Key Takeaways; Cannabis Sector
- Ayr Wellness Advanced Debt Restructuring While Expanding Operations with New Florida Facility
- Vireo Growth Acquired Schwazze Debt in $62 Million Deal
- Tilray Expanded into Panama Through Joint Venture, Strengthening its Global Cannabis Footprint
Key Takeaways; Psychedelic Sector
- Enveric Biosciences Expanded Neuroplastogenic Patent Estate and Strengthened IP Defense Amid Strategic Initiatives
- Algernon Pharmaceuticals Rebranded as Algernon Health to Lead Alzheimer’s Diagnostic Innovation
Below is a weekly roundup of what happened this week in the cannabis and psychedelic sectors. In this ever-evolving landscape, we explore the major developments and groundbreaking initiatives happening among companies operating in these industries; from advancements in medical research, therapeutic applications to shifts in legal frameworks and current market trends.
Top Marijuana Companies for the Week
#1: Ayr Wellness
AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF), a leading U.S. multi-state cannabis operator, announced two major developments this week; advancing its debt restructuring process and expanding operations with the launch of its first indoor cultivation facility in Florida.
On Monday, October 13, AYR confirmed the commencement of Article 9 proceedings as part of its ongoing debt restructuring. In line with the Restructuring Support Agreement (RSA) signed in July, the company will undergo a public foreclosure sale of certain assets and equity interests in subsidiaries operating in Florida, New Jersey, Nevada, Ohio, Massachusetts, and Pennsylvania.
According to the company, the sale, which will be managed by Odyssey Trust Company as collateral trustee, is scheduled for November 10 in New York City and will also be accessible virtually.
“The commencement of the Article 9 proceedings and public auction process marks the latest milestone in our ongoing restructuring process,” said Scott Davido, Interim CEO of AYR. “As we work to transition the ownership of many of the Company’s assets to the successful bidder, AYR will continue to fully operate these businesses and deliver the same high quality of products and services.”
Just a day later, on October 14, Ayr announced the launch of flower from its first indoor cultivation facility in Florida, which is a 97,580-square-foot site featuring nearly 50,000 square feet of grow canopy. According to the company, the facility, which is in central Florida, will employ around 100 people and produce premium cannabis under the company’s Kynd brand.
“We’re incredibly proud to open this state-of-the-art indoor cultivation facility,” said George DeNardo, President of Ayr Wellness. “This allows us to offer patients the best of both worlds: premium, indoor-grown flower and value-driven greenhouse flower.”
Moreover, Ayr reported that the new site features advanced LED lighting and sustainable irrigation systems aimed at delivering consistent harvests while conserving water and minimizing fertilizer use.
Julie Winter, Ayr’s Chief Revenue Officer, also commented on this milestone calling the opening “the beginning of a new era for AYR in Florida,” saying the facility “sets a new standard for cannabis quality, delivering consistency for our loyal patients and inviting new ones to experience AYR’s care and quality.”
#2: Vireo Growth
U.S.-based cannabis multistate operator Vireo Growth Inc. (CSE: VREO) (OTCQX: VREOF) announced the acquisition of $91 million in senior secured convertible notes from Medicine Man Technologies Inc. (dba “Schwazze”) (OTC: SHWZ), a multi-state cannabis operator, for a discounted price of $62 million. The deal marked a strategic move by Vireo to gain control over Schwazze’s assets and reshape its operations.
The transaction included a Restructuring Support Agreement (RSA) between the two companies. Under the RSA, Vireo plans to lead a credit bid at an upcoming auction to acquire the majority of Schwazze’s assets. These assets, which includes 63 dispensaries and 10 manufacturing facilities across Colorado and New Mexico, will be transferred to a newly formed entity, NewCo, which will be majority-owned by Vireo.
“This transaction represents tremendous outcomes for all parties involved,” said John Mazarakis, CEO of Vireo. “We look forward to welcoming the Schwazze team and their impressive collection of retail dispensaries to Vireo as we execute our restructuring plan.”
Vireo issued over 114 million subordinate voting shares to acquire the notes, which were purchased at a significant discount. The notes, which are valued at $91 million in principal and interest, mature in December 2026 and carry a 13% interest rate. They are currently in default, allowing Vireo to assume the rights of senior secured debt holders.
According to the RSA, Vireo will direct a credit bid in an upcoming auction to purchase Schwazze’s assets. If successful, NewCo is expected to receive up to $62 million in financing to refinance Schwazze’s debt, cover transaction costs, and provide working capital. Furthermore, any remaining Schwazze assets not included in the sale will be liquidated, with proceeds distributed to creditors and shareholders in order of priority.
Schwazze CEO Forrest Hoffmaster described the partnership as “the beginning of an exciting new chapter for Schwazze.” He added, “We are proud to continue serving our loyal customers in Colorado and New Mexico with the branded products they know and love.”
The completion of the restructuring is subject to regulatory approvals and other conditions.
#3: Tilray
Tilray Medical, a division of Tilray Brands, Inc. (NASDAQ TLRY) (TSX: TLRY), announced its expansion into Panama, marking another milestone in its mission to grow its global medical cannabis presence.
The company revealed it had entered a joint venture with Top Tech Global Inc., forming Solana Life Group, which had officially received a medical cannabis license from Panama’s National Directorate of Pharmacy and Drugs. According to the company, the license authorizes the cultivation, manufacturing, import, export, and sale of medical cannabis in the country.
“This license allows us to cultivate, manufacture, import, export, and distribute medical cannabis throughout Panama,” Tilray stated. “We’re excited to bring our global expertise together with Top Tech’s local knowledge to improve patient access and care.”
Top Tech, which is known for its experience in medical device distribution since 2014, will help Tilray navigate Panama’s healthcare landscape. According to Tilray Medical, the partnership aims to support the Panamanian medical community by offering education, maintaining a robust supply chain, and delivering a diverse portfolio of cannabinoid-based therapies.
Moreover, Tilray noted that the expansion reflects its broader mission to “advance healthcare through compassion and innovation.” The move also strengthens Tilray’s footprint in Latin America, adding to its operations across over 20 countries, including Canada, Portugal, and Germany.
Founded as one of Canada’s first licensed producers, Tilray Medical now supplies a diverse range of cannabis-based therapies through brands like Tilray Craft, Broken Coast, Redecan, Good Supply, and Navcora.
Top Psychedelic Companies for Week
#1: Enveric Biosciences
Enveric Biosciences, Inc. (NASDAQ: ENVB), a biotechnology company pioneering next-generation neuroplastogenic small-molecule therapeutics for psychiatric and neurological disorders, announced a series of significant corporate and intellectual property developments this week.
On Thursday, the company reported the issuance of its 23rd U.S. patent by the United States Patent and Trademark Office. The newly issued patent, U.S. Patent No. 12,428,408, titled “Fused Heterocyclic Mescaline Derivatives,” covers a distinctive class of compounds designed to target serotonin receptors and promote neuroplasticity, which is a key mechanism linked to mental health treatment.
“The issuance of this 23rd U.S. patent in Enveric’s neuroplastogenic patent estate demonstrates Enveric’s continued momentum and commitment to the development of a strong intellectual property portfolio and deep pipeline of next-generation molecules for potential development for the treatment of neuropsychiatric conditions,” said Joseph Tucker, Director and CEO of Enveric Biosciences.
This announcement followed a series of strategic developments for the Cambridge, Massachusetts-based company. Earlier this week, Enveric announced it had hired Fish & Richardson P.C., which is a leading intellectual property law firm, to contest a Post-Grant Review (PGR) petition filed by Gilgamesh Pharmaceuticals. The PGR challenges claim within U.S. Patent No. 12,138,276, titled “Halogenated Psilocybin Derivatives and Methods of Using.”
The challenged patent includes claims that may be relevant to Bretisilocin (GM-2505), which is a compound AbbVie Inc. (NYSE: ABBV) recently agreed to acquire from Gilgamesh in a deal valued at up to $1.2 billion. However, Enveric emphasized that the patent in question is distinct from those covering its proprietary therapeutic candidates, including its lead compound EB-003.
Additionally, in a further move highlighting its strategic flexibility, Enveric also disclosed this week that its Board of Directors had authorized the Capital Markets Committee to explore Digital Asset Treasury opportunities through non-binding term sheets. According to the company, the initiative is aimed at supporting long-term growth and enhancing shareholder value while maintaining focus on advancing its core biotechnology programs.
#2: Algernon Pharmaceuticals
Canadian healthcare company Algernon Pharmaceuticals Inc. (CSE: AGN) (OTCQB: AGNPF) announced it had officially completed its previously announced name change to Algernon Health Inc., marking a strategic pivot towards the rapidly growing Alzheimer’s Disease diagnostic market.
In the announcement, the company revealed that its shares will begin trading under the new name on the Canadian Securities Exchange (CSE) on Monday, October 20, 2025, with a new CUSIP number and a new ISIN, while retaining its existing stock symbol, AGN.
According to the company, the rebrand highlights Algernon’s transition into a consumer-facing healthcare company focused on early detection and treatment innovation for neurodegenerative diseases. Algernon Health revealed that it plans to establish a network of specialized neuroimaging clinics across North America equipped with U.S. FDA-cleared, brain-specific Positron Emission Tomography (PET) scanners designed to detect amyloid plaques, which are key indicators of Alzheimer’s Disease. Additionally, the company stated that these advanced systems provide lower radiation exposure compared to traditional PET/CT machines and are covered by Medicare, Medicaid, and private insurance.
CEO of Algernon Health, Christopher J. Moreau, emphasized the significance of this transition: “Our change in name is an important step in the execution of our new health care initiative to establish and operate dedicated neuroimaging clinics for the early-stage detection of Alzheimer’s disease. It underscores our commitment as an evolving, consumer-facing brand providing health care solutions to patients in need.”
Additionally, Algernon Health reported it had already secured a CDN $4 million non-dilutive equipment and financing agreement with Catalyst MedTech for four PET scanners, with plans to acquire six more for future clinics.
Beyond diagnostics, Algernon Health remains the parent company of Algernon NeuroScience, a private subsidiary advancing a psychedelic therapy program using a proprietary form of DMT for stroke and traumatic brain injury recovery. The company also holds a 20% equity stake in Seyltx, a U.S.-based firm developing Ifenprodil, which is a drug candidate for chronic cough.