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.

Key Takeaways; Cannabis Sector

• Cannara Biotech secured 5 vape cartridge listings in Québec market launch
• Cresco Labs exited California market amid industry challenges and strategic refocus
• MTL Cannabis announced a “new era” with record revenue and profit in 2025

Key Takeaways; Psychedelic Sector

• GH Research nears resolution with FDA, reporting promising long-term results in depression trial
• Clearmind expanded groundbreaking AUD trial with Tel Aviv Sourasky Medical Center
• Filament Health and UCL launched phase 2 trials to explore psilocybin’s impact on mental health and perception
• Enveric secured second U.S. patent for non-hallucinogenic mental health therapies

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

Top Marijuana Companies for the Week

#1: Cresco Labs

In a decisive move to strengthen its financial position and refocus on higher-margin markets, Chicago-based cannabis multistate operator Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) announced its departure from California, the largest cannabis market in the world. The company revealed on July 21, 2025, that it is actively negotiating the sale of its California cultivation, manufacturing, and select distribution assets.

“Capital is increasingly precious in this environment, and our focus is on deploying it where it earns the strongest return,” said Cresco CEO and co-founder Charlie Bachtell. He emphasized that despite California’s market size, its “fragmented retail, price compression, and the illicit market” coupled with Cresco’s limited scale in the state make sustainable profitability unfeasible.

Cresco’s California assets include Sonoma’s Finest (formerly FloraCal California Cultivation) and Cub City, which hold various state permits for indoor cultivation, processing, and nursery operations. While these physical operations are up for sale, Cresco confirmed it will retain full ownership of its high-end FloraCal® brand, continuing its national distribution and production.

This exit aligns with a broader industry trend. Cresco now joins other major cannabis companies like Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), which announced closure of operations in California in early 2023, and Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), which closed its remaining California dispensary in mid-2023 due to similar structural hurdles.

The decision comes amid a downturn in California cannabis sales, which dropped from $5.1 billion in 2023 to $4.6 billion in 2024. The decline has continued into 2025, with first-quarter sales totaling $944.6 million—down from over $1 billion in the same period the previous year. The situation was further aggravated by a recent increase in the state excise tax from 15% to 19%.

Cresco stated that the divestiture is part of a broader strategic restructuring aimed at bolstering cash flow and prioritizing markets with better long-term prospects. “Exiting California allows us to reallocate capital and resources to our core markets and build out new markets where we see clear pathways for growth and shareholder value,” Bachtell explained.

#2: Cannara Biotech

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) received preliminary approval from the Société Québécoise du Cannabis (SQDC) for five of its live resin and live rosin vape cartridge SKUs, set to hit all 107 Québec retail outlets and SQDC.ca in November 2025, marking Q1 of its fiscal year 2026.

“We are incredibly proud to announce our preliminary approval of five live resin and live rosin vape cartridges to be distributed across Québec’s 107 retail stores,” said Zohar Krivorot, President & CEO of Cannara. “I commend our R&D and Commercial teams for creating premium vape formulations that align with Québec’s specific category regulations and consumer preferences.”

He also noted that these products represent 20% of the 25 vape cartridge SKUs the SQDC intends to stock by the end of the calendar year, highlighting the company’s strong R&D efforts and alignment with Québec’s category regulations.

Additionally, Nicholas Sosiak, Cannara’s CFO, also highlighted the company’s entrance into the live rosin market: “This launch of live rosin vapes represents the culmination of months of research and development around genetic selection, process refinement, and hardware,” said Nicholas. “We are excited to bring solventless vapes to our home market of Québec and see opportunity for further expansion into other provinces.”

This announcement follows Mercanto Holdings Inc. (TSX-V: MUSH) (OTC: TGSHF) July 7 disclosure of its upcoming vape cartridge listings with the SQDC, marking a significant milestone in the province’s expanding cannabis product offerings.

The Québec vape market presents significant growth potential. The SQDC reported $741.5 million in revenue in 2024, with surveys indicating 25% of Québec consumers vaped in the past year and 28% of those vaping at least weekly. Vape cartridges currently represent about 15% of cannabis sales in provinces like Alberta, Ontario, and British Columbia, positioning Québec’s upcoming launch as a major new market opportunity.

#3: MTL Cannabis

MTL Cannabis Corp. (CSE: MTLC) (OTCQX: MTLNF) reported record-breaking financial results for the fiscal year ending March 31, 2025, with total revenue reaching $105.2 million, up 27% from the previous year. Net income soared to $6.8 million, a 179% increase, signaling what the company’s CEO, Michael Perron, called “a new era at MTL.”

“This achievement reflects the dedication of our people, the strength of our disciplined operating model, and our team’s ability to execute at a high level,” Perron said. “We’ve built a strong and scalable platform, and at the core of it all is an unwavering commitment to delivering the highest quality products and services to our patients and customers.”

The company’s product revenue, which is its primary income stream, totaled $98.7 million, accounting for the bulk of the gains. The cost of sales on that product was $37.7 million, and with $21.2 million in excise taxes, therefore the product segment delivered a gross profit of $16.1 million.

MTL’s clinic subsidiary, Canada House Clinics Inc. (CHC), added another $1.6 million in net income. CHC generated $283,965 in direct revenue and $7.5 million in referral revenue, which according to the company reflected the strength of MTL’s integrated business model across production and patient care.

The company also made strides internationally, posting $3.2 million in revenue from over 1,000 kg of shipments to Portugal, a substantial leap from $291,500 in 2024. MTL has now opened export channels into Germany, Australia, Poland, and the UK, with a clear strategic emphasis on Germany.

Operational income surged to $16 million, a 248% rise year-over-year, and EBITDA reached $21.7 million, up 135%. Adjusted EBITDA, which excludes non-operational factors, stood at $20.3 million, reflecting the company’s solid operational health.

Chairman of the Board, Richard Clement, praised the company’s performance, stating, “I am extremely proud of our team for their focus, determination, and the incredible efforts to help build the company to what it is today.”

At the end of FY2025, MTL reported $5.7 million in cash, a 320% increase from the prior year, and retained earnings rose to $5.7 million, reversing the previous year’s deficit. Inventory also nearly doubled, growing by $8.3 million, which MTL attributed to increased production and stock of finished goods.

Top Psychedelic Companies for Week

#1: GH Research

GH Research PLC (NASDAQ: GHRS) announced major progress in its regulatory discussions and clinical programs for GH001, its lead candidate for treatment-resistant depression (TRD). The company reported that only one issue remains in its ongoing engagement with the U.S. Food and Drug Administration (FDA) regarding a clinical hold on its Investigational New Drug (IND) application.

“We have now received a response from the FDA with only one hold topic remaining,” the company stated. “The FDA requested that we either provide additional data or further justification related to the previously announced respiratory tract histology findings in rats.” GH Research emphasized that it believes, based on scientific evidence, these findings are species-specific and not relevant to humans. The company added that no further concerns remain regarding dog toxicology or device-related issues.

GH Research also shared full results from its Phase 2b clinical trial and open-label extension (OLE) of GH001. The trial, targeting TRD, showed highly significant results. “The primary endpoint was met with a placebo-adjusted reduction of 15.5 points on the MADRS depression scale by Day 8,” the company reported. Furthermore, the company stated that 73% of patients remained in remission for six months, with minimal treatment visits and no required psychotherapy.

Dr. Martijn Schilte, Chief Scientific Officer, highlighted the efficiency and safety of the treatment: “The psychoactive effects of GH001 had a median duration of just 11 minutes, and 99% of patients were deemed discharge-ready within an hour of dosing. Most required only one or two sessions, indicating strong potential for scalable outpatient use”.

The safety profile was equally notable. According to GH Research, all participants in the double-blind phase continued into the OLE, and there were no treatment-related serious adverse events over six months. Additionally, no treatment-emergent suicidal behavior or intent occurred, and suicidal ideation rates decreased compared to baseline.

The company also updated the status of GH002, its intravenous version of mebufotenin HBr. In a completed Phase 1 trial in healthy volunteers, GH002 was well-tolerated with no serious adverse events and produced ultra-rapid psychoactive effects. GH Research plans to submit an IND for GH002 in Q4 2025.

Looking ahead, GH Research announced that it is preparing for a global pivotal Phase 3 program for GH001, which is expected to launch in 2026. The company said it is finalizing regulatory consultations and has begun site and team expansion. “We are ramping up with a laser focus on execution,” the company noted.

#2: Clearmind

“This milestone brings us closer to potentially delivering an innovative, non-hallucinogenic treatment for AUD,” said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine, as the company announced the successful initiation of Tel Aviv Sourasky Medical Center (TASMC) as a clinical site for its Phase I/IIa trial of CMND-100.

On Wednesday, Clearmind Medicine Inc. (NASDAQ: CMND), a clinical-stage biotech based in Vancouver, added TASMC to its multinational, multi-center clinical trial evaluating CMND-100, its proprietary oral drug candidate for Alcohol Use Disorder (AUD). The drug, which is based on the compound 5-methoxy-2-aminoindane (MEAI), is designed to reduce alcohol cravings without inducing hallucinations, offering a potentially safer, more accessible treatment option.

The Phase I/IIa trial, which is already underway at Yale School of Medicine and Johns Hopkins University in the U.S., as well as Hadassah-University Medical Center in Israel, investigates the safety, tolerability, and pharmacokinetics of CMND-100, while also monitoring early signs of efficacy, such as reduced alcohol use.

At TASMC, the study is being led by Prof. David Zeltser, Director of the Emergency Medicine Department. The addition of this site is expected to accelerate patient recruitment and enhance the robustness of the trial’s clinical network.

Dr. Zuloff-Shani emphasized the strategic value of these partnerships: “Our collaboration with leading centers like TASMC, Hadassah, Yale, and Johns Hopkins underscores the scientific community’s confidence in our approach.”

With AUD responsible for approximately 2.6 million deaths annually, Clearmind aims to bring a novel, science-backed solution to a critically underserved global health issue.

#3: Filament Health

Filament Health Corp. (OTC: FLHLF) partnered with University College London (UCL) to supply its botanical psilocybin drug candidate, PEX010, for two phase 2 clinical trials approved by the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA). These studies aim to deepen scientific understanding of psilocybin’s effects on brain function, perception, and psychological wellbeing.

“These studies represent two important frontiers in psychedelic research,” said Dr. Jeremy I. Skipper, UCL Professor and Principal Investigator for both trials. “We will examine how preparation methods influence therapeutic outcomes and how psilocybin interacts with sensory systems to shape perception.”

The first trial, which is led by Rosalind McAlpine, will test a novel 21-day self-guided digital program called the Digital Intervention for Psychedelic Preparation. Participants will be randomly assigned to either a meditation-based or music-based pathway. After the program, all subjects will receive a supervised 25 mg dose of psilocybin at UCL. The trial seeks to determine how different preparatory approaches influence the quality of the psychedelic experience, psychological readiness, and changes in mental wellbeing. It will also assess user engagement and digital platform effectiveness.

The second study, Amplifying Experimentally Induced Hallucinations With “Micro” Doses of Psilocybin, led by Oris Shenyan, investigates how low doses of psilocybin impact the perception of geometric hallucinations and pareidolia; the tendency to see meaningful patterns in ambiguous stimuli, such as faces in clouds. This study will aim to build models of visual cortex dynamics to explore how psilocybin-induced neural excitation combines with external stimuli under controlled conditions.

Benjamin Lightburn, CEO and Co-Founder of Filament Health, emphasized the significance of these efforts: “Understanding how preparation style and dose affect the psychedelic experience is vital for advancing safe, effective psychedelic therapies. We are proud to support these pioneering studies at one of the world’s preeminent research institutions.”

#4: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) received a second Notice of Allowance from the United States Patent and Trademark Office for its EVM401 Series, a collection of novel, non-hallucinogenic compounds designed to treat mental health disorders. The announcement marked another step in expanding the company’s intellectual property portfolio in neuroplastogenic therapeutics.

The newly approved patent, titled “Substituted N-Propylamine Fused Heterocyclic Mescaline Derivatives,” protects a unique series of methylone-inspired molecules that act as modulators of neurotransmitters without producing hallucinogenic effects. These structurally differentiated benzodioxole analogs are designed to encourage neuroplasticity, which is considered a critical mechanism in addressing psychiatric disorders like PTSD.

“With this second patent allowance for the EVM401 Series, Enveric continues to strengthen its position as a first-in-class developer of neuroplastogenic small-molecule therapeutics,” said Dr. Joseph Tucker, CEO of Enveric. “These patent-protected molecules are designed to capture the desirable neuroplasticity-promoting effects of methylone, while offering novel chemical structures that enable both strong IP protection and a potential path to repeat-dose outpatient care.”

According to Enveric, unlike methylone, an MDMA analog now in the public domain, its proprietary compounds provide a patentable and scalable foundation for mental health treatments that can potentially avoid the regulatory hurdles and safety concerns associated with hallucinogens. The company believes its EVM401 compounds could provide similar therapeutic benefits with broader clinical usability.

“The expansion of the EVM401 Series reflects Enveric’s commitment to developing a deep pipeline of next-generation, non-hallucinogenic neuroplastogens that align with the scalability and safety needs of modern mental health treatment,” Dr. Tucker added.

Enveric announced that it is planning further preclinical testing to assess safety, pharmacokinetics, and effectiveness of the new compounds, particularly in treating post-traumatic stress disorder and other neuropsychiatric conditions.

Key Takeaways; Cannabis Sector

• Aurora Cannabis received EU-GMP certification for its Brampton distribution facility
• High Tide secured $30 million boost from Cronos to accelerate retail expansion
• Simply Solventless ramped up capacity and strengthened balance sheet in a strategic push for growth

Key Takeaways; Psychedelic Sector

• Clearmind expanded clinical trial for psychedelic-based alcohol use disorder treatment
• Cybin secured UK approval to launch EMBRACE study in pivotal phase 3 depression program
• Enveric’s EB-003 showed promising preclinical results in PTSD treatment model, matching effects of MDMA

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

Top Marijuana Companies for the Week

#1: Aurora Cannabis

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), one of the Canadian-based global leader in medical cannabis, announced that its dedicated distribution center in Brampton, Ontario, had received European Union Good Manufacturing Practice (EU-GMP) certification, marking a significant expansion of its international operations and regulatory credentials.

The Brampton facility became Aurora’s fourth EU-GMP-certified site, joining a network of manufacturing operations in both Canada and Europe that already meet stringent EU quality standards. According to the company, this certification positions Aurora as a major force in the international medical cannabis market, particularly in Europe, where demand for regulated cannabis products continues to surge.

“This certification is a critical validation of our differentiated approach to operating as a global medical cannabis company,” said Jill Lau, Vice President of Canadian Operations at Aurora. “By adding certification for our distribution centre, we are now uniquely positioned to ensure patients worldwide have consistent access to superior quality medical cannabis from the largest Canadian exporter.”

The EU-GMP certification, which is granted under the EudraLex “Rules Governing Medicinal Products in the European Union,” is recognized globally as a gold standard for pharmaceutical-grade manufacturing. It ensures that cannabis production facilities meet rigorous criteria for quality, consistency, safety, and compliance, all of which are mandatory for exporting medical cannabis into the European Union.

With this backdrop, Aurora doubled down on international expansion. Earlier this year, the company launched its first German-cultivated cannabis products, which are grown at its EU-GMP-certified Leuna facility in Saxony-Anhalt, Germany. This site is one of only three licensed cannabis production facilities in the country and produces approximately 1,000 kg of medical cannabis annually.

Aurora’s operations now span Canada, Germany, the UK, Poland, and Australia, enabling the company to serve a broad array of markets with consistent, EU-compliant medical cannabis products. Its brand portfolio includes both domestic names: MedReleaf, CanniMed, Whistler Medical Marijuana Co., and Aurora; and international labels like Pedanios, IndiMed, and CraftPlant.

#2: High Tide

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI), Canada’s largest non-franchised cannabis retailer, closed a $30 million convertible debt financing deal with a wholly owned subsidiary of Cronos Group Inc. (NASDAQ: CRON), bolstering its ambitions to rapidly expand its store network and grow organically through strategic acquisitions.

The financing, which was announced on July 16, gave High Tide working capital at a critical time, as the company aims to scale its footprint beyond its current 300 locations nationwide.

“Given our strong and proven business model, it’s incredibly validating to receive a second vote of confidence in the form of an investment from a major licensed producer in recent months,” said Raj Grover, Founder and CEO of High Tide. “This investment is not just capital—it’s a clear endorsement of the value we add to the legal cannabis ecosystem.”

Grover emphasized that the funds would be used strictly for growth, both domestic and international. “We’re poised to accelerate our expansion in Canada and abroad,” he added. “This is about scaling our impact, helping drive down the illicit market, and reinforcing Canada’s regulated framework.”

The agreement included a Junior Secured Loan with a five-year term, bearing interest at 4% per annum. It is secured by a third-priority lien on certain High Tide assets. According to the terms, Cronos can, with High Tide’s consent, convert the loan into common shares at a price of $4.20 per share, excluding the original issuance discount.

In addition, Cronos received a warrant to purchase up to 3.8 million common shares at $3.91 per share, a 25% premium to High Tide’s 30-day volume weighted average price prior to the announcement. The warrant is exercisable over five years, providing Cronos with a long-term upside if High Tide’s growth trajectory continues.

Mike Gorenstein, Chairman, President, and CEO of Cronos Group, framed the investment as a strategic show of support for a more equitable and competitive cannabis industry.

“Our investment was driven by the belief that a competitive and equitable retail environment benefits the entire industry—producers, retailers, and adult consumers,” said Gorenstein. “We remain fully committed to working with and supporting all our retail partners.”

#3: Simply Solventless

Simply Solventless Concentrates (OTCPK: SSLCF) (TSXV: HASH) (“SSC”), a company known for its solventless cannabis products, launched a major retrofit of its Humble Grow Co. facility in Winnipeg, which was formerly operated by Delta 9 Cannabis. The move marked a pivotal milestone in the company’s aggressive growth strategy and followed the successful closing of repayment and amendments to promissory notes associated with its acquisition of pre-roll manufacturer ANC Inc.

The retrofit is set to nearly double SSC’s cannabis production capacity from 8,000 kilograms annually to 14,000 kilograms. With this scale-up, the company anticipates boosting annual revenue from approximately $6 million to $18 million, assuming current market prices remain steady. Harvests from the upgraded facility are projected to begin by late 2025 or early 2026.

“We have been keen to proceed with the retrofit since we acquired Humble,” said Jeff Swainson, President and CEO of SSC. “We are now in the position to allocate cash flow from operations to the retrofit. We look forward to reaping the rewards of this material increase in production in an environment with balancing supply and demand dynamics.”

The $2.5 million retrofit will be financed through a blend of equipment financing and SSC’s operating cash flow.

Humble Grow Co., which SSC acquired earlier this year, has already proven to be a valuable asset. In Q2 2025, the facility generated $2.4 million in revenue. SSC attributed this performance to a skilled cultivation team, seamless integration, and effective cost-cutting measures.

In tandem with the Humble retrofit, SSC also announced it had finalized the repayment and amendment of up to $7.15 million in non-interest-bearing promissory notes originally issued to the prior shareholders of ANC Inc., a pre-roll cannabis company, which was acquired by SSC in late 2024.

The repayment structure consisted of several components. Approximately $3.4 million of the outstanding notes were settled through the issuance of 6,875,000 common shares of SSC at a price of $0.50 per share. An additional $0.5 million of the notes was fully discharged. Of the remaining balance, $1 million will be repaid in cash by June 3, 2026, while $2.2 million will be repaid through weekly installments averaging $21,370.19 over a two-year period.

“We would like to thank ANC’s prior shareholders for their belief in SSC as demonstrated by their desire to have approximately $3.4 million of their notes repaid in SSC shares at $0.50/share,” Swainson noted. “This arrangement significantly improves SSC’s balance sheet while reducing cash flow obligations, providing a strong foundation for future growth and the execution of our impactful business plan.”

Top Psychedelic Companies for Week

#1: Clearmind

Clearmind Medicine Inc. (NASDAQ: CMND) announced a significant milestone in its ongoing clinical development program, expanding its Phase I/IIa clinical trial for CMND-100, a proprietary oral treatment targeting Alcohol Use Disorder (AUD). The latest development included the activation of a new clinical site at the Johns Hopkins University School of Medicine and the enrollment of the first participant at that location.

The trial, which is already underway at Yale School of Medicine, aims to evaluate the safety, tolerability, and pharmacokinetic profile of CMND-100, a treatment based on the novel compound MEAI. Researchers will also assess early indicators of the drug’s efficacy in reducing alcohol cravings and consumption.

“Each new clinical site we activate and each new participant we enroll brings us one step closer to validating CMND-100’s potential to redefine the treatment landscape for AUD,” said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine. “This expansion reflects both the scientific community’s interest in our approach and our commitment to accelerating progress for patients in need of better solutions.”

The multinational, multicenter study involves both single and multiple-dose phases, with the goal of establishing the safest and most effective dosing regimen. According to the company, the growing clinical network and increased enrollment signal rising interest in the potential of CMND-100 as a groundbreaking therapy for a widely under-treated condition.

#2: Cybin

Cybin Inc. (NYSE: CYBN) (Cboe CA: CYBN) received regulatory approval from the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA) to initiate EMBRACE, the second pivotal Phase 3 study in its multinational PARADIGM program evaluating CYB003, a proprietary deuterated psilocin analog, for the adjunctive treatment of Major Depressive Disorder (MDD).

“MHRA approval to initiate the EMBRACE component of our PARADIGM program in the UK marks an important step forward as we advance our lead program, CYB003, through the regulatory process,” said Doug Drysdale, Cybin CEO. “The Agency’s decision serves as strong validation of both the quality of our data and the urgent need to develop new and effective therapeutics to treat depression.”

The EMBRACE study will enroll 330 participants diagnosed with moderate to severe MDD who are already on a stable dose of antidepressant medication but have shown inadequate response. Patients will be randomly assigned in equal numbers to receive CYB003 at 16 mg, 8 mg, or a placebo, with two doses administered three weeks apart. The primary endpoint is the change in depressive symptoms measured by the Montgomery–Åsberg Depression Rating Scale (MADRS) six weeks after the first dose.

Part of the larger PARADIGM™ program, EMBRACE joins APPROACH, the first Phase 3 study currently dosing participants, and EXTEND, a long-term follow-up trial. Across these three studies, Cybin plans to enroll approximately 550 patients at around 60 clinical sites in the U.S., Europe, and Australia.

The U.S. Food and Drug Administration has already granted Breakthrough Therapy Designation to CYB003, highlighting the potential of this novel therapy to address the limitations of existing treatments for MDD. According to Drysdale, “With expected enrollment of 330 participants, the EMBRACE study aims to generate critical late-stage data that, ultimately, may lead to transforming the standard of care for patients in need.”

Cybin, a late-stage neuropsychiatry company, continues to lead the charge in developing next-generation psychedelic-based therapeutics. Alongside CYB003, it is also progressing CYB004, a proprietary deuterated DMT compound, in a Phase 2 trial for generalized anxiety disorder.

#3: Enveric Biosciences

Enveric Biosciences, Inc. (NASDAQ: ENVB) announced encouraging preclinical data for EB-003, its lead neuroplastogenic drug candidate for Post-Traumatic Stress Disorder (PTSD), marking a potential breakthrough in psychiatric treatment. In a well-established rodent model of PTSD, a single oral dose of EB-003 significantly reduced trauma-induced freezing behavior, indicating a rapid therapeutic effect and successful extinction of fear memory.

The study used fear-conditioned mice exposed to context-based traumatic memory, a Pavlovian association model commonly used to simulate PTSD-like symptoms. Mice treated with EB-003 exhibited a statistically significant reduction in freezing behavior one-hour post-dose, a result that closely mirrored the effects of MDMA, a psychedelic compound known to alleviate PTSD symptoms in clinical studies, though it remains unapproved by the FDA.

“Only 20% to 30% of PTSD patients achieve full remission with currently approved treatments like SSRIs, which also require weeks to take effect,” said Dr. Joseph Tucker, CEO of Enveric. “There is an urgent and growing need for more effective, faster-acting therapies. We are very encouraged that a single dose of EB-003 facilitated rapid fear extinction in this model.”

Dr. Tucker noted that impaired hippocampal neuroplasticity has been implicated in the development and persistence of PTSD, and that EB-003, which is a non-hallucinogenic neuroplastogen, could offer a safer, faster-acting alternative to existing treatments by enhancing neural rewiring without psychedelic effects.

The promising data position EB-003 as a potential first-in-class treatment for PTSD, with Enveric planning further development and clinical advancement. The study was conducted by a third-party laboratory and added momentum to the company’s goal of revolutionizing treatment options for psychiatric and neurological conditions.

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: TerrAscend

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

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

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

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

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

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

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

#2: Auxly Cannabis

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

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

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

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

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

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

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

#3: Mercanto

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: MIRA Pharmaceuticals

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

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

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

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

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

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

#2: Filament Health

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

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

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

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

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

#3: Revive Therapeutics

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

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

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

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

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

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

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

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

#4: Silo Pharma

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: WM Technology

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

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

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

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

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

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

#2: High Tide

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

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

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

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

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

#3: Tilray

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

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

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

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

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

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

#4: Aurora Cannabis

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Compass Pathways

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

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

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

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

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

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

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

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

#2: Clearmind

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

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

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

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

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

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

#3: Silo Pharma

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

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

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: Tilray

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

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

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

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

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

#2: 4Front Ventures

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

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

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

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

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

#3: Village Farms

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

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

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

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

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

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

#4: MediPharm

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

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

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Silo Pharma

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

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

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

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

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

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

#2: Enveric Biosciences

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

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

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

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

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

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

#3: Clearmind Medicine

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

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

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

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

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

Key Takeaways; Cannabis Sector

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

Key Takeaways; Psychedelic Sector

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

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

Top Marijuana Companies for the Week

#1: MediPharm

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

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

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

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

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

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

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

#2: Organigram

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

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

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

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

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

#3: Green Thumb

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

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

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

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

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

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

Top Psychedelic Companies for Week

#1: Bright Minds

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

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

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

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

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

#2: Cybin

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

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

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

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

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

#3: MIRA Pharmaceuticals

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

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

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

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

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

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

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

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

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

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

#4: MindMed

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

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

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

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

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

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