital initiatives and set the company up for continued long-term growth in the Canadian recreational, Canadian medical, and international export markets.”

#3: Simply Solventless

Simply Solventless Concentrates (TSXV: HASH) (OTCPK: SSLCF) posted another strong quarter in its Q2 2025 financial and operating results, reporting record gross revenue of $13 million for the three months ending June 30, 2025. Net revenue came in at $11 million, while net income was $3.4 million.

Compared with Q1 2025, gross revenue rose 5% and net revenue increased 11%. Year over year, the company saw an impressive 207% jump in gross revenue and a 279% increase in net revenue. While net income dropped 60% from Q1, it was still up 178% compared with Q2 2024. The company also generated $1 million in positive cash flow from operations.

SSC’s results reflected the consolidated performance of its expanding portfolio, which includes subsidiaries Humble, ANC, CannMart, and Massive Hash Factory. Over the past year, SSC also acquired the Lamplighter brand, adding to its existing lineup of Astrolab, Frootyhooty, Roilty, and Zest.

“We delivered another strong quarter of profitable growth, driven by focused and disciplined execution across all of our business units,” said President and CEO of SSC, Jeff Swainson. He emphasized that the integration of acquisitions is now showing results, with “increased scale and critical mass beginning to take shape.” Swainson added that SSC remains focused on generating more cash flow as it prepares to launch the California-based Sluggers brand in Canada later this year.

The company also announced a few operational highlights. On July 24, SSC named Ananth Krishnan as its new Chief Financial Officer, effective August 25. Additionally, the company stated that it had begun a $2.5 million retrofit of its Humble facility in Winnipeg, which is expected to increase annual cannabis production from 8,000 kg to 14,000 kg. According to SSC, harvests from the expanded capacity are projected to begin in the first quarter of 2026.

Meanwhile, the company also reported that its Status brand, which was acquired through the ANC deal in 2024, continues to gain traction across Canada.

SSC also reported a strengthened balance sheet, with total assets up 57% since year-end 2024 and working capital jumping from $1.6 million to $20.3 million.

Looking ahead, Swainson said the company will continue pursuing “new product launches and key market opportunities through the remainder of 2025,” while reinforcing its position as a leader in solventless cannabis products.

#4: High Tide

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) announced that it will open two new Canna Cabana retail locations in Ontario, further strengthening its position as Canada’s largest cannabis retailer.

The Burlington store, which is located at 3221 Appleby Line, opened its doors on August 29, 2025. A second location in London, at 1294 Fanshawe Park Road East, will follow on September 4, 2025. With these launches, High Tide’s national retail footprint will grow to 207 Canna Cabana stores, including 86 in Ontario.

“These new openings in Burlington and London reflect our unwavering focus on expanding our national footprint with carefully selected, high-quality sites that maximize long-term potential,” said Raj Grover, Founder and CEO of High Tide. “Every new store strengthens our ability to deliver value to our Cabana Club members and reinforces our leadership as Canada’s largest cannabis retailer.”

According to High Tide, the Burlington site is positioned in the city’s growing northern corridor, surrounded by a strong mix of quick-service restaurants and national retailers. The location is expected to attract steady customer traffic. The London location is set in one of the city’s fastest-growing neighborhoods with no overlap with existing Canna Cabana outlets. The area is anchored by national grocers, drugstores, and popular restaurants, giving the store access to more than 25,000 residents within a short drive. With only two competitors nearby, the store is expected to capture significant early market share.

Grover also pointed to High Tide’s international ambitions, highlighting the company’s pending acquisition in Germany. “Beyond Canada, our upcoming closing of the Remexian acquisition in Germany will mark the beginning of an exciting new chapter, positioning High Tide as a global cannabis company with meaningful scale in both retail and distribution,” he said. “With strong momentum at home and transformational opportunities abroad, the best is yet to come for High Tide.”

Top Psychedelic Companies for Week

#1: AbbVie

AbbVie Inc. (NYSE: ABBV) announced a definitive agreement to acquire Gilgamesh Pharmaceuticals Inc. lead investigational therapy, bretisilocin (GM-2505), in a deal valued at up to $1.2 billion. The drug, which is currently in Phase 2 clinical development, is being hailed as a potential breakthrough treatment for major depressive disorder (MDD).

Bretisilocin is a short-acting psychedelic compound that targets the serotonin 5-HT2A receptor and acts as a 5-HT releaser. Unlike existing agents in the same class, which can trigger prolonged psychoactive experiences, bretisilocin has been designed to deliver rapid and durable antidepressant benefits while significantly reducing the duration of hallucinogenic effects.

Phase 2a trial results have shown promise. A single 10mg dose of bretisilocin achieved a -21.6-point reduction in depressive symptoms on the Montgomery-Åsberg Depression Rating Scale (MADRS) by Day 14, compared with -12.1 points for a low-dose comparator. The therapy was well tolerated, with no serious adverse events reported.

“The field of psychiatry represents one of the most challenging areas in medicine, with a significant need for innovative solutions,” said Dr. Roopal Thakkar, AbbVie’s executive vice president of research and development. “This acquisition underscores our commitment to broadening psychiatric care by investing in novel treatment approaches. We look forward to advancing bretisilocin to late-stage clinical development.”

Gilgamesh CEO, Dr. Jonathan Sporn, called AbbVie “the ideal partner to advance bretisilocin rapidly,” noting that the acquisition allows Gilgamesh to continue developing other novel therapies for mental health and neurological disorders.

As part of the transaction, Gilgamesh will spin off a new entity, Gilgamesh Pharma Inc., which will retain its employees and pipeline programs, including blixeprodil (GM-1020), an NMDA receptor antagonist, as well as a cardio-safe ibogaine analog and M1/M4 agonist programs. The company’s existing collaboration with AbbVie will also be transferred to the new entity.

The deal builds on a 2024 partnership between AbbVie and Gilgamesh aimed at advancing next-generation psychiatric therapies. Closing remains subject to customary conditions.

#2: Incannex Healthcare

Incannex Healthcare Inc. (NASDAQ: IXHL) reported highly positive results from its Phase 2 clinical trial of PSX-001 (Psi-GAD), a psilocybin-assisted psychotherapy designed for patients with Generalised Anxiety Disorder (GAD).

The study, involving 73 adults with moderate to severe GAD, compared two 25mg doses of synthetic psilocybin against placebo, combined with structured psychotherapeutic support. According to Incannex, PSX-001 produced “statistically significant and clinically meaningful improvements” across all primary and secondary endpoints.

Patients receiving Psi-GAD achieved an average 12.8-point reduction on the Hamilton Anxiety Rating Scale (HAM-A), compared with 3.6 points for placebo; a difference the company described as both rapid and durable across 11 weeks. Nearly half of participants (44.1%) achieved a clinical response, and more than a quarter (27%) went into full remission, far outperforming placebo.

“These results speak for themselves—statistically significant, clinically meaningful, and consistent across every validated measure,” said Dr. Lou Barbato, Chief Medical Officer at Incannex. “Psi-GAD demonstrated a reduction in anxiety, improved mood, enhanced quality of life, and better day-to-day functioning. Importantly, the treatment effect was durable and observed across 11 weeks.”

Safety was also encouraging. No serious adverse events were reported, and side effects were mild to moderate, short-lived, and consistent with psilocybin’s known profile. Concerns such as suicidality or prolonged psychological distress did not emerge during the trial.

For Joel Latham, Incannex President and CEO, the results represent a milestone: “These are outstanding results for Incannex and a major milestone for our clinical pipeline. To deliver back-to-back positive Phase 2 results for both PSX-001 and IHL-42X is an exceptional achievement, and one that gives us tremendous confidence as we progress towards late-stage development.”

With an active FDA Investigational New Drug (IND) application in place, Incannex is preparing for a larger, multi-jurisdiction Phase 2 trial and exploring partnerships to expand global access.

#3: PharmaTher Holdings

PharmaTher Holdings Ltd. (OTCQB: PHRRF) (CSE: PHRM) announced progress on its ketamine transdermal patch, positioning it as a next-generation, non-opioid solution for pain relief. The move follows the recent U.S. Food and Drug Administration’s (FDA) approval of the company’s intravenous ketamine product, KETARx™.

“With KETARx™ now FDA-approved, our next chapter is to expand ketamine’s impact through an innovative transdermal patch that can redefine pain management,” said, Fabio Chianelli, Founder and CEO of PharmaTher. “By addressing the unmet medical need for effective non-opioid pain relief and aligning with FDA’s national priorities, we are positioned to accelerate development, achieve broad adoption, and deliver long-term value for patients and shareholders.”

The U.S. continues to battle a devastating opioid epidemic, with more than 80,000 overdose deaths reported in 2023. Opioids remain the default treatment for both surgical and chronic pain, despite their risks of dependence and misuse. Regulators and healthcare leaders have called for safer, non-opioid alternatives; a demand PharmaTher hopes to meet with its ketamine patch.

The pain management market in the U.S. is estimated at over $50 billion annually. Acute postoperative pain accounts for $13 billion, while chronic pain conditions exceed $30 billion. PharmaTher believes its patch could capture significant share as a first-in-class, non-opioid option.

Designed to deliver controlled, sustained pain relief, the ketamine patch could be used in hospitals, outpatient facilities, and even home-care settings. By leveraging KETARx™’s FDA approval and established safety profile, the company aims to accelerate regulatory review under the FDA’s Commissioner’s National Priority Voucher (CNPV) program, which offers fast-tracked approval for therapies addressing public health crises.

Key Takeaways; Cannabis Sector

• High Tide Entered German Medical Cannabis Market with €27.2M Acquisition of Remexian Pharma
• Aurora Expanded Global Footprint with Launch of Whistler Cannabis Co. in Australia
• Avicanna Secured New Patent as the Company Reported Mixed Financial Results
• Organigram Posted Record Revenue in Q3 2025 Despite Net Loss
• Village Farms Reported Record Profitability in Q2 2025, Fueled by Soaring Cannabis Exports

Key Takeaways; Psychedelic Sector

• Cybin Expanded Global Mental Health Trials Amid Wider Quarterly Loss
• Atai Life Sciences Narrows Loss as Psychedelic Pipeline Advances and Beckley Merger Looms

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: High Tide

Canadian cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) finalized its long-awaited entry into Germany’s booming medical cannabis market through the acquisition of a majority stake in Remexian Pharma GmbH, a leading importer and wholesaler based near Berlin.

The €27.2 million deal granted High Tide a 51% stake in Remexian, with an option to acquire the remaining shares in the future. The purchase will be funded through a mix of High Tide shares (42%), cash (29%), and seller loans (29%) maturing in 2029.

“Remexian is an ideal match for us—not only in its commitment to discount pricing, but also in its operational approach, which mirrors our lowest price guarantee in Canada,” said Raj Grover, Founder and CEO of High Tide. “Together, our complementary strengths and deep procurement expertise will create a stronger foundation for growth. This acquisition alone is expected to add roughly C$100 million in annual revenue, significantly strengthening our financial position and setting us up for expansion across Europe.”

Founded in 2018, Remexian has quickly become one of Germany’s top cannabis distributors, importing from 19 countries, including Canada, which supplies around a third of its total imports. In Q2 2025, Remexian sold 7 tons of cannabis flower; representing 16% of Germany’s total imports for the quarter and generated annualized revenue of €70 million with Adjusted EBITDA of €15 million.

Markus Wenner, Co-Founder of Remexian, expressed enthusiasm about the partnership: “We are truly energized by the strong synergy we’ve found with High Tide, whose impressive scale amplifies our impact in Germany. By combining one of Germany’s largest cannabis distribution networks with High Tide’s unmatched access to Canadian supply, we are setting the stage for unprecedented growth.”

The timing of the deal reflects Germany’s rapidly growing medical cannabis sector. Since the passage of the Consumer Cannabis Act in April 2024, the number of patients has surged from about 250,000 to nearly 900,000. Additionally, imports reached a record 43.3 tons in Q2 2025, which was a 15% increase from the previous quarter, bringing the annual rolling total to 134 tons and pushing industry revenues close to €1 billion.

Canadian exporters have been major beneficiaries of this demand, with Canada accounting for nearly half of Germany’s medical cannabis imports in the first half of 2025. High Tide, which has generated more than $1.9 billion in Canadian cannabis sales since legalization, sees the acquisition as a chance to further boost Canada’s share of the market.

#2: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canada’s largest exporter of medical cannabis, announced the launch of its premium Whistler Cannabis Co. brand in Australia, marking another milestone in the company’s international growth strategy.

Founded in 2013 and acquired by Aurora in 2019, Whistler Cannabis is known for its small-batch, craft cannabis grown at Aurora’s Alpine facility in Pemberton Valley, British Columbia. According to the company, the first products to debut in Australia will be Ginger Breath (32% THC, Indica) and Critical Diesel (28% THC, Sativa).

“Whistler is a tried-and-true brand in the Canadian market,” said André Jerome, Aurora’s Executive Vice President of Global Business Development. “We’re excited to now extend its legacy, and our Canadian cultivation expertise, to Australian patients. This milestone underscores our commitment to global growth and our patient-first approach”

Aurora first entered the Australian market in 2017 through a partnership with MedReleaf Australia, later solidifying its position with a five-year exclusive supply agreement in 2021. Today, Australia represents Aurora’s second-largest medical cannabis market after Canada, where it holds the second-highest market share nationally.

The company’s most recent quarterly results highlighted the strength of its international operations: medical cannabis net revenue reached $64.8 million, a 37% year-over-year increase, with growth driven by higher sales to Australia, Germany, Poland, and the UK. Medical cannabis now accounts for 66% of Aurora’s consolidated net revenue and 91% of adjusted gross profit before fair value adjustments.

Aurora’s global portfolio includes MedReleaf, CanniMed, Aurora, Whistler, and international brands Pedanios, IndiMed, and CraftPlant. With multiple GMP-certified facilities worldwide, the company says its strict quality standards and science-driven approach have been key to building patient trust.

“Our strategy is simple,” Jerome added. “We want to give patients access to the highest-quality cannabis at the right price, wherever they are. Launching Whistler in Australia is another step in making that vision a reality.”

#3: Avicanna

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF), a Canadian-based biopharmaceutical company specializing in plant-derived cannabinoid-based products, is marking a pivotal year with both scientific and financial milestones.

On August 11, 2025, Avicanna announced that the United States Patent and Trademark Office issued Patent No. US 12,343,315 B2 to the company, covering its topical cannabinoid compositions designed for clear skin. The patented gel formulation combines cannabinoids with antioxidants, antimicrobial, and anti-inflammatory agents and is intended for the prevention and treatment of skin conditions such as acne, rosacea, wrinkles, and erythema.

“We are delighted with the issuance of another USPTO patent as we continue to expand our intellectual property portfolio,” said Avicanna CEO, Aras Azadian. “We are excited about the potential of this patent that covers our compositions that are in our commercial platforms and pharmaceutical pipeline.”

Just days later, on August 14, 2025, Avicanna reported its financial results for the second quarter of 2025, generating $6.2 million in revenue, with gross profit of $3.1 million but a net loss of $850,991. This marked a reversal from the company’s Q1 results, when it achieved its first profitable quarter, reporting $6.3 million in revenue, $3.6 million in gross profit, and net income of $74,154. Despite the second quarterly loss, the company improved significantly from Q2 2024, reducing its net losses by more than 70%.

While Q2 2025 reflected a step back from Q1 profitability, Avicanna said it will continue to strengthen its international footprint and intellectual property portfolio. And with its growing pipeline, global expansion of APIs and finished products, and sustained focus on clinical development, the company is positioning itself as a leading force in cannabinoid-based medicine.

#4: Organigram

Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) reported record third-quarter revenues for fiscal 2025, fueled by acquisitions, value-focused products, and surging international sales. However, the Canadian cannabis producer also posted a net loss, citing fair value changes tied to financial instruments.

The New Brunswick-based company recorded gross revenue of $110.2 million and net revenue of $70.8 million for the quarter ended June 30, 2025, representing a 72% jump year-over-year. Recreational cannabis dominated the portfolio, contributing $59.9 million (85%), while international sales reached $7.4 million (10%), more than doubling from last year.

Despite the top-line strength, Organigram swung to a net loss of $6.3 million, compared with net income of $2.8 million in Q3 2024. The company attributed this decline to “fair value loss on derivative liabilities, contingent considerations, and preferred shares,” reversing gains recorded in the prior year.

Adjusted EBITDA rose 64% to $5.7 million, while free cash flow turned positive at $5 million, compared to a negative $4.8 million a year ago.

“In Q3, we delivered our second consecutive quarter of record revenue driven by the acquisition of Motif, Collective Project, and a further optimization of our product and brand portfolio,” said outgoing Organigram CEO, Beena Goldenberg. “With our strong Canadian market leadership now in place, we are committed to bringing our Canadian successes to international markets. We have grown our export business, expanded into the U.S., and are set to launch new brands internationally, all building towards our ambition of becoming a truly global cannabis player.”

While revenue momentum is strong, investors remain cautious. Organigram’s stock has lagged the broader market in 2025, and analysts note persistent earnings volatility. Additionally, analyst currently ranks the stock a “Hold,” reflecting mixed expectations for upcoming quarters.

#5: Village Farms

Village Farms International Inc. (NASDAQ: VFF) posted record profitability in the second quarter of 2025, driven by surging international cannabis exports and stronger margins in its Canadian operations, even as retail sales in Canada and the U.S. remained under pressure.

For the quarter ended June 30, 2025, the company reported total revenue of US$60 million, up 12% year-over-year, with net income from continuing operations of US$9.9 million or US$0.09 per share. Adjusted EBITDA reached US$17.1 million, representing 28.6% of sales.

The company’s CEO, Michael DeGiglio, highlighted the milestone, stating: “Our second quarter results demonstrate the improving earnings potential of Village Farms and our continued success in scaling a profitable global cannabis enterprise. Q2 performance reflected record levels of profitability since we expanded into cannabis in 2017, eclipsing several records set during our nearly 20-year history as a publicly traded company.”

The standout driver was international sales, which climbed nearly 700% year-over-year to US$12 million, primarily from exports to Germany and the UK. COO Ann Gillin explained the surge: “Growth was driven by strong demand in Germany and the UK, along with onboarding new customers. We align our growth with the hottest international markets and work closely with trusted distributor partners”.

Canadian cannabis operations, which include Pure Sunfarms and Rose LifeScience, brought in US$44.5 million in sales, a 9% year-over-year increase. However, branded cannabis sales fell to US$25 million, down from US$30.5 million in Q2 2024, reflecting a shift away from value-based products.

Despite the dip in branded sales, margins improved significantly. Canadian cannabis gross profit rose 63% year-over-year to US$17.5 million, with a 39% gross margin — the highest in three years. The margin lift was largely due to higher volumes of bulk flower exports and reduced reliance on low-margin value products.

In the U.S., cannabis revenue slipped to US$3.8 million from US$4.3 million a year ago, hurt by new CBD restrictions in eight states and unregulated competition from hemp-derived products. U.S. operations reported a small operating loss of US$226,000.

Moreover, Village Farms’ legacy produce operations added to the bottom line, generating US$4.3 million in net income. The company also strengthened its balance sheet by privatizing one-third of its produce assets by US$40 million, boosting its cash position to US$65 million against total debt of US$39 million.

Management acknowledged challenges in the Canadian retail market, where branded sales were down 20% year-over-year. Gillin noted that while wholesale pricing has stabilized, retail prices remain soft due to ample supply. Still, she emphasized that profitability is improving across the sector as producers shift toward stronger product portfolios.

Looking ahead, DeGiglio hinted at potential M&A but stressed discipline: “While M&A is not off the table, it would need to be accretive or strategic. We are the partner of choice for many European companies, and M&A could play a role in the U.S. market when it opens up”.

Top Psychedelic Companies for Week

#1: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN) reported a larger quarterly loss as it pushed forward with late-stage studies on its experimental psychedelic-based therapies for mental health disorders.

For the first quarter ended June 30, the company posted a net loss of $24.6 million, or $1.10 per share, compared to a loss of $10.8 million, or 54 cents per share, in the same period last year. Cash on hand stood at $118.7 million, while operating cash outflows increased to $29.5 million, up from $19.9 million a year ago.

Despite the widened loss, Cybin emphasized momentum in its clinical pipeline. CEO Doug Drysdale highlighted recent regulatory approvals in Europe and the UK that allow the company to move forward with EMBRACE, a Phase 3 trial of CYB003 for major depressive disorder (MDD).

“With our recently announced funding agreement in place, we are well positioned to continue advancing our lead clinical programs, CYB003 and CYB004, through multiple inflection points,” said Drysdale. “Gaining European CTA approval and MHRA approval to commence EMBRACE in the UK has enabled us to expand our multinational Phase 3 PARADIGM program evaluating CYB003 for the potential adjunctive treatment of major depressive disorder.”

The EMBRACE study will enroll 330 participants across the U.S., UK, Europe, and Australia, while another pivotal study, APPROACH, is already dosing patients. Together, these Phase 3 trials will involve about 550 participants and test CYB003 in patients with moderate to severe depression not adequately treated by existing antidepressants.

Meanwhile, Cybin expects to complete patient enrollment this month in its Phase 2 study of CYB004 for generalized anxiety disorder.

Drysdale concluded: “Cybin is in a strong position to advance our programs and continue our work to deliver innovative therapies to address some of the most challenging mental health disorders we face today.”

The company also recently secured a $50 million financing agreement through convertible debentures, which it said will help fund its clinical programs.

#2: Atai

Atai Life Sciences N.V. (NASDAQ: ATAI) reported a second-quarter net loss of $27.7 million, or 14 cents per share, slightly wider than analyst expectations of a 12-cent loss. Revenue came in at $719,000, up from $273,000 a year earlier.

As of June 30, the company held $95.9 million in cash, cash equivalents, and short-term securities, up from $72.3 million at year-end 2024. With an additional $50 million in committed funding announced in July, atai expects its cash, public equity holdings, and digital assets to support operations into the second half of 2027.

CEO Srinivas Rao called the first half of 2025 “transformational” for the company. He pointed to the planned merger with Beckley Psytech as a defining step: “The planned strategic combination with Beckley Psytech is expected to solidify our position as the global leader in the psychedelic mental health space. By adding a late-stage, clinically validated asset like BPL-003 to our pipeline, we are accelerating our ability to bring novel, effective treatments to patients in need”.

BPL-003, which is an intranasal formulation of mebufotenin (5-MeO-DMT) for treatment-resistant depression (TRD), recently delivered strong Phase 2b results. The therapy met its primary and all key secondary endpoints, showing “rapid, robust and durable antidepressant effects for up to eight weeks with a single dose,” according to atai. A Phase 3 trial is expected following FDA consultation later this year.

Beyond BPL-003, atai is progressing two other Phase 2 programs: VLS-01, a buccal film DMT for TRD, and EMP-01, an oral R-MDMA for social anxiety disorder. Both are expected to deliver topline data in 2026.

With multiple milestones ahead and a merger designed to consolidate leadership in psychedelic-based therapies, Atai said it is well-positioned to deliver long-term value for both patients and investors.